Everlast Worldwide Inc. Chairman Sees Continued Growth for Company, Shareholders Told at Annual Meeting
June 02 2006 - 3:45PM
PR Newswire (US)
Strength of worldwide brand licensing program cited as key growth
driver NEW YORK, June 2 /PRNewswire-FirstCall/ -- Seth Horowitz,
Chairman, President and CEO of Everlast Worldwide Inc.
(NASDAQ:EVST), manufacturer, marketer and licensor of sporting
goods, apparel, footwear and other active lifestyle accessories
under the Everlast brand name, told those gathered for the
Company's Annual Meeting today that, "Last year was an important
year in the history of our Company. It was the year Everlast
transformed its business model by licensing our men's and women's
apparel lines and focusing on boxing equipment, our foundation, and
worldwide brand licensing. We benefited from our strong and highly
focused licensing efforts, signing a record 30 new licensees in
2005. All of our businesses, especially our flagship boxing
equipment products, enjoyed greater visibility and brand
recognition throughout 2005 and beyond." In his remarks to
shareholders, Mr. Horowitz said, "We see continued growth for our
boxing equipment business as a result of our worldwide marketing
activities and the increasing popularity of boxing as a sport and
as a fitness activity. And, as the undisputed leader in market
share of boxing equipment, we will receive the most benefit.
Moreover, the universal appeal of the iconic Everlast brand has
allowed us to strategically move into new product categories around
the world as a result of our highly focused and successful
licensing strategy. "The accomplishments we achieved last year have
put in place a solid foundation from which to advance our business
strategies during the current year. While we will continue to draw
upon our illustrious heritage as boxing's preeminent brand, we are
much more than a 'boxing brand,' we are a lifestyle brand and one
with universal appeal and we intend to capitalize on that
positioning as we grow the Company." At the meeting, shareholders
elected eight members to the Board of Directors, who will serve
until the next Annual Meeting. Shareholders also voted to amend the
bylaws of the Company to classify the composition of the Board of
Directors. The selection of Berenson LLP as the Company's
independent auditors was also ratified by the shareholders. Before
adjourning the meeting, Mr. Horowitz told those in attendance, "As
a Company, Everlast is in a better position now than it has been in
its 96-year history. We significantly strengthened our balance
sheet by refinancing our debt, and positioned the Company for
consistent and profitable growth for this year and beyond. Finally,
we will increase our visibility within the financial community and
we remain steadfast in our commitment to enhance shareholder
value." The Company noted its intention to resume hosting quarterly
conference calls beginning with the release of its second quarter
results. The date and time will be announced. About Everlast
Worldwide Inc. Everlast Worldwide Inc. manufactures, markets and
licenses sporting goods, apparel and active lifestyle products
under the Everlast brand name. Since 1910, Everlast has been the
preeminent brand in the world of boxing and is among the most
dominant brands in the overall sporting goods and apparel
industries. Over the past 96 years, Everlast products have become
the "Choice of Champions(TM)," having been used for training and
professional fights by many of the biggest names in the sport.
Everlast is the market leader in nearly all of its product
categories, responsible for leading eight of the top ten boxing
equipment products in sales. In addition to producing and marketing
boxing equipment and accessories, Everlast Worldwide Inc. licenses
its brand to providers of men's and women's sportswear and active
wear, children's wear, footwear, watches, cardiovascular exercise
equipment and gym/duffel bags. At the retail level, Everlast's
products generate over $700 million in revenues. The company's Web
site can be found at http://www.everlast.com/ . Statements made in
this Press Release that are estimates of past or future performance
are based on a number of factors, some of which are outside of the
Company's control. Statements made in this Press Release that state
the intentions, beliefs, expectations or predictions of Everlast
Worldwide, Inc. and its management for the future are
forward-looking statements. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. Information concerning factors that
could cause actual results to differ materially from those in
forward-looking statements is contained from time to time in
filings of Everlast Worldwide with the U.S. Securities and Exchange
Commission. Copies of these filings may be obtained by contacting
Everlast Worldwide or the SEC. DATASOURCE: Everlast Worldwide Inc.
CONTACT: Gary J. Dailey, Chief Financial Officer of Everlast
Worldwide Inc., +1-212-239-0990; or Gene Marbach of Makovsky +
Company, Investor Relations for Everlast Worldwide Inc.,
+1-212-508-9600 Web site: http://www.everlast.com/
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