- New Distribution Alliances
- Successful Completion of NYSE Listing Requirement
SALT LAKE CITY, Sept. 23 /PRNewswire-FirstCall/ -- FranklinCovey
(NYSE: FC) a global leader in effectiveness training, productivity tools and
assessment services for organizations, teams and individuals, announced today
it is expanding it's new strategic alliance within the office superstores
channel. A select offering of FranklinCovey products are currently available
at Staples. FranklinCovey has agreed to introduce similar offerings with
Office Depot and OfficeMax. This strategic distribution alliance will enable
FranklinCovey to sell a selected product line in over 2,000 combined
superstores along with the 150 Company owned retail stores. The new office
superstores will offer selected FranklinCovey planning pages, starter kits,
binders and accessories and will greatly increase the availability of the
FranklinCovey product line through this business supplies channel. The
Company owned stores will continue to play an integral part of the overall
retail strategy and will offer the complete FranklinCovey product line along
with access to its training services.
"We are delighted with the initial results of this new venture," said Rick
Wooden, Vice President of Wholesale Products for FranklinCovey. "This will
allow us to leverage our tools into thousands of superstores around the
country. We are excited by the early results and order through rates that we
are seeing as the retailers load the product line in their stores. This new
strategy potentially opens the door to a larger international retailing
opportunity as well."
The new strategic alliance will give FranklinCovey a competitive advantage
and allow consumers access to the FranklinCovey brand and quality never this
extensively available through the superstores channel. The selected product
line is now available in Staples stores and will be available in Office Depot
and OfficeMax by the first of October.
FranklinCovey also announced the successful completion of a six-month
review by the NYSE with regard to $1 minimum stock price continued listing
standard. On April 14, 2003, the Company announced that it had received
notification of non-compliance from the NYSE in regard to its stock price
being below $1.00 per share and having a market capitalization below the $15
million minimum. The Company's submitted plan to achieve compliance with the
NYSE listing standards was reviewed and accepted by the NYSE. The NYSE
granted FranklinCovey a six-month period to achieve the minimum $1.00 per
share price, which ended on September 21, 2003. Today, the Company received
notification from the NYSE that FranklinCovey is in compliance with the $1.00
per share minimum price standard and that no further action will be taken by
the Exchange on this standard. The NYSE will continue to monitor the Company
over the next two to twelve months with respect to the minimum market
capitalization, even though it recognizes that FranklinCovey's market cap
currently exceeds this minimum requirement.
About FranklinCovey
FranklinCovey is a global leader in effectiveness training, productivity
tools, and assessment services for organizations and individuals.
FranklinCovey helps companies succeed by unleashing the power of their
workforce to focus and execute on top business priorities. Clients include 90
percent of the Fortune 100, more than 75 percent of the Fortune 500, thousands
of small and mid-sized businesses, as well as numerous government entities and
educational institutions. Organizations and individuals access FranklinCovey
products and services through corporate training, licensed client
facilitators, one-on-one coaching, public workshops, catalogs, more than 150
retail stores, and http://www.franklincovey.com . More than 2,000 FranklinCovey
associates provide professional services and products in 39 offices and in 95
countries.
Safe-Harbor Statement
This announcement contains forward-looking statements that necessarily are
based on certain assumptions and are subject to certain risks and
uncertainties, including acceptance of the Company's products by the customers
of Staples, Office Depot, and OfficeMax, performance of the Company's products
vis-a-vis other products available to such superstore retailers, whether or
not such products are competitive, the Company's ability to successfully
integrate with the ordering and restocking systems of Staples, Office Depot,
and OfficeMax, and competition from other providers of similar products. In
addition, the future performance of the Company is subject to more general
factors identified and discussed in the Company's 2002 10-K and subsequent
10-Q reports filed with the Securities and Exchange Commission, many of which
are beyond the control or influence of the Company. There can be no assurance
that the Company's actual future performance will meet management's
expectations. These forward-looking statements are based on management's
expectations as of the date hereof, and future results may differ materially
from the Company's current expectations.
SOURCE FranklinCovey
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Related links:
http://www.franklincovey.com
CONTACT:
Richard R. Putnam, Investor Relations of
FranklinCovey, +1-801-817-1776
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