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Hampshire to restate Financial Statements

14 Dec '06
3 min read

As a result of the required restatements, Hampshire will not be able to file with the SEC its Quarterly Report on Form 10-Q for the quarter ended July 1, 2006 by December 15, 2006 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 by December 29, 2006, both of which are currently conditions to the continued listing of Hampshire's common stock on the Nasdaq Global Market. Hampshire has notified Nasdaq that it will be unable to file its reports with the SEC by the agreed upon deadlines.

In addition, Hampshire will not be able to deliver to its credit facility lenders its financial statements for the quarters ended July 1, 2006 and September 30, 2006 by December 31, 2006, as previously agreed. Failure to deliver these financial statements to the lenders by December 31, 2006 will result in a default under the credit facility unless a waiver is obtained.

Hampshire has notified its lead lender regarding its request for a waiver, but there can be no assurance that the lenders will grant Hampshire's request. As of December 12, 2006, Hampshire had cash on hand of approximately $40.9 million and $33.6 million in letters of credit outstanding under its credit facility. No other borrowings are outstanding under the credit facility.

Based on its most recent borrowing base calculation as of December 2, 2006, Hampshire has a total availability of $95.0 million under the credit facility excluding outstanding letters of credit.

Hampshire Group Limited

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