Christopher & Banks Corporation Announces 3-For-2 Stock Split.Business Editors MINNEAPOLIS, Minn.--(BUSINESS WIRE)--Jan. 17, 2001 Christopher & Banks Corporation (Nasdaq: CHBS), formerly Braun's Fashions Corporation, today announced that its board of directors has approved a 3-for-2 stock split in the form of a stock dividend on the Company's outstanding common stock. Holders of the Company's common stock will receive one additional share of common stock for every two shares of common stock they own. Fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. will be rounded up to the nearest whole number and no fractional shares or cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of shares will be issued. The stock dividend is payable on February 12, 2001, and the Company has established January 29, 2001 as the record date. After the stock split, there will be approximately 15.7 million shares of the Company's common stock outstanding. The Company previously effected 3-for-2 stock splits on December 14, 1999 and July 12, 2000. Bill Prange, Chairman and Chief Executive Officer commented, "We are extremely pleased to announce the third 3-for-2 split of our stock in the last 14 months. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this split will serve to further enhance the stock's trading activity and liquidity, thereby improving market interest and broadening ownership." Mr. Prange continued, "We have reported six consecutive quarters of double-digit increases in same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. . Our net income increased 86% in fiscal 2000 and has risen 171% in the first nine months of fiscal 2001. The continued strong performance of the Company gives us confidence in our ability to expand and grow Christopher & Banks over the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ." Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks label. Presently, the Company operates 274 stores in 27 states, located primarily in the northern half of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to update these forward- looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date hereof. For more information on Christopher & Banks Corporation, visit our website at www.christopherandbanks.com |
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