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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant To Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the quarterly period ended February 26, 1999
----------------
OR
[ ] Transition Report Pursuant To Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the transition period from to
---------------- ----------------
Commission File Number 1-4365
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OXFORD INDUSTRIES, INC.
- ------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-0831862
- ------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
222 Piedmont Avenue, N.E., Atlanta, Georgia 30308
--------------------------------------------------
(Address of principal executive offices)(Zip Code)
(404) 659-2424
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year, if changed since
last report.)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Number of shares outstanding
Title of each class as of April 5, 1999
- --------------------------- ----------------------------
Common Stock, $1 par value 8,043,679
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
- -----------------------------
OXFORD INDUSTRIES, INC
CONSOLIDATED STATEMENT OF EARNINGS
NINE MONTHS AND QUARTERS ENDED FEBRUARY 26, 1999 AND FEBRUARY 27, 1998
(UNAUDITED)
Nine Months Ended Quarter Ended
------------------------- ------------------------
$ in thousands except February 26, February 27, February 26, February 27,
per share amounts 1999 1998 1999 1998
------------ ----------- ------------ -----------
Net Sales $637,154 $579,981 $206,027 $178,677
Costs and Expenses:
Cost of goods sold 513,471 466,137 166,051 143,157
Selling, general and
administrative 86,843 80,719 28,329 26,018
Interest 3,505 2,663 1,274 664
------- ------- ------- -------
Total Costs and Expenses 603,819 549,519 195,654 169,839
------- ------- ------- -------
Earnings Before
Income Taxes 33,335 30,462 10,373 8,838
Income Taxes 13,000 11,880 4,045 3,447
------- ------- ------- -------
Net Earnings $ 20,335 $ 18,582 $ 6,328 $ 5,391
======== ======== ======= =======
Basic Earnings Per Share $2.40 $2.10 $0.77 $0.61
======= ======== ======= ======
Diluted Earnings Per Share $2.37 $2.07 $0.76 $0.60
======= ======== ======= =======
Basic Number of Shares
Outstanding 8,480,577 8,831,809 8,259,390 8,841,924
========= ========= ========= ========
Diluted Number of Shares
Outstanding 8,597,626 8,990,065 8,342,747 8,990,301
========= ========= ========= =========
Dividends Per Share $0.61 $0.60 $0.21 $0.20
========= ========= ========= =========
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
FEBRUARY 26, 1999, MAY 29, 1998 AND FEBRUARY 27, 1998
(UNAUDITED EXCEPT FOR MAY 29, 1998)
$ in thousands February 26, May 29, February 27,
- -------------- 1999 1998 1998
----------- ------- -----------
Assets
- ------
Current Assets:
Cash $ 5,073 $10,069 $ 2,813
Receivables 137,252 100,789 110,148
Inventories:
Finished goods 98,166 89,906 85,217
Work in process 24,519 24,330 24,256
Fabric, trim & supplies 25,740 32,472 28,642
-------- ------- ---------
148,425 146,708 138,115
Prepaid expenses 15,330 13,621 13,616
-------- -------- --------
Total Current Assets 306,080 271,187 264,692
Property, Plant and Equipment 37,471 35,682 33,354
Other Assets 11,771 4,621 4,871
-------- -------- --------
Total Assets $355,322 $311,490 $302,917
======== ======== ========
Liabilities and Stockholders' Equity
- ------------------------------------
Current Liabilities:
Notes payable $66,000 $ 11,500 $17,000
Trade accounts payable 50,554 57,105 46,765
Accrued compensation 10,597 12,020 11,234
Other accrued expenses 22,872 18,883 21,133
Dividends payable 1,721 1,765 1,763
Current maturities of long-
term debt 342 449 442
-------- -------- --------
Total Current Liabilities 152,086 101,722 98,337
Long-Term Debt, less
current maturities 40,776 41,428 41,503
Noncurrent Liabilities 4,500 4,500 4,500
Deferred Income Taxes 3,889 4,071 3,321
Stockholders' Equity:
Common stock 8,089 8,824 8,815
Additional paid-in capital 11,149 11,554 11,328
Retained earnings 134,833 139,391 135,113
-------- -------- --------
Total Stockholders'Equity 154,071 159,769 155,256
-------- -------- --------
Total Liabilities and
Stockholders' Equity $355,322 $311,490 $302,917
======== ======== ========
