Design Within Reach Appoints Ray Brunner Chief Executive Officer.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) ): --CEO and President Tara Poseley resigns --Company to miss analyst expectations for first quarter 2006 The Board of Directors of Design Within Reach, Inc. (Nasdaq:DWRI) today announced that Ray Brunner, who previously served as the Company's Executive Vice President of Real Estate and Studio Operations, has been named Chief Executive Officer, effective immediately. Mr. Brunner succeeds Tara Poseley, who has resigned as Chief Executive Officer, President and Director to spend more time with family and pursue other interests. "We asked Ray to lead Design Within Reach's financial turnaround. He is familiar with DWR's business, and we believe he can make the tough decisions necessary to cut costs and return the Company to profitability and positive cash flow," said John Hansen There have been several notable people named John Hansen including:
"Having been with Design Within Reach since the early days, I am especially passionate about our iconic brand and excited about the opportunity to lead our rigorous turnaround," said Ray Brunner. Mr. Brunner (58) joined Design Within Reach in April 2002 as Vice President of Studios and has served in roles of increasing responsibility. Most recently, Mr. Brunner served as DWR's Executive Vice President of Real Estate and Studio Operations, where he was instrumental in growing the Company's Studio base to represent over 70% of sales. His career in retail began in 1970 and includes senior level management positions at Gap, Inc., Conran's North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Eddie Bauer Eddie Bauer (NASDAQ: EBHI) is a clothing store chain. Headquartered in Bellevue, Washington, and a subsidiary of Eddie Bauer Holdings (formerly Spiegel, Inc.), the company was founded in Seattle in 1920 as "Eddie Bauer's Sport Shop" by its namesake, Eddie Bauer (1899 – , adidas Group and Esprit Holdings
Esprit Holdings Limited (Traditional Chinese: 思捷環球控股有限公司 HKSE: Ltd. In addition, Mr. Brunner served as president of RGB (Red Green Blue) The computer's native color space, which is the color system for capturing and displaying images. RGB was derived from our own perception of color because human eyes are sensitive to red, green and blue (see trichromaticity). & Associates, a strategic consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a he founded in 1993. Mr. Brunner attended Western Connecticut State University Western Connecticut State University (Western, WestConn or WCSU) is a public university in Danbury, Connecticut. Founded in 1903, WestConn has an arts and sciences curriculum, a business school, and several professional programs including elementary and . "I look forward to working closely with Ray," said 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 founder and director Rob Forbes. "He has a great understanding of our business and the design industry in general." The Company also announced the resignation of Wanda Gierhart, Executive Vice President of Marketing and Merchandising. This position will not be replaced and her merchandising duties will be assumed by Michelle Carrara, who has served as DWR's Vice President of Merchandising since January 2006. Design Within Reach plans to report its first quarter financial results for the quarter ended April 1, 2006 on May 16, 2006, after market close. The Company expects to report sales of approximately $35 million and a net loss for the fiscal first quarter of 2006 that is greater than analyst consensus of $(0.06). Design Within Reach will update its annual guidance at an appropriate time after Mr. Brunner has developed a cost cutting plan for profitability. 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 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, 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 including 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 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 Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005, 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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