In his presentation to shareholders at the company's annual meeting held in New York City on April 20th 2006, Homi Patel, Chairman and Chief Executive Officer of Hartmarx Corporation, reaffirmed the company's financial objectives for 2006:
- to achieve a low-to-mid single-digit sales increase; - to grow earnings by 12 – 20 percent; and - to reduce debt on a comparable basis (excluding the impact of acquisitions, stock buy-backs or dividends) by 20 percent.
Patel reiterated the company's mid-term goals, which also remain unchanged:
- to achieve a 50/50 split between tailored and non-tailored categories; - to deliver earnings per diluted share of $.90 in 2007; and - to outperform the three- and five-year stock market indices.
In addition, Patel stated that pursuant to the company's share repurchase authorization announced in October, 2005, the company has to-date repurchased 150,000 shares at an average price of $8.27 per share. Pursuant to the share repurchase authorization, it has authority to repurchase a total of 2,000,000 shares.
Hartmarx Corporation produces and markets business, casual and golf apparel under its own brands including Hart Schaffner Marx, Hickey-Freeman, Palm Beach, Coppley, Cambridge, Keithmoor, Society Brand, Racquet Club, Naturalife, Pusser's of the West Indies, Royal, Brannoch, Riserva, Sansabelt, Exclusively Misook, Barrie Pace, Christopher Blue, Worn, L. Paseo and Aura.