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED FEBRUARY 26, 1999 AND FEBRUARY 27, 1998
(UNAUDITED)
$ in thousands February 26, February 27,
- -------------- 1999 1998
Cash Flows From Operating Activities ---------------------------------
- ------------------------------------
Net earnings $ 20,335 $ 18,582
Adjustments to reconcile net earnings to
net cash (used in)provided by operating activities:
Depreciation and amortization 6,523 5,967
Gain on sale of property, plant and equipment (439) (509)
Changes in working capital:
Receivables (36,411) (32,377)
Inventories 12,404 11,666
Prepaid expenses (1,612) 2,464
Trade accounts payable (6,771) (12,759)
Accrued expenses and other current liabilities (946) 4,125
Deferred income taxes (182) 316
Other noncurrent assets 46 51
Net cash used in --------- ---------
operating activities (7,053) (2,474)
Cash Flows From Investing Activities
- ------------------------------------
Acquisitions (21,712) -
Purchase of property, plant and equipment (4,704) (4,399)
Proceeds from sale of property, plant
and equipment 809 840
-------- ----------
Net cash used in investing activities (25,607) (3,559)
Cash Flows From Financing Activities
- ------------------------------------
Short-term borrowings 54,500 13,000
Payments on long-term debt (759) (2,629)
Proceeds from exercise of stock options 512 1,668
Purchase and retirement of common stock (21,439) (1,215)
Dividends on common stock (5,150) (5,291)
Net cash provided by ------- -------
financing activities 27,664 5,533
Net change in Cash and Cash Equivalents (4,996) (500)
Cash and Cash Equivalents at Beginning of Period 10,069 3,313
-------- --------
Cash and Cash Equivalents at End of Period $ 5,073 $ 2,813
======== ========
Supplemental Disclosure of Cash Flow Information
- ------------------------------------------------
Cash paid for:
Interest $ 3,417 $ 2,637
Income taxes 13,736 10,096
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
QUARTERS ENDED FEBRUARY 26, 1999 AND FEBRUARY 27, 1998
1. The foregoing unaudited consolidated financial statements
reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim
periods. All such adjustments are of a normal recurring nature.
The results for interim periods are not necessarily indicative
of results to be expected for the entire fiscal year.
2. The financial information presented herein should be read in
conjunction with the consolidated financial statements included
in the Registrant's Annual Report on Form 10-K for the fiscal
year ended May 29, 1998.
3. The Company is involved in certain legal matters primarily
arising in the normal course of business. In the opinion of
management, the Company's liability under any of these matters would
not materially affect its financial condition or results of
operations.
Item 2:Management's Discussion and Analysis of Financial Conditions and
Results of Operations:
NET SALES
Net sales for the third quarter of the 1999 fiscal year,
which ended February 26, 1999, increased 15.3% from net sales for the
same period of the prior year. Net sales for the first nine months of
the current year increased 9.9% from net sales for the same period of
the prior year.
The Womenswear Group posted a third quarter sales increase of
80.0% to $72,586,000. Much of the increase was attributable to the
acquisition of Next Day Apparel, Inc. (Next Day) which was completed
at the beginning of the second quarter of the current year. The
Collections and Sportswear Separates division posted healthy sales
gains. The Women's Catalog and Special Markets division experienced a
moderate sales decline.
Quarterly sales of $39,127,000 were flat for the Company's
tailored clothing group, Lanier Clothes. Sales increases in Women's
Tailored Clothing, Nautica and Geoffrey Beene were offset by sales
decreases in private label and Oscar de la Renta.
The Oxford Shirt Group posted a modest sales decline of 3.4%
to $69,871,000 for the third quarter due primarily to weakness in
Oxford Shirtings, the Company's private label dress shirt division,
and restricted distribution of the Tommy Hilfiger Golf line. Tommy
Hilfiger Dress shirts, Polo/Ralph Lauren for Boys, OxSport and Ely &
Walker all posted sales increases.
The Oxford Slacks Group posted a third quarter sales decline
of 7.1% to $23,868,000 due to general market weakness in this sector.
