Sport Chalet Announces Results of Annual Meeting of Stockholders
20 Setembro 2005 - 8:16PM
PR Newswire (US)
Company Will Execute Stock Dividend on September 29, 2005 LOS
ANGELES, Sept. 20 /PRNewswire-FirstCall/ -- Sport Chalet, Inc. (the
"Company") (NASDAQ:SPCH) today announced the results of its annual
meeting of stockholders held September 20, 2005. At the meeting,
the stockholders: * Elected Al D. McCready, Eric S. Olberz and
Frederick H. Schneider as Class 1 directors to hold office until
the annual meeting of stockholders to be held in 2008, or until
their respective successors have been elected and qualified. *
Approved an amendment of the Company's Amended and Restated
Certificate of Incorporation that (i) increases the authorized
number of shares of all classes of capital stock from 17,000,000 to
50,000,000, consisting of 46,000,000 shares of Class A Common
Stock, 2,000,000 shares of Class B Common Stock and 2,000,000
shares of preferred stock, (ii) establishes the rights, preferences
and privileges of, and the restrictions on, the Class A Common
Stock and the Class B Common Stock, and (iii) reclassifies each
outstanding share of Common Stock as 0.25 share of Class B Common
Stock. * Approved a transfer of shares of Class B Common Stock by
The Olberz Family Trust to Craig L. Levra, Chairman and Chief
Executive Officer, and Howard K. Kaminsky, Chief Financial Officer.
* Approved amendments of the Company's 1992 Incentive Award Plan
and 2004 Equity Incentive Plan to conform to the above changes in
the capital stock of the Company. * Ratified the appointment of
Moss Adams LLP as the Company's independent registered public
accounting firm for the fiscal year ending March 31, 2006. The
nominees and proposals mentioned above received an affirmative vote
from the majority of outstanding shares held by persons other than
Norbert Olberz, Craig L. Levra and Howard K. Kaminsky. Stock
Dividend Sport Chalet also announced that as part of the
recapitalization plan that was approved at the annual meeting of
stockholders the Board has declared a stock dividend payable on
September 29, 2005 to stockholders of record on September 22, 2005.
Under the terms of the stock dividend, each stockholder will
receive seven shares of Class A Common Stock for each share of
Class B Common Stock held on the record date. New Ticker Symbols
Sport Chalet also announced that as of the opening of trading on
Wednesday, September 21, 2005, the Company's common stock will
commence trading under a new ticker symbol. Sport Chalet's Class B
Common Stock will trade under the symbol SPCHB. The commencement of
trading of Class B Common Stock follows the approval of the
Company's recapitalization plan at the annual meeting of
stockholders described above which resulted in the reclassification
of each outstanding share of common stock into 0.25 shares of Class
B Common Stock. Sport Chalet anticipates that on September 30,
2005, the Class B Common Stock will commence trading ex-dividend of
the Class A Common Stock dividend described above. On and after
September 30, 2005, the Class A Common Stock will trade under the
ticker symbol SPCHA. About Sport Chalet, Inc. Sport Chalet, founded
in 1959 by Norbert Olberz, is a leading operator of full service
specialty sporting goods stores in California and Southern Nevada.
The Company offers over 40 services for the serious sports
enthusiast, including backpacking, canyoneering, and kayaking
instruction, custom golf club fitting and repair, ski rental and
repair, SCUBA training and certification, SCUBA boat charters, team
sales, racquet stringing, and bicycle tune up and repair throughout
its current 36 locations. The address for Sport Chalet's web site
is http://www.sportchalet.com/. Disclosure Regarding
Forward-Looking Statements Except for historical information
contained herein, the statements in this release are
forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company's actual results in future
periods to differ materially from forecasted results. Those risks
include, among other things, the competitive environment in the
sporting goods industry in general and in the Company's specific
market areas, inflation, the challenge of implementing the
Company's expansion plans and maintaining its competitive position,
changes in costs of goods and services, the weather and economic
conditions in general and in specific market areas. These and other
risks are more fully described in the Company's filings with the
Securities and Exchange Commission. DATASOURCE: Sport Chalet, Inc.
CONTACT: Howard Kaminsky, Exec. VP-CFO of Sports Chalet, Inc.,
+1-818-949-5386; or Cara O'Brien, +1-212-850-5669, or Rachel
Albert, +1-212-850-5706, both of Financial Dynamics, for Sports
Chalet, Inc. Web site: http://www.sportchalet.com/
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