FOOTHILL RANCH, Calif., Aug. 12, 2003 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced the appointment of Tom Davin to the company's Board of Directors and to the Audit Committee of the Board of Directors.
Mr. Davin currently serves as the Operating Partner of Brentwood Associates, a middle-market private equity firm founded in 1972, managing more than $700 million of institutional capital. He also serves as Chairman of Spectrum Clubs, Inc., a fitness club chain; a Director of Zumiez, Inc., a 100 store retailer of action sports apparel; and a co-founder and Director of Exhale Enterprises, a day spa chain in New York City. In addition to these responsibilities, he is a Director of the Duke University Library, the Harbor Day School in Newport Beach, California and the Boys and Girls Club of Martha's Vineyard, Massachusetts.
Prior to joining Brentwood, Davin served as Chief Operating Officer of Taco Bell, which by 1999 had become the largest profit generator within Tricon Global Restaurants, Inc. (now YUM! Brands, Inc.), the NYSE company comprised of Taco Bell, KFC and Pizza Hut. Davin was also one of eleven "founding partners" who led the creation of Tricon and its spin-off from PepsiCo in 1997.
Davin earned an MBA, with distinction, from the Harvard University Graduate School of Business Administration. He graduated from Duke University, magna cum laude, where he was awarded a Naval ROTC scholarship, commanded the Naval ROTC organization, and was co-captain of Duke's nationally ranked lacrosse team.
Davin also served as a U.S. Marine Corps officer leading combat infantry and special operations units and was the #1 graduate of the Marine Officer Basic School, U.S. Army Ranger School and the Special Forces Combat Diver Course. He has commanded companies in both the First Reconnaissance Battalion, Camp Pendleton, California and Third Reconnaissance Battalion, Okinawa, Japan and served as an infantry tactics instructor at the Marine Officer Basic School in Quantico, Virginia.
"Tom brings to Oakley significant operating, financial and retail experience in the consumer arena. His impressive business and military contacts and achievements will assist in making us a more powerful and profitable world brand. I look forward to his contributions," commented Chairman and Chief Executive Officer Jim Jannard.
"Oakley is fueled by a passion to lead through innovation. Like some of the outstanding Marine Corps and consumer product companies I have been a part of, Oakley has a clear mission supported by a culture of people who are driven to constantly challenge conventional wisdom. I am delighted to have the opportunity to support Jim Jannard and his leadership team as they continue to build Oakley," commented Tom Davin.
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.