SKECHERS USA, Inc. (NYSE:SKX), today announced that its independent
registered public accounting firm, BDO USA, LLP (“BDO”), has completed a
re-audit of the Company’s consolidated financial statements for the
fiscal years ended December 31, 2012 and 2011, and the attestation of
the effectiveness of the Company’s internal control over financial
reporting as of December 31, 2012 under Section 404 of the
Sarbanes-Oxley Act of 2002, as amended (collectively, the “Re-audit”).
No adjustments or changes were made to the Company’s consolidated
financial statements or related notes for the fiscal years ended
December 31, 2012 and 2011, except for updates with respect to
subsequent events that related to certain litigation matters.
As previously announced, BDO was appointed as the Company’s new
independent registered public accounting firm on April 24, 2013
following the resignation of KPMG LLP (“KPMG”) as its predecessor
independent registered public accounting firm on April 8, 2013. The
resignation of KPMG was due solely to the impairment of its independence
resulting from its now former partner’s alleged unlawful activities. The
resignation of KPMG was not related to the Company’s financial
statements, its accounting practices, the integrity of the Company’s
management, or for any other reason.
Following the completion of the Re-audit by BDO, the Company has filed
an amended annual report on Form 10-K/A for the year ended December 31,
2012 with the U.S. Securities and Exchange Commission, which includes
BDO’s audit reports relating to the Company’s consolidated financial
statements as of and for the fiscal years ended December 31, 2012 and
2011 and a related financial statement schedule, and the effectiveness
of the Company’s internal control over financial reporting as of
December 31, 2012, which replace the corresponding audit reports of KPMG
in the annual report on Form 10-K for the year ended December 31, 2012
that were withdrawn upon KPMG’s resignation subsequent to the filing.
“We are pleased that BDO’s thorough and efficient work has allowed for
this transitional period to successfully conclude, and we can now focus
on managing our global footwear business,” stated David Weinberg, Chief
Operating Officer and Chief Financial Officer of Skechers.
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs,
develops and markets a diverse range of footwear for men, women and
children under the SKECHERS name. SKECHERS footwear is available in the
United States through department and specialty stores, Company-owned
SKECHERS retail stores and its e-commerce website, as well as in over
100 countries and territories through the Company’s global network of
distributors and subsidiaries in Canada, Brazil, Chile, Japan, and
across Europe, as well as through joint ventures in Asia. For more
information, please visit www.skechers.com,
and follow us on Facebook (www.facebook.com/SKECHERS)
and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
without limitation, the Company’s future financial results and
operations, future demand for its products and its planned advertising
and marketing initiatives. Forward-looking statements can be identified
by the use of forward looking language such as “believe,” “anticipate,”
“expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will
continue,” “will result,” “could,” “may,” “might,” or any variations of
such words with similar meanings. Any such statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected in forward-looking statements. Factors
that might cause or contribute to such differences include the
resignation of the Company’s former independent registered public
accounting firm, and its withdrawal of its audit reports with respect to
certain of the Company’s historical financial statements; international,
national and local general economic, political and market conditions
including the ongoing global economic slowdown and market instability;
entry into the highly competitive performance footwear market;
sustaining, managing and forecasting costs and proper inventory levels;
losing any significant customers, decreased demand by industry retailers
and cancellation of order commitments due to the lack of popularity of
particular designs and/or categories of products; maintaining brand
image and intense competition among sellers of footwear for consumers;
anticipating, identifying, interpreting or forecasting changes in
fashion trends, consumer demand for the products and the various market
factors described above; sales levels during the spring, back-to-school
and holiday selling seasons; and other factors referenced or
incorporated by reference in the Company’s annual report on Form 10-K
for the year ended December 31, 2012, and its Form 10-Q for the quarter
ended March 31, 2013. The risks included here are not exhaustive. The
Company operates in a very competitive and rapidly changing environment.
New risks emerge from time to time and the companies cannot predict all
such risk factors, nor can the companies assess the impact of all such
risk factors on their respective businesses or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given
these risks and uncertainties, you should not place undue reliance on
forward-looking statements as a prediction of actual results. Moreover,
reported results should not be considered an indication of future
performance.
Copyright Business Wire 2013