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<SEC-DOCUMENT>0000899681-06-000286.txt : 20060518
<SEC-HEADER>0000899681-06-000286.hdr.sgml : 20060518
<ACCEPTANCE-DATETIME>20060518114817
ACCESSION NUMBER:		0000899681-06-000286
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060516
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060518
DATE AS OF CHANGE:		20060518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		06851034

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_051606.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</FONT></P>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=CENTER WIDTH=30% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>FORM 8-K</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Date of Report (Date of earliest event reported): <B>May 16, 2006</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Systemax Inc.</B><BR>
(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<B>Delaware</B><BR>
(State or Other Jurisdiction<BR>
of Incorporation)</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B> 1-13792 </B><BR>
(Commission<BR>
 File Number)
</TD>
<TD WIDTH=34% ALIGN=CENTER>
<B>11-3262067</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>11 Harbor Park Drive <BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive offices, including Zip Code)</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Registrant&#146;s telephone number, including area code: <B>(516) 608-7000</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>N.A. </B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the following
provisions (<I>see</I> General Instruction A.2 below): </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14-12) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240-14d-2(b)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CRF 240.13e-4(c)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>ITEM 7.01</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulation FD Disclosure</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>On May 16, 2006, the Company, its directors and Chief Financial Officer
entered into a stipulation of settlement with all of the plaintiffs who had
filed derivative complaints in 2005 alleging misconduct in connection with the
Company&#146;s restatement of its 2004 financial results. Pursuant to such
settlement, which is still subject to approval by the United States District
Court for the Eastern District of New York<B>,</B> the Company will adopt
certain changes to its corporate governance policies. As part of the settlement,
the Company has also agreed to pay $300,000 for the plaintiffs&#146; legal fees.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>This settlement, if approved, will result in a release of all
claims against the defendants and the dismissal with prejudice of the derivative
complaint filed on May 25, 2005 in federal district court and derivative
complaints filed on June 3, 2005 and June 6, 2005 in New York state court.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The governance changes detailed in the settlement agreement include the
following: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
The Company will create the new position of Lead Independent Director, to be elected by
the independent directors. The Lead Independent Director will serve on the Executive
Committee and be responsible for coordinating the activities of the independent directors
including developing the agenda for and moderating sessions of the independent directors,
advising as to an appropriate board meeting schedule, providing input on board and
committee meeting agendas, advising as to the flow of information to the independent
directors, recommending the retention of consultants who report directly to the Board,
assisting the Board and officers in assuring compliance with and implementation of the
Company&#146;s corporate governance policies and being principally responsible for
recommending revisions to such policies.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
The Board&#146;s independent directors shall meet separately in executive sessions,
chaired by the Lead Independent Director, at least quarterly.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Directors standing for re-election at the next annual meeting shall be required to receive
a majority of the votes cast to retain their positions on the Board.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
The Nominating &amp; Corporate Governance Committee and the Compensation Committee shall
be comprised exclusively of independent directors by the end of 2006.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
The Audit Committee shall conduct a re-proposal for the Company&#146;s independent
auditors at least once every five years. The Company&#146;s independent auditors shall not
provide any consulting services except for tax consulting services. The Audit Committee
shall review the appropriateness and accounting treatment of all related party
transactions, including corporate acquisitions and sales of assets of greater than
$300,000. The Company&#146;s Directors of Internal Audit shall report directly to the
Company&#146;s Chief Financial Officer and the Audit Committee at least four times per
fiscal year, or more often as necessary.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Other matters include limitations on other boards on which the CEO can serve, committee
authorization to independently engage consultants, minimum numbers of meetings for certain
committees, and maintenance and circulation of Board and committee minutes.</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>The Company issued a press release regarding the
settlement on May 17, 2006. A copy of the release is attached as an exhibit to
this Form 8-K.</FONT></P>


<P ALIGN=LEFT><FONT SIZE=3><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Financial Statements and Exhibits</U>.</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I> (a)&nbsp;&nbsp;&nbsp;Financial Statements of Business Acquired</I> - not
applicable</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(b)&nbsp;&nbsp;&nbsp;Pro forma Financial Information</I> - not applicable</FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(c)&nbsp;&nbsp;&nbsp;Exhibits</I></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=85%>Press Release of Systemax Inc., dated May 17, 2006 regarding
settlement of shareholders litigation
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
<BR>
By: <U>/s/ Steven Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President and CFO
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>Dated: May 17, 2006</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Exhibit Index</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=85%>Press Release of Systemax Inc., dated May 17, 2006 regarding
settlement of shareholders litigation
</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_051606.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-99.1</TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Exhibit 99.1 </FONT></P>

