ABILENE, Kan., May 24, 2006 (PRIMEZONE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK) announced yesterday at the Company's annual meeting in Abilene, Kansas, that its shareholders re-elected all six directors. Shareholders approved:
-- Re-election of Chairman Warren H. Gfeller, owner of Stranger
Valley Land Co., LLC, and Clayton-Hamilton Equities, LLC. He
was first appointed to the board in 2003.
-- Re-election of Dennis A. Mullin, President and CEO of Steel
& Pipe Supply Co., Inc. He has been a member of the Company's
board since 1991.
-- Re-election of Lolan C. Mackey, Partner of Diversified Retail
Solutions LLC. He joined the Company's board in 1998.
-- Re-election of Jeffrey J. Macke, Partner and lead investor with
Macke Asset Management. He has been a member of the Company's
board since 1998.
-- Re-election of Robert L. Ring, a business process and strategic
development consultant. He was named to the Company's board in
2005.
-- Re-election of Dennis E. Logue, Chairman of the Board of Ledyard
National Bank. He has been a member of the Company's board since
2005.
During the annual meeting, Bruce C. Dale, President and CEO stated, "We are pleased with our Company's progress. Our customers are responding favorably to our various merchandising initiatives."
Dale updated shareholders on the company's progress. Commenting on the financials, Dale said, "Our repositioning efforts are beginning to pay off. The recently announced first quarter sales growth of 11.3% to $109.1 million and our same-store sales increase of 8.1% is a good indication of the customers positive response to our hard work over the past year."
About Duckwall-ALCO Stores, Inc.
Duckwall-ALCO Stores, Inc. is a regional retailer that specializes in offering an exceptional product selection at reasonable prices to smaller communities throughout the central United States. Our specialty is delivering those products with the friendly, personal service found in the stores of yesteryear, but with the modern convenience our customers have come to expect. With 254 stores across 21 states, we are proud to have continually provided high quality products at good value prices to our customers for 105 years.
Forward-looking statements
This press release contains forward-looking statements, as referenced in the Private Securities Litigation Reform Act of 1995 ("the Act"). Any forward-looking statements are made by the Company in good faith, pursuant to the safe-harbor provisions of the Act. These forward-looking statements reflect management's current views and projections regarding economic conditions, retail industry environments and Company performance. Factors, which could significantly change results, include but are not limited to: sales performance, expense levels, competitive activity, interest rates, changes in the Company's financial condition and factors affecting the retail category in general. Additional information regarding these and other factors may be included in the Company's quarterly 10-Q filings and other public documents, copies of which are available from the Company on request.