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Oakley's new 2005 sunglass sales up 65.6% for Q2

21 Jul '05

10 min read

Finally, because Oakley is an integrated manufacturer of its sunglass products, a small variance in sunglass sales volume can have a relatively large impact on gross margins and net income due to the fixed-cost nature of the company's manufacturing operations.

Stock Repurchase Program
During the second quarter of 2005, the company purchased a total of 456,400 shares of its common stock at an average price of $13.81.

These purchases completed a previously authorized $20 million stock repurchase program and commenced repurchases under a new $20 million repurchase authorization approved by the company's board of directors on March 15, 2005, leaving $14.4 million available for future repurchases.

The company intends to continue repurchasing shares under the current repurchase program subject to market conditions.

Reclassification of Certain Previously Reported Items
In connection with the company's release of preliminary financial results for the fourth quarter of 2004, the company determined that it should reclassify to net sales certain shipping and handling fees charged to customers from their original treatment as a contra-expense in shipping and warehousing expenses.

All second quarter and six-month 2004 information referred to in this release reflects this reclassification. The reclassified shipping and handling fees have not been allocated to any specific product category or customer in the company's sales detail.

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