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Duck Head Apparel Company, Inc.
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PRESS RELEASE
FOR ADDITIONAL INFORMATION CONTACT:
November 1, 2000 K. Scott Grassmyer
Winder, Georgia 770-307-4254
DUCK HEAD APPAREL COMPANY, INC. TO RETAIN FINANCIAL ADVISOR,
IMPLEMENT A STOCK REPURCHASE PROGRAM AND TERMINATE ITS SHAREHOLDERS
RIGHTS PLAN
Duck Head Apparel Company, Inc. (AMEX-DHA) announced today that it
intends to take a series of steps for the purpose of maximizing value for its
shareholders. The Company announced that it will retain an investment banking
firm to provide independent advice with respect to strategic alternatives
available to the Company and to make a recommendation to a special committee of
the Board that will be formed for the purpose of exploring such alternatives.
The Company further announced that it intends to institute a share
repurchase program for up to $3 million of its outstanding shares. The timing
and form of the share repurchase program will be determined by the Board after
consultation with its advisors.
Finally, the Company announced that it intends to amend its
shareholders rights plan to provide that the rights will expire on March 31,
2001, unless redeemed earlier by the Company.
In making these announcements, Bob Rockey, the Company's Chairman and
CEO stated "We believe that the Company's current stock price does not reflect
the Company's underlying value and have determined to take these steps in order
to pursue our goal of maximizing value for our shareholders. Retaining an
investment banking firm with significant experience in our industry will be an
important step in determining what strategic alternatives may be available to
realize increased value for our shareholders. Implementing a share repurchase at
current share prices is a good investment for the Company and may provide some
liquidity for shareholders. Finally, the decision to terminate the rights plan
by March 31, 2000 will continue to provide protection from attempts to acquire
control of the Company at unfair prices for the period of time that the Company
believes will be needed by the Board to explore strategic alternatives. Of
course, the Board has the ability to redeem the rights sooner if doing so will,
in its judgment, enhance shareholder value."
Duck Head Apparel Company, Inc., which was spun-off as a separate
public reporting company on June 30, 2000 by Delta Woodside Industries, Inc., is
headquartered in Winder, Georgia, and manufactures and sells men's and boys'
apparel under the Duck Head(R) brand. The company, which employs about 500
people, operates a distribution center in Winder, GA, a garment assembly plant
in Costa Rica and 26 retail outlet stores primarily in the southeastern United
States.
Statements in this press release that are not reported financial
results or other historical information are forward-looking statements. These
are based on Duck Head Apparel's expectations and are necessarily dependent upon
assumptions, estimates and data that the Company believes are reasonable and
accurate but may be incorrect, incomplete or imprecise. Forward-looking
statements are also subject to a number of business risks and uncertainties, any
of which could cause actual results to differ materially from those set forth in
or implied by the forward-looking statements. These risks and uncertainties
include, among others, changes in the retail demand for apparel products, the
cost of raw materials, competitive conditions in the apparel and textile
industries, the relative strength of the United States dollar as against other
currencies, changes in United States trade regulations and the discovery of
unknown conditions (such as with respect to environmental matters and similar
items). Accordingly, any forward-looking statements do not purport to be
predictions of future events or circumstances and may not be realized. The
Company does not undertake to publicly update or revise the forward-looking
statements even if it becomes clear that any projected results will not be
realized.
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