In the third quarter of the current year, the Company
experienced a 31.2% increase in unit volume and a decline of 12.1% in
the weighted average sales price per unit. For the first nine months
of the current year, the Company experienced a 16.8% increase in unit
volume and a decline of 5.9% in the weighted average sales price per
unit. The two greatest contributors to this change were the Next Day
acquisition, and increased sales in the Separates and Collections
divisions, all of which are lower cost - lower margin private label
businesses.
COST OF GOODS SOLD
Cost of goods sold as a percentage of net sales was 80.6% in
the third quarter of the current year and 80.1% in the third quarter
of the prior year. For the first nine months of the current year,
cost of goods sold as a percentage of net sales was 80.6% compared to
80.4% for the first nine months of the prior year. The increase in
cost of goods sold as a percentage of net sales was due to a number of
factors. The Company continued the build-up of sewing operations in
its new sewing facilities in Honduras and Mexico during the quarter.
The acquisition of Next Day and the increased sales in the Separates
and Collections division lowered the overall gross margin of the
Company. During the third quarter, the Company announced the
forthcoming closure of its domestic sewing facilities in Vidalia,
Georgia and Fayette, Alabama.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative (S G & A) expenses
increased by 8.9% from $26,018,000 or 14.6% of net sales in the third
quarter of the prior year to $28,329,000 or 13.8% of net sales in the
third quarter of the current year. S G & A increased by 7.6% from
$80,719,000 or 13.9% of net sales in the first nine months of the
prior year to $86,843,000 or 13.6% of net sales in the first nine
months of the current year. The largest contributor to the decreased
ratio of S G & A to net sales in the third quarter was the acquisition
of Next Day with its lower S G & A structure. Offsetting the Next Day
impact somewhat was the continued increase in the licensed designer
business with its S G & A structure at more than twice the relative
(percent of sales) expense levels of the Company's private label
business.
INTEREST EXPENSE
Net interest expense increased by 91.9% from $664,000 or 0.4%
of net sales in the third quarter of the prior year to $1,274,000 or
0.6% of net sales in the third quarter of the current year. For the
first nine months of the current year, net interest expense increased
by 31.6% from $2,663,000 or 0.5% of net sales in the prior year to
$3,505,000 or 0.6% of net sales in the current year. The increase in
interest expense as primarily due to the acquisition of Next Day and
the repurchase of the Company's common stock.
INCOME TAXES
The Company's effective tax rate was 39.0% in the third
quarter and first nine months of both the current year and the
previous year and does not differ significantly from the Company's
statutory rate.
FUTURE OPERATING RESULTS
The Company has observed some signs of improvement at retail
since the Holiday season. The Company anticipates fourth quarter
sales increases in line with the current year-to-date sales increase,
however, the fourth quarter earnings increase is not expected to keep
pace with the sales increase.
YEAR 2000
The Company is working to resolve the effects of the Year 2000
issue on its information systems. The Year 2000 issue, which is
common to most businesses, concerns the inability of information
systems to properly recognize and process dates and date sensitive
information on and beyond January 1, 2000. In 1996, the Company began
a Company-wide assessment of the vulnerability of its systems to the
Year 2000 issue. Based on such assessment, the Company has developed
a Year 2000 compliance plan, under which all key information systems
are being tested, and non-compliant software or technology is being
modified or replaced. The Company is also surveying the Year 2000
compliance status and compatibility of customers and suppliers systems
which interface with the Company's systems or could otherwise impact
the Company's operations.
While the Company currently believes it will be able to modify or
replace its affected systems in ample time to minimize any detrimental
effects on its operations, failure to do so, or the failure of the
Company's major customers and suppliers to modify or replace their
affected systems, could have a material adverse impact on the
Company's results of operations, liquidity or consolidated financial
positions in the future. The most reasonably likely worst case
scenario of failure by the Company or its customers or suppliers to
resolve the Year 2000 issue would be a temporary slow down or
cessation of manufacturing operations at one or more of the Company's
facilities and a temporary inability on the part of the Company to
timely process orders and billings and to deliver finished product to
customers. The Company is considering various contingency options,
including identification of alternate suppliers, vendors and service
providers, and manual alternatives to systems operation, which will
allow the Company to minimize the risks of any unresolved Year 2000
problems on its operations, and to minimize the effect of any
unforeseen Year 2000 failures. The Company currently estimates the
incremental cost of the work needed to resolve the Year 2000 issue,
since the inception of the project in 1996 to its completion, to be
approximately $1,600,000.
