Vans ORANGE Nature of Business: Manufactures, retails,...

Vans ORANGE Nature of Business: Manufactures, retails, wholesales and distributes casual shoes Total Employees: 2,100 In Orange County: 1,800 Stock Listing in The Times: On NASDAQ as “Vans” Ticker Symbol: “VANS”Friday’s Stock Close: $22.50 Change: $2.00 Analyst Review: “In a word, Vans is unique. It is a complete pipeline of manufacturing, distribution and retail. This company understands what the customer wants. If a particular shoe is hot, they can turn out a product in nine days because they manufacture domestically--as opposed to a company like Nike that doesn’t and has a four