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 1 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. ------------ (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. 2 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 3 EXHIBIT INDEX ------------- Exhibit Page ------- ---- 99 Press release dated September 17, 2001. 5 4 EX-99 3 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. 5