25.04.2005 16:47:00
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JoS. A. Bank Clothiers Positions Company for Further Growth; Promotes
Business Editors
HAMPSTEAD, Md.--(BUSINESS WIRE)--April 25, 2005--JoS. A. Bank Clothiers, Inc. (NASDAQ National Market: "JOSB") announces the promotion of two of its financial executives to the title of Vice President. The move is designed as part of the Company's on-going effort to position itself for continued store growth and to support other strategic initiatives.
Richard Pitts has been promoted to Vice President, Treasurer. Mr. Pitts holds an MBA from the University of Baltimore. He has served in various finance capacities with JoS. A. Bank Clothiers for the past 23 years, most recently as Treasurer, and has been a major contributor to the financial management of the Company during its recent growth period.
Arthur Seibel has been promoted to Vice President, Controller. Mr. Seibel is a CPA and holds an MBA from the University of Houston. He joined JoS. A. Bank Clothiers in 2004 as Controller after serving in various accounting and senior management positions with Price Waterhouse and several billion Dollar manufacturing companies.
Mr. Pitts will be responsible for all Treasury and Financial Planning functions, and Mr. Seibel will be responsible for all Financial Reporting and Control functions.
"We are proud to add two veteran financial executives to our senior management team as we continue our pursuit of internal growth and other strategic initiatives," stated David E. Ullman, Chief Financial Officer of JoS. A. Bank Clothiers, Inc. "These promotions demonstrate that we are pleased with the development and strength of our team, which has produced earnings growth that ranks among the best in the retailing industry during the last five years."
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 275 stores in 37 states and the District of Columbia, a nationwide catalog, and an e-commerce website that can be accessed at www.josbank.com. The Company is headquartered in Hampstead, MD, and its common stock is listed on the Nasdaq National Market under the symbol "JOSB".
The Company's statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecast due to a variety of factors outside of the Company's control that can affect the Company's operating results, liquidity and financial condition such as risks associated with economic, weather, public health and other factors affecting consumer spending, the ability of the Company to finance its expansion plans, the mix and pricing of goods sold, the market price of key raw materials such as wool and cotton, availability of lease sites for new stores, the ability to source product from its global supplier base and other competitive factors. These cautionary statements qualify all of the forward-looking statements the Company makes herein. The Company cannot assure you that the results or developments anticipated by the Company will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for the Company or affect the Company, its business or its operations in the way the Company expects. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates, and assumes no obligation to update any of the forward-looking statements. These risks should be carefully reviewed before making any investment decision.
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CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, MD David E. Ullman, EVP/CFO, 410-239-5715 or RJ Falkner and Company, Inc. Investor Relations Counsel R. Jerry Falkner, CFA 800-377-9893 info@rjfalkner.com or E-commerce Address for JoS. A. Bank Clothiers, Inc.: www.josbank.com
KEYWORD: MARYLAND INDUSTRY KEYWORD: MANUFACTURING APPAREL/TEXTILES MANAGEMENT CHANGES SOURCE: JoS. A. Bank Clothiers, Inc.
Copyright Business Wire 2005
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