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Non-Tech : OAKLEY- NYSE:OO

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To: Ms. Baby Boomer who wrote (814)	7/17/1997 9:58:00 PM
From: David Naggar	of 1383

There were several questions this morning about gross margins. Oakley's margins were lower than expected because they are selling more "cheap" sunglasses (e.g., Fives) than expensive sunglasses (e.g., X-metals). And lower margins are expected to continue over the next few quarters. So what does this mean? Tonight, the analysts will revisit their models to lower the margins. Unless other variables are changed, the reports that come out tomorrow will reflect revised 3rd quarter earnings numbers (I guess a couple of cents lower). (We could be in for a tough few days -- but then, who knows). The good news seems to be that after that, there is no other bad news on the horizon. Everyone already has a "hold" on the stock, and the second half of 1997 looks to be strong.

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