JoS. A. Bank Confirms That it Has Been Seeking Potential Acquisitions
21 Juin 2013 - 10:09PM
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) confirmed today that it
has been and is considering strategic opportunities to enhance
shareholder value, including seeking potential acquisitions to
facilitate additional growth.
Since the current team assumed management of the Company in
1999, shareholder value has increased by over 5,700%, from a market
cap of approximately $19 million in November 1999 to over $1.1
billion in June 2013. During that same period, while the economy
has ebbed and flowed, the Company has steadily opened over 500
stores, resulting in the creation of over 5,000 American jobs.
During its fiscal year ended February 2, 2013, the Company
exceeded, for the first time, $1 billion in total sales, including
over $100 million in Internet sales. The Company intends to
continue the growth of its core businesses through internal
initiatives such as opening stores and enhancing its Internet
sites.
The Company's efforts to maximize shareholder value through
strategic opportunities include the on-going consideration of
potential acquisitions. To provide the flexibility to pursue such
opportunities, the Company intends to retain capital not needed for
operations. The Company has been and is being assisted in its
consideration of various strategic options, including the
evaluation of potential acquisitions, by Financo, LLC, an
investment banking firm. As part of its evaluation of strategic
opportunities, the Company has been and will continue to
selectively seek potential acquisitions that are strategically
sound and accretive in the long run. No timetable has been set for
any acquisition.
Andrew Giordano, Lead Independent Director, said, "Since our
reinvention in 1999, the board and management have been committed
to long-term growth. To that end, we have built an extraordinarily
strong balance sheet with substantial liquid assets and no bank
debt. Those assets are critical to our efforts to enhance
shareholder value, both through strategic opportunities (such as
acquisitions) and organic growth. Our pursuit of strategic
opportunities is part of our philosophy of long-term planning and
decision-making."
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the
nation's leading designers, manufacturers and retailers of men's
classically-styled tailored and casual clothing, sportswear,
footwear and accessories. The Company sells its full product line
through 607 stores in 44 states and the District of Columbia, a
nationwide catalog and an e-commerce website, that can be accessed
at www.josbank.com. The Company is headquartered in Hampstead, Md.,
and its common stock is listed on the NASDAQ Global Select Market
under the symbol "JOSB".
Our statements concerning future operations contained herein are
forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those forecasted due to a variety of factors
outside of our control that can affect our operating results,
liquidity and financial condition. Such factors include risks
associated with the economy, weather, public health and other
factors affecting consumer spending (including negative changes in
consumer confidence and other recessionary pressures), higher
energy and security costs, the successful implementation of our
growth strategy (including our ability to finance our expansion
plans), the mix and pricing of goods sold, the effectiveness and
profitability of new concepts, the market price of key raw
materials (such as wood and cotton), seasonality, merchandise
trends and changing consumer preferences, the effectiveness of our
marketing programs (including compliance with relevant legal
requirements), the availability of suitable lease sites for new
stores, doing business on an international basis, the ability to
source product from our global supplier base, legal and regulatory
matters, pursuit of growth by acquisitions or other strategic
opportunities and other competitive factors. The identified risk
factors and other factors and risks that may affect our business or
future financial results are detailed in our filings with the
Securities and Exchange Commission, including, but not limited to,
those described under "Risk Factors" in our Annual Report on Form
10-K for the year ended February 2, 2013 and our subsequent
Quarterly Report on Form 10-Q filed through the date hereof. These
cautionary statements qualify all of the forward looking statements
we make herein. We cannot assure you that the results or
developments anticipated by us will be realized or, even if
substantially realized, that those results or developments will
result in the expected consequences for us or affect us, our
business or our operations in the way we expect. We caution you not
to place undue reliance on these forward looking statements, which
speak only as of their respective dates. Interim period sales are
not necessarily indicative of sales expected for the full quarter.
Furthermore, sales are just one component of earnings and no
projection of earnings should be inferred from any discussion of
interim period sales or other information in this release. We do
not undertake an obligation to update or revise any forward looking
statements to reflect actual results or changes in our assumptions,
estimates or projections. These risks should be carefully reviewed
before making any investment decision.
CONTACTS: |
|
JoS. A. Bank Clothiers, Inc., Hampstead,
Md. |
David E. Ullman, Executive Vice
President-Chief Financial Officer 410-239-5715 |
or Investor Relations Information Request
Website |
http://phx.corporateir.net/phoenix.zhtml?c=113815&p=irol-inforeq |
or Investor Relations Voicemail- (410)
239-5900 |
E-commerce Address for JoS. A. Bank
Clothiers, Inc.: www.josbank.com |
|
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