AMSTERDAM, Netherlands, April 15, 2005 (PRIMEZONE) -- Head N.V. (NYSE:HED) (VSX:HEAD), a leading global manufacturer and marketer of sports equipment, announces the date of the Annual General Meeting of shareholders and the filing of its Annual Report 2004.
The Annual General Meeting will be held on Wednesday the 25th of May at 13.00 (local time) at the Sheraton Hotel, Schiphol Airport, Amsterdam, The Netherlands. Details concerning the agenda, the right to attend, and how to exercise rights at the Annual General Meeting will be made available on the 3rd of May. The Annual General Meeting will not be open to members of the general public.
Head N.V. has filed its Annual Report (Form 20-F) for the year ended 31st December 2004 with the SEC. The report is available on the SEC's EDGAR database, or by visiting our website www.head.com and downloading it from the investor relations web page.
We would like to highlight that we have reclassified certain items in the audited profit and loss account in the Annual Report, which results in some differences from the unaudited profit and loss accounts released on the 24th of February. This was necessary to ensure that the presentation of our financial results were in accordance with US GAAP. We have made the following reclassifications in the audited profit and loss account:
-- shipping and handling costs billed to customers have been reclassified from selling and marketing expense to other revenues; and -- sales incentives, which are earned by our customers subsequent to delivery of our product have been reclassified from selling and marketing to sales deductions.
Although these changes impact both revenues and gross profitability, the changes have had no impact on operating result or net income. The amounts in the prior years have been reclassified to be consistent with the current year presentation.
About Head
Head NV is a leading global manufacturer and marketer of premium sports equipment.
Head NV's ordinary shares are listed on the New York Stock Exchange ("HED") and the Vienna Stock Exchange ("HEAD").
Our business is organized into four divisions: Winter Sports, Racquet Sports, Diving and Licensing. We sell products under the Head (tennis, squash and racquetball racquets, alpine skis and ski boots, snowboards, bindings and boots), Penn (tennis and racquetball balls), Tyrolia (ski bindings), and Mares/Dacor (diving equipment) brands.
We hold leading positions in all of our product markets and our products are endorsed by some of the world's top athletes including Andre Agassi, Gustavo Kuerten, Marat Safin, Juan Carlos Ferreira, Johann Grugger and Maria Riesch.
For more information, please visit our website: www.head.com
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