SOURCE: Jaclyn, Inc.

February 01, 2010 11:40 ET

Jaclyn, Inc. Announces Change of Fiscal Year; Updates Status of Proposed Sale of Office and Warehouse Facility

MAYWOOD, NJ--(Marketwire - February 1, 2010) - Jaclyn, Inc. (OTCQX: JCLY) today announced that it will change its fiscal year from a June 30th year end to a fiscal year ending the last day of February, effective February 28, 2010. Accordingly, the first three fiscal quarters of each fiscal year will end on May 31, August 31, and November 30, and the last fiscal quarter will end on the last day of February.

Jaclyn also today announced that due to the continuing economic recession and its effect on credit and real estate markets, the proposed purchaser of its former executive office and warehouse facility, plus three additional lots, located in West New York, New Jersey has requested a reduced purchase price for the properties. Accordingly, the purchase price and possibly other terms and conditions of the proposed transaction are likely to change. As previously announced, the proposed purchaser has received certain preliminary governmental approvals for its anticipated use of the properties, although final approval has yet to be obtained. In addition, since the completion of any sale of the property continues to be subject to a number of conditions and deliveries, there is no assurance that sale of the property will be concluded.

Forward Looking Statements

Note: This press release contains information concerning, among other things, our future plans and objectives that are or may be deemed to be forward-looking statements. However, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, general economic and business conditions (including the ongoing financial downturn and disruptions in credit markets); competition; potential changes in customer spending; acceptance of our product offerings and designs; the variability of consumer spending resulting from changes in domestic economic activity; a highly promotional retail environment; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates as well as other significant accounting estimates made in the preparation of our financial statements; and the impact of current and potential hostilities in the Middle East and in other geographic areas; as well as other geopolitical concerns. You are urged to consider all such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. We assume no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premiums and related accessories. Our web site is at

Contact Information

  • Company Contact:
    Anthony Christon
    Chief Financial Officer
    Jaclyn, Inc.
    (201) 909-6000