UNITED STATES
SECURITIES AND EXCHANGE COMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
Commission file number: 0-19848
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Fossil, Inc. Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Fossil, Inc.
2280 N. Greenville
Richardson, Texas 75082
REQUIRED INFORMATION
--------------------
The following financial statements shall be furnished for the plan:
1. An audited statement of financial condition as of the end of the
latest two fiscal years of the plan (or such lesser period as the plan has been
in existence).
2. An audited statement of income and changes in plan equity for each
of the latest three fiscal years of the plan (or such lesser period as the plan
has been in existence).
3. The statements required by Items 1 and 2 shall be prepared in
accordance with the applicable provisions of Article 6A of Regulation S-X (17
CFR 210.6A-01-6A-05).
4. In lieu of the requirements of Item 1-3 above, plans subject to
ERISA may file plan financial statements and schedules prepared in accordance
with the financial reporting requirements of ERISA. To the extent required by
ERISA, the plan financial statements shall be examined by an independent
accountant, except the "limited scope exemption" contained in Section
103(a)(3)(C) of ERISA shall not be available.
Note: A written consent of the accountant is required with respect to
the plan annual financial statements which have been incorporated by reference
in a registration statement on Form S-8 under the Securities Act of 1933. The
consent should be filed as an exhibit to this annual report. Such consent shall
be currently dated and manually signed.
<PAGE>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
----------------------------------------
Financial Statements as of and for the Years Ended
December 31, 1998 and 1997, Supplemental Schedules as of
December 31, 1998, and for the Year Then Ended, and
Independent Auditors' Report
<PAGE>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
----------------------------------------
Pages
-----
Independent Auditor's Report 2
Financial Statements:
Statements of Net Assets Available for
Benefits as of December 31, 1998 and 1997 3
Statement of Changes in Net Assets Available for
Benefits as of December 31, 1998 4
Statement of Changes in Net Assets Available for
Benefits as of December 31, 1997 5
Notes to Financial Statements 6 - 9
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1998 10
Item 27d - Schedule of Reportable Transactions for the
Year Ended December 31, 1998 11
Independent Auditors' Consent 12
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Advisory Committee Fossil, Inc.
We have audited the accompanying statements of net assets available for benefits
of the Fossil, Inc. Savings and Retirement Plan (the "Plan") as of December
31,1998 and 1997, and the related statements of changes in net assets available
for benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted accounting
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 1998
and 1997, and the changes in net assets available for benefits for the years
then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund is
presented for the purpose of additional analysis of the basic financial
statements rather than to present information regarding the net assets available
for benefits and changes in net assets available for benefits of the individual
funds, and the accompanying supplemental schedules of (1) assets held for
investment purposes at December 31, 1998, (2) reportable transactions for the
year ended December 31, 1998, and are presented for the purpose of additional
analysis and are not a required part of the basic financial statements. The
supplemental schedules are required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental information and schedules are the
responsibility of the Plan's management. Such supplemental information and
schedules have been subjected to the auditing procedures applied in our audits
and, in our opinion, are fairly stated in all material respects when considered
in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
- -------------------------
June 21, 1999
-2-
<PAGE>
<TABLE>
<CAPTION>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, December 31,
1998 1997
---------------- ---------------
ASSETS
<S> <C> <C>
Investments, at Fair Value:
Fidelity Mutual Funds:
Retirement Government Money Market Fund $ 129,794 $ 172,539
Intermediate Bond Fund 197,499 149,229
Growth and Income Fund 1,758,935 1,087,036
Blue Chip Growth Fund 1,828,337 1,124,335
Fossil, Inc. Common Stock 661,509 351,225
----------- -----------
Total Investments 4,576,074 2,884,364
----------- -----------
Cash 68,045 43,802
Receivable Due from Fossil Partners, L.P. 15,723 6,327
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $4,659,842 $2,934,493
=========== ===========
</TABLE>
See notes to financial statements.
-3-
<PAGE>
<TABLE>
<CAPTION>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
SUPPLEMENTAL INFORMATION BY FUND
-------------------------------------------------------------------------
Retirement
Government Intermediate Growth and Blue Chip Fossil, Inc.
