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UNITED STATES
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) : September 22, 1997
DECKERS OUTDOOR CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-22446 95-3015862
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(Commission File Number) (IRS Employer Identification No.)
495A South Fairview Avenue, Goleta, California 93117
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (805) 967-7611
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None
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(Former name or former address, if changed since last report)
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DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Table of Contents
<TABLE>
<CAPTION>
Page
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Item 1. Changes in Control of the Registrant 1
Item 2. Acquisition or Disposition of Assets 1
Item 3. Bankruptcy or Receivership 1
Item 4. Changes in Registrant's Certifying Accountants 1
Item 5. Other Events 1
Item 6. Resignations of Registrant's Directors 1
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired 1
(b) Pro Forma Financial Information 1
(c) Exhibits 1
Item 8. Change in Fiscal Year 1
Item 9. Sale of Equity Securities Pursuant to Regulation S 1
Signature 2
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DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Item 1. Changes in Control of the Registrant. Not applicable.
Item 2. Acquisition or Disposition of Assets. Not applicable.
Item 3. Bankruptcy or Receivership. Not applicable.
Item 4. Changes in Registrant's Certifying Accountants. Not applicable.
Item 5. Other Events.
On September 22, 1997, the Company issued a press release announcing
that it had reached a settlement in its arbitration involving a group
of former shareholders of Ugg Holdings Inc. See Exhibit 99.1.
Item 6. Resignations of Registrant's Directors. Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits.
99.1 Press release, dated September 22, 1997, related to Deckers
Outdoor Corporation's settlement of Ugg arbitration.
Item 8. Change in Fiscal Year. Not applicable.
Item 9. Sale of Equity Securities Pursuant to Regulation S. Not applicable.
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DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
SIGNATURE
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.
Deckers Outdoor Corporation
Date: September 30, 1997 /s/ M. Scott Ash
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M. Scott Ash, Chief Financial Officer
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Exhibit 99.1
DECKERS OUTDOOR CORPORATION REACHES SETTLEMENT IN UGG ARBITRATION
Settlement calls for a one-time fixed payment to replace all future earn-out
payments
GOLETA, Calif. (September 22, 1997) - Deckers Outdoor Corporation (Nasdaq: DECK)
today announced that it has settled its on-going arbitration with a group of
former shareholders of Ugg Holdings Inc. who had a 77% interest in Ugg before
Deckers acquired the company in 1995. In addition, the remaining former Ugg
shareholders who were not a party to the arbitration have agreed to accept the
same economic terms as those involved in the arbitration.
Under the terms of the agreements, Deckers will make a final payment to all
former Ugg shareholders in the amount of $2.6 million on January 2, 1998. This
one-time lump sum payment replaces all future earn-out payments that were to be
paid through the year 2000 in accordance with the original agreement.
"We are pleased that these arbitration proceedings have been resolved and
that the claims against Deckers have been dropped," said Doug Otto, chairman and
chief executive officer of Deckers. "We believe that their claims were without
merit and feel that the outcome is a favorable one. We view the financial
package as reasonable based on expected future payments due under the original
terms and on the costs associated with the arbitration. This settlement allows
us to put the dispute behind us and return our attention to successfully running
our business, especially at this important time of growth and renewed enthusiasm
in the Company."
Deckers Outdoor Corporation designs, manufactures and markets innovative,
function oriented footwear and apparel, developed specifically for high
performance outdoor, sports and other lifestyle-related activities as well as
for casual use. The Company's products are offered under the Teva, Simple, Ugg,
Trukke and Picante brand names.
