One Price Clothing Announces 3.5 Reverse Stock Split

One Price Clothing Stores announced that its shareholders approved a reverse split of the company's common stock on Sept. 4, 2001. Under authority granted by the shareholders, a committee of the company's board of directors set the reverse split ratio at 1-for-3.5.

>Leonard M. Snyder, ceo, said, "Although the reverse split was undertaken as a part of our plan to regain compliance with the continued listing requirements of the Nasdaq National Market, we believe that the reverse split will broaden the appeal of the company's shares, especially to investors whose criteria restrict investment in stocks trading below the $1.00 per share level. We continue to believe that our shares are a very good value particularly given the fact that our book value at the end of the second quarter was approximately $12.89 per share on a post-split basis.

In completing the reverse stock split, the company reduced the number of issued and outstanding shares from 10,298,191 to 2,942,340, subject to adjustment as a result of rounding up fractional shares. Also, in accordance with Nasdaq rules, the letter "D" will be appended to the company's trading symbol for a period of one month to denote the reverse stock split. In addition, the calculation of the Company's earnings per share will be adjusted for the reduced number of shares beginning with Form 10-Q for the quarter ended August 4, 2001.