Recent News

Ennis, Inc. Declares Quarterly Dividend

Keith S. Walters, Chairman, President and Chief Executive Officer of Ennis, Inc. (NYSE: EBF), a manufacturer of business forms, apparel and other business products headquartered in Midlothian, Texas, announced yesteday that the Board of Directors has declared a quarterly cash dividend of 15 1/2 cents a share on its common stock. The dividend is payable August 3, 2009 to shareholders of record on July 13, 2009.

About Ennis

Ennis, Inc. (www.ennis.com) is primarily engaged in the production of and sale of business forms, apparel and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the United States of America, Mexico and Canada, to serve the Company’s national network of distributors. The Company, together with its subsidiaries, operates in two business segments: the Print Segment ("Print") and Apparel Segment ("Apparel"). The Print Segment is primarily engaged in the business of manufacturing and selling business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, secure and negotiable documents, envelopes and other custom products. The Apparel Segment manufactures T-Shirts and distributes T-Shirts and other active-wear apparel through six distribution centers located throughout North America.

Increased Number of Shares in Björn Borg

Holders of warrants in Björn Borg AB (publ) (STO:BORG) have subscribed for shares in Björn Borg by exercising such warrants. As a result, the number of shares in Björn Borg has increased by 89,200 shares during June 2009. The number of shares in Björn Borg is, following the increase, 25,148,384 shares.

This information is published pursuant to the Swedish Financial Instruments Trading Act (1991:980), Chapter 4, paragraph 9.

About Björn Borg
The Group owns the Björn Borg trademark and has operations in five product areas: clothing, footwear, bags, eyewear and fragrances. Björn Borg products are sold in around fifteen markets, of which Sweden and Holland are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. Total sales of Björn Borg products in 2008 amounted to almost SEK 2 billion, excluding VAT, at the consumer level. Group net sales amounted to SEK 527 million as per December 31, 2008, with 88 employ-ees. The Björn Borg share is listed on the Nasdaq OMX Nordic in Stockholm since May 7, 2007.

Board of Directors of Casual Male Retail Group, Inc. Approves Amendment to Rights Plan to Preserve Value of Tax Benefits for All Stockholders

Casual Male Retail Group, Inc. (Nasdaq: CMRG) (the "Company") announced today that its board of directors has approved an amendment to its existing rights plan (which is sometimes referred to as a "poison pill"). The amendment, which will be effective until the earlier of (i) the date immediately following the date of the Company's upcoming annual meeting of stockholders and (ii) August 31, 2009, reduces the beneficial ownership threshold under the rights plan from 15% of the Company's common stock to 5% of the Company's stock (including for these purposes options, warrants, other rights to acquire stock, or securities convertible or exchangeable into stock) and otherwise expands the definition of "Acquiring Person" to include persons or groups that would be considered "5-percent shareholders" under section 382 of the Internal Revenue Code (the "Code") and the Treasury Regulations thereunder. The rights plan amendment exempts stockholders whose current beneficial ownership of the Company's stock exceeds 5% percent so long as they do not acquire additional stock following the opening of business on June 29, 2009.

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Hirsch International Receives Extension of Time for Acquisition Proposal

Hirsch International Corp. (“Hirsch” or the “Company”) (NASDAQ: HRSH)  previously announced on June 12, 2009 that the special committee of its board of directors received a letter from Paul Gallagher, President, Chief Executive Officer and Chief Operating Officer of the Company, proposing to acquire, through acquisition entities to be formed by him, all of the outstanding shares of the Company’s Class A and Class B Common Stock, for $0.28 per share in cash, other than shares held by Mr. Gallagher and any investor that may invest in his acquisition entities. Mr. Gallagher’s letter provided that his offer was subject to conditions contained in the letter, and that his offer would expire on June 25, 2009.

On June 24, 2009, the Special Committee requested that Mr. Gallagher extend the expiration date of his offer and Mr. Gallagher agreed to such request. The new expiration date for Mr. Gallagher’s offer is June 30, 2009.

About Hirsch International Corp.

Hirsch is a leading provider of equipment and education and support services to the graphic and decorated apparel industry. The Company exclusively represents the decorated apparel industry’s leading brands including Tajima embroidery equipment, MHM screen printing equipment, SEIT textile bridge lasers, Pulse Microsystems digitizing and design software and now Kornit and Mimaki digital garment printers. Hirsch’s customer groups include: a wide range of contract manufacturers that outsource their embellishment requirements; manufacturers who use embroidery, screenprinting, laser etching or digital printing to embellish their apparel and fashion accessories; promotional products, uniform, and sportswear companies; retail stores; and graphic and decorated apparel entrepreneurs servicing the athletic apparel, corporate logo-wear, and advertising specialties markets.

