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On September 10, 2010, Next, Inc., a Delaware corporation (the "Next") announced that it adjourned the special meeting (the "Special Meeting") at which its stockholders were to have considered and voted on (i) the sale of certain of the assets of Next's subsidiary, Next Marketing, Inc., a Delaware corporation ("Next Marketing"), pursuant to the Asset Purchase Agreement by and among T-Shirt International, Inc., Next Marketing and Next, dated August 16, 2010 (the "Asset Sale"), and (ii) the voluntary dissolution and liquidation of Next pursuant to the Plan of Liquidation and Dissolution of Next, Inc., in order to provide its stockholders additional time to consider and vote upon each proposal (along with the Asset Sale, the "Transaction").
The Special Meeting will reconvene at 10:00 a.m., local time on September 15, 2010 at its original location, the executive offices of Next Marketing, located at 1295 Vernon Street, Wabash, Indiana 46992. The record date for the Special Meeting remains August 23, 2010.
| Next, Inc. (OTCBB: NXTI: 15 years in business; around $12,000,000 annual revenues; 80 full-time employees; experienced management team Brands: Campus Traditions, American Biker, American Wildlife, RPM Sports USA
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 | Next Inc. Next Marketing Inc. Investor Relations - 260-563-2186 bobb@nextmarketinginc.com |
NEXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended | ||||
| February 28, 2010 | March 1, 2009 | |||
| (unaudited) | (unaudited) | |||
| Net sales
| $ | 2,824,439 | $ | 3,058,345 |
| Cost of sales
| 1,861,435 | 2,459,882 | ||
| Gross profit
| 963,004 | 598,463 | ||
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| Selling, general, and administrative expenses
| 948,215 | 1,136,987 | ||
| Operating income (loss)
| 14,789 | (538,524) | ||
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| Interest
| (101,322) | (152,556) | ||
| Other income
| 2,384 | 380 | ||
| Loss before income taxes
| (84,149) | (690,700) | ||
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| Provision for income taxes
| – | – | ||
| Net loss
| $ | (84,149) | $ | (690,700) |
| Net loss per share, basic and diluted
| $ | (0.003) | $ | (0.025) |
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Weighted average shares outstanding, basic and diluted
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27,398,396 |
27,363,846 | ||
NEXT is a creative and innovative sales and marketing organization that designs, develops, markets, and distributes licensed and branded promotional products and imprinted sportswear primarily through major college and university, motor sports and other major promotional key licensing agreements and the Company's own proprietary designs. NEXT is one of the dominant companies in the highly fragmented licensed promotional products and imprinted sportswear industries.
Highlights:
Executive summary:
Next, Inc. has a strong management team with extensive experience in the promotional products and imprinted sportswear industries. The following is a profile for each of the executive management team members:
Robert Budd, CEO
Mr. Budd has over 25 years of sales and management expertise with both public and private companies. Prior to joining Next, Mr. Budd was a founding Partner of TBA Management a consulting firm that specialized in working with both public and private companies fulfilling the roles of both CEO and COO helping companies determine their core competencies and leveraging them to achieve strategic growth both organically and through strategic acquisitions. Over his career he has led companies involved in manufacturing, distribution and service industries. Since joining Next Marketing Inc. in November of 2005 he has successfully led a major turnaround that resulted in the company's first profitable year since 2003.
David O. Cole, C.F.O.
Mr. Cole, a C.P.A., has over 30 years of financial management experience having held senior management positions with publicly traded and privately held companies. He has founded and operated his own corporate financial management consulting and interim executive firm. Mr. Cole earned a B.S. in Business Administration with a concentration in Accounting from Indiana University.
David Gleason, Vice President Sourcing & Program Development:
Mr. Gleason has been Vice President Operations of Next, Inc and its predecessor since January 30, 1997. He has extensive experience in the promotional products and licensed apparel industry specializing in vendor product management and program development for retail partners for over 27 years.
Rick Talbert, Vice President Operations:
A high impact leader with a record of implementing change and achieving results in multiple settings, joins Next Inc. after spending the last 10 years with Honeywell International working as a Critical Projects Manager with integrated supply chains in addition to being an Operations Team Leader in a significant business unit. His background is in Program/Project management, Operations Management and Supervision. He holds an MBA from Purdue University, Krannert Graduate School of Management.
Joe Ferragina, Executive Vice President Sales Marketing:
Mr. Ferragina brings over 23 years of experience having held ownership and senior management positions with several companies in the apparel industry. Post positions include President and Owner of Dakota Sportswear, National Sales Manager for W.E. Stephens Manufacturing, and was responsible for growing national retail sales for Tee Jays Manufacturing. In 1997 Mr. Ferragina formed Ferra Sales & Marketing, LLC, a sales and marketing company representing apparel manufacturers to national retail chains. In 1997 he made the transition to represent Next Inc. to retail. Since that time, Mr. Ferragina has been instrumental in building retail business on behalf of Next.
Ross Litz, Vice President of Sales Merchandising
Mr. Litz has over 12 years experience in sales to national retail chains and has worked with Joe Ferragina as a partner in Ferra Sales & Marketing for the last 7 years. Mr. Litz's experience includes Account Executive for W.E. Stephens Manufacturing and partner in Ferra Sales & Marketing. LLC. Throughout his career, he has been instrumental in opening new accounts and building programs for national retail chains. Mr. Litz earned a Bachelor's Degree in Business Administration and Marketing from Belmont University.
The Company's licensed and proprietary products include the following:
See thousands more at http://www.campustraditionsusa.com/index.html
Share Structure: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7185213
Authorized: 100,000,000
As of April 4, 2010, there were 27,399,055 shares of the registrant’s common stock issued and outstanding.
Insiders ownership 42.8%; Institutional ownership 21.8% (see below)
Free trading: ~8,301,192
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Name and Address of Beneficial Owner |
| Amount and Nature of Beneficial Ownership (a) |
| Percent of Outstanding Common Stock (b) |
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| Greater than 5% Beneficial Owners (excluding directors, nominees and named executive officers) |
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| The William B. Hensley III Marital Trust 1627 Holliston Trail Fort Wayne, Indiana 46825 |
| 2,750,000 |
| 9.8% |
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| Jeffery Kellam P.O. Box 256 700W 50N Wabash, Indiana 46992 |
| 2,212,450 |
| 7.9% |
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| The William B. III & Cindy S. Hensley 1627 Holliston Trail Fort Wayne, Indiana 46825 |
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1,120,000 |
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4.1% |
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| Directors, Nominees and Named Executive Officers |
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| Ronald J. Metz |
| 170,000 |
| * |
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| Salvatore Geraci |
| 50,000 |
| * |
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| Robert M. Budd |
| 199,500 |
| * |
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| Dan F. Cooke 6430 Cobble Lane Harrison, Tennessee 37341 |
| 6,356,900 |
| 22.4% |
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| Charles W. Reed P. O. Box 211 Wabash, Indiana 46992 |
| 6,267,913 |
| 21.2% |
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| David O. Cole |
| 100,600 |
| * |
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| David C. Gleason |
| 70,000 |
| * |
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| All directors and executive officers as a group (7 persons) |
| 13,214,913 |
| 42.8% |
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