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UNITED STATES
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) June 25, 1998
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OROAMERICA, INC.
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(Exact name of Registrant as specified in its charter)
Delaware 0-21862 94-2385342
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
443 North Varney Street
Burbank, California 91502
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (818) 848-5555
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ITEM 5. OTHER EVENTS.
On June 24, 1998, the registrant released the information filed
herewith as Exhibit 99.1.
ITEM 7. EXHIBITS.
99.1 Press release issued by the registrant on June 24, 1998.
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: June 25, 1998 OROAMERICA, INC.
By: /s/ Shiu Shao
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Shiu Shao, Chief Financial Officer,
Vice President and Director
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EXHIBIT 99.1
CONTACTS: Shiu Shao Glenn Schoenfeld/Eugene G. Heller
Chief Financial Officer Silverman Heller Associates
(818) 848-5555 (310) 208-2550
FOR IMMEDIATE RELEASE:
OROAMERICA, INC. ANNOUNCES ASSET PURCHASE OF ECLIPSE DESIGN, INC.
BURBANK, California (June 24, 1998) -- OroAmerica, Inc. (Nasdaq NMS: OROA)
today announced that it has acquired Eclipse Design, Inc., a privately-held
company engaged in the design, manufacture and sales of gold earrings.
Under the transaction, OroAmerica purchased all operating assets of
Eclipse Design, including customer lists and the right to use the "Eclipse
Design" brand name. Based in New York, Eclipse Design generated sales of
approximately $8 million in 1997. In its 1998 fiscal year ended January 30,
1998 OroAmerica had $5.6 million in earring product sales.
OroAmerica President and Chief Executive Officer Guy Benhamou, commented
on the transaction, saying, "This is a very positive acquisition for
OroAmerica. Eclipse Design has established a successful brand of karat-gold
earrings in the marketplace and maintained an outstanding reputation as a
quality supplier to the industry. The Eclipse-brand earring line immediately
expands OroAmerica's product offerings, and we expect it to significantly
strengthen our industry position. This acquisition allows us to immediately
expand our jewelry line by providing a quality product in a key category.
(more)
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OROAMERICA PURCHASES ECLIPSE DESIGN, INC./2
Mr. Benhamou concluded, "Overall, we expect to be able to leverage our
position and customer base to significantly increase the sales of this brand
while sustaining attractive margins. We previously announced that we expect to
achieve top-line and market share growth from acquisitions during the year.
This is the first acquisition of the current fiscal year, and we expect to
announce others as we continue to identify and evaluate opportunities and to
act as a leading consolidator within the industry."
Founded in 1977, OroAmerica designs, manufactures, sells, and distributes
more than 1,800 lines of gold and silver jewelry products, including chain
necklaces, bracelets, earrings, rings, charms, pendants and other
precious-metal jewelry items. Its manufacturing facilities are located in the
United States, South America, Southeast Asia, and the Caribbean.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: The statements contained in this release which are not historical
facts, may contain forward-looking statements that involve risks and
uncertainties, including, but not limited to, anticipated sales growth from the
acquired product line of Eclipse Design, Inc., the Company's overall top line
sales and market share growth from the acquired product line, the continuing
ability of the Company to capture such growth, various risks of fluctuations in
customer demand for gold jewelry, and other factors that could impact demand
during fiscal 1999 and thereafter, and other risks detailed in the Company's
annual report on Form 10-K for the year ended January 30, 1998, in its
quarterly report on Form 10-Q for the quarter ended May 1, 1998, and in other
Securities and Exchange Commission filings.
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