Marsh Supermarkets, Inc. Announces Executive Change
08 Dezember 2005 - 5:24PM
PR Newswire (US)
INDIANAPOLIS, Dec. 8 /PRNewswire-FirstCall/ -- Marsh Supermarkets,
Inc. (NASDAQ:MARSANASDAQ:MARSB), today reported it had appointed
Douglas W. Dougherty as Senior Vice President, Chief Financial
Officer and Treasurer following the resignation of John Elbin from
these positions on December 6, 2005. Mr. Dougherty served as the
Company's Chief Financial Officer for more than ten years until he
retired in May 2005, when he was succeeded by Mr. Elbin. The
Company stated it believed that Mr. Elbin did not resign as a
result of any inaccuracy in the Company's financial statements, but
rather because he disagreed with other members of senior management
on actions to improve the Company's results of operations and
financial condition. The Company indicated Mr. Elbin's departure
would not change its previously announced plans to pursue strategic
alternatives. About Marsh Supermarkets, Inc. Marsh is a leading
regional chain, operating 70 Marsh(R) supermarkets, 38 LoBill(R)
Foods stores, 8 O'Malia(R) Food Markets, 160 Village Pantry(R)
convenience stores, 2 Arthur's Fresh Market(R) stores, and 1
Savin*$(sm), in Indiana and western Ohio. The Company also operates
Crystal Food Services(sm), which provides upscale catering,
cafeteria management, office coffee, coffee roasting, vending and
concessions, and restaurant management and Primo Banquet Catering
and Conference Centers; Floral Fashions(R), McNamara(R) Florist and
Enflora(R) -- Flowers for Business. Cautionary Note Regarding
Forward-Looking Statements This report includes certain
forward-looking statements (statements other than those made solely
with respect to historical fact). Actual results could differ
materially and adversely from those contemplated by the
forward-looking statements due to known and unknown risks and
uncertainties, many of which are beyond the Company's control. The
forward-looking statements and the Company's future results,
liquidity and capital resources are subject to risks and
uncertainties including, but not limited to, the following:
uncertainty regarding the effect or outcome of the Company's
decision to explore strategic alternatives; the entry of new or
remodeled competitive stores into the Company's market areas; the
level of discounting and promotional spending by competitors; the
Company's ability to improve comparable store sales; the level of
margins achievable in the Company's operating divisions; the
stability and timing of distribution incentives from suppliers;
changes in the terms on which suppliers require the Company to pay
for store merchandise; softness in the local economy; the Company's
ability to control expenses including employee medical costs,
labor, credit card fees, and workers compensation and general
liability expense; uncertainties regarding gasoline prices and
margins; the success of the Company's new and remodeled stores;
uncertainties regarding future real estate gains due to limited
real estate holdings available for sale; potential interest rate
increases on variable rate debt, as well as terms, costs and the
availability of capital; the Company's ability to collect
outstanding notes and accounts receivable; uncertainties related to
state and federal taxation and tobacco and environmental
legislation; uncertainties associated with pension and other
retirement obligations; uncertainties related to the outcome of
pending litigation; the timely and on budget completion of store
construction, conversion and remodeling; and other known and
unknown risks and uncertainties. The Company undertakes no
obligation to update or revise any forward-looking statements to
reflect subsequent events or circumstances. DATASOURCE: Marsh
Supermarkets, Inc. CONTACT: Jodi Marsh of Marsh Supermarkets, Inc.,
+1-317-594-2640
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