Jaclyn, Inc. Announces Change of Fiscal Year; Updates Status of Proposed Sale of Office and Warehouse Facility
MAYWOOD, NJ--(Marketwire - February 1, 2010) - Jaclyn, Inc. (OTCQX: JCLY) today announced that
it will change its fiscal year from a June 30th year end to a fiscal year
ending the last day of February, effective February 28, 2010. Accordingly,
the first three fiscal quarters of each fiscal year will end on May 31,
August 31, and November 30, and the last fiscal quarter will end on the
last day of February.
Jaclyn also today announced that due to the continuing economic recession
and its effect on credit and real estate markets, the proposed purchaser of
its former executive office and warehouse facility, plus three additional
lots, located in West New York, New Jersey has requested a reduced purchase
price for the properties. Accordingly, the purchase price and possibly
other terms and conditions of the proposed transaction are likely to
change. As previously announced, the proposed purchaser has received
certain preliminary governmental approvals for its anticipated use of the
properties, although final approval has yet to be obtained. In addition,
since the completion of any sale of the property continues to be subject to
a number of conditions and deliveries, there is no assurance that sale of
the property will be concluded.
Forward Looking StatementsNote: This press release contains information concerning, among
other things, our future plans and objectives that are or may be deemed to
be forward-looking statements. However, forward-looking statements are
subject to a number of known and unknown risks and uncertainties that may
cause our actual results, trends, performance or achievements, or industry
trends and results, to differ materially from the future results, trends,
performance or achievements expressed or implied by such forward-looking
statements. Those risks and uncertainties may include, but are not limited
to, general economic and business conditions (including the ongoing
financial downturn and disruptions in credit markets); competition;
potential changes in customer spending; acceptance of our product offerings
and designs; the variability of consumer spending resulting from changes in
domestic economic activity; a highly promotional retail environment; any
significant variations between actual amounts and the amounts estimated for
those matters identified as our critical accounting estimates as well as
other significant accounting estimates made in the preparation of our
financial statements; and the impact of current and potential hostilities
in the Middle East and in other geographic areas; as well as other
geopolitical concerns. You are urged to consider all such factors. In
light of the uncertainty inherent in such forward-looking statements, you
should not consider their inclusion to be a representation that such
forward-looking matters will be achieved. We assume no obligation for
updating any such forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such
forward-looking statements.
Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's
sleepwear, infants' and children's apparel, handbags, premiums and related
accessories. Our web site is at www.jaclyninc.com.
Contact Information: Company Contact:
Anthony Christon
Chief Financial Officer
Jaclyn, Inc.
(201) 909-6000