FOOTHILL RANCH, Calif., May 16, 2003 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced that it had entered into a licensing agreement with Ducati Motor Holding S.p.A. for exclusive models of Oakley eyewear.
Ducati and Oakley will initially produce custom versions of the Minute(r), Straight Jacket(r), Valve(tm), Juliet(r) and Half Jacket(r) having a color scheme consistent with Ducati products and bearing laser engraved lenses with Ducati trademarks among other unique features. Oakley will distribute the products through its own sunglass distribution points worldwide. These products will also be sold through Ducati's branded stores as well as Ducati's distribution network.
Oakley's line of Ducati eyewear was debuted at the 4th round of the World Superbike Championship taking place May 16 through May 18, 2003 in Monza, Italy.
"Oakley is all fired up to be working with a company that shares our same passion for design and performance products. Ducati is a world leader in motorcycle design and manufacturing as is evidenced by their unbelievable performance record on the race track," commented Oakley Executive Vice President Tommy Rios.
"When it comes to high-performance eyewear, we think Oakley is the most exciting and dynamic brand in the world," commented Federico Minoli, Chairman and CEO of Ducati Motor Holding.
"It is particularly exciting for us considering the fact that our top racers in the past have always chosen Oakley eyewear. With this announcement we are now able to offer performance eyewear for Ducati motorcycle enthusiasts throughout the world," said David Gross, Creative Director of Ducati Motor.
These sunglasses, in addition to offering sleek design and technical performance, are directly inspired by Ducati racing tradition.
Ducati has won more World Superbike Championships than any other manufacturer and has more single race victories than all the competition combined.
Specific terms of the deal were not released.
About Oakley, Inc.
Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company also offers an expanding line of premium performance footwear, apparel, accessories, watches and prescription eyewear to consumers in more than 70 countries. Trailing-12-month revenues through March 31, 2003 totaled $491.2 million and generated net income of $38.3 million -- a 7.8 percent net margin. Oakley, Inc. press releases, SEC filings and the company's Annual Report are available at no charge through the company's Web site at www.oakley.com.
Oakley Safe Harbor Disclaimer
This press release contains certain statements of a forward-looking nature. Such statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: risks related to the company's ability to manage rapid growth; the ability to identify qualified manufacturing partners; the ability to coordinate product development and production processes with those partners; the ability of those manufacturing partners and the company's internal production operations to increase production volumes on raw materials and finished goods in a timely fashion in response to increasing demand and enable the company to achieve timely delivery of finished goods to its retail customers; the ability to provide adequate fixturing to existing and future retail customers to meet anticipated needs and schedules; the dependence on eyewear sales to Sunglass Hut which is owned by a major competitor and, accordingly, could materially alter or terminate its relationship with the company; the company's ability to expand distribution channels and its own retail operations in a timely manner; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by retailers; continued weakness of economic conditions could continue to reduce or further reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; further terrorist acts, or the threat thereof, could continue to adversely affect consumer confidence and spending, could interrupt production and distribution of product and raw materials and could, as a result, adversely affect the company's operations and financial performance; the ability of the company to integrate acquisitions without adversely affecting operations; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; the acceptance in the marketplace of the company's new products and changes in consumer preferences; reductions in sales of products, either as the result of economic or other conditions or reduced consumer acceptance of a product, could result in a buildup of inventory; the ability to source raw materials and finished products at favorable prices to the company; the potential effect of periodic power crises on the company's operations including temporary blackouts at the company's facilities; foreign currency exchange rate fluctuations; earthquakes or other natural disasters concentrated in Southern California where substantially all of the companies operations are based; the company's ability to identify and execute successfully cost control initiatives; and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended December 31, 2002 and other filings made periodically by the company. The company undertakes no obligation to update this forward-looking information.