Enesco Announces Corporate Overhead Cost Reduction in Its U.S. and U.K. Operations
2005年10月6日 - 9:06PM
ビジネスワイヤ(英語)
Enesco Group, Inc. (NYSE:ENC), a leader in the giftware, and home
and garden decor industries, today announced a corporate downsizing
in both its U.S. and U.K. operations in an effort to reduce
overhead costs. The Company anticipates total charges associated
with the U.S. and U.K. workforce reductions of approximately
$691,000, which will be recorded in the third and fourth quarters
of 2005. Enesco expects annual cost savings from the salary expense
reduction to be approximately $670,000 in the U.S., which is
included in the cost savings of $34 million to $38 million
previously announced as part of the Company's operational
improvement plan. Enesco expects additional annual costs savings of
approximately $1.0 million to result from the U.K. salary expense
reduction. In the U.S., the downsizing primarily affected the areas
of finance, information technology, marketing and communications.
In the U.K., the downsizing was focused on the elimination of
redundancies within the organization and was completed across all
areas of the business. "We recently unveiled an operational
improvement plan that includes a major initiative to bring
corporate overhead expenses in line with the size of our current
business," said Cynthia Passmore-McLaughlin, president and CEO. "We
remain committed to improving the Company's profitability and
having the right infrastructure in place to grow over time. This is
the first step in implementing the improvement plan to support our
core business. We expect to continue implementing of the plan
throughout next year and anticipate the benefits from our
initiatives to be fully reflected in our 2007 financials." About
Enesco Group, Inc. Enesco Group, Inc. is a world leader in the
giftware, and home and garden decor industries. Serving more than
30,000 customers globally, Enesco distributes products to a wide
variety of specialty card and gift retailers, home decor boutiques
as well as mass-market chains and direct mail retailers.
Internationally, Enesco serves markets operating in Europe, Canada,
Australia, Mexico, and Asia. With subsidiaries located in Europe
and Canada, and a business unit in Hong Kong, Enesco's
international distribution network is a leader in the industry. The
Company's product lines include some of the world's most
recognizable brands, including Heartwood Creek, Walt Disney
Company, Walt Disney Classics Collection, Pooh & Friends, Jim
Shore, Foundations, Circle of Love, Nickelodeon, Bratz, Halcyon
Days, Lilliput Lane and Border Fine Arts, among others. Further
information is available on the Company's web site at
www.enesco.com. This press release contains forward-looking
statements, which reflect management's current assumptions and
beliefs and are based on information currently available to
management. The Company has tried to identify such forward-looking
statements by use of such words as "expects," "intends,"
"anticipates," "could," "estimates," "plans," and "believes," and
similar expressions, but these words are not the exclusive means of
identifying such statements. Such statements are subject to various
risks, uncertainties and other factors, which could cause actual
results to vary materially from those anticipated, estimated,
expected or projected. Important factors that may cause actual
future events or results to differ materially and adversely from
those described in the forward-looking statements include, but are
not limited to: the Company's success in implementing its
comprehensive plan for operating improvement and its achievement of
its goals for cost savings and market share increases; the
Company's success in developing new products and consumer reaction
to the Company's new products; the Company's ability to secure,
maintain and renew popular licenses, particularly our Cherished
Teddies, Heartwood Creek and Disney licenses; the Company's ability
to grow revenues in mass and niche market channels; the Company's
success in implementing its comprehensive plan for operating
improvement and its achievement of its goals for cost savings and
market share increases; the Company's ability to comply with
covenants contained in its credit facility; the Company's ability
to obtain a new global senior credit facility; changes in general
economic conditions, as well as specific market conditions;
fluctuations in demand for our products; manufacturing lead times;
the timing of orders and shipments and our ability to predict
customer demands; inventory levels and purchase commitments
exceeding requirements based upon incorrect forecasts; collection
of accounts receivable; changes in the regulations and procedures
affecting the importation of goods into the United States; changes
in foreign exchange rates; price and product competition in the
giftware industry; variations in sales channels, product costs or
mix of products sold; and, possible future terrorist attacks,
epidemics, or acts of war. In addition, the Company operates in a
continually changing business environment and does not intend to
update or revise the forward-looking statements contained herein,
which speak only as of the date hereof. Additional information
regarding forward-looking statement risk factors is contained in
the Company's reports and filings with the Securities and Exchange
Commission. In light of these risks and uncertainties, the
forward-looking statements contained herein may not occur and
actual results could differ materially from those set forth herein.
Accordingly, you should not rely on these forward-looking
statements as a prediction of actual future results.
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