Money Market Bond Income Growth Common
Fund Fund Fund Fund Stock Totals
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Assets Available for Benefits,
December 31, 1997 $167,545 $148,262 $1,097,012 $1,155,946 $365,728 $2,934,493
Investment Income:
Net Appreciation in Fair Value of
Investments - 7,171 327,579 419,781 230,170 984,701
Interest and Dividends 6,544 9,462 16,295 5,906 1,708 39,915
--------- -------- ---------- ---------- -------- ----------
Total Investment Income 6,544 16,633 343,874 425,687 231,878 1,024,616
--------- -------- ---------- ---------- -------- ----------
Additions:
Rollover Transfers 2,918 11,675 12,277 9,996 6,451 43,317
Contributions:
Employer 11,311 15,375 70,715 70,822 22,892 191,115
Employee 34,346 48,677 221,257 236,862 71,795 612,937
--------- -------- ---------- ---------- -------- ----------
Total 45,657 64,052 291,972 307,684 94,687 804,052
Contributions --------- -------- ---------- ---------- -------- ----------
Total Additions 48,575 75,727 304,249 317,680 101,138 847,369
--------- -------- ---------- ---------- -------- ----------
Deductions:
Benefits Paid 9,906 9,193 58,559 50,994 17,595 146,247
Transfers Within Funds/Forfeitures Released 77,637 30,999 (101,270) (17,644) 10,667 389
--------- -------- ---------- ---------- -------- ---------
Total Deductions 87,543 40,192 (42,711) 33,350 28,262 146,636
--------- -------- ---------- ---------- -------- ---------
Net Assets Available for Benefits,
December 31, 1998 $135,121 $200,430 $1,787,846 $1,865,963 $670,482 $4,659,842
========= ======== ========== ========== ======== ==========
</TABLE>
See notes to financial statements.
-4-
<PAGE>
<TABLE>
<CAPTION>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1997
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------
Retirement
Government Intermediate Growth and Blue Chip Fossil, Inc.
Money Market Bond Income Growth Common
Fund Fund Fund Fund Stock Totals
--------------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Assets Available for Benefits,
December 31, 1996 $157,072 $ 87,003 $ 653,736 $ 738,342 $183,266 $1,819,419
Investment Income:
Net Appreciation in Fair Value of
Investments - 1,262 207,812 204,757 158,348 572,179
Interest and Dividends 8,967 7,044 10,493 6,894 90 33,488
--------- --------- ---------- ---------- -------- -----------
Total Investment Income 8,967 8,306 218,305 211,651 158,438 605,667
--------- --------- ---------- ---------- -------- -----------
Additions:
Rollover Transfers 1,478 12,437 19,482 14,738 8,848 56,983
Contributions:
Employer 13,771 13,291 56,294 63,624 17,017 163,997
Employee 36,172 36,641 158,828 186,357 46,221 464,219
--------- --------- ---------- ---------- -------- -----------
Total Contributions 49,943 49,932 215,122 249,981 63,238 628,216
--------- --------- ---------- ---------- -------- -----------
Total Additions 51,421 62,369 234,604 264,719 72,086 685,199
--------- --------- ---------- ---------- -------- -----------
Deductions:
Benefits Paid 5,802 6,108 49,244 84,274 30,365 175,793
Transfers Within Funds/Forfeitures Released 44,113 3,308 (39,611) (25,508) 17,697 (1)
--------- --------- ---------- ---------- -------- -----------
Total Deductions 49,915 9,416 9,633 58,766 48,062 175,792
--------- --------- ---------- ---------- -------- -----------
Net Assets Available for Benefits,
December 31, 1997 $167,545 $148,262 $1,097,012 $1,155,946 $365,728 $2,934,493
========= ========= =========== ========== ======== ===========
</TABLE>
See notes to financial statements.
-5-
<PAGE>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting: The accounting records of the Fossil, Inc. Savings and
Retirement Plan (the "Plan"), sponsored by Fossil, Inc. ("Fossil" or the
"Employer"), are maintained on the accrual basis of accounting.
Use of Estimates: The preparation of financial statements, in conformity with
generally accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Investments: Investments are presented in the financial statements at fair value
determined by quoted market prices at the close of business on December 31. The
change in the difference between fair value and the cost of the investments,
including realized gains and losses, is reflected in the statement of changes in
net assets available for benefits as net appreciation in fair value of
investments during the year. Purchases and sales of securities are recorded on a
trade date basis. Interest and dividend income are recorded on an accrual basis.
Expenses: Expenses incurred by the Plan are paid by Fossil.