LIQUIDITY AND CAPITAL RESOURCES
OPERATING ACTIVITIES
Operating activities used $7,053,000 in the nine months of
the current year and used $2,474,000 in the nine months of the prior
year. The primary factor contributing to the change in the amount of
funds used was a greater increase in receivables than in the prior
year, primarily due to the acquisition of Next Day Apparel, Inc.
INVESTING ACTIVITIES
Investing activities used $25,607,000 in the current year and
used $3,559,000 in the prior year. The change in the used funds was
the acquisition of Next Day Apparel, Inc.
FINANCING ACTIVITIES
Financing activities generated $27,664,000 in the current year
and $5,533,000 in the prior year. The primary factors contributing to
this change was increased short-term borrowings partially offset by
the purchase and retirement of the Company's common stock. The
balance of the increase in short-term borrowings was primarily due to
the acquisition of Next Day.
On April 5, 1999 the Company's Board of Directors declared a cash
dividend of $.21 per share payable on May 29, 1999 to shareholders of
record on May 14, 1999.
During the nine months, the Company purchased and retired 757,500
shares of the Company's common stock acquired on the open market.
Subsequent to the end of the third quarter through April 5, 1999 the
Company has purchased and retired 46,000 shares of its common stock.
During the nine months, the Company issued 25,920 shares of the
Company's common stock in conjunction with the Company's employee
stock option plans.
WORKING CAPITAL
Working capital increased from $166,355,000 at the end of the
third quarter of the prior year to $169,465,000 at the end of the 1998
fiscal year and decreased to $153,994,000 at the end of the third
quarter of the current year. The ratio of current assets to current
liabilities was 2.7 at the end of the third quarter of the prior year,
2.7 at the end of the prior fiscal year, and 2.0 at the end of the
third quarter of the current year.
FUTURE LIQUIDITY AND CAPITAL RESOURCES
The Company believes it has the ability to generate cash
and/or has available borrowing capacity to meet its foreseeable needs.
The sources of funds primarily include funds provided by operations
and both short-term and long-term borrowings. The uses of funds
primarily include working capital requirements, capital expenditures,
acquisitions, dividends and repayment of short-term and long-term
debt. The Company regularly utilizes committed bank lines of credit
and other uncommitted bank resources to meet working capital
requirements. On February 26, 1999, the Company had available for its
use lines of credit with several lenders aggregating $52,000,000. The
Company has agreed to pay commitment fees for these available lines of
credit. On February 26, 1999, $52,000,000 was in use under these
lines, of which $40,000.00 was long-term. In addition, the Company
has $250,500,000 in uncommitted lines of credit, of which $127,500,000
is reserved exclusively for letters of credit. The Company pays no
commitment fees for these available lines of credit. On February 26,
1999, $54,000,000 was in use under these lines of credit. Maximum
borrowings from all these sources during the current year were
$108,500,000 of which $40,000,000 was long-term. The Company
anticipates continued use and availability of both committed and
uncommitted resources as working capital needs may require.
The Company considers possible acquisitions of apparel-
related businesses that are compatible with its long-term strategies.
The Company's Board of Directors has authorized the Company to
purchase shares of the Company's common stock on the open market and
in negotiated trades as conditions and opportunities warrant. There
are no present plans to sell securities (other than through employee
stock option plans and other employee benefits)or enter into off-
balance sheet financing arrangements.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995
Certain statements included herein are "forward-looking
statements" within the meaning of the federal securities laws. This
includes any statements concerning plans and objectives of management
relating to the Company's operations or economic performance, and
assumptions related thereto. In addition, the Company and its
representatives may from time to time make other oral or written
statements that are also forward-looking statements.
These forward-looking statements are made based on
management's expectations and beliefs concerning future events
impacting the Company and therefore involve a number of risks and
uncertainties. Management cautions that forward-looking statements
are not guarantees and that actual results could differ materially
from those express or implied in the forward-looking statements.
