FOOTHILL RANCH, Calif., Oct. 7, 2003 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced the signing of golf professional Ricky Barnes to a multi-year endorsement agreement.
Terms of the agreement call for Barnes, a four-year All-American at the University of Arizona and the 2002 U.S. Amateur champion, to wear Oakley eyewear, apparel and footwear.
The 22-year-old's decision to turn professional at the 2003 British Open followed a string of stirring successes on the golf course. Early in the 2003 season he shared 18th place at the Chrysler Classic in Tucson and electrified crowds at the Masters with an opening 69 while paired with defending champion Tiger Woods, finishing 21st to win the low amateur award -- a feat he missed by only one stroke at the 2002 U.S. Open.
"I've been wearing Oakley eyewear for years," said Barnes, "and it's exciting that the company approached me with an opportunity to showcase not only its sunglasses but also its high performance apparel and footwear lines."
"Ricky's youthfulness, style and aggressive play align perfectly with our cutting edge, unconventional thinking, making him an excellent representative for the Oakley brand," said Scott Bowers, Vice President of Sports Marketing for Oakley.
Beginning this week with the Las Vegas Invitational, Barnes will be wearing Oakley's latest footwear and apparel golf lines, including Bio-Silk Polo shirts and the Wellington and Strike golf pants. His footwear will include both the Bow Tye and the new Overdrive golf shoe scheduled for introduction next spring.
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 June 30, 2003 totaled $489.9 million and generated net income of $34.2 million. 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.
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; the company's ability to maintain its annual dividend, which is subject to its ability to continue to generate or have access to sufficient capital in excess of its needs for operations and its growth strategies 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.