K-SWISS INC. | ||
(Exact name of registrant as specified in its charter) |
Delaware | 0-18490 | 95-4265988 |
(State or other jurisdiction of | (Commission | (I.R.S. Employer |
incorporation or organization) | File Number) | Identification No.) |
31248 Oak Crest Drive, Westlake Village, CA | 91361 | |
(Address of principal executive offices) | (Zip code) | |
818-706-5100 | ||
(Registrant’s telephone number, including area code) | ||
N/A | ||
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
x | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01
|
Other Events.
|
(d) | Exhibits. | ||
Exhibit Number | Description of Exhibit | ||
99.1 | Press Release issued February 27, 2013. |
Swiss Inc. | |||
Date: February 27, 2013
|
By:
|
/s/ GEORGE POWLICK | |
George Powlick, | |||
Vice President of Finance, Chief | |||
Administrative Officer, Chief Financial | |||
Officer and Secretary |
Exhibit | Description | |
99.1 | Press Release issued February 27, 2013. |
K•Swiss Inc. Consolidated Statements of Loss
|
||||||||||||||||||||
(In thousands, except loss per share data)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Revenues
|
$
|
41,230
|
$
|
50,163
|
$
|
222,851
|
$
|
268,357
|
||||||||
Cost of goods sold
|
27,949
|
37,322
|
145,726
|
175,735
|
||||||||||||
Gross profit
|
13,281
|
12,841
|
77,125
|
92,622
|
||||||||||||
Selling, general and administrative expenses
|
25,864
|
33,006
|
107,895
|
153,626
|
||||||||||||
Impairment of goodwill
|
-
|
2,986
|
-
|
2,986
|
||||||||||||
Operating loss
|
(12,583
|
)
|
(23,151
|
)
|
(30,770
|
)
|
(63,990
|
)
|
||||||||
Other income
|
-
|
-
|
-
|
3,000
|
||||||||||||
Interest (expense)/income, net
|
(750
|
)
|
124
|
(812
|
)
|
219
|
||||||||||
Loss before income taxes and discontinued operations
|
(13,333
|
)
|
(23,027
|
)
|
(31,582
|
)
|
(60,771
|
)
|
||||||||
Income tax expense
|
1,183
|
1,847
|
3,197
|
3,751
|
||||||||||||
Loss from continuing operations
|
(14,516
|
)
|
(24,874
|
)
|
(34,779
|
)
|
(64,522
|
)
|
||||||||
Loss from discontinued operations, less applicable income tax
|
-
|
(311
|
)
|
-
|
(5,949
|
)
|
||||||||||
Net loss
|
$
|
(14,516
|
)
|
$
|
(25,185
|
)
|
$
|
(34,779
|
)
|
$
|
(70,471
|
)
|
||||
Basic loss per share
|
$
|
(0.41
|
)
|
$
|
(0.71
|
)
|
$
|
(0.98
|
)
|
$
|
(1.98
|
)
|
||||
Diluted loss per share
|
$
|
(0.41
|
)
|
$
|
(0.71
|
)
|
$
|
(0.98
|
)
|
$
|
(1.98
|
)
|
||||
Weighted average number of shares outstanding
|
||||||||||||||||
Basic
|
35,607
|
35,599
|
35,603
|
35,510
|
||||||||||||
Diluted
|
35,607
|
35,599
|
35,603
|
35,510
|
K•Swiss Inc. Condensed Balance Sheets
|
||||||||
(In thousands)
|
||||||||
December 31,
|
||||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
42,711
|
$
|
28,701
|
||||
Restricted cash and cash equivalents and restricted investments available for sale
|
200
|
22,602
|
||||||
Investments available for sale
|
-
|
2,057
|
||||||
Accounts receivable, net
|
25,740
|
31,449
|
||||||
Inventories, net
|
69,343
|
90,380
|
||||||
Prepaid expenses and other current assets
|
2,934
|
4,927
|
||||||
Income taxes receivable
|
-
|
770
|
||||||
Total current assets
|
140,928
|
180,886
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
17,402
|
19,593
|
||||||
OTHER ASSETS
|
||||||||
Intangible assets
|
11,562
|
11,482
|
||||||
Deferred income taxes
|
2,308
|
2,914
|
||||||
Other
|
4,523
|
4,736
|
||||||
Total other assets
|
18,393
|
19,132
|
||||||
$
|
176,723
|
$
|
219,611
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Bank lines of credit
|
$
|
998
|
$
|
9,716
|
||||
Current portion of long-term debt
|
152
|
250
|
||||||
Current portion of long-term capital leases
|
103
|
-
|
||||||
Trade accounts payable
|
20,420
|
18,101
|
||||||
Accrued income taxes payable
|
246
|
372
|
||||||
Current portion of contingent purchase price
|
2,644
|
-
|
||||||
Accrued liabilities
|
11,640
|
13,500
|
||||||
Total current liabilities
|
36,203
|
41,939
|
||||||
OTHER LIABILITIES
|
||||||||
Long-term debt
|
-
|
148
|
||||||
Long-term capital leases
|
190
|
-
|
||||||
Contingent purchase price
|
-
|
3,739
|
||||||
Other liabilities
|
8,716
|
7,816
|
||||||
Total other liabilities
|
8,906
|
11,703
|
||||||
STOCKHOLDERS' EQUITY
|
131,614
|
165,969
|
||||||
$
|
176,723
|
$
|
219,611
|