PARAMUS, N.J., Jun 23, 2004 /PRNewswire-FirstCall via COMTEX/ -- Movado Group, Inc. (NYSE:
MOV), today announced that at its Annual Meeting of Shareholders held on June
17, 2004, the Company's shareholders approved an amendment to its articles of
incorporation providing for an increase in the authorized shares of common
stock and Class A common stock to 100 million shares and 30 million shares,
As previously announced, the Company's Board of Directors declared a
2-for-1 stock split contingent upon approval by Movado Group shareholders of
an increase in the authorized shares. The additional shares issued as a
result of the stock split will be distributed on June 25, 2004 to shareholders
of record on June 11, 2004. Post-split trading is expected to commence on
June 28, 2004.
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel,
Concord, ESQ, Coach and Tommy Hilfiger watches worldwide, and operates Movado
boutiques and Company stores in the United States.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The Company
has tried, whenever possible, to identify these forward-looking statements
using words such as "expects," "anticipates," "believes," "targets," "goals,"
"projects," "intends," "plans," "seeks," "estimates," "projects," "may,"
"will," "should" and similar expressions. Similarly, statements in this press
release that describe the Company's business strategy, outlook, objectives,
plans, intentions or goals are also forward-looking statements. Accordingly,
such forward-looking statements involve known and unknown risks, uncertainties
and other factors that could cause the Company's actual results, performance
or achievements and levels of future dividends to differ materially from those
expressed in, or implied by, these statements. These risks and uncertainties
may include, but are not limited to: the Company's ability to successfully
introduce and sell new products, the Company's ability to successfully
integrate the operations of Ebel without disruption to its other business
activities, changes in consumer demand for the Company's products, risks
relating to the retail industry, import restrictions, competition, seasonality
and the other factors discussed in the Company's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. These
statements reflect the Company's current beliefs and are based upon
information currently available to it. Be advised that developments subsequent
to this press release are likely to cause these statements to become outdated
with the passage of time.
SOURCE Movado Group, Inc.
Rick Cote, Executive Vice President and Chief Operating
Officer, +1-201-267-8000, Investor Relations, Suzanne Michalek, Director of
Corporate Communications, +1-201-267-8000, both of Movado Group, Inc.;
Investor Relations, Melissa Myron, Press, Stephanie Sampiere, both of
Financial Dynamics, +1-212-850-5600