Converse Currently Below New NYSE Continued Listing Standards.NORTH READING, Mass.--(BUSINESS WIRE)--Nov. 8, 1999-- Converse Inc. (NYSE NYSE See: New York Stock Exchange :CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. ) today announced that it currently is not in compliance with the newly effective New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) continued listing standards, which require a listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → to maintain both market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at no less than $50 million. The Company's total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. was approximately $35 million at market close on November 5, 1999 and its shareholders' deficiency was approximately $78.8 million at the end of the second quarter of 1999. The Company has submitted a business plan to the Listings and Compliance Committee of the NYSE demonstrating how the Company intends to comply with the new standards by the NYSE imposed deadline of March 2001. The NYSE has indicated that its Committee will either accept the plan (at which time the Company will be subject to quarterly monitoring for compliance with the plan), or not accept the plan (at which time the Company will be subject to NYSE trading suspension and delisting). Should the Company's common shares cease being traded on the NYSE, the Company believes that an adequate alternative trading market would be available. Converse is a leading global designer, manufacturer and marketer of high quality athletic footwear for men, women and children. The Company is also a global licensor of sports apparel, accessories and selected footwear. The Company's products are distributed worldwide in over 90 countries through specialty retail, sporting goods, department and shoe stores. Any statements set forth above which are not historical facts, including those statements indicating the "belief" of the Company, are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include such factors as the financial strength of the Company, the competitive pricing environment and inventory levels within the footwear and apparel industries, consumer demand for athletic footwear, market acceptance of the Company's products, the availability and cost of working capital financing, the strength of the U.S. dollar and the success of planned advertising, marketing and promotional campaigns and other risks identified in documents filed by the Company with the Securities and Exchange Commission. |
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