<IMG SRC="system.jpg">



<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>FOR IMMEDIATE RELEASE</FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff Rule" FSL="Default" -->
<P>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>INVESTOR CONTACT:<BR>
Steven M. Goldschein<BR>
516 608-7000 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=80% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX SETTLES SHAREHOLDER SUITS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3><B>PORT WASHINGTON, NY, May 17, 2006</B> &#150; Systemax Inc.
(NYSE:SYX), a leading distributor and manufacturer of PC hardware, related
computer products and industrial products in North America and Europe, announced
today that the Company, its directors and Chief Financial Officer have entered
into a stipulation of settlement with the shareholder plaintiffs who had filed
derivative complaints in 2005 alleging misconduct in connection with the
Company&#146;s restatement of its 2004 financial results. Pursuant to such
settlement, which is still subject to federal court approval, the Company will
adopt certain changes to its corporate governance policies. As part of the
settlement, the Company has also agreed to pay $300,000 for the plaintiffs&#146;
legal fees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>This settlement, if approved, will result in a release of all
claims against the defendants and the dismissal with prejudice of the derivative
complaint filed on May 25, 2005 in federal district court and derivative
complaints filed on June 3, 2005 and June 6, 2005 in New York state court.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer of Systemax,
commented &#147;Although we believe the allegations of misconduct are unfounded,
the Company has determined that it is in its best interest to settle these
lawsuits.&#148; Mr. Leeds also said that he believed the new corporate
governance policies agreed in the settlement would be beneficial to the Company
and its shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The governance changes detailed in the settlement agreement
include the following: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
The Company will create the new position of Lead Independent Director, to be
elected by the independent directors. The Lead Independent Director will serve
on the Executive Committee and be responsible for coordinating the activities of
the independent directors including developing the agenda for and moderating
sessions of the independent directors, advising as to an appropriate board
meeting schedule, providing input on board and committee meeting agendas,
advising as to the flow of information to the independent directors,
recommending the retention of consultants who report directly to the Board,
assisting the Board and officers in assuring compliance with and implementation
of the Company&#146;s corporate governance policies and being principally
responsible for recommending revisions to such policies.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
The Board&#146;s independent directors shall meet separately in executive
sessions, chaired by the Lead Independent Director, at least quarterly.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
Directors standing for re-election at the next annual meeting shall be required
to receive a majority of the votes cast to retain their positions on the
Board.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
The Nominating &amp; Corporate Governance Committee and the Compensation Committee shall
be comprised exclusively of independent directors by the end of 2006.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
The Audit Committee shall conduct a re-proposal for the Company&#146;s independent
auditors at least once every five years. The Company&#146;s independent auditors shall not
provide any consulting services except for tax consulting services. The Audit Committee
shall review the appropriateness and accounting treatment of all related party
transactions, including corporate acquisitions and sales of assets of greater than
$300,000. The Company&#146;s Directors of Internal Audit shall report directly to the
Company&#146;s Chief Financial Officer and the Audit Committee at least four times per
fiscal year, or more often as necessary.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>
Other matters include limitations on other boards on which the CEO can serve,
committee authorization to independently engage consultants, minimum numbers of
meetings for certain committees, and maintenance and circulation of Board and
committee minutes.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Systemax Inc. (wwwsystemax.com) employs a system of branded
e-commerce web sites, direct mail catalogs and relationship marketers to sell PC
hardware, related computer products, electronic and industrial products in North
America and Europe. Systemax is a Fortune 1000 company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Forward-Looking
Statements </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=1>This press release contains forward-looking statements about the
Company&#146;s performance. These statements are based on management&#146;s estimates,
assumptions and projections and are not guarantees of future performance. The Company
assumes no obligation to update these statements. Actual results may differ materially
from results expressed or implied in these statements as the result of risks,
uncertainties and other factors including, but not limited to: (a) unanticipated
variations in sales volume, (b) economic conditions and exchange rates, (c) actions by
competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain
satisfactory loan agreements with lenders, (f) risks associated with the delivery of
merchandise to customers utilizing common carriers, (g) the operation of the
Company&#146;s management information systems, and (h) unanticipated legal and
administrative proceedings. Please refer to the Forward Looking Statements section
contained in Item 7 of the Company&#146;s Form 10-K for a more detailed explanation of the
inherent limitations in such forward-looking statements. </FONT></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
