Oakley Inc

Oakley Inc. Chairman Jim Jannard said he'll buy up to 1 million shares of the company's stock, adding to the 3 million he's bought this year, in a move to show confidence in the struggling eye-wear maker. The purchases would be valued at more than $9 million if made Friday. Oakley's shares have fallen 34% since June 30.

Oakley Inc., still reeling from lower sales to its largest customer, posted a 57% drop in third-quarter earnings on a 12% decline in sales. The maker of upscale sunglasses reported that net income for the three-month period fell to $6.8 million, or 10 cents a share, from $15.7 million, or 22 cents a share, for the comparable quarter last year. Sales totaled $59.4 million, down from from $67.8 million. For the nine-month period, net income declined 62% to $16.

Sunglasses maker Oakley Inc.'s president and founder has added 932,400 shares of the Foothill Ranch company's stock to his portfolio, boosting his ownership stake to 59.6%, according to documents filed recently with the Securities and Exchange Commission. Jim Jannard bought the shares April 28 for $6.94 a share. Oakley stock climbed $1.13 a share to close at $8.13 Tuesday after word of the purchase was released.

Oakley Inc., the maker of premium-priced sports sunglasses, is scheduled to begin selling 10 million shares of stock for the first time today to raise at least $180 million for the owners and the company. Merrill Lynch & Co., the lead underwriter, said Wednesday that it will price the stock at $23 a share for initial buyers. The company's prospectus had projected an initial price range of $18 to $20 a share. The Irvine-based company is selling 3.

Oakley Inc. said Thursday that a French court has ruled that two competitors have violated the sunglass and goggle maker's patent rights in European markets. Oakley said in one case, the Court of Commerce in Paris ruled that certain models of Bausch & Lomb's Killer Loop sunglasses infringe on two design patents covering Oakley's sunglasses.

Sunglasses manufacturer Oakley Inc. said Thursday that it has added a patent-infringement claim over lens coatings to a lawsuit it filed against Nike Inc. last year. In an amended complaint in federal court in Santa Ana, Oakley contends sneaker and apparel giant Nike copied its patented Iridium lens-coating technology in Nike's sunglasses line. The coating helps cut glare and allows wearers to tailor the glasses' tint for specific purposes, according to Oakley, which is based in Foothill Ranch.

Oakley Inc. posted strong gains in net income and sales for 1995. The Irvine designer and manufacturer of upscale sunglasses and goggles said net income rose 49% last year to $39.6 million, or $1.17 a share, from $26.6 million, or 82 cents a share, the previous year. Sales were up 39% to $172.8 million from $124 million. The company, which went public last August, said fourth-quarter net income increased 59% to $9.2 million, or 26 cents a share, from $5.

Oakley Inc.'s board authorized the repurchase of up to an additional $20 million of the company's common shares at prices under $9 a share. The Foothill Ranch company, which makes sunglasses, apparel and watches, said it plans to reacquire the shares from time to time on the open market. The company currently has 70.6 million shares outstanding. Oakley's board approved the repurchase of up to 3 million of the company's common shares on Oct. 21, 1996.

Oakley Inc. posted an 80% drop in first-quarter profit Thursday as strong sales of sunglasses failed to offset higher operating expenses and lower margins as the Foothill Ranch-based company scales back on apparel and footwear to focus on eyewear. Net income fell to $1.9 million, or 3 cents a share, compared with $10 million, or 15 cents, in the year-earlier period. Analysts, on average, had been expecting earnings per share of 2 cents, according to Reuters Estimates.