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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) SEPTEMBER 14, 1998
STEVEN MADDEN, LTD.
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(Exact name of registrant as specified in its charter)
New York 0-23702 13-3588231
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Formation)
52-16 BARNETT AVENUE, LONG ISLAND CITY, NEW YORK 11104
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (718) 446-1800
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(Former name or former address, if changes since last report)
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Item 5. OTHER EVENTS.
As of September 14, 1998, Steven Madden, Ltd. (the "Company") announced
that the Board of Directors authorized the repurchase of up to one million
shares of the Company's Common Stock over the following one year period from
funds legally available therefor.
Item 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS.
(c) Exhibits
1. Press Release of the Company dated September 14, 1998.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly authorized and caused the undersigned to sign this
Report on the Registrant's behalf.
STEVEN MADDEN, LTD.
By: /s/ STEVEN MADDEN
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Steven Madden
Chairman of the Board, Chief Executive
Officer and President
Dated: September 14, 1998
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FOR IMMEDIATE RELEASE
STEVEN MADDEN LTD. BOARD AUTHORIZES STOCK REPURCHASE PROGRAM
LONG ISLAND CITY, N.Y.- September 14, 1998 - Steven Madden Ltd.
(NASDAQ: SHOO), a leading designer, wholesaler and marketer of fashion footwear
for women, today announced that the Company's Board of Directors has authorized
the Company to repurchase up to 1,000,000 shares of Steven Madden, Ltd. Common
Stock over the next 12 months. Share repurchases will be funded from existing
cash, internally generated funds or through short-term debt. The timing and
amount of any repurchases will be at the discretion of the Company's management.
Any shares repurchased initially will be held as treasury shares and may be used
for general corporate purposes.
Mr. Madden said the Board action was part of an effort to increase
shareholder value. The repurchase program reflects the Board of Directors'
opinion that the present share price of Steven Madden, Ltd. is undervalued and
its confidence in the overall financial strength of the Company and prospects
for the future.
Steven Madden Ltd. designs and markets fashion footwear for women. The
shoes are sold through Steve Madden Retail Stores, Department Stores, Apparel
and Footwear specialty stores and on-line @ www.stevemadden.com. The Company now
has seven licenses including ready-to-wear and jeans, outerwear, intimate
apparel, eyewear, legwear, handbags, jewelry, and owns and operates a retail
store under its David Aaron brand, and is the licensee of l.e.i.
shoes.
-more-
SHOO Board Authorizes
Stock Repurchase Program
Page - 2
CONTACT: Company Contact:
Steven Madden Ltd.
Steven Madden, President & CEO
Rhonda Brown, Chief Operating Officer
(718) 446-1800
Investor Relations:
Kehoe, White, Savage & Company, Inc.
James K. White
(562) 437-0655
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the actual results of the Company to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to statements, which
explicitly describe such risks, and uncertainties readers are urged to consider
statements labeled with the terms "believes", "belief", "expects", "intends",
"anticipates" or "plans" to be uncertain and forward-looking. The forward
looking statements contained herein are also subject generally to other risks
and uncertainties that are described from time to time in the Company's reports
and registration statements filed with the Securities and Exchange Commission.
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