Texas Supreme Court Renders Judgment for Haggar
May 19 2005 - 10:39AM
PR Newswire (US)
Texas Supreme Court Renders Judgment for Haggar DALLAS, May 19
/PRNewswire-FirstCall/ -- Haggar Corp. (NASDAQ:HGGR) announced that
on May 13, 2005, the Texas Supreme Court rendered judgment for
Haggar Clothing Co. in Haggar Clothing Co. v. Hernandez, a wrongful
termination lawsuit. The Texas Supreme Court reversed a court of
appeals' judgment that had upheld a jury verdict against the
Company. The Company will be filing a Form 8-K with the Securities
and Exchange Commission with its increased net income and earnings
per share projections for fiscal 2005 based on the reversal of the
court of appeals' judgment. After reversing its accrual for this
non-recurring item of $2.6 million pre- tax or $1.6 million after
tax, the Company now projects net income for fiscal year 2005
between $8.9 million and $10.0 million and earnings per diluted
share for the year of $1.23 to $1.38. Haggar Clothing Co., a
wholly-owned subsidiary of Haggar Corp., is a leading marketer of
men's casual and dress apparel and women's sportswear, with global
headquarters in Dallas, Texas. Haggar markets in the United States,
United Kingdom, Canada and Mexico. Haggar also holds exclusive
licenses to use the Claiborne(R) trademark in the United States to
manufacture, market, and sell men's shorts and pants and to use the
Kenneth Cole New York(R) and Kenneth Cole Reaction(R) trademarks
throughout the United States to manufacture, distribute and sell
men's tailored dress pants and men's classification dress and
casual pants and shorts in men's classification pant departments.
For more information visit the Haggar website at
http://www.haggar.com/ . The statements contained in this release
that are not historical facts are forward-looking statements. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that could cause actual results to
differ materially from those anticipated or implied by the forward-
looking statements; the results could be affected by, among other
things, general business conditions, the impact of competition, the
seasonality of the Company's business, labor relations,
governmental regulations, unexpected judicial decisions, and
inflation. In addition, the financial results for the quarter just
ended do not necessarily indicate the results that may be expected
for any future quarters or for any fiscal year. Investors also
should consider other risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange
Commission. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company undertakes no obligation to update any such statements or
publicly announce any updates or revisions to any of the
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or any changes in
events, conditions, circumstances or assumptions underlying such
statements. DATASOURCE: Haggar Corp. CONTACT: John W. Feray, Senior
Vice President of Finance, Chief Accounting Officer of Haggar
Corp., +1-214-956-4511, or fax, +1-214-956-4239 Web site:
http://www.haggar.com/
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