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Reply #65: Enesco tumbles on credit line covenant default [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-01-05 01:16 PM
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65. Enesco tumbles on credit line covenant default

NEW YORK (MarketWatch) -- Shares of Enesco Group (ENC) dropped 9.6% to $3.48 Wednesday afternoon after the Itasca, Ill., gift collectibles company said it's not in compliance with the minimum earnings before interest, taxes, depreciation and amortization covenant of its credit line with Fleet National Bank and LaSalle Bank as of April 30. The company blamed the impact of non-cash accruals related to the timing of the execution of its agreement with Precious Moments Inc. Enesco also said it has told Fleet that it needs to renegotiate the covenants for May and June and possibly additional months due to weak sales and lower gross margins. Enesco plans to negotiate with Fleet for a waiver of the April covenant and to revise other covenants but it offered no assurance that it would be successful.

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