The Sports Authority's Vice Chairman and CEO Enhances Ultimate Electronics'
Board With 30-Plus Years of Retail Experience
DENVER, Sept. 15 /PRNewswire-FirstCall/ -- Ultimate Electronics, Inc.
(Nasdaq: ULTE) today announced the appointment of John Douglas Morton to its
Board of Directors. Morton is vice chairman and chief executive officer of
The Sports Authority, Inc., a full-line sporting goods retailer operating
381 stores in 45 states.
"We are extremely pleased that Doug has agreed to join our Board of
Directors. We consider his 30-plus years of retail experience, together with
his leadership skills, extremely valuable to Ultimate Electronics as we
continue to serve our expanding markets for mid- to high-end consumer
electronics," said William J. Pearse, founder and chairman of the board of
Ultimate Electronics.
The recent merger of The Sports Authority, Inc. and Gart Sports Company
created a company that generated combined pro forma revenue of approximately
$2.5 billion in fiscal 2002. When Morton became president, chairman of the
board and chief executive officer of Gart Sports in May 1995, Gart Sports
generated annual revenues of approximately $125 million. Morton joined Gart
Sports in 1986 as division manager of Gart Sports Utah region. In 1988, he
was promoted to division vice president of the Utah region, and, in 1990, he
was promoted to vice president of operations. In 1994, Morton was promoted to
executive vice president with responsibility for stores, distribution and
marketing.
With the addition of Morton, Ultimate Electronics' Board of Directors is
now comprised of nine members, including five independent directors. Morton
joins the board as a Class I independent director.
About Ultimate Electronics
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 13 states. The company operates
59 stores, including 40 stores in Arizona, Idaho, Illinois, Iowa, Minnesota,
Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and Utah under the
trade name Ultimate Electronics(R), 11 stores in Colorado under the trade name
SoundTrack(R) and seven stores in Minnesota under the trade name Audio
King(R). In addition, the company operates Fast Trak, Inc., an independent
electronics repair company and a wholly owned subsidiary of Ultimate
Electronics.
For further information, please contact Alan E. Kessock, chief financial
officer of Ultimate Electronics, Inc., +1-303-801-4000, alan.kessock@ulte.com
SOURCE Ultimate Electronics, Inc.
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Related links:
http://www.ultimateelectronics.com
Company News On-Call:
http://www.prnewswire.com/comp/877054.html
CONTACT:
Alan E. Kessock, chief financial officer of
Ultimate Electronics, Inc., +1-303-801-4000,
alan.kessock@ulte.com
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