Gildan Confirms that Operations and Facilities Unaffected by Honduran Earthquake
May 28 2009 - 9:38AM
Marketwired
Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL) confirmed that an
earthquake which occurred early this morning in Honduras has caused
negligible damage at its manufacturing facilities and that its
facilities, operations, production and supply chain, including
normal access to roads and ports, are expected to be virtually
unaffected by this event. Three employees sustained very minor
injuries during a precautionary evacuation of Rio Nance at the time
of the earthquake.
Profile
Gildan is a vertically-integrated marketer and manufacturer of
quality branded basic apparel. The Company is the leading supplier
of activewear for the screenprint channel in the U.S. and Canada.
It is also a leading supplier to this market in Europe, and is
establishing a growing presence in Mexico and the Asia-Pacific
region. The Company sells T-shirts, sport shirts and fleece in
large quantities to wholesale distributors as undecorated "blanks",
which are subsequently decorated by screenprinters with designs and
logos. Consumers ultimately purchase the Company's products, with
the Gildan label, in venues such as sports, entertainment and
corporate events, and travel and tourism destinations. The
Company's products are also utilized for work uniforms and other
end-uses to convey individual, group and team identity. The Company
is also a leading supplier of private label and Gildan branded
socks primarily sold to mass-market retailers. In addition, Gildan
has an objective to become a significant supplier of men's and
boys' underwear and undecorated activewear products to mass-market
retailers in North America.
Forward-Looking Statements
Certain statements included in this press release constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities
legislation and regulations, and are subject to important risks,
uncertainties and assumptions. This forward-looking information
includes, amongst others, information with respect to our
objectives and the strategies to achieve these objectives, as well
as information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking statements
generally can be identified by the use of conditional or
forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "project", " assume", "anticipate", "plan",
"foresee", "believe" or "continue" or the negatives of these terms
or variations of them or similar terminology. We refer you to the
Company's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission, as
well as the "Risks and Uncertainties" section and the risks
described under the section "Financial Risk Management" of the 2008
Annual MD&A, as subsequently updated in our first and second
quarter 2009 interim MD&A, for a discussion of the various
factors that may affect the Company's future results. Material
factors and assumptions that were applied in drawing a conclusion
or making a forecast or projection are also set out throughout this
press release
Forward-looking information is inherently uncertain and results
or events predicted in such forward-looking information may differ
materially from actual results or events. Material factors, which
could cause actual results or events to differ materially from a
conclusion, forecast or projection in such forward-looking
information, include, but are not limited to: general economic
conditions such as commodity prices, currency exchange rates,
interest rates and other factors over which we have no control; the
impact of economic and business conditions, industry trends and
other external, political and social factors in the countries in
which we operate; the intensity of competitive activity; changes in
environmental, tax, trade, employment, consumer product safety and
other laws and regulations; our ability to implement our strategies
and plans; our ability to complete and successfully integrate
acquisitions; our reliance on a small number of significant
customers; changes in consumer preferences, customer demand for our
products and our ability to maintain customer relationships and
grow our business; the fact that our customers do not commit to
minimum quantity purchases; the seasonality of our business; our
ability to attract and retain key personnel; our reliance on
computerized information systems; changes in accounting policies
and estimates; and disruption to manufacturing and distribution
activities due to labour disruptions, bad weather, natural
disasters and other unforeseen adverse events.
These factors may cause the Company's actual performance and
financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed
or implied by such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made have on the Company's business. For
example, they do not include the effect of business dispositions,
acquisitions, other business transactions, asset writedowns or
other charges announced or occurring after forward-looking
statements are made. The financial impact of such transactions and
non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them.
We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no
assurance that such expectations will prove to be correct. The
purpose of the forward-looking statements is to provide the reader
with a description of management's expectations regarding the
Company's fiscal 2009 financial performance and may not be
appropriate for other purposes. Furthermore, unless otherwise
stated, the forward-looking statements contained in this press
release are made as of the date of this press release, and we do
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
Contacts: Gildan Laurence G. Sellyn Executive Vice-President,
Chief Financial and Administrative Officer 514-343-8805
lsellyn@gildan.com Gildan Patrice Ouimet, Vice-President, Corporate
Development and Enterprise Risk Management 514-340-8933
pouimet@gildan.com Gildan Benoit Leroux Director, Corporate
Development 514-343-8898 bleroux@gildan.com
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