SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 7, 1997
SIGNATURE EYEWEAR, INC.
(Exact Name of Registrant as Specified in Charter)
California 333-30017 95-3876317
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
498 North Oak Street
Inglewood, California 90302
(Address of Principal Executive Offices)
(310) 330-2700
(Registrant's Telephone Number)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on October 7,
1997, which contains information meeting the requirements of this Item 5, which
is incorporated herein by this reference. A copy of this press release is
attached to this Form 8-K as Exhibit 99.1.
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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.
October 7, 1997
SIGNATURE EYEWEAR, INC.
By: /s/ Julie Heldman
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Julie Heldman, President and
Co-Chairman of the Board
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EXHIBIT INDEX
EXHIBITS PAGE NUMBER
99.1 Press Release of Registrant, dated October 7, 1997. 5
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EXHIBIT 99.1 TO FORM 8-K
Contact: Michael Prince
Chief Financial Officer
(310) 330-2700
Robert M. Whetstone
Pondel Parsons & Wilkinson
(310) 207-9300
FOR IMMEDIATE RELEASE
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SIGNATURE EYEWEAR POSTS STRONG
SALES, EARNINGS FOR 1997 FISCAL THIRD QUARTER
Inglewood, Calif. -- October 7, 1997 -- Signature Eyewear (Nasdaq NM:SEYE)
today announced financial results for its fiscal third quarter and nine-month
period ended July 31, 1997. The company's recently completed initial public
offering precluded an earlier release of its third quarter financial results.
For the third quarter, pro forma net income increased 91 percent to
$543,331, or $.15 per share, from $285,003, or $.08 per share, in the previous
year. Net sales rose 18 percent to $8,317,973 from $7,049,614 for the
comparable 1996 period.
For the nine-month period ended July 31, 1997, pro forma net income
increased 50 percent to $1,576,236, or $.44 per share, from $1,049,843, or $.30
per share, for the comparable 1996 period. Net sales were $24,256,027, a 21
percent increase from $20,101,968 for the same period last year.
On September 11, 1997, Signature Eyewear completed an initial public
offering of 1,600,000 shares of common stock at a price of $10 per share,
raising net proceeds to the company of $14,880,000. On September 30, 1997, the
Company issued the underwriters 67,500 additional shares of common stock upon
their exercise of the over-allotment option, raising company net proceeds of
$627,750.
(more)
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Signature Eyewear designs, markets and distributes prescription eyeglass
frames. The company's current, exclusive product lines include Laura Ashley
Eyewear, Hart Schaffner & Marx Eyewear and Jean Nate Eyewear, as well as
Camelot, its own label. In June 1997, Signature Eyewear acquired the exclusive
license for Eddie Bauer Eyewear, which the company plans to launch in the
spring of 1998.
# # #
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<TABLE>
SIGNATURE EYEWEAR, INC.
SUMMARY FINANCIAL DATA
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JULY 31, JULY 31,
---------------------- -----------------------
1997 1996 1997 1996
---------- ----------- ----------- -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
STATEMENT OF INCOME DATA:
Net sales $8,317,973 $7,049,614 $24,356,027 $20,101,968
Gross profit $4,947,798 $4,170,651 $14,353,742 $11,597,634
Pro forma net
income (1) $543,331 $285,003 $1,576,236 $1,049,843
Pro forma net income
per share (1) $0.15 $0.08 $0.44 $0.30
Common shares used in
computing pro forma
net income per share 3,600,527 3,600,527 3,600,527 3,528,516
</TABLE>
<TABLE>
<CAPTION>
JULY 31, OCTOBER 31,
1997 1996
------------ ------------
(Unaudited)
<S> <C> <C>
BALANCE SHEET DATA:
Current assets $ 11,958,407 $ 8,988,936
Total assets $ 13,254,596 $ 10,293,057
Current liabilities $ 10,338,069 $ 7,207,037
Total liabilities $ 10,353,265 $ 7,363,920
Stockholders' equity $ 2,901,331 $ 2,929,137
</TABLE>
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(1) The company converted from an S corporation to a C corporation upon the
closing of the initial public offering. The pro forma presentation
reflects a provision for income taxes as if Signature Eyewear had always
been a C corporation.
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