Cutter & Buck Alerts Shareholders to Short Seller Position.Business Editors SEATTLE--(BUSINESS WIRE)--Aug. 10, 2000 Cutter cutter, small, one-masted sailing vessel, with a rig similar to that of a sloop except that it usually has a sliding bowsprit and a topmast. From 1800 to 1830 cutters were in service between England and France. & Buck Buck after murder of his master, leads wolf pack. [Am. Lit.: The Call of the Wild] See : Dogs Buck clever and temerarious dog perseveres in the Klondike. [Am. Lit.: Call of the Wild] See : Resourcefulness Inc. (Nasdaq:CBUK) management today alerted its shareholders to a significant short position that may be negatively impacting the price of its stock. Over the past 13 months the short position has increased from 248,300 shares to 2,285,400 shares, and at July July: see month. 14, 2000 constituted 22 percent of the outstanding shares "We have been hard pressed to find a similar position of this size and duration," stated Martin Marks, President. "This may be happening simply because investors are unaware that their shares are being lent to the short sellers." Cutter & Buck's share price has declined, despite its performance in the fiscal year ending April 30, 2000. In that period, net income increased 33% over the prior year, to $10.6 million. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 42% to $152.5 million. "Large companies with big floats may not be affected by shareholders lending their shares. But we believe that such lending in a smaller company like Cutter & Buck may well work against the investor's hopes for price appreciation. We have spoken to some of our shareholders to make them aware of the short position and this practice," added Marks. "If other shareholders also have those concerns, they can contact their agents and brokers and instruct in·struct v. in·struct·ed, in·struct·ing, in·structs v.tr. 1. To provide with knowledge, especially in a methodical way. See Synonyms at teach. 2. To give orders to; direct. v. them to stop any lending activity." Cutter and Buck designs and markets upscale sportswear and outerwear under the Cutter & Buck brand. The Company sells its products primarily through golf pro shops and resorts, corporate sales accounts and better specialty stores Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" . Cutter & Buck products feature distinctive, comfortable designs, high quality materials and manufacturing and rich detailing. |
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