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
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: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

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

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

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


Browse Our Archives


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