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An 8-K filed by Nike Inc. in December, 1995. This is an example of a file accessed using the SEC's Edgar Database of Corporate Information. Much of the formating is lost, which makes reading table difficult, but formating problems are a small price to pay for the ease and speed of access! |
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ACCESSION NUMBER: 0000320187-95-000020
CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951218 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19951222 SROS: NYSE
SROS: PSE
FILER:
COMPANY DATA: COMPANY CONFORMED NAME: NIKE INC CENTRAL INDEX KEY: 0000320187 STANDARD INDUSTRIAL CLASSIFICATION: RUBBER & PLASTICS FOOTWEAR [3021] IRS NUMBER: 930584541 STATE OF INCORPORATION: OR
FISCAL YEAR END: 0531
FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10635
FILM NUMBER: 95603857
BUSINESS ADDRESS: STREET 1: ONE BOWERMAN DR CITY: BEAVERTON STATE: OR ZIP: 97005-6453 BUSINESS PHONE: 5036416453 </SEC-HEADER> <DOCUMENT> <TYPE>8-K <SEQUENCE>1 <TEXT>
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 18, 1995
NIKE, INC. (Exact name of registrant as specified in its charter)
Oregon 1-10635 93-0584541 (State of incorporation) (Commission File (IRS Employer Number) Identification No.)
One Bowerman Drive, Beaverton, Oregon 97005-6453 (Address of principal executive offices) (Zip Code)
(503) 671-6453 (Registrant's telephone number, including area code)
Item 5. OTHER EVENTS
The Registrant issued the following press releases on December 18, 1995:
Beaverton, OR (December 18, 1995) -- NIKE, Inc. (NYSE:NKE) today reported record revenues and earnings for the Company's second quarter ended November 30, 1995. Second quarter net income totaled $118.2 million, or $0.80 per share,increases of 39 percent and 38 percent respectively, compared to $84.9 million or $0.58 per share in last year's second quarter. All per share data reflects the Company's 2-for-1 stock split which became effective October 30, 1995. Worldwide revenues increased 37 percent to a record $1.44 billion compared with $1.05 billion last year.
The Company also reported worldwide orders for athletic footwear and apparel scheduled for delivery between December 1995 and April 1996 total a record $2.7 billion, 34 percent higher than such orders for the same period last year. Had the U.S. dollar remained constant at year-ago levels, worldwide futures orders would have increased 33 percent.
NIKE Chairman Philip H. Knight stated, "Fiscal 1995 was an exceptional year for NIKE but it presented us with the challenge to maintain the growth curve into the new year. These record second quarter results illustrate NIKE's ability to consistently drive consumer demand through product leadership and reflect the strong equity that exists in the NIKE brand.
"In the second quarter, this brand strength translated into outstanding sell-through for NIKE footwear and apparel at retail. In U.S. footwear, men's basketball was up 12 percent, men's running was up 53 percent, men's tennis grew 66 percent, women's fitness was up 28 percent and outdoor increased 27 percent.
"Apparel continued its tremendous growth, especially in the U.S., where sales increased 100 percent. These strong apparel numbers are the result of broadening our product mix, improving our presentation at retail and developing a strong 'on-the-field' image while maintaining our focus on
the athletic consumer.
"Momentum for the NIKE brand is clearly extending to markets outside the U.S. Excluding incremental revenues from the newly-owned NIKE subsidiary in Argentina and the positive effect of a weaker U.S. dollar, second quarter international revenues grew 26 percent. We had great balance throughout the three regions with Germany, Spain, Italy, Japan, Australia and Canada all showing strong double-digit increases.
"The acceleration in our futures orders is a direct result of delivering innovative footwear product to our core consumer while significantly expanding our presence in apparel. In U.S. footwear, men's training was up 28 percent, men's running grew 25 percent and women's fitness increased 36 percent. These record futures are a compelling statement for the NIKE brand, particularly in light of the 34 percent increase in futures we reported at this time last year."
