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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 Act of 1934
Date of Report (Date of earliest event reported) October 8, 1999
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K-Swiss Inc.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-18490 95-4265988
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
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31248 Oak Crest Drive, Westlake Village, California 91361
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (818) 706-5100
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Item 5. Other Events.
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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.
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(c) Exhibits:
99 Press release dated October 8, 1999.
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SIGNATURES
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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
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George Powlick,
Vice President Finance and
Chief Financial Officer
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EXHIBIT INDEX
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Page
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Exhibit
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99 Press release dated October 8, 1999. 5
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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.