Important factors that could cause the actual results of
operations or financial condition of the Company to differ include,
but are not necessarily limited to, general economic and apparel
business conditions, continued retailer and consumer acceptance of
company products, and global manufacturing costs.
ADDITIONAL INFORMATION
For additional information concerning the Company's operations,
cash flows, liquidity and capital resources, this analysis should be
read in conjunction with the Consolidated Financial Statements and the
Notes to Consolidated Financial Statements contained in the Company's
Annual Report for the fiscal year ended May 29, 1998.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
- ------------------------------------------
(a) Exhibits.
---------
10(i) Note Agreement between the Company and Sun Trust of Georgia
Dated February 25, 1999 covering the Company's long term note due
August 23, 2000.
27 Financial Data Schedule for the Nine Months Ended February 26, 1999.
(b) Reports on Form 8-K.
--------------------
The Registrant did not file any reports on Form 8-K during the
quarter ended February 26, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
OXFORD INDUSTRIES, INC.
-----------------------
(Registrant)
/s/Ben B. Blount, Jr.
--------------------------
Date: April 8, 1999 Ben B. Blount, Jr.
--------------- Chief Financial Officer
EXHIBIT 10(i)
SunTrust
Single Payment Note
(Nondisclosure)
Single Disbursement Note
Multiple Disbursement
Master Note
X Multiple Disbursement
Revolving Note
(For Explanation See
Reverse Side)
Date February 25, 1999
The "Bank' referred to in this Note is SunTrust Bank,
Atlanta, Center Code 904 One Park Place, N.E., Atlanta,
Georgia 30303.
547 days after date, the obligor
promises to pay to the order of Bank the principal sum
of $ 40,000,000.00. The obligor will also pay
interest upon the unpaid principal balance from date
until maturity at the Note Rate specified below.
Interest payments will
be due on DAILY OR END OF INTEREST PERIOD and upon
maturity. Should the obligor fail for any reason to pay
this note in full on the maturity date or on the date
of acceleration of payment, the obligor further promises
to pay (a) interest on the unpaid amount from such date
until the date of final payment at a Default Rate equal
to the Note Rate plus 4%, and (b) a late fee equal to
five percent (5%) of any amount that remains wholly or
partially unpaid for more than fifteen (15) days after
such amount was due and payable, not to exceed the sum
of fifty dollars ($50.00). Should legal action or an
attorney at law be utilized to collect any amount due
hereunder, the obligor further promises to pay all costs
of collection, including 15% of such unpaid amount as
attorneys' fees. All amounts due hereunder may be paid
at any office of Bank.
The Note Rate hereon shall be TO BE DETERMINED
----------------
If not stated above, the Note Rate in effect on the
date this note is executed is _______%
The amount of interest accruing and payable
hereunder shall be calculated by multiplying the
principal balance outstanding each day by 1/360th of
the Note Rate on such day and adding together the daily
interest amounts. The principal balance of this note
shall conclusively be deemed to be the unpaid principal
balance appearing on the Bank's records unless such
records are manifestly in error.
As security for the payment of this and any
other liability of any obligor to the holder, direct or
contingent, irrespective of the nature of such
liability or the time it arises, each obligor hereby
grants a security interest to the holder in all property
of such obligor in or coming into the possession,
control or custody of the holder, or in which the holder
has or hereafter acquires a lien, security interest, or
other right. Upon default, holder may, without notice,
immediately take possession of and then sell or
otherwise dispose of the collateral, signing any
necessary documents as obligor's attorney in fact, and
apply the proceeds against any liability of obligor to
holder. Upon demand, each obligor will furnish such
additional collateral, and execute any appropriate
documents related thereto, deemed necessary by the
holder for its security. Each obligor further authorizes
the holder, without notice, to set-off any deposit or
account and apply any indebtedness due or to become due
from the holder to the obligor in satisfaction of any
liability described in this paragraph, whether or not
matured. The holder may, without notice, transfer or
register any property constituting security for this
note into its or its nominee name with or without any
indication of its security interest therein.
This note shall immediately mature and become
due and payable, without notice or demand, upon the
filing of any petition or the commencement of any
proceeding by any Debtor for relief under bankruptcy or
insolvency laws, or any law relating to the relief of
debtors, readjustment of indebtedness, debtor
reorganization, or composition or extension of debt.
