We currently maintain approximately 150 fragrances in our retail stores, with our 54 best-selling fragrances available nationwide to our wholesale customers. To accurately track shipments and provide better service to customers, we also use handheld optical scanners and bar coded labels. Holder's shareholders, partners or beneficiaries, - special tax rules that may apply to a Non-U. Each store is responsible for implementing and maintaining these customer service standards. He served as a Director until April 1998.
None of the members of the Yankee Candle Holdings or the Yankee Candle Compensation Committees have been officers or employees of Yankee Candle or its subsidiaries. We also sell our products through our direct mail catalogs, Internet website www. Yankee Candle did not have a Compensation Committee, or committee performing comparable functions, in 1998. This growth was achieved primarily through increased sales to existing customers. Lower right hand corner: Caption: Scented Tea Lights - Picture showing an assortment of small, colored and scented candles in clear cups.
One Together is created with the fragrance of the rare Miracle Flower, a scent never before used at Yankee Candle. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets. Tapers are produced through a dipping process and Tarts-Registered Trademark- and Samplers-Registered Trademark- are made by compression. F-8 Notes to Consolidated Financial Statements. The description below assumes that the new stock agreements have been executed.
Beginning in 2000, at each annual meeting of stockholders, successors to the class of directors whose term expires at that annual meeting will be elected for a three-year term and until their respective successors are elected and qualified. The sale of these shares, or the perception that sales will be made, could adversely effect the price of Yankee Candle's common stock after the offering because a greater supply of shares would be, or would be perceived to be, available for sale in the public market. In 1998, we eliminated our network of independent manufacturer representatives and completed a major shift to a direct sales force. The loan will be secured by Mr. A total sale includes: 1 the merger or consolidation of Yankee Candle into another corporation, other than a merger or consolidation in which Yankee Candle is the surviving corporation and which does not result in a capital reorganization, reclassification or other change in the then outstanding common stock, 2 the liquidation of Yankee Candle, 3 the sale to a third party of all or substantially all of Yankee Candle's assets, or 4 the sale to a third party of common stock, other than through one or more public offerings; but only if, in the case of the events described in 1 , 2 and 4 , the Forstmann Little partnerships cease to own shares of the voting stock of the business. By the mid-1970s, Yankee Candle had 30 employees, and its manufacturing space had doubled from the area first occupied in 1973. Yankee Candle uses high quality fragrances, premium-grade, highly refined paraffin waxes, and superior wicks and dyes to create premium products.
. . The income statement reflects a provision for income taxes for federal and state purposes for the period the Company was a C Corporation and a provision for state taxes for the periods the Company was an S Corporation. The company branched out into new areas, exploring different ways to display its candle-making talents, and it expanded its retail arm aggressively, particularly late in the decade. . Fidelity is not recommending or endorsing this security by making it available to customers.
Parry was named chief executive officer in November 1998, gaining control of Yankee Candle at a decisive juncture in the company's history. We believe there are significant opportunities to grow the catalog business by adding additional products and accessories, increasing our telephone hours and expanding our mailing list. Pro forma statement of operations data, as adjusted for the 1998 recapitalization, the refinancing of the subordinated debentures and the offering, also gives effect to the 1998 recapitalization, the refinancing and the offering as if they had occurred on January 1, 1998. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. Spellman leaves voluntarily or is terminated for cause prior to May 9, 2000, he must repay this signing bonus.
The subordinated debentures are divided into three equal series, due on May 31, 2009, May 31, 2010 and May 31, 2011. In 1998, the northeast region accounted for 30% of domestic wholesale revenues, the midwest 35%, the south 21% and the west 14%. Excluding compensation paid to the former sole stockholder, general and administrative expenses would have increased to 11. Both of these products are designed to appeal to existing customers and to attract new customers. This competitive environment could adversely affect our future revenues and profits, financial condition and liquidity and our ability to continue to grow our business. These borrowings were used primarily to redeem our stock and pay one-time bonuses in connection with the 1998 recapitalization.
Historical volatility can be compared with implied volatility to determine if a stock's options are over- or undervalued. They asked their son to move his bustling candle-making business elsewhere, prompting Kittredge to move his manufacturing and warehousing operations to Holyoke, Massachusetts. We cannot assure you that we will continue to grow at a rate comparable to our historic growth rate or that our historic financial performance will continue as we grow. The price of any shares so sold will be the public offering price set forth on the cover page of this prospectus, in U. We implemented uniform computer and communication software systems allowing for on-line information access between our headquarters and retail stores.
Our high customer service standards are an integral part of our ongoing success. These shares, along with shares held by others who can participate in the registrations, will represent 77. Immediately after the 1998 recapitalization, Yankee Candle Holdings owned 90% of Yankee Candle's common stock and Mr. Although we believe that these statements are based upon reasonable assumptions, we cannot assure you that our goals will be achieved. In October 1998 an additional member of management was awarded the right to purchase, and agreed to purchase, stock of Yankee Candle Holdings. We expect both of these businesses to continue to grow over the next several years as a result of demographic and lifestyle changes in the consumer population, including the aging of the baby boomers, decreased shopping time and the need for shopping convenience. However, its market price has not historically fluctuated with the movement of oil prices.