Payment of Benefits: Benefits are recorded when paid. Included in net assets
available for plan benefits as of December 31, 1998 and 1997, are $493,676 and
$288,050, respectively, for amounts relating to terminated participants that had
not been processed and paid as of year end.
Reclassifications: Certain prior year amounts have been reclassified for
consistency purposes.
NOTE 2 - DESCRIPTION OF PLAN
The following brief description of the Plan provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
Plan Organization, Amendments, and General Provisions: The Plan is a defined
contribution plan covering eligible employees of eligible United States Fossil
subsidiaries. The purpose of the Plan is to encourage employees to accumulate
savings for their retirement. The Plan is administered by Fossil Partners, L.P.,
a Fossil, Inc. affiliate.
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA").
Contributions and Vesting: The Plan is qualified under Section 401(k) of the
Internal Revenue Code (the "Code"). Employees are eligible to make
contributions, after having been employed by Fossil for at least 12 months, from
amounts subject to federal income tax and such amounts are characterized as
salary deferral contributions by Fossil. The maximum salary deferral
contribution per year is the lesser of 15% of gross pay or, according to the
Code, $10,000 and $9,500 for 1998 and 1997, respectively. Th Plan document
provides for limitations on salary deferral contributions in the event of a
hardship withdrawal.
-6-
<PAGE>
Fossil generally makes a matching contribution at the rate of 50% of the first
3% of the participant's salary deferral contribution and 25% on the next 3%
thereof. Fossil may also make additional profit sharing contributions at the
discretion of the Plan's Advisory Committee. No such additional discretionary
contributions were made for 1998 or 1997. Vesting in salary deferral
contributions is 100%. Vesting in matching contributions is 20% per year of
service. An employee is credited with a year of service when 1000 actual hours
of service have been attained during a plan year (the 12 consecutive month
period ending December 31).
Currently, participants can elect to have their contributions invested in any of
several investment options which are described in Note 3. The participants can
change elections and can also reallocate those funds already invested between
available investment options effective at the beginning of each calendar
quarter. The Plan also allows rollover transfers from other qualified plans. The
Plan limits the participant's purchase of Fossil Common Stock to a maximum of
25% of salary deferral contributions. In the case of a transfer reallocation
within the Plan or a rollover transfer into the Plan, there is a maximum of 25%
of the participant's total balance that may be allocated to Fossil Common Stock.
In addition, hardship withdrawals are permitted for certain expenses including
medical expense, tuition expenses, funeral expenses, purchase of a primary
residence, needs to prevent eviction from principal residence, and needs arising
from a participant's disability.
Forfeitures of non-vested employer contribution account balances are generally
reallocated each year to the remaining participants based upon the participant's
matching contribution for that quarter. The Plan additionally allows for
forfeitures to be used to lower future employer contributions. For 1998, no
forfeitures were reallocated. For 1997, all forfeitures were reallocated to the
participants.
Distribution of Benefits: Distributions of vested benefits may be made to a
participant upon retirement, disability, death, or termination of employment.
Prior to the age of 65, a participant, while employed, may make a withdrawal
from his salary contributions account in the event that the participant has an
immediate and substantial financial need, as defined in Section 401(k) of the
Code, subject to certain conditions contained in the Plan document.
Distributions of vested benefits under the Plan are paid to the participant or a
beneficiary in the form of a lump sum or partial distribution.
Any withdrawals from the Plan will generally be subject to federal income tax.
Taxes may be postponed by "rolling over" the proceeds to an individual
retirement plan or to another qualified plan. An additional 10% excise tax may
be imposed on the taxable portion of distributions and withdrawals before
attaining age 65. The additional tax is not imposed for distributions made
pursuant to death, disability, termination of employment after age 59 1/2, a
qualified domestic order, and other reasons enumerated in the Code.
Amendment or Termination: Fossil has reserved the right to amend, modify, or
terminate the Plan at any time, subject to the Plan document and applicable laws
and regulations. Fossil has no intentions of terminating the Plan, and Fossil is
not aware of any occurrences that could reasonably result in the termination of
the Plan.
NOTE 3 - PLAN INVESTMENTS
The Plan's investments are held by Fidelity Investments (several of Fidelity's
mutual funds) after being transferred from Fidelity Institutional Retirement
Services Company (also, several of Fidelity's mutual funds) in November of 1998,
and by Southwest Securities (Fossil Common Stock). The initial purchase of
Fossil Common Stock by the Plan was through a stock issuance by Fossil and is in
the Plan's name and on record at Southwest Securities. Fidelity Retirement
Government Money Market Fund: This is a money market fund which seeks as high a
level of current income as is consistent with the preservation of capital and
liquidity by investing in obligations of the U.S. government and its agencies.
