-----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, EQZUEzWbLYW4AxOqJE/f1nv87dDdHLwdKrXyiN/HVGYg0/qRdryKHXyBwFoAGASt QyeuVCHkFRW9LRxCg6DFeg== 0000898430-99-003847.txt : 19991018 0000898430-99-003847.hdr.sgml : 19991018 ACCESSION NUMBER: 0000898430-99-003847 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991008 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991012 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: SEC FILE NUMBER: 000-18490 FILM NUMBER: 99725979 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 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) October 8, 1999 ------------------------------ 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 October 8, 1999, the Company issued a press release announcing the completion of its April 1998 $20 million stock repurchase program and a new authorization by the Board of Directors for the Company to repurchase through December 2003 up to an additional $25 million of its Class A Common Stock from time to time on the open market. A copy of the October 8, 1999 press release is attached as Exhibit 99. Item 7. Financial Statements and Exhibits. --------------------------------- (c) Exhibits: 99 Press release dated October 8, 1999. 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: October 8, 1999 By: /s/ George Powlick ______________________________________ George Powlick, Vice President Finance and Chief Financial Officer 3 EXHIBIT INDEX ------------- Page ---- Exhibit - ------- 99 Press release dated October 8, 1999. 5 4 EX-99 2 PRESS RELEASE DATED OCTOBER 8, 1999 EXHIBIT 99 Contact: George Powlick Chief Financial Officer (818) 706-5100 K-SWISS ANNOUNCES NEW STOCK REPURCHASE AUTHORIZATION Completes Previous $20 Million Stock Repurchase Program Board Approves Additional $25 Million Stock Repurchase Authorization WESTLAKE VILLAGE, Calif. (Oct. 8, 1999) - K-Swiss Inc. (Nasdaq/NM:KSWS) today announced the completion of its April 1998 $20 million stock repurchase program and a new authorization by the Board of Directors for the Company to repurchase up to an additional $25 million of the Company's Class A Common Stock. Under the new stock repurchase program, the Company may purchase through December 31, 2003, 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 yesterday's closing price of $17 1/16 per share of the Company's Class A Common Stock, approximately 13.5% 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 fourth quarter of 1999, the Company purchased a total of 240,000 shares of Class A Common Stock for a total expenditure of $4,458,000. Since August 1996, the Company has expended an aggregate of $35,206,000 through its stock repurchase programs by which it has purchased 3,159,000 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 $55 million cash as of September 30, 1999, 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 general and regional economic conditions, industry trends, merchandise trends, including market acceptance of the Company's new training shoe line, 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, 1999. "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. -----END PRIVACY-ENHANCED MESSAGE-----