Russ Berrie and Company, Inc. Shareholders Approve 'Kid Brands, Inc.' as New Corporate Name
New Name Reflects Focus on Infant and Juvenile Products and Brand Portfolio
Kid Brands, Inc. to Trade on NYSE as "KID"
WAYNE, N.J., Sept. 23 /PRNewswire-FirstCall/ -- Russ Berrie and Company, Inc. (NYSE: RUS) today announced that the proposal to change its corporate name to Kid Brands, Inc. was approved by shareholders at the Company's 2009 Annual Meeting of Shareholders, which was held yesterday. The new corporate name is effective immediately. The Company's common stock, which is traded on the New York Stock Exchange, will begin trading under the symbol "KID" effective at the commencement of trading today.
Bruce G. Crain, Chief Executive Officer and President, commented, "The corporate name change to Kid Brands, Inc. denotes the Company's transformation and more clearly describes the Company we are today and how we have positioned the business for future growth. This action underscores our focus on the attractive infant and juvenile products industry globally. Our five-point growth strategy continues to be centered on: creating design-led, innovative and branded products in our core markets; expanding our product offerings into complementary categories; diversifying our distribution channels; growing sales and marketing collaborations among our businesses; and aggressively managing our operating costs."
The Company reiterated that it plans to continue to market its products primarily under the brand names of its subsidiaries (Kids Line(R), LaJobi(R), Sassy(R) and CoCaLo(R)), and also continue to offer programs under select licenses such as Carter's(R), Disney(R), Graco(R) and Serta(R).
At yesterday's meeting, shareholders also re-elected Raphael Benaroya, Mario A. Ciampi, Bruce G. Crain, Frederick J. Horowitz, Lauren Krueger, Salvatore M. Salibello, John V. Schaefer and Michael J. Zimmerman to the Company's board of directors.
The Company's name change does not affect the validity or transferability of currently outstanding stock certificates, and shareholders with certificated shares will not be requested to surrender for exchange any certificates presently held by them. The rights of shareholders holding certificated shares under existing stock certificates, and the number of shares represented by those certificates, will remain unchanged. Direct registration accounts and any new stock certificates that are issued today and hereafter will bear the name Kid Brands, Inc.
Kid Brands, Inc.
Kids Brands, Inc. and its subsidiaries are leaders in the design, development and distribution of infant and juvenile branded products. Its design-led products are primarily distributed through mass market, baby super stores, specialty, food, drug, independent and e-commerce retailers worldwide.
The Company's operating business is composed of four wholly-owned subsidiaries: Kids Line, LLC; LaJobi, Inc; Sassy, Inc.; and CoCaLo, Inc. Through these subsidiaries, the Company designs and markets branded infant and juvenile products in a number of complementary categories including, among others: infant bedding and related nursery accessories and decor (Kids Line(R) and CoCaLo(R)); nursery furniture and related products (LaJobi(R)); and developmental toys and feeding, bath and baby care items with features that address the various stages of an infant's early years (Sassy(R)). In addition to the Company's branded products, the Company also markets certain categories of products pursuant to various licenses, including Carter's(R), Disney(R), Graco(R) and Serta(R). Additional information about the Company is available at www.kidbrandsinc.com.
Note: This press release contains certain forward-looking statements. Additional written and oral forward-looking statements may be made by the Company from time to time in Securities and Exchange Commission (SEC) filings and otherwise. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking words or phrases including, but not limited to, "anticipate", "believe", "expect", "project", "intend", "may", "planned", "potential", "should", "will" or "would". The Company cautions readers that results predicted by forward-looking statements, including, without limitation, those relating to the Company's future business prospects, revenues, working capital, liquidity, capital needs, order backlog, interest costs and income are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Specific risks and uncertainties include, but are not limited to those set forth under Item 1A, "Risk Factors", of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
AT THE COMPANY Marc S. Goldfarb Senior Vice President & General Counsel 201-405-2400 AT FINANCIAL DYNAMICS Erica Pettit / Leigh Parrish General Information 212-850-5600
SOURCE Russ Berrie and Company, Inc.