ABILENE, Kan., June 4, 2008 (PRIME NEWSWIRE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK) announced today at the Company's annual meeting in Abilene, Kansas, that its shareholders re-elected all five directors. Shareholders approved:
* Re-election of Raymond A.D. French, Chairman of the Board of
Strongbow Capital, Ltd. Mr. French joined the Company's board in
early 2008.
* Re-election of James G. Hyde, a private investor. Mr. Hyde
joined the Company's board in early 2008.
* Re-election of Dennis E. Logue, Chairman of the Board of Ledyard
Financial Group. He has been a member of the Company's board s
since 2005.
* Re-election of Lolan C. Mackey, Founding Partner of Diversified
Retail Solutions LLC. Mr. Mackey joined the Company's board in
1998.
* Re-election of Chairman Royce L. Winsten, Managing Director of
Shore Capital Management LLC. Mr. Winsten joined the Duckwall-
ALCO board in 2007.
In addition, shareholders voted on two pieces of business:
* to ratify the appointment of KPMG LLP as the Company's
independent accountant for the fiscal year ending February 1,
2009; and
* to amend the Duckwall-ALCO Non-qualified Stock Option Plan for
Non-management Directors to, among other things, (i) increase
the number of shares for issuance under the plan from 120,000 to
200,000 and (ii) eliminate the limit on the number of shares
that my be awarded under the plan to a director.
During the annual meeting, Interim President and Chief Executive Officer Donny Johnson stated, "We have made some significant changes over the past several months that we believe will prove very positive for Duckwall-ALCO Stores over the long term. We have dramatically cut expenses, streamlined our workforce, and identified numerous opportunities for improving operations. Our goal remains to dramatically improve profitability and increase shareholder value."
Investor Conference Call
The Company will host an investor conference call at 10:00 a.m. Central Daylight Time on June 12, 2008 to discuss operating results for the First Quarter of Fiscal 2009. The dial-in number for the conference call is 888-219-1420 (international/local participants dial 913-312-1390), and the Confirmation Code is 6945457. Parties interested in participating in the conference call should dial in approximately five minutes prior to 10:00 a.m. Central Daylight Time. A replay of the call will be available two hours after completion from June 12 through June 26 by dialing 888-203-1112 or for international/local callers by dialing 719-457-0820. The Replay Passcode is 6945457.
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 255 stores across 22 states, we are proud to have continually provided high quality products at good value prices to our customers for 106 years. To learn more about Duckwall-ALCO Stores, Inc. visit our website at www.ALCOstores.com.
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.