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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
Home / Markets / Industries / Technology
Wednesday, June 04, 2008
RSM EquiCo Capital Markets Leads Negotiations as 1-800-FLOWERS.COM Acquires DesignPac
Comtex
CHICAGO, Jun 4, 2008 (PrimeNewswire via COMTEX) ----1-800-FLOWERS.COM Inc. (Nasdaq:FLWS) has acquired DesignPac Inc. for $38.25 million.
RSM EquiCo Capital Markets LLC led the negotiations and acted as the exclusive financial advisor to DesignPac.
"DesignPac is an important addition to our gourmet food and gift basket business. It brings tremendous capabilities and experience in the design, sourcing, production and distribution of gift baskets and gift sets, as well as strong relationships with many of the leading retailers throughout the country," said Jim McCann, chief executive of 1-800-FLOWERS.COM. "It also brings an experienced and focused management team that has built a cost-efficient and profitable business that, we believe, can help us enhance the growth and profitability of all our existing gourmet food gift businesses."
A team of RSM EquiCo Capital Markets professionals contributed to the successful close of this transaction. Brian Boyle, senior managing director, Kamal Patel, vice president, led the deal team.
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm's services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings. RSM EquiCo Capital Markets, which offers in-depth expertise in 12 distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
RSM EquiCo Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting. Both firms are units of H&R Block Inc. (NYSE:HRB), the world's preeminent tax services provider.
RSM EquiCo Capital Markets' international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York and London. The firm is a member of FINRA and SIPC.
About DesignPac Inc.
DesignPac (www.designpac.com), founded in 1991 with headquarters in Melrose Park, Ill., is a rapidly growing designer, assembler, and wholesaler of premier quality branded and private label gourmet food gifts. The company's unique design capabilities span a wide variety of food gift items across all major retail price points, including formal gift baskets, gift towers, gift boxes, food tins, and holiday themed food gifts. Retail prices for these products range from $5 to more than $150. The company sells its products to retailers that buy food-gift items in high volumes, such as discount stores, warehouse clubs, and mass-market stores. DesignPac has forged strategic branding relationships with nearly 80 premium branded food products, including Starbucks, Godiva, Lindt, and Ghirardelli, and has developed approximately 60 proprietary private label food brands.
About 1-800-FLOWERS.COM Inc.
1-800-FLOWERS.COM (www.1800flowers.com) is the world's leading florist and a provider of specialty gifts for all occasions. For more than 30 years, 1-800-FLOWERS.COM has been providing customers with fresh flowers and the finest selection of plants, gift baskets, gourmet foods, confections and plush stuffed animals perfect for every occasion. 1-800-FLOWERS.COM, named one of the top 50 online retailers by Internet Retailer and the recipient of ICMI's 2006 Global Call Center of the Year Award, offers the best of both worlds: exquisite, florist-designed arrangements individually created by some of the nation's top floral artists and hand-delivered the same day; and spectacular flowers shipped overnight "Fresh From Our Growers." As always, 100 percent satisfaction and freshness are guaranteed. 1-800-FLOWERS.COM is based in Carle Place, N.Y.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: RSM EquiCo
RSM EquiCo Inc. Todd Cooley, Director of Communications 714.327.8865 tcooley@rsmequico.com
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.
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