April 24, 2003 |
K2 Inc., which makes skis, snowboards, inline skates and Rawlings baseball equipment, said first-quarter profit fell to $138,000, or 1 cent a share, from $3.8 million, or $2.01, a year earlier. The results included a charge of $4.4 million, or 24 cents a share, tied to the early repayment of debt. Sales grew 6.5% to $157.1 million. The Carlsbad-based sporting goods maker said operating profit in the January-March period rose 3.5%, to $8.8 million. K2 shares rose 8 cents to $8.77 on the NYSE.
March 25, 2003 |
Major League Baseball and K2 Inc. have reached a licensing agreement that paves the way for the Los Angeles ski and fishing gear company to acquire the century-old Rawlings Sporting Goods Co. this week. Rawlings has the exclusive right to manufacture and market the baseballs used in the top professional league. The contract came up for review when K2 agreed in December to buy the Fenton, Mo.-based baseball equipment company.
March 14, 2003 |
A contract dispute between Major League Baseball and K2 Inc. might be a strike against K2's pending acquisition of the century-old Rawlings Sporting Goods Co. In a Securities and Exchange Commission filing made public Thursday, K2 said it would not complete the acquisition of Rawlings unless it is able to assume the baseball maker's contracts with "key commercial partners." In the filing, K2 Chief Executive Richard Heckmann did not name the partners.
February 21, 2003 |
A dissident shareholder of Rawlings Sporting Goods Co. has cleared the basepaths for K2 Inc.'s takeover of the venerable baseball equipment maker. Daniel Gilbert, who owns about 15% of Rawlings, said Thursday that he would support the proposed merger with K2, the Los Angeles-based maker of Olin skis, Shakespeare fishing gear and other sporting goods. Gilbert had objected to the $84-million all-stock transaction when it was announced in December, and made a $69-million cash offer for Fenton, Mo.
February 19, 2003 |
Sporting goods manufacturer K2 Inc. scored a profit in the fourth quarter, rebounding from a loss a year earlier and dramatically slashing its debt load. The Los Angeles maker of K2 skis, Morrow snowboards and Shakespeare fishing gear said Tuesday that it earned $521,000, or 3 cents a share, in the quarter ended Dec. 31. That reverses a loss of $2.5 million, or 14 cents a share, posted in the same period a year earlier. The company is in the process of acquiring the Rawlings Sporting Goods Co.
December 22, 2002 |
Richard Heckmann has no problem leaving others behind. Once on an East Coast business trip, the then-chairman of USFilter wanted to hurry back to California to make his son's baseball game. When the water company's executives gathered at the airport for the flight home, one manager was missing. Heckmann ordered the private aircraft to take off without him.
December 17, 2002 |
An angry shareholder is already calling "foul" over Los Angeles-based K2 Inc.'s announcement Monday that it will buy baseball equipment manufacturer Rawlings Sporting Goods Inc. for $84 million in stock. The deal, which also includes the assumption of about $40 million in Rawlings debt, would be the first for K2's new chief executive, Richard Heckmann. He has an aggressive plan to turn the ski and snowboard maker into a major sporting goods company by acquiring other name brands.
December 12, 2002 |
K2 Inc. is making a pitch for Rawlings Sporting Goods Co., one of America's oldest suppliers of baseball gloves and equipment, a move designed to make the Los Angeles-based snowboard and ski manufacturer a company for all seasons. K2, which sells Olin skis, Ride and Morrow snowboards as well as Shakespeare fishing gear, confirmed Wednesday that it has been in talks to take over 115-year-old Rawlings, of Fenton, Mo., since last month. Details of the discussions weren't disclosed.
July 20, 2001 |
K2 Inc., a maker of skis and snowboards that began moving some production to Asia in 1999, said it will close four U.S. plants and shift more manufacturing to China to reduce expenses. The move will eliminate 450 jobs, or about 16% of the Los Angeles-based company's work force. K2, which also makes other sporting goods, plans to close its ski-making facility in Vashon Island, Wash., and three smaller plants in Minnesota and Alabama.
July 12, 2001 |
Sporting goods manufacturer K2 Inc., hoping to beef up its sales and production in Asia, said Wednesday that it had found just the man to help: former Vice President Dan Quayle, who will join the company's board of directors. "We chose Dan Quayle for his China connections, his knowledge of the Asian landscape and his political savvy," said John J. Rangel, the company's senior vice president for finance. "He's also a very nice man."