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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): AUGUST 4, 1999
K2 INC.
(exact name of registrant as specified in its charter)
DELAWARE 1-4290 95-2077125
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
4900 SOUTH EASTERN AVENUE, LOS ANGELES, CA 90040
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (323) 724-2800
N/A
(Former name or former address, if change since last report)
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Item 5.Other Events.
On August 5, 1999, K2 Inc. (the "Registrant"), announced that it had signed a
definitive agreement dated August 4, 1999, to sell its Simplex building
products division subject to several contingencies, including the buyer's
ability to obtain adequate financing.
A copy of the Registrant's press release dated August 5, 1999 announcing
the execution of the definitive agreement, is filed as an exhibit to this
Current Report on Form 8-K.
Item 7.Financial Statements, Pro Forma Financial Information and Exhibits.
(c) EXHIBITS.
EXHIBIT NO. DESCRIPTION
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99.1 Press Release, dated August 5, 1999, announcing the execution
of the definitive agreement.
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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.
Date: August 6, 1999 K2 INC.
By: /S/RICHARD M. RODSTEIN
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Richard M. Rodstein
President and Chief Executive
Officer
K2 INC.
Dated: August 6, 1999
By: /S/JOHN R. RANGEL
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John R. Rangel
Senior Vice President - Finance
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August 5, 1999
K2 Inc. (NYSE:KTO) announces
definitive agreement to sell
Simplex building products division
Los Angeles, California -- August 5, 1999 - K2 Inc. (NYSE:KTO) today
announced that it has signed a definitive agreement to sell its Simplex
products division to an affiliate of Callier Interests, a private equity
group. The transaction is priced at approximately $32 million in cash plus a
performance-based payment of up to $3 million, all subject to final
adjustment.
Completion of the sale is subject to several contingencies, including the
buyer's ability to obtain adequate financing. The transaction is expected to
close within 60 days.
K2 has accounted for Simplex as a discontinued operation since September
30, 1998. For the six months ended June 30, 1999, K2 reported income from
continuing operations of $10.2 million or $.62 per diluted share and income
from discontinued operations of $1.0 million or $.06 per diluted share.
K2 Inc. is a leading designer, manufacturer and marketer of brand name
sporting goods, other recreational and industrial products. The Company's
sporting goods products include well-known names such as K2 and OLIN alpine
skis, K2 SNOWBOARDS, BOOTS AND BINDINGS, K2 in-line skates, STEARNS sports
equipment, SHAKESPEARE fishing tackle, K2 bikes, AND DANA DESIGN backpacks.
K2's other recreational products include Planet Earth skateboards, Adio
skateboard shoes and HILTON active apparel. K2's industrial products include
SHAKESPEARE extruded monofilaments, marine antennas and fiberglass light
poles.
This news release contains forward-looking statements based on K2's
current expectations about completing the transaction. Words such as
"should," "expects" and "believes" and similar expressions are intended as
forward-looking statements. These statements are not guarantees of final
performance under the contract and are subject to the contingencies noted
above.
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