Everlast Worldwide Inc. Chairman Sees Continued Growth for Company, Shareholders Told at Annual Meeting
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.
SOURCE Everlast Worldwide Inc.
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