Good Times Will Return, Mossimo Meeting Told
Mossimo Inc. on Wednesday used its first annual meeting--held in the Irvine apparel company’s uncompleted new warehouse--to try to assure shareholders that revenue and profit will get back on track after a string of disappointing quarters.
“If you think I like waking up in the morning and seeing that number--that doesn’t work,†Chairman Mossimo Giannulli said in reference to the company’s stock price, which plummeted to below $6 in recent months from a high of $50.125.
Giannulli and other company executives said production and distribution problems that resulted in costly missed shipments during 1996 have been ironed out. They also said buyers are responding positively to new apparel and accessory lines that will go on sale next year in department and specialty stores.
About 100 shareholders and employees gathered near the loading dock of the warehouse under construction in the Irvine Spectrum complex to hear results of cost-cutting and restructuring efforts that are designed to help restore the company’s financial performance.
Though shareholders sought information about new product lines, including a fragrance line being developed in conjunction with Procter & Gamble Co., most seemed content with Giannulli’s prediction that the stock price will rise “if we demonstrate consistency and ship products on time.â€
Mossimo shares rose 37.5 cents to close at $7.75 on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