Furthermore, this note shall, at the option of the
holder, immediately mature and become due and payable,
without notice or demand, upon the happening of any one
or more of the following events: (1) nonpayment on the
due date of any amount due hereunder; (2) failure of
any Debtor to perform any other obligation to the
holder; (3) failure of any Debtor to pay when due any
amount owed another creditor under a written agreement
calling for the payment of money; (4) the death or
declaration of incompetence of any Debtor; (5) a
reasonable belief on the part of the holder that any
Debtor is unable to pay his obligations when due or is
otherwise insolvent; (6) the filing of any petition or
the commencement of any proceeding against any Debtor
for relief under bankruptcy or insolvency laws, or any
law relating to the relief of debtors, readjustment of
indebtedness, debtor reorganization, or composition or
extension of debt, which petition or proceeding is not
dismissed within 60 days of the date of filing thereof;
(7) the suspension of the transaction of the usual
business of any Debtor, or the dissolution, liquidation
or transfer to another party of a significant portion
of the assets of' any Debtor; (8) a reasonable belief on
the part of the holder that any Debtor has made a
false representation or warranty in connection with any
loan by or other transaction with any lender, lessor or
other creditor; (9) the issuance or filing of any levy,
attachment, garnishment, or lien against the property of
any Debtor which is not discharged within 15 days;
(10) the failure of any Debtor to satisfy immediately
any final judgment, penalty or fine imposed by a court
or administrative agency of any government; (11 )
failure of any Debtor, after demand, to furnish
financial information or to permit inspection of any
books or records; (12) any other act or circumstance
leading the holder to deem itself insecure.
The failure or forbearance of the holder to
exercise any right hereunder, or otherwise granted by
law or another agreement, shall not affect or release
the liability of any obligor, and shall not constitute a
waiver of such right unless so stated by the holder in
writing. The holder may enforce its rights against any
Debtor or any property securing this note without
enforcing its rights against any other Debtor, property,
or indebtedness due or to become due to any Debtor.
Each obligor agrees that the holder shall have no
responsibility for the collection or protection of any
property securing this note, and expressly consents
that the holder may from time to time, without notice,
extend the time for payment of this note, or any part
thereof, waive its rights with respect to any property
or indebtedness, and release any other Debtor from
liability, without releasing such obligor from any
liability to the holder. This note is governed By
Georgia law.
The term "obligor" means any party or other
person signing this note, whether as maker, endorser or
otherwise. The term "Prime Rate", if used herein,
shall mean that rate of interest designated by Bank from
time to time as its "Prime Rate" which rate is not
necessarily the Bank's best rate. Each obligor agrees
to be both jointly and severally liable hereon. The term
"holder" means Bank and any subsequent transferee or
endorsee hereof. The term "Debtor" means any obligor
or any guarantor of this note. The principal of this
note will be disbursed in accordance with the
disbursement provision identified above and further
described in the additional provisions set forth on the
reverse side hereof which are incorporated herein by
this reference.
PRESENTMENT AND NOTICE OF DISHONOR ARE HEREBY WAIVED BY
EACH OBLIGOR
ADDRESS
222 PIEDMONT AVENUE, N.E.
ATLANTA, GEORGIA 30308
NAME:/S/ JIM WOLD
OXFORD INDUSTRIES, INC.
NAME:
Credit To
August 23, 2000 904
Maturity Date Treasurer Check Number Center
Code
Account Number Renewal Increase Reduction /S/LauraKahn 91300
Officer Name Officer
Number
WHITE: Bank Copy YELLOW: Customer Copy PINK: File
Copy
1984, 1987, SunTrust Banks of Georgia, Inc.
900362 (9/95)
EXHIBIT 99
INDEX OF EXHIBITS
INCLUDED HERIN, FORM 10-Q
FEBRUARY 26, 1999
SEQUENTIAL
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
- -----------------------------------------------------------------
10(i) Note Agreement between the Company and Sun Trust
of Georgia dated February 25, 1999 covering the
Company's long term note due August 23, 2000 12-14
27 Financial Data Schedule for the Nine Months Ended
February 26, 1999 15