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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) : June 8, 1999
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
Item 5. Other Events.
Attached hereto as Exhibit 99.1 and incorporated by reference herein
is a press release issued by the Company on June 8, 1999, announcing
that it signed a new exclusive footwear licensing agreement with
licensor Mark Thatcher that will become effective January 1, 2000, as
well as an option to acquire all worldwide rights to all Teva
products.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
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99.1 Press release, dated June 8, 1999.
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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: June 17, 1999 /s/ M. Scott Ash
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M. Scott Ash, Chief Financial Officer
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DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
EXHIBIT INDEX
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Exhibit 99.1 Press release, dated June 8, 1999 4
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Exhibit 99.1
FOR: DECKERS OUTDOOR CORPORATION
APPROVED BY: Scott Ash
Chief Financial Officer
(805) 967-7611
CONTACT: Integrated Corporate Relations, Inc.
Chad A. Jacobs/Thomas M. Ryan
(203) 222-9013
FOR IMMEDIATE RELEASE
DECKERS OUTDOOR CORPORATION SIGNS TEVA LICENSE THROUGH 2011
AND OBTAINS AN OPTION TO BUY ALL TEVA RIGHTS
GOLETA, California, June 8, 1999 -Deckers Outdoor Corporation (NASDAQ - DECK)
announced today that it signed a new exclusive footwear licensing agreement with
licensor Mark Thatcher that will become effective January 1, 2000.
Under the new license agreement, Deckers receives the exclusive worldwide rights
for the manufacture and distribution of Teva footwear through 2011, provided
that minimum sales levels are achieved. As with the previous arrangement, the
new agreement provides for a sliding scale of royalty rates, depending on sales
levels. Additionally, the Company has agreed to increase the contractual
marketing expenditure, depending on sales levels and varying by territory. As
additional consideration, the Company will pay the licensor a licensing fee of
$1,000,000 and issue him 428,743 shares of previously unissued common stock,
subject to various contractual and other holding period requirements. Deckers
also received an option to buy all worldwide rights to all Teva products. The
option price is based on formulas tied to net sales and varies depending on when
the option is exercised. If Deckers does not exercise its option before January
1, 2010, Mr. Thatcher has the option to acquire the Teva distribution rights
from Deckers for the remainder of the license term.
Chairman and Chief Executive Officer Doug Otto commented, "We are pleased that
we were able to successfully negotiate a favorable arrangement with Mr.
Thatcher. We have enjoyed a very successful relationship with Teva over the past
12 years, growing the brand together into the leading sport sandal in the market
today, as well as one of the premier outdoor brands worldwide. We look forward
to continued prosperity in the future."
Mark Thatcher commented, " I expect Deckers' recent management restructuring
will enhance our existing relationship and will allow us to work closer with
Deckers going forward. I am enthusiastic about the new deal and look forward to
being a part of Deckers in the future."
Deckers Outdoor Corporation designs 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 and Picante brand
names.
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