NEW YORK, June 20, 2011 /PRNewswire/ -- Merisel, Inc. (OTC: MSEL) operating under its principal brand Coloredge New York - Los Angeles, a leading provider of visual communications and brand imaging solutions, was awarded "Business Turnaround of the Year" last night at the 9th Annual American Business Awards Ceremony, in recognition of its agility to adapt, grow, and maintain its commitment to delivering solid results, despite prevailing economic turbulence.
The American Business Awards, part of The Stevie Awards program, honors the achievements and contributions of US-based businesses and their employees. Awards were presented in over 40 categories and more than 2,800 entries were received from organizations of all sizes in virtually every industry. Merisel itself was a finalist for ten awards in seven categories, including "Best Overall Company of the Year," "Business Innovation of the Year," and "Turnaround Executive of the Year."
The distinction of "Business Turnaround of the Year" is awarded to the company that showed significant operational and financial improvement in 2010 over 2009. The winning nomination stated:
[Merisel] ended 2009 with a 26% decline in net sales vs. 2008 and an operating loss of $9.3 million (adjusted to exclude one-time non-cash expenses). We finished 2010 with 15.9% year-on-year revenue growth and strong operating income of $1.5 million, resulting in a turnaround of $10.8 million. Undoubtedly, [Merisel] achieved these results through persistent adherence to our three core tenets: Consistently creating superior value for our customers, focusing our operations on efficiency, and instilling a culture defined by high-performance and excellence.
Upon accepting the award at last night's ceremony, Donald R. Uzzi, Chairman & CEO, stated, "We are honored to receive this prestigious recognition by The Stevie Awards for our diligent performance and accomplishments in 2010. I am very proud of the entire [Merisel] team for its continued effort and commitment to making our Company the high-performance organization it is today." Mr. Uzzi continued, "This is a most exciting time for our company as we reinvent and redefine our identity and positioning in the marketplace. As a result of our collective efforts, we have continued to gain momentum in 2011, and we remained focused on delivering new and innovative visual solutions to our clients to enhance and further build their brand equity."
Through forward-looking and innovative strategies, such as the creation of its VCMT (Visual Communications Management Trainee) Program, a first in the industry, and the launch of its Creative Services and Professional Services technology arms, Merisel continues to bolster its already-solid foundational capabilities.
"Simply, without underlying strengths, no organization can be 'turned around,'" further stated Mr. Uzzi. "Merisel, now doing business as Coloredge New York - Los Angeles, always possessed best-in-class professional qualities. By harnessing our capabilities, under a 'One Merisel' mandate, we not only restored this business to its rightful place, we accomplished something even more significant: at a time when many predicted the demise of manufacturing in the U.S., we have proven 'Made in America' is as vital today as ever, especially poignant when one considers our primary production facilities are in New York, New Jersey and Los Angeles."
Merisel released its first quarter 2011 results on May 16 highlighted by 15.7% growth in revenue for the quarter vs. last year, generating positive operating income for the fourth consecutive quarter, and will release second quarter earnings in mid-August. For more information please visit www.merisel.com and www.coloredge.com.
About Merisel, Inc. / Coloredge New York - Los AngelesMerisel, Inc. (OTC: MSEL.PK), operating under its principal brand Coloredge New York - Los Angeles, is a leading visual communications services company trusted by many of the world's most brand-conscious, consumer-oriented companies to conceive and execute visual solutions that maintain and enhance their brand image and support key marketing objectives. Merisel provides a broad portfolio of digital and graphic services to clients in the retail, manufacturing, beverage, cosmetic, advertising, entertainment, and consumer packaged goods industries. With sales offices in New York City, Atlanta, Los Angeles, and Portland, Oregon, and production bi-coastal production operations in New York, New Jersey, Atlanta, and Los Angeles, Merisel's unique combination of creative designers, skilled technicians, cutting-edge technology, and proprietary processes constitute a distinct competitive advantage, allowing Merisel to bring our clients' visions to life in invigorating ways, from creative conception to impeccable execution, implementation, and delivery.
About The Stevie AwardsStevie Awards are conferred in four programs: The American Business Awards, The International Business Awards, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Honoring companies of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about The Stevie Awards at www.stevieawards.com.CONTACT: CONTACT:Veronica Florentino
Patty Bolten Merisel, Inc. / Coloredge New York
Coloredge Los Angeles127 W. 30th Street, 5th Floor
1919 Empire AvenueNew York, NY 10001
Burbank, CA 91504PHONE 212-502-6572
PHONE 818-842-1121EMAIL: firstname.lastname@example.org
www.coloredge.comCautionary StatementThis press release contains forward-looking statements that involve risks and uncertainties concerning Merisel's expectations for future performance (including without limitation the quotations from management in this press release). In this context, forward-looking statements often address Merisel's expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," or "will." Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future events and trends. As such, these statements are subject to numerous risks and uncertainties that include, among others, the impact of management and organizational changes, the implementation of ongoing strategic and cost initiatives, changes in and a dependence on key personnel, the outcome of pending legal proceedings, the severity and duration of the current economic conditions and changes in economic conditions. These uncertainties may cause Merisel's actual future results to be materially different than those expressed in such forward-looking statements. All information set forth in this press release is as of June 21, 2011. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. The Company undertakes no obligation to update any such forward-looking statements. More information about the potential factors that could affect Merisel's business and financial results is included in the Company's Annual Report on Form 10-K and amended on Form 10-K/A for the year ended December 31, 2010, which is on file with the SEC and available on the SEC's website at www.sec.gov.
|SOURCE Merisel, Inc.|
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