In Brief: Dep
This article was originally published in The Rose Sheet
Executive Summary
Dep: NASDAQ transferring company's Class A and Class B shares from its national market to its SmallCap market effective Nov. 2, Dep announces Nov. 1. According to Dep, NASDAQ shifted the issues because the company failed to meet the criteria for net tangible assets set up under the National Market System. Dep explains that NASDAQ's calculation excludes goodwill associated with the Aug. 1993 purchase of the Agree and Halsa brands from S.C. Johnson, adding that goodwill is an asset under generally accepted accounting principles. The firm's lawsuit against S.C. Johnson, related to the acquisitions, is slated to go to trial on Nov. 10. Separately, Dep reports Oct. 30 that it has reached an agreement in principal with its bank group that includes a $25 mil. working capital commitment and reduced quarterly term loan payments through April 1, 1996. Under the amended term and working capital agreement, Dep's Dec. 30, 1995 payment will total $500,000 (down from $9.6 mil.). The firm also must pay a principal payment of $8.3 mil. on April 15, 1996...
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Marketing In Brief
ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says