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

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search