In the second quarter, U.S. athletic footwear and apparel revenues totaled $734.3 million, an increase of 33 percent. International athletic footwear and apparel revenues increased 30 percent to $573.3 million. Revenues from other brands, which includes Canstar Sports, Cole Haan, Tetra Plastics and Sports Specialties, increased 124 percent. Excluding Canstar, which was acquired in February 1995, revenues from other brands would have increased 14 percent.
Consolidated gross margins for the quarter were 39.3 percent compared to 39.3 percent last year. Selling and administrative expenses were 24.8 percent of second quarter revenues, compared with 25.5 percent last year.
NIKE's balance sheet remained very strong. The current ratio at November 30, 1995 was 2.0 to 1. Cash and short-term investments totaled $204.8 million. Total U.S. footwear inventory units ended the quarter up 57 percent from November 30, 1994 and up 47 percent from August 31, 1995.
NIKE, Inc., based in Beaverton, Oregon, is the world's leading designer and marketer of authentic athletic footwear, apparel and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE subsidiaries include Canstar Sports, the world's leading manufacturer of hockey equipment; Cole Haan, which markets a line of high-quality men's and women's dress and casual shoes; and Sports Specialties, which markets a full line of licensed headwear. Total revenues for the trailing twelve months ended November 30, 1995 were $5.6 billion.
Three Months Ended Six Months Ended Nov. 30, Nov. 30, Nov. 30, Nov. 30, 1995 1994 1995 1994
(in thousands, except per share data)
Revenues $1,443,027 $1,053,746 $3,057,676 $2,224,101 Net income $ 118,216 $ 84,939 $ 282,997 $ 190,926 Net income per share $0.80 $0.58 $1.93 $1.29 Average common shares 146,994 146,738 146,420 147,596
<TABLE> <CAPTION>
NIKE, INC. Quarter Ending QTR FINL STMT 11/30/95 11/30/94 <S> <C> <C>
Revenues $1,443,027 $1,053,746
Costs & Expenses Cost of Sales 875,446 640,031 SG & A 358,583 268,873 Interest Exp 7,984 3,941 Other 8,798 1,662 Total Costs 1,250,811 914,507 _________ ________
Pre Tax 192,216 139,239 Taxes 74,000 54,300 _________ ________
Net Income 118,216 84,939
Income Per Share $ 0.80 $ 0.58 ========= ========= Dividend $ 0.15 $ 0.13 Number of Shares 146,994 146,738 ===============================================================================
Balance Sheet Assets Cash & St Invest 204,826 546,105 Accounts Rec 1,184,844 776,952 Inventory 710,848 459,276 Deferred Taxes 78,760 46,106 Prepaid Expenses 97,436 53,808 _________ ________
Current Assets 2,276,714 1,882,247 _________ _________
Fixed Assets 964,364 707,155 Depreciation 363,875 265,254 _________ _________
Net 600,489 441,901 _________ _________
Identifiable Intangible Assets and Goodwill 485,725 168,984 Other Assets 48,485 34,623 _________ _________
TOTAL ASSETS $3,411,413 $2,527,755 ========= =========
Liab and Equity Current LT Debt 2,762 2,534 Notes Payable 443,047 133,710 Accounts Payable 277,217 196,921 Accrued Liab 394,805 228,377 Inc Taxes Payable 30,043 25,807 _________ ________
Current Liability 1,147,874 587,349 Long Term Debt 13,728 14,299 Non-Curr Deferred Tax 17,454 21,159 Other Non-Curr Liability 34,415 43,397 Preferred Stock 300 300 Common Equity 2,197,642 1,861,251 _________ _________
TOTAL LIAB & EQTY $3,411,413 $2,527,755 </TABLE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NIKE, Inc. (Registrant)
Date: December 20, 1995
By /s/ Robert S. Falcone Vice President and Chief Financial Officer
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