Oakley Appoints New Chief Financial Officer
FOOTHILL RANCH, Calif., Oct. 20, 2005 (PRIMEZONE) -- Oakley, Inc.
(NYSE:OO) today announced that it has appointed Richard J. Shields,
CPA, as its chief financial officer effective November 3, 2005. Mr.
Shields, 48, will oversee the company's finance and accounting
functions bringing more than 20 years of senior financial experience to
his new role. He will report directly to chief operating officer Link
"Richard is an accomplished executive with extensive corporate
financial experience including international operations, retail and
manufacturing," said Oakley Chief Executive Officer Scott Olivet. "We
believe that he is an ideal person to lead Oakley's finance
organization, solidifying our executive management team as we work to
further develop our diversified product platforms."
"I'm excited to join Oakley, one of the world's most respected brands,
known for its excellence in innovative technology and design," said
Shields. "I look forward to pursuing the company's extensive growth
opportunities as part of the senior management team."
From October 2002 to April 2005 Mr. Shields served as chief financial
officer of Southwest Water Company (Nasdaq:SWWC), which provides water
related services and generates revenues in excess of $200 million.
Prior to Southwest Water, Mr. Shields has served as chief financial
officer at Day Software Corporation, Winfire Corporation and
Frame-N-Lens Optical, Inc. He also served as international controller
and finance director for the Americas for AST Research, a personal
computer manufacturer. Earlier he worked in corporate finance with Taco
Bell Corporation and began his career at the public accounting firm
Mr. Shields has a master of business administration from the University
of Notre Dame and a bachelors of arts in business from Eastern
Washington University. He is a licensed certified public accountant in
California and is an avid outdoor sports enthusiast.
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 offers a full array of
products including performance apparel and accessories, prescription
eyewear, footwear, watches and electronics to consumers in more than
100 countries. Trailing-12-month net sales through September 30, 2005
totaled $638.7 million and generated net income of $52.6 million.
Oakley, Inc. press releases, SEC filings and the company's annual
report are available 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.
Such forward-looking statements, including but not limited to growth
and strategies, future operating and financial results, financial
expectations and current business indicators are based upon current
information and expectations and are subject to change based on factors
beyond the control of the company. Forward-looking statements typically
are identified by the use of terms such as "look," "may," "will,"
"should," "might," "believe," "plan," "expect," "anticipate,"
"estimate" and similar words, although some forward-looking statements
are expressed differently. 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 but not limited to: the performance of key
management hires, risks related to the sales new product introductions
in the company's electronics category; the company's ability to
maintain approved vendor status and continue to receive product orders
from the U.S. military; the company's ability to integrate and operate
acquisitions; the company's ability to manage rapid growth; risks
related to the limited visibility of future sunglass orders associated
with the company's "at once" production and fulfillment business model;
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 Luxottica Group
S.p.A, which, as a major competitor, could materially alter or
terminate its relationship with the company; the company's ability to
expand and grow its distribution channels and its own retail
operations; 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; a weakening of
economic conditions could continue to reduce demand for products sold
by the company and could adversely affect profitability, especially of
the company's retail operations; terrorist acts, or the threat thereof,
could 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
licensing arrangements without adversely affecting operations and the
success of such initiatives; 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 impact 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 a significant portion of the company's 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, 2004 and other filings made
periodically by the company. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of
the date hereof. The company undertakes no obligation to update this
forward-looking information. Nonetheless, the Company reserves the
right to make such updates from time to time by press release, periodic
report or other method of public disclosure without the need for
specific reference to this press release. No such update shall be
deemed to indicate that other statements not addressed by such update
remain correct or create an obligation to provide any other updates.
The Oakley Inc. logo is available at:
CONTACT: Oakley, Inc.
Lance Allega, Director of Investor Relations
Ron Parham, Investor Relations Counsel
Provider ID: 00088261
-0- Oct/20/2005 20:00 GMT
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