AZUSA, Calif., June 21, 2011 (GLOBE NEWSWIRE) -- Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians Formula" or the "Company") today announced that it has appointed Bruce Kanter to join the Company's Board of Directors effective July 1, 2011. Mr. Kanter will be filling a Board vacancy created by the departure of Mr. Padraic Spence from the Company's Board on May 24, 2011. Mr. Kanter, whose election to the Board was recommended by the Company's Nominating and Corporate Governance Committee, will also join the Company's Audit Committee as of July 1, 2011, and he has been determined by the Board to be independent under applicable SEC and NASDAQ independence requirements.
Mr. Kanter was the Executive Vice President and Chief Financial Officer of Westwood One, Inc. (WWON), a public company operating as the leading radio program syndicator from December 1991 to February 1994. Before that, he was the Senior Vice President and CFO of Neutrogena Corporation, a leading skincare and cosmetics company from October 1980 until December 1991. Since retiring in 1994, Mr. Kanter has been active on several Boards, including being a 13 year-long director and two-time Chairman of Discus Holdings, Inc., a private dental products company. He also served as a Director of Westwood One, Inc. from 1991 to 1994, a Director of Infotec, a private software and systems support company from 1994 to 1996, a Director of Intermed Software, Inc., a private start-up company developing software for a physicians medical record system from 1995 to 1999, and a Director and Chairperson of the Audit Committee of Smtek International, an electronic manufacturing contractor from 1997 to 2000. With over 34 years of experience in the health, beauty and medical industries, Mr. Kanter brings to the Company's Board insightful perspectives on the opportunities and issues facing Physicians Formula.
"Bruce's past experience at Neutrogena, a leading cosmetics and skin care company, will be a tremendous asset in helping us realize our growth plans for Physicians Formula," said Ingrid Jackel, Chief Executive Officer. "Also, Bruce's financial skills will make him a welcome addition to our Company's Audit Committee."
"I am excited to be joining the Board of Physicians Formula. The Company has the opportunity to continue to succeed in the marketplace by using its problem/solution approach to the consumer's needs, and I look forward to using my experience in the cosmetic and skin care industries to help execute its strategy and expand its market position," stated Mr. Kanter.
About Physicians Formula Holdings, Inc.
Physicians Formula is an innovative cosmetics company operating in the mass market prestige, or "masstige", market. Under its Physicians Formula brand name, created in 1937, the Company develops, markets and distributes innovative, premium-priced products for the mass market channel. Physicians Formula differentiates itself by addressing skin imperfections through a problem-solving approach, rather than focusing on changing fashion trends. Currently, Physicians Formula products are sold in 25,700 stores, including those operated by Wal-Mart, Target, CVS and Rite Aid.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, forward-looking statements can be identified by words such as "anticipates," "estimates," "expects," "believes," "plans," "predicts," and similar terms. In particular, this press release may include forward-looking statements about management's expectations regarding the Company's refinancing, strategy, liquidity, financial performance and outlook. These forward-looking statements are based on current expectations, estimates and projections about the Company's business and its industry, based on management's beliefs and assumptions. Forward-looking statements are not guarantees of future performance and the Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to: the loss of any significant retailer customers or the degradation of our relationship with our significant retailer customers; the demand for the Company's products, including the new cosmeceutical skin care line; the Company's ability to expand its product offerings; the competitive environment in the Company's business, including the larger competitors the Company will now face in the skin care category; the Company's operations and ability to achieve cost savings; the effect of technological and regulatory changes; the Company's cash needs and financial performance; the Company's ability to comply with the financial covenants in its debt agreements; changes in general economic or market conditions; and other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's filings with the SEC, and available at www.physiciansformula.com and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
(FACE/F)
CONTACT: Anne Rakunas ICR, Inc. (310) 954-1100