-7-
<PAGE>
Fidelity Intermediate Bond Fund: This is a fund which seeks a high level of
income by investing in high quality, fixed income obligations with a dollar
weighted average portfolio maturing in three to five years.
Fidelity Growth and Income Fund: This is a fund which seeks long-term capital
growth, current income, and growth of income consistent with reasonable
investment risk by investing in securities of companies that offer growth of
earnings potential while paying current dividends. The fund invests in any
combination of common stock, convertible securities, preferred stock, and
corporate bonds. Securities may be of foreign or domestic issuers.
Fidelity Blue Chip Growth Fund: This is a fund which seeks growth of capital
over the long term by investing primarily in a diversified portfolio of common
stocks of well known and established companies with at least 65% of these
securities issued by "blue chip" companies.
Fossil Common Stock: This is a fund which invests in the common stock of Fossil.
<TABLE>
<CAPTION>
December 31, 1998
Number
of Plan Number of
Participants Units Held in
Unit With Participant Market
Fund Valuation Balances Accounts Value
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fidelity Mutual Funds:
Retirement Government Money Market $ 1.00 107 129,794 $ 129,794
Intermediate Bond 10.27 123 19,231 197,499
Growth and Income 45.84 222 38,371 1,758,935
Blue Chip Growth 50.39 224 36,284 1,828,337
- --------------------------------------------------------------------------------------------------------------------------------
Fossil, Inc. Common Stock 28.75 163 23,009 661,509
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
December 31, 1997
Number
of Plan Number of
Participants Units Held in
Unit With Participant Market
Fund Valuation Balances Accounts Value
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fidelity Mutual Funds:
Retirement Government Money Market $ 1.00 100 172,539 $ 172,539
Intermediate Bond 10.17 106 14,673 149,229
Growth and Income 38.10 202 28,531 1,087,036
Blue Chip Growth 39.46 202 28,493 1,124,335
- --------------------------------------------------------------------------------------------------------------------------------
Fossil, Inc. Common Stock 16.67 133 21,073 351,225
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-8-
<PAGE>
NOTE 4 - INCOME TAX STATUS
The Internal Revenue Service has issued a determination letter dated July 23,
1994, that the Plan qualifies under section 401(a) of the Code of 1986, as
amended, and is exempt from federal income tax under section 501(a) thereof.
The Plan has been amended since receiving the last determination letter.
However, the Plan's administrator and the Plan's tax counsel believe that the
Plan is designed and is currently being operated in compliance with the
applicable requirements of the Code.
Elective contributions made by participants, matching employer contributions,
profit sharing employer contributions, interest, dividends, and net profit from
the sale of securities need not be reported by participants for federal income
tax purposes until their account is wholly or partially withdrawn or
distributed.
NOTE 5 - NET APPRECIATION IN FAIR VALUE OF INVESTMENTS
The following table details the net change in fair value by type of investment:
<TABLE>
<CAPTION>
Year Ended
------------------------------------
December 31, December 31,
1998 1997
----------------- -----------------
<S> <C> <C>
Fidelity Mutual Funds $754,531 $413,831
Fossil, Inc. Common Stock 230,170 158,348
----------------- -----------------
Net Appreciation in Fair Value of Investments $984,701 $572,179
================= =================
</TABLE>
NOTE 6 - RECONCILIATION TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
Year Ended
------------------------------------
December 31, December 31,
1998 1997
----------------- -----------------
<S> <C> <C>
Net Assets Available for Benefits per the Financial Statements $4,659,842 $2,934,493
Less - Amounts Allocated to Withdrawing Participants 36,055 428
----------------- -----------------
Net Assets Available for Benefits per the Form 5500 $4,623,787 $2,934,065
================= =================
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
Year Ended
December 31,
1998
-----------------
<S> <C>
Benefits Paid to Participants per the Financial Statements $146,247
Add - Amounts Allocated to Withdrawing Participants at December 31, 1998 36,055
