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EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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NAUTICA ENTERPRISES, INC
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NAUTICA ENTERPRISES, INC.
FOR: Nautica Enterprises, Inc.
APPROVED: Wayne A. Marino
Senior Vice President - Chief Financial Officer
(212) 541-5757
CONTACT: Shannon L. Froehlich
Vice President - Corporate Investor Relations
(212) 541-5757
Media Relations:
Fredric Spar/Joseph Kuo
Kekst & Company
(212) 521-4800
FOR IMMEDIATE RELEASE
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NAUTICA ENTERPRISES, INC. TO REVIEW BARINGTON PROPOSAL
New York, New York, June 10, 2003 -- Nautica Enterprises, Inc. (Nasdaq: NAUT)
said that it has received notice that a group called Barington Companies
intends to seek three Board seats at Nautica Enterprises' Annual Meeting
scheduled for July 8, 2003. The Company stated that its Board of Directors and
outside advisors are reviewing the request for Board seats and related
proposals.
The Company further stated, "We do not know who Barington is, what its
qualifications are, what its true agenda is, or whether it has any
understanding of the apparel industry. Nevertheless, after due consideration,
the Company will advise its shareholders of its position in this matter."
Nautica Enterprises, Inc. (Nasdaq: NAUT), through its subsidiaries, designs,
sources, markets and distributes apparel under the following brands: Nautica;
Nautica Competition; Nautica Jeans Company; Earl Jean; John Varvatos; E.
Magrath; and Byron Nelson. For more information about our Company, please visit
our website at www.nautica.com.
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This press release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. These statements are based on
the Company's current expectations of future events and are subject to a number
of risks and uncertainties that may cause the Company's actual results to
differ materially from those described in the forward-looking statements.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated or projected. These factors and uncertainties
include, among others: the risk that new businesses of the Company will not be
integrated successfully; the risk that the Company will experience operational
difficulties with its distribution facility; the overall level of consumer
spending on apparel; dependence on sales to a limited number of large
department store customers; risks related to extending credit to customers;
actions of existing or new competitors and changes in economic, political or
health conditions in the markets where the Company sells or sources its
products, including with respect to SARS; downturn or generally reduced
shopping activity caused by public safety concerns; risks associated with
consolidations, restructurings and other ownership changes in the retail
industry; changes in trends in the market segments in which the Company
competes; risks associated with uncertainty relating to the Company's ability
to launch, support and implement new product lines; effects of competition;
changes in the costs of raw materials, labor and advertising; the ability to
secure and protect trademarks and other intellectual property rights; risks
associated with the relocation of Earl Jean, Inc.; the risk that the cost of
transitioning the Nautica Europe business to licensing or other key
arrangements will be more than anticipated or that the Company will not be able
to negotiate acceptable terms; and, the impact that any labor disruption at the
Company's ports of entry could have on timely product deliveries. These and
other risks and uncertainties are disclosed from time to time in the Company's
filings with the Securities and Exchange Commission, including the
"Forward-Looking and Cautionary Statements" section of the Company's Annual
Report on Form 10-K for the fiscal year ended March 2, 2002, in the Company's
press releases and in oral statements made by or with the approval of
authorized personnel. The Company assumes no obligation to update any
forward-looking statements as a result of new information or future events or
developments.
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