David A. Carter Joins as Senior Vice President of Finance and Chief Financial
Officer; Chief Financial Officer Alan E. Kessock Becomes Senior Vice President
of Operations
THORNTON, Colo., June 10 /PRNewswire-FirstCall/ -- Ultimate Electronics,
Inc. (Nasdaq: ULTE), today announced that David A. Carter, formerly Chief
Financial Officer of Good Guys, Inc., has joined the Company as its Senior
Vice President of Finance and Chief Financial Officer. Alan E. Kessock, the
Company's Senior Vice President of Finance and Chief Financial Officer, has
become its Senior Vice President of Operations. Both Mr. Carter and Mr.
Kessock will report to company President and CEO David J. Workman.
Mr. Carter joins Ultimate Electronics with 17 years of experience in the
retail industry, including turnarounds, and will be responsible for corporate
finance, accounting, and treasury functions. Most recently, Mr. Carter was
with Good Guys, Inc. as Chief Financial Officer from 2002 until 2004 and
Director of Financial Planning and Analysis from 2000 until 2002. Prior to
joining Good Guys, Mr. Carter served as Director of Commissary Operations for
Starbucks Coffee Company from 1999 to 2000; as Chief Financial and Operating
Officer of Pasqua Coffee Bars from 1995 to 1999; as Chief Financial Officer
and Operating Officer for Above the Belt Retail Stores from 1993 to 1995; as
Controller for Sesame Street Retail Stores from 1992 to 1993; as Accounting
Manager, North East Operations, for Computerland from 1991 to 1992; and as
Senior Accounting Analyst for Mervyn's from 1987 to 1990.
As Senior Vice President of Operations, Mr. Kessock will oversee
operations for the Company's 65 stores, including real estate, distribution
and information technology. Mr. Kessock, a 21-year veteran of the retail
industry, joined Ultimate Electronics as Controller in 1985. He was promoted
to Vice President of Finance and Administration in 1988, to Chief Financial
Officer in 1988, to a Director in 1993, and to Senior Vice President of
Finance in August 1999. Prior to joining Ultimate Electronics, Mr. Kessock
worked for American Home Video Corporation from 1983 to 1985.
David J. Workman, the Company's President and Chief Executive Officer,
stated, "Since 1999, we have more than doubled the number of our stores from
31 to 65 and now operate in 19 markets within 14 states. Although our senior
management team has grown with the addition of Gerry Demple as Senior Vice
President of Services and Jim Pearse as Senior Vice President of Marketing and
Merchandising, we believe that having a member of senior management dedicated
full-time to managing the operations of our expanded company will enhance our
opportunities for growth and financial performance. With the addition of
David Carter and his expertise in accounting and finance matters, we are able
to dedicate Alan Kessock's time to the functions of real estate, distribution
and information technology. I am excited to have David Carter join us and to
have Alan Kessock assume his new role."
The statements made in this news release, other than those concerning
historical financial information, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements are made based upon management's current expectations and
beliefs concerning future developments and their potential effects upon the
company. These forward-looking statements include statements regarding the
impact of management on the company's prospect for growth and financial
performance. Actual results may differ materially from those included in the
forward-looking statements due to a number of factors, including, but not
limited to: changes in general economic conditions; success of sales
promotions and marketing efforts; activities of competitors; terrorism and
acts of war; consumer acceptance of new technologies; risks associated with
the operation of our new management information system; and other risk factors
identified in the company's Annual Report on Form 10-K for the fiscal year
ended January 31, 2004, filed with the Securities and Exchange Commission.
There can be no assurance that future developments affecting the company will
be those anticipated by management. The company disclaims any obligation to
update or revise any of the forward-looking statements that are in this news
release.
About Ultimate Electronics, Inc. (Nasdaq: ULTE)
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The company operates
65 stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado
under the trade name SoundTrack(R). In addition, the company operates Fast
Trak Inc., an independent electronics repair company and a wholly owned
subsidiary of Ultimate Electronics. During the past two years, the company
received numerous industry awards including Audio Video International's 2003
"Top 10 Audio/Video Retailer of the Year."
Contact: David A. Carter, Chief Financial Officer, Ultimate Electronics,
Inc., 303-801-4025.
SOURCE Ultimate Electronics, Inc.
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Company News On-Call:
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CONTACT:
David A. Carter, Chief Financial Officer of
Ultimate Electronics, Inc., +1-303-801-4025
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