-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LAuh/tu378zMOg+X2Y6vJ7AdlfbowN0KJUUW1yEdVkVDedvXVoeNRXQpgl3wzzkg dwWP3Ue2d+QvB+Z32IkRCA== 0000950136-03-001614.txt : 20030630 0000950136-03-001614.hdr.sgml : 20030630 20030627182322 ACCESSION NUMBER: 0000950136-03-001614 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030630 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NAUTICA ENTERPRISES INC CENTRAL INDEX KEY: 0000093736 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 952431048 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-37088 FILM NUMBER: 03762391 BUSINESS ADDRESS: STREET 1: 40 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2125415990 MAIL ADDRESS: STREET 1: 40 W 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: STATE O MAINE INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC COAST KNITTING MILLS INC DATE OF NAME CHANGE: 19751124 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: EMINENCE CAPITAL LLC CENTRAL INDEX KEY: 0001107310 IRS NUMBER: 134036527 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 200 PARK AVE., SUITE 3300 CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2128083590 MAIL ADDRESS: STREET 1: 200 PARK AVE STREET 2: SUITE 3300 CITY: NEW YORK STATE: NY ZIP: 10166 SC 13D 1 file001.txt SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) ------------------------------------------- NAUTICA ENTERPRISES, INC. ------------------------------------------- (Name of Issuer) Common Stock ------------------------------------ (Title of Class of Securities) 639089101 ------------------------------------ (CUSIP NUMBER) Eminence Capital, LLC 65 East 55th Street 25th Floor New York, New York 10022 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) - with copies to - Michael G. Tannenbaum, Esq. Tannenbaum Helpern Syracuse & Hirschtritt LLP 900 Third Avenue - 13th Floor New York, New York 10022 (212) 508-6700 June 20, 2003 ------------------------------------ (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box [ ] (Page 1 of 6 Pages) - ------------------------------- ------------------------------ CUSIP No. 639089101 13D Page 2 of 6 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Eminence Capital, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 2,200,000 shares BENEFICIALLY ------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 0 shares REPORTING ------------------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER 2,200,000 shares ------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,000 shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.55% of Common Stock - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO (Page 2 of 6 Pages) CUSIP No. 639089101 SCHEDULE 13D ------------ ITEM 1. SECURITY AND ISSUER. Security: Common Stock Issuer: Nautica Enterprises, Inc. 40 W 57th Street New York, New York 10019 ITEM 2. IDENTITY AND BACKGROUND. (a) Eminence Capital, LLC ("Eminence") (b) 65 East 55th Street, 25th Floor, New York, New York 10022 (c) Eminence serves as an investment manager to domestic and off-shore investment vehicles. (d) - (e) During the last five years, neither Eminence nor any of its principals, to the best of their knowledge, have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which any of the foregoing was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) New York ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. All of the shares of the Issuer were acquired through working capital of the investment vehicles managed by Eminence. ITEM 4 PURPOSE OF TRANSACTION Eminence believes that the Company is undervalued and supports management's decision to enhance shareholder value through its exploration of a potential sale of the Company. Eminance also seeks to encourage the Board of Directors of the Company to work out a resolution with David Chu to buy out his 50% ownership in the Nautica brand name and trademarks which entitles him to 50% of the royalty income from licensees of the Nautica brand name. This amount has grown to over 15% of the Company's operating earnings before taxes and it is Eminence's belief that this royalty structure is not in the best interest of the Company and its shareholders. Other than as described above, Eminence does not have any plans or proposals which would result in any of the following: (Page 3 of 6 Pages) a. the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; b. an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; c. a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; d. any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any vacancies on the board; e. any material change in the present capitalization or dividend policy of the Issuer; f. any other material change in the Issuer's business or corporate structure; g. changes in the Issuer's charter, by-laws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; h. causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an interdealer quotation system of a registered national securities association; i. causing a class of securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or j. any action similar to any of those enumerated above. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) - (b) As the holder of sole voting and investment authority over the shares owned by its advisory clients, Eminence may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of the aggregate amount of 2,200,000 shares representing approximately 6.55% of the outstanding shares of the Issuer (based upon 33,590,100 shares outstanding as of May 28, 2003, as reported on the latest 10-K of the Issuer). Eminence disclaims any economic interest or beneficial ownership of the shares covered by this Statement. (Page 4 of 6 Pages) (c)
- ------------------------------------------------------------------------------------------------------------- DATE AMOUNT OF SECURITIES PRICE/SHARE TYPE - ------------------------------------------------------------------------------------------------------------- 6/11/03 561,600 $12.7081 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/11/03 138,500 $12.7998 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/13/03 10,000 $12.4134 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/16/03 120,000 $12.3645 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/17/03 50,000 $12.5820 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/18/03 60,000 $12.4967 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/20/03 150,000 $13.4608 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/20/03 140,000 $13.5537 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/23/03 120,000 $12.8100 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/24/03 5,000 $12.9890 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/25/03 30,000 $12.9862 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/26/03 40,000 $13.2500 Open-market purchase - ------------------------------------------------------------------------------------------------------------- 6/26/03 75,000 $13.2389 Open-market purchase - -------------------------------------------------------------------------------------------------------------
(d) Not applicable. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER Not applicable. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Not applicable. (Page 5 of 6 Pages) SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: November 15, 2002 EMINENCE CAPITAL, LLC By: /s/ Ricky C. Sandler -------------------- Name: Ricky C. Sandler Title: Managing Member (Page 6 of 6 Pages) -----END PRIVACY-ENHANCED MESSAGE-----