Less - Amounts Allocated to Withdrawing Participants at December 31, 1997 (428)
Add - Amounts Allocated to Withdrawing Participants at December 31, 1997 Forfeited 389
-----------------
Benefits Paid to Participants per the Form 5500 $182,263
=================
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
-9-
<PAGE>
<TABLE>
<CAPTION>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(e) Current
(a) (b) Identity of Issue (c) Description of Investment (d) Cost Value
--- --------------------- ----------------------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Fidelity Mutual Retirement Government Money Market Fund $ 129,794 $ 129,794
Fidelity Mutual Intermediate Bond Fund 196,607 197,499
Fidelity Mutual Growth and Income Fund 1,705,762 1,758,935
Fidelity Mutal Blue Chip Growth Fund 1,715,902 1,828,337
Fossil, Inc. Common Stock, $0.01 Par 256,388 661,509
------------------ -----------------
Total Investments $4,004,453 $4,576,074
================== =================
</TABLE>
-10-
<PAGE>
<TABLE>
<CAPTION>
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
(h)Current
(f)Expense Value of Asset
(c)Purchase (d)Selling (e)Lease Incurred With (g)Cost On Transaction (i)Net Gain
(a)Identity of Party (b)Description of Investmemt Price Price Rental Transaction of Asset Date or (Loss)
- -------------------- ---------------------------- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Single
Fidelity Retirement Intermediate Bond Fund - $ 182,401 - - $ 185,614 $ 182,401 $ (3,213)
Services
Fidelity Retirement Growth & Income Fund - 1,638,989 - - 1,453,728 1,638,989 185,261
Services
Fidelity Retirement Blue Chip Growth Fund - 1,672,813 - - 1,483,098 1,672,813 189,715
Services
Fidelity Institutional Intermediate Bond Fund $ 182,401 - - 182,401 182,401 0
Brokerage
Fidelity Institutional Growth & Income Fund 1,638,989 - - 1,638,989 1,638,989 0
Brokerage
Fidelity Institutional Blue Chip Growth Fund 1,672,813 - - 1,672,813 1,672,813 0
Brokerage
Series
Fidelity Retirement Growth & Income Fund 259,503 - - - 259,503 259,503 0
Services
Fidelity Retirement Blue Chip Growth Fund 279,468 - - - 279,468 279,438 0
Services
Fidelity Retirement Intermediate Bond Fund 191,435 - - - 194,477 191,435 (3,042)
Services
Fidelity Retirement Growth & Income Fund - 1,692,616 - - 1,509,552 1,692,616 183,064
Services
Fidelity Retirement Blue Chip Growth Fund - 1,718,435 - - 1,529,191 1,718,435 189,244
Services
Fidelity Institutional Intermediate Bond Fund 204,380 - - - 204,380 204,380 0
Brokerage
Fidelity Institutional Growth & Income Fund 1,699,536 - - - 1,699,536 1,699,536 0
Brokerage
Fidelity Institutional Blue Chip Growth Fund 1,740,996 - - - 1,740,996 1,740,996 0
Brokerage
</TABLE>
-11-
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-65980 on Form S-8, Registration Statement No. 33-77526 on Form S-8 and the
Post-Effective Amendment No. 1 thereto and Registration Statement No. 333-70477
on Form S-8 of our report dated June 21, 1999, included in this Annual Report on
Form 11-K of the Fossil, Inc. Savings and Retirement Plan for the year ended
December 31, 1998.
/s/ Deloitte & Touche, LLP
- ------------------------------
Dallas, Texas
June 29, 1999
-12-
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of Securities Exchange Act of 1934,
the Advisory Committee which administers the Plan has duly caused this annual
report to be signed on its behalf by the undersigned, thereunto duly authorized
in the City of Richardson, State of Texas, on June 29, 1999.
FOSSIL, INC. SAVINGS AND RETIREMENT PLAN
/s/ Randy S. Kercho
-------------------------------------------------
Randy S. Kercho, Member of the Advisory Committee
Pursuant to the requirements of the Securities Exchange Act of 1934, this
annual report has been signed below by the following persons in their capacities
as members of the Advisory Committee of the Fossil, Inc. Savings and Retirement
Plan and on the dates indicated.
Signature Date
- --------- ----
/s/ Randy S. Kercho June 29, 1999
- ------------------------------------
Randy S. Kercho
/s/ Dave Morgan June 29, 1999
- ------------------------------------
Dave Morgan
/s/ Michael W. Barnes June 29, 1999
- ------------------------------------
Michael W. Barnes
-13-
<PAGE>
Exhibit Index
Exhibit
Number Document Description
- ------ --------------------
23(b) Consent of Deloitte & Touche (as contained on page 12)
-14-
