Growth Ahead For Palm Beach Tan?

FARMERS BRANCH, TX (Friday, May 21, 2004) - Palm Beach Tan Inc. is looking to enhance its image in the eyes of investors and vendors with new leadership and an aggressive growth plan.




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The privately held, Carrollton-based company, which has almost 70 stores, is aiming to open 280 locations nationwide and several international outlets over the next three years.

On May 19, Palm Beach Tan tapped retail veteran Bill Spae to be its new president and CEO, replacing Troy Cooper.

Spae's pedigree includes 30 years of retail experience, most recently as president of Bennigan's Grill & Tavern in Plano. Spae previously was chief of staff for Oregon-based Hollywood Entertainment Corp., which he helped grow into the country's second-largest chain of retail video stores.

Cooper, Palm Beach's former president and CEO, will stay on as president of Mystic Tan Inc., a wholly owned subsidiary of Palm Beach Tan Inc.

Under Cooper's leadership, Palm Beach Tan more than doubled its units from 30 to 67 in the last year and grew its average sales by 40% in each of the last five years.

Cooper's growth strategy was right on target, Spae said. "What I am going to do is bring my experience in growing companies," he said. "I'm going to follow the same strategy, only on a larger scale."

The Palm Beach Tan brand generated $17.3 million in revenue in 2003. Spae expects the figure to double this year, to $34 million.

New Orleans-based Planet Beach Franchising Corp., which claims to be the world's largest tanning-salon company, has more than 210 locations in the United States, Canada and Australia, plus 250 under development.

Tony Hartl, CEO and founder of Dallas-based Planet Tan, believes that snapping up a retail veteran like Spae was a smart move for Palm Beach Tan.

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