PARAMUS, N.J., July 28 /PRNewswire-FirstCall/ -- Movado Group, Inc.
(NYSE: MOV), today announced it has reached a settlement in a lawsuit the
Company filed against Swiss Army Brands, Inc. and two individuals in November
2001. In the lawsuit, the Company alleged that Swiss Army Brands and the
other defendants tortiously interfered with its business by soliciting a
number of the Company's sales employees. As a result of the settlement,
Movado Group will record an unanticipated pre-tax gain of $1.9 million in its
second quarter ending July 31, 2004. After accounting for fees and taxes
associated with the settlement, second quarter net income will benefit from
approximately $835,000, or approximately $0.03 per diluted share.
Movado Group will report its full results for the second quarter on
September 8, 2004. The Company's management will host a conference call on
that date to be broadcast live via webcast at 10:00 a.m. Eastern Time. To
access the call, please visit the Company's website at
http://www.movadogroupinc.com. An archive of the webcast can be accessed
within one hour of the completion of the conference call and will be available
for the next 12 months.
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.
/CONTACT: Investor Relations: Suzanne Michalek, Director of Corporate
Communications of Movado Group, Inc., +1-201-267-8000; or Investor Relations:
Melissa Myron, or Press: Jennifer McCullam, both of Financial Dynamics,
+1-212-850-5600, for Movado Group, Inc./
/Web site: http://www.movadogroupinc.com /
CO: Movado Group, Inc.; Swiss Army Brands, Inc.
ST: New Jersey
IN: REA FAS FIN
SU: LAW CCA
-- NYW026 --
4016 07/28/2004 07:30 EDT http://www.prnewswire.com