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Non-Tech : OAKLEY- NYSE:OO

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To: Brian C. Lund who wrote (806)	7/17/1997 4:47:00 PM
From: David Naggar	of 1383

For those who follow patterns: After last quarter's disappoinment, oo had a bad day when earnings were announced, the next day it mostly recovered, and then the following Monday and Tuesday, it got hammered again. Fundamentally speaking, the oo representatives at the conference call (Link Newcome (sp?) and Mike Parnell) were very upbeat and confident about prospects in the 3rd and 4th quarters, (they were not upbeat during last quarter's conference call) but the questioners seemed rather dower (still disappointed?). Some highlights -- they expect Rays purchases (which were down 37% from last year's levels) to return to normal going forward. Apparently inventory levels of oo product has been reduced at Rays from 38 m. to 20 m. Domestic sales to other existing accounts were essentially flat. They have opened 600 new accounts since January. They seem to have solved the x-metal manufacturing issues (I'm reading between the lines on this one). New product (x-metals, fives, new frog skins, polorized lenses, etc.) are accounting for 25% of sales. It would be more if they could make them faster. Topcoats will be shipped at the beginning of August. David

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