Design Within Reach Announces Stockholder Voting Results for the 2006 Annual Meeting; All Three Proposals Approved.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Design Within Reach, Inc. (Nasdaq:DWRI DWRI Developmental Writing (college course) ) today announced the voting results of its Annual Meeting of Stockholders, held on June 22, 2006. Holders of the Company's common stock voted on the election of two directors; the approval of the amended and restated 2004 Equity Incentive Award Plan; and the ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. of the appointment of its independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . The Company reported that stockholders approved the election of board members Rob Forbes, Jr. and Terry Lee to three-year terms expiring at the 2009 Annual Meeting of Stockholders. Each director received at least 12,845,334 shares voted in favor of his re-election, and neither had more than 137,438 votes withheld. Stockholders approved the amended and restated 2004 Equity Incentive Award Plan, which called for the number of shares of the Company's common stock reserved for issuance to be increased by 1,200,000 shares to 2,100,000 shares, with the proposal receiving the affirmative votes of 93.2% of the shares cast on the proposal. The amended and restated 2004 plan also has a new ten-year term, and the provisions related to the automatic increases to the share reserve have been removed. In addition, stockholders ratified the appointment of Grant Thornton LLP Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . as the Company's independent auditor for the fiscal year ending December 30, 2006, with the proposal receiving the affirmative votes of 90.5% of the shares present in person or represented by proxy and entitled to vote on the proposal. About Design Within Reach, Inc. Design Within Reach, Inc., founded in 1998 and headquartered in San Francisco, is an integrated multi-channel provider of distinctive modern design furnishings and accessories. The Company markets and sells its products to both residential and commercial customers nationwide through the DWR DWR Design Within Reach DWR Department of Water Resources DWR Direct Web Remoting (Easy Ajax for Java) DWR Durable Water Repellency DWR Delayed Word Recall (medical testing) DWR Driving While Revoked catalog, studios, website and direct sales force, and a single common "in stock and ready to ship" inventory. "Design Within Reach" is a registered trademark of Design Within Reach, Inc. This press release includes 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. , including statements related to anticipated revenues, expenses, earnings, operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , the outlook for Design Within Reach's markets and the demand for its products. Factors that could cause Design Within Reach's actual results to differ materially from these forward-looking statements include the following: if we are unable to continue to increase our 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 while reducing our promotional discounts, our profitability may be impaired; if we fail to offer merchandise that our customers find attractive, the demand for our products may be limited; we do not have long-term vendor contracts and as a result we may not have continued or exclusive access to products that we sell; our business depends, in part, on factors affecting consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. that are not within our control; our business will be harmed if we are unable to implement our growth strategy successfully; the expansion of our studio operations could result in increased expenses with no guarantee of increased earnings; if we do not manage our inventory levels successfully, our operating results will be adversely affected; we depend on domestic and foreign vendors, some of which are our competitors, for timely and effective sourcing of our merchandise; declines in the value of the U.S. dollar relative to foreign currencies could adversely affect our operating results; and we face intense competition and if we are unable to compete effectively, we may not be able to maintain profitability. Please refer to our reports and filings with the Securities and Exchange Commission, including our latest Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the first quarter of fiscal year 2006, for a further discussion of these risks and uncertainties. We also caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events. |
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