Enesco Announces Corporate Overhead Cost Reduction
22 6월 2005 - 6:22AM
Business Wire
Enesco Group, Inc. (NYSE:ENC), a leader in the giftware, and home
and garden decor industries, today announced a corporate downsizing
as part of the Company's efforts to reduce overhead costs. Enesco
has taken steps to reduce its U.S. salary expense by 12%, which
includes the elimination of open salaried positions that will not
be filled. As part of the downsizing, the Company is eliminating
its Chief Operating Officer position, currently held by Jeffrey S.
Smith. Mr. Smith will remain in this role through July 15 to
oversee the transfer of the Precious Moments business to Precious
Moments, Inc. and the transition of his functional responsibilities
to other areas within the organization. Michael Rumak, who joined
the Company in March, will assume an expanded role as both Senior
Vice President, Operations and CIO. "Enesco's corporate overhead
spending supported a different type of company than we are today,"
said Cynthia Passmore-McLaughlin, president and CEO. "With a
stronger focus on our gift, garden and home decor business, we are
working to bring our corporate overhead spending in line with the
needs of our current business. We are committed to strategically
reducing our cost structure and continuing to make operational
improvements to position the Company for improved profitability."
The majority of the salary expense was eliminated in the Chicago
region in the areas of operations and information technology,
following the successful warehouse conversion in Elk Grove Village
to an upgraded version of the Company's legacy information system.
The Company anticipates a total charge associated with the
workforce reduction of approximately $340,000, which will be
recorded in the second quarter of 2005. Enesco expects annual
savings from the salary expense reduction will be approximately $2
million. About Enesco Group, Inc. Enesco Group, Inc. is a world
leader in the giftware, and home and garden decor industries.
Serving more than 40,000 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, Asia and the Pacific Rim. 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 by Jim
Shore, Walt Disney Company, Walt Disney Classics Collection, Pooh
& Friends, 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 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 licenses Cherished Teddies,
Heartwood Creek and Disney; the Company's ability to grow revenues
in mass and niche market channels; the Company's ability to comply
with covenants contained in its credit facility; the Company's
ability to effectively transition to the legacy information system;
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.
Enesco (NYSE:ENC)
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Enesco (NYSE:ENC)
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