SEC FILE NUMBER
830566 10 5
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF LATE FILING
|(Check One):|| |
¨ Form 10-K ¨ Form 20-F ¨ Form 11-K
x Form 10-Q ¨ Form N-SAR ¨ Form N-CSR
|For Period Ended: March 31, 2013|
|¨ Transition Report on Form 10-K|
|¨ Transition Report on Form 20-F|
|¨ Transition Report on Form 11-K|
|¨ Transition Report on Form 10-Q|
|¨ Transition Report on N-SAR|
|For the Transition Period Ended:|
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
Skechers U.S.A., Inc.
Full Name of Registrant
Former Name if Applicable
228 Manhattan Beach Boulevard
Address of Principal Executive Office (Street and Number)
Manhattan Beach, California 90266
City, State and Zip Code
RULE 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the following should be completed. (Check box if appropriate.)
The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
|(c)||The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.|
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
(Attach extra Sheets if Needed)
Skechers U.S.A., Inc. (the Company) is unable, without unreasonable effort or expense, to file a Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013 (the First Quarter 10-Q) with the Securities and Exchange Commission, or the SEC, by the prescribed due date of May 10, 2013 because of previously disclosed events. Specifically, as previously disclosed, on April 8, 2013, KPMG LLP, or KPMG, resigned as the Companys independent accountant. KPMG stated it had concluded it was not independent because of alleged insider trading in the Companys securities by one of KPMGs former partners who was the KPMG engagement partner on the Companys audit for the 2011 and 2012 fiscal years. KPMG advised the Company it resigned as the Companys independent accountant solely due to the impairment of KPMGs independence resulting from its now former partners alleged unlawful activities and not for any reason related to the Companys financial statements, its accounting practices, the integrity of the Companys management or for any other reason.
As a result of the alleged insider trading activity by its now former partner and KPMGs resulting resignation on April 8, 2013, KPMG notified the Company its independence has been impaired and had no option but to withdraw its audit reports on the Companys financial statements for the fiscal years ended December 31, 2011 and 2012 and the effectiveness of internal control over financial reporting as of December 31, 2011 and 2012 and that such reports should no longer be relied upon as a result of KPMGs lack of independence created by the circumstances described above. The Companys Audit Committee and management continue to believe that the Companys financial statements covering the referenced periods fairly present, in all material respects, the financial condition and results of operations of the Company as of the end of and for the referenced periods and that the Companys internal control over financial reporting was effective during these periods.
On April 24, 2013, the Companys Audit Committee approved the appointment of BDO USA, LLP, or BDO, as the Companys new independent registered public accounting firm for the fiscal year ending December 31, 2013 and to re-audit the Companys financial statements for the fiscal years ended December 31, 2011 and 2012. Due to the limited amount of time since BDOs appointment, BDO has not been able to complete its review of the Companys financial statements for the quarter ended March 31, 2013, and as a result, the Company has not been able to file the First Quarter 10-Q by the prescribed due date of May 10, 2013 with reviewed quarterly financial statements in accordance with PCAOB Statement on Auditing Standards AU 722, Interim Financial Information, as required by SEC rules. The Company expects to file the First Quarter 10-Q no later than May 15, 2013, which is the fifth calendar day following the prescribed due date.
|(1)||Name and telephone number of person to contact in regard to this notification|
|(Name)||(Area Code)||(Telephone Number)|
|(2)||Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s). x Yes ¨ No|
|(3)||Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion there of? ¨ Yes x No|
If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Skechers U.S.A., Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
|Date:||May 10, 2013||By:|
|Title:||Chief Operating Officer and Chief Financial Officer|
|99.1||Letter dated May 9, 2013 from BDO USA, LLP|