Home / Knowledge / News / Apparel/Garments / Exceed reports 2009 fiscal year results above earn-out targets
Exceed reports 2009 fiscal year results above earn-out targets
07
Apr '10
Exceed Company Ltd one of China's leading domestic sports and leisurewear brands announced financial results for the year ended December 31, 2009.

Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "2009 was an especially meaningful year for our Company. We started the year as a privately-held business and concluded as a publicly owned company trading on NASDAQ and the first Chinese sportswear brand to be listed in the United States. Even though we only obtained financial resources from our newly-listed status in the last quarter of 2009, we are pleased that we achieved meaningful growth in our revenue, gross profit and net profit for the year ended 2009 as compared with the year ended 2008."

Chairman Lin continued, "Our retail distribution network has grown over the course of 2009. We ended the year with 3,694 retail stores in our network, up from 3,277 at the end of 2008. The results from our sales fairs, at which more than 90% of our products are sold, have also been very encouraging. During our September 2009 sales fair, for which the majority of deliveries are made in 2010, orders increased by more than 40% compared to the same sales fair in 2008. During our February 2010 sales fair, orders increased by more than 18.2% compared to the February 2009 sales fair."

Chairman Lin added, "Going forward, we will continue to remain focused on improving our business by expanding our distribution network and strengthening our operations."

Pursuant to the earn-out provisions of the agreement for sale and purchase ("Sale and Purchase Agreement") dated May 8, 2009 entered into among Windrace International Company Limited, the Company and the original shareholders of Windrace International Company Limited, among others, as amended by a supplemental agreement dated July 24, 2009, the Company anticipates that it will issue 5,563,714 common shares to the original shareholders of Windrace International Company Limited in 2010. This earn-out issuance is a result of the Company achieving its 2009 Target Earnings (as defined in the Sale and Purchase Agreement) of US$38,067,350.

The Company anticipates that management will conduct a multi-week global roadshow to meet with investors and potential investors as soon as practicable after this announcement. Persons who are interested in meeting with management are requested to refer to the contact listed below.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in the second- and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps.

Exceed Company Ltd


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Urmil Arya

Sushila International, a well established textile organisation established ...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search