The Company is led by a strong and experienced management team focused on continuing to grow its core business through sound acquisitions of products and processes, as well as through related business ventures in which the Company can build and maximize stockholder value. The Company was founded in 1968 and is headquartered in Hauppauge, N.Y.

Liz Claiborne, Inc. Completes Offering of Convertible Senior Notes

Liz Claiborne, Inc. (the "Company") (NYSE: LIZ) today announced it has completed its previously announced offering of $90 million principal amount of its 6% convertible senior notes due 2014 (the "notes"), which includes the exercise in full of the initial purchasers' option to purchase additional notes on the same terms and conditions. The Company received total net proceeds from the offering of approximately $86.6 million, after deducting fees and offering expenses payable by the Company.

The notes are unsecured, senior obligations of the Company, will pay interest semi-annually at a rate of 6% per annum and will mature on June 15, 2014. The conversion rate will initially be 279.6421 shares of the Company's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $3.576 per share of common stock), subject to adjustment in certain circumstances. The initial conversion price represents a conversion premium of 20% over the last reported sale price of the Company's common stock on June 18, 2009 of $2.98 per share. Holders of the notes may convert their notes at their option under certain circumstances. Upon conversion, the Company will deliver cash, shares of the Company's common stock, or a combination of cash and shares, at the option of the Company. Holders of the notes may require the Company to repurchase for cash all or some of their notes upon the occurrence of a fundamental change (as defined). The conversion rate will be subject to a "conversion rate cap" in accordance with the rules of the NYSE.

The Company used the net proceeds from the offering (including proceeds from the initial purchasers' exercise of the over-allotment option) to temporarily pay down a portion of the outstanding borrowings under its amended credit facility.

The notes were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor will there be any sale of notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The TJX Companies, Inc. Announces Settlement with Attorneys General

The TJX Companies, Inc. (NYSE: TJX) yesterday announced that it has settled with a multi-state group of 41 Attorneys General, resolving the States’ investigations relating to the criminal intrusion(s) into TJX’s computer system announced by TJX over two years ago. The cost for this settlement is already reflected in the reserve that TJX established in 2007.

Jeffrey Naylor, Chief Financial and Administrative Officer of The TJX Companies, Inc., stated, “This settlement furthers our goal of enhancing consumer protection, which has been central to TJX. Under this settlement, TJX and the Attorneys General have agreed to take leadership roles in exploring new technologies and approaches to solving the systemic problems in the U.S. payment card industry that continue to plague businesses and institutions and that make consumers in the United States worldwide targets for increasing cyber crime.”

Mr. Naylor continued, “The sheer number of attacks by cyber criminals demonstrates the challenges facing the U.S. payment card system in protecting sensitive consumer data. This settlement furthers TJX’s efforts to unite retailers, law enforcement, banks, and payment card companies to consider installing in the U.S. the proven card security measures that are already in use throughout much of the world.”

TJX firmly believes that it did not violate any consumer protection or data security laws. The decision to enter into this settlement reflects TJX’s desire to concentrate on its core business without distraction and to promote cyber security measures that will benefit all consumers.

Under the settlement, TJX has agreed to:

  • Provide $2.5 million to establish a new Data Security Fund for use by the States to advance effective data security and technology;
  • Provide a settlement amount of $5.5 million together with $1.75 million to cover expenses related to the States’ investigations;
  • Certify that TJXs computer system meets detailed data security requirements specified by the States; and
  • Encourage the development of new technologies to address systemic vulnerabilities in the United States payment card system.

Despite TJX’s computer security being as good as or better than most other major U.S. retailers, international criminals attacked TJX’s computer network in 2005/2006. Following discovery of the breach in late 2006, TJX worked diligently with some of the world’s leading computer security firms and spent millions of dollars to further enhance its computer security. TJX also worked closely with federal law enforcement officials as they conducted an extensive international investigation of this complex crime. As previously reported, the Company’s efforts played a key role in bringing to justice the international ring of perpetrators who attacked TJX’s and many other companies’ systems. Eleven indictments were announced by the United States Attorney on August 5, 2008. To date, two of these indicted cyber criminals have pled guilty, and two other individuals have pled guilty to related charges on October 29, 2008 and April 28, 2009, respectively.

About The TJX Companies, Inc.

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 882 T.J. Maxx, 811 Marshalls, 322 HomeGoods, and 141 A.J. Wright stores in the United States. In Canada, the Company operates 203 Winners, 75 HomeSense and 3 STYLESENSE stores, and in Europe, 242 T.K. Maxx and 8 HomeSense stores. TJX’s press releases and financial information are also available on the Internet at www.tjx.com. The Company routinely posts information that may be important to investors in the Investor Information section at www.tjx.com. The Company encourages investors to consult that section of its website regularly.

Ennis, Inc. Reports Results for the First Quarter Ended May 31, 2009

Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the first quarter ended May 31, 2009.

Highlights

  • Consolidated revenues for the quarter were $130.8 million compared to $163.2 million for the same quarter last year, and $117.3 million for the previous quarter.
  • Diluted earnings per share for the quarter were $0.26 per share compared to $0.42 per share for the same quarter last year, and $0.23 per share for the previous quarter on a pre-impairment pro-forma basis.
  • Generated $25.2 million in cash from operations during the quarter, and improved cash position by $20.5 million.

Financial Overview

For the quarter, our consolidated net sales decreased by $32.4 million, or 19.8%, from $163.2 million for the quarter ended May 31, 2008 to $130.8 million for the quarter ended May 31, 2009. Our Print sales for the quarter were $71.7 million, compared to $85.3 million for the same quarter last year, or a decrease of 15.9%. Apparel sales for the quarter were $59.1 million, compared to $77.9 million for the same quarter last year, or a decrease of 24.1%. Our overall gross profit margins ("margins") decreased from 24.8% to 23.7% for the quarter ended May 31, 2008 and May 31, 2009, respectively. Our Print margins decreased from 27.8% to 26.4% and our Apparel margins decreased from 21.5% to 20.4%, for the quarters ended May 31, 2008 and May 31, 2009, respectively. Our earnings for the quarter decreased from $10.9 million for the quarter ended May 31, 2008 to $6.6 million for the quarter ended May 31, 2009. Our diluted EPS decreased from $.42 per share to $.26 per share for the quarters ended May 31, 2008 and May 31, 2009, respectively. Both the decrease in our earnings and our earnings per share related directly to the reduction in our sales during the quarter.

During the quarter, the Company generated $14.3 million in EBITDA (earnings before interest, taxes, depreciation, and amortization) compared to $21.7 million for the comparable quarter last year. Operational cash flows increased from $16.7 million for the quarter ended May 31, 2008 to $25.2 million for the quarter ended May 31, 2009.

Keith Walters, Chairman, President & CEO, commented by saying, “Fiscal year 2010 continues to be a challenging year and our results continue to be significantly impacted by the economic recession. However, despite the economic environment, we are pleased with our ability to maintain our margins within 110 basis points of last year, given the significant decline in sales, which is a testament to the costs controls we have in place. We continued to maintain a strong balance sheet, with excellent liquidity and leverage ratios. During the quarter, we were able to generate $25.2 million in cash from operations and increase our overall cash position by $20.5 million. We have recently broken ground on our new apparel manufacturing facilities in Agua Prieta, Mexico, which once completed, should significantly reduce our manufacturing and distribution costs. While these economic times are difficult on all of us, we continue to feel confident with our ability to navigate these challenging times and believe we are starting to see some encouraging signs as our sales and profits both increased when compared to the most recent quarter.”

About Ennis

Ennis, Inc. (www.ennis.com) is primarily engaged in the production of and sale of business forms, apparel and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the United States of America, Mexico and Canada, to serve the Company’s national network of distributors. The Company, together with its subsidiaries, operates in two business segments: the Print Segment ("Print") and Apparel Segment ("Apparel"). The Print Segment is primarily engaged in the business of manufacturing and selling business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, secure and negotiable documents, envelopes and other custom products. The Apparel Segment manufactures T-Shirts and distributes T-Shirts and other active-wear apparel through six distribution centers located throughout North America.

Liz Claiborne, Inc. Prices $90 Million of Convertible Senior Notes

Liz Claiborne, Inc. (the "Company") (NYSE: LIZ) yesterday announced the pricing of $90 million principal amount of 6% convertible senior notes due 2014 (the "notes"). Such amount includes $15 million principal amount of notes issued pursuant to an over-allotment option, which was exercised in full, granted by the Company to the initial purchasers to purchase additional notes on the same terms and conditions.

The notes are unsecured, senior obligations of the Company, will pay interest semi-annually at a rate of 6% per annum and will mature on June 15, 2014. The conversion rate will initially be 279.6421 shares of the Company's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $3.576 per share of common stock), subject to adjustment in certain circumstances. The initial conversion price represents a conversion premium of 20% over the last reported sale price of the Company's common stock on June 18, 2009 of $2.98 per share. Holders of the notes may convert their notes at their option under certain circumstances. Upon conversion, the Company will deliver cash, shares of the Company's common stock, or a combination of cash and shares, at the option of the Company. Holders of the notes may require the Company to repurchase for cash all or some of their notes upon the occurrence of a fundamental change (as defined). The conversion rate will be subject to a "conversion rate cap" in accordance with the rules of the NYSE. The Company anticipates closing the offering of the notes (including the notes issuable pursuant to the over-allotment option) on June 24, 2009.

The Company intends to use the net proceeds from the offering (including proceeds from the initial purchasers' exercise of the over-allotment option) to temporarily pay down a portion of the outstanding borrowings under its amended credit facility.

The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor will there be any sale of notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer of the notes will be made only by means of a private offering memorandum.

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