0000898430-01-502418.txt : 20011008
0000898430-01-502418.hdr.sgml : 20011008
ACCESSION NUMBER: 0000898430-01-502418
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010917
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010918
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: K SWISS INC
CENTRAL INDEX KEY: 0000862480
STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140]
IRS NUMBER: 954265988
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-18490
FILM NUMBER: 1739299
BUSINESS ADDRESS:
STREET 1: 31248 OAK CREST DRIVE
CITY: WESTLAKE VILLAGE
STATE: CA
ZIP: 91361
BUSINESS PHONE: 8187065100
MAIL ADDRESS:
STREET 1: 31248 OAK CREST DR
CITY: WESTLAKE VILLAGE
STATE: CA
ZIP: 91361
8-K
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d8k.txt
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) September 17, 2001
-----------------------
K-Swiss Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-18490 95-4265988
---------------- ---------- ------------------
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
31248 Oak Crest Drive, Westlake Village, California 91361
--------------------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (818) 706-5100
---------------
Item 5. Other Events.
------------
On September 17, 2001, the Company issued a press release announcing
that its Board of Directors authorized a new stock repurchase program
for the Company to repurchase up to $25 million of the Company's Class
A Common Stock. A copy of the September 17, 2001 press release is
attached as Exhibit 99.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits:
99 Press release dated September 17, 2001.
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SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
K-Swiss Inc.
Date: September 17, 2001 By: /s/ George Powlick
-----------------------------
George Powlick,
Vice President Finance and
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit Page
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99 Press release dated September 17, 2001. 5
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EX-99
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dex99.txt
PRESS RELEASE DATED SEPTEMBER 17, 2001.
Contact: George Powlick
Chief Financial Officer
(818) 706-5100
K-SWISS ANNOUNCES NEW STOCK REPURCHASE AUTHORIZATION
Board Approves Additional $25 Million Stock Repurchase Authorization
WESTLAKE VILLAGE, Calif. (September 17, 2001) - K-Swiss Inc. (Nasdaq/NM:KSWS)
today announced its Board of Directors authorized a new stock repurchase program
for the Company to repurchase up to $25 million of the Company's Class A Common
Stock. This program is in addition to the Company's October 1999 $25 million
stock repurchase program that was completed in July 2001.
Under the new stock repurchase program, the Company may purchase through
December 31, 2006, as market conditions warrant and from time to time on the
open market, up to $25 million of its Class A Common Stock or, based on a
closing price of $30.20 per share of the Company's Class A Common Stock on
September 10, 2001, approximately 8.6% of the aggregate Class A and Class B
Common Stock currently outstanding. The Company believes the repurchase of its
shares of Class A Common Stock can be a good use of excess cash depending on the
Company's array of alternatives.
During the third quarter of 2001, the Company purchased a total of 78,000
shares of Class A Common Stock for a total expenditure of $1,977,000. Since
August 1996, the Company has expended an aggregate of $60,284,000 through its
several stock repurchase programs by which it has purchased 4,549,000 shares of
its Class A Common Stock.
Commenting on the announcement, Steven Nichols, Chairman of the Board and
President, stated, "We are pleased with the Board's decision to authorize the
potential utilization of a portion of the Company's capital, which included
approximately $75 million cash as of August 31, 2001, to repurchase our shares."
K-Swiss Inc. designs, develops and markets athletic footwear for high
performance sports use and fitness activities. The Company presently offers
footwear for court, casual and children's categories.
Certain matters discussed in this press release are subject to certain
risks and uncertainties that could cause actual results to differ materially,
including, but not limited to: non-achievement of the assumptions contained
herein, general and regional economic conditions, industry trends, merchandise
trends, including market acceptance of the Company's training shoe line, market
acceptance of the Company's casual product being introduced in Europe, customer
demand, and competition. A complete description of these factors, as well as
others which could affect the Company's business, is set forth in the Company's
periodic filings, including its Form 10Q for the quarter ended June 30, 2001.
"Backlog" as of any date, represents orders scheduled to be shipped within the
next six months. Backlog does not include orders scheduled to be shipped on or
prior to the date of determination of backlog. The mix of "future" and "at-
once" orders can vary significantly from quarter to quarter and year to year
and, therefore, "futures" are not necessarily indicative of revenues for
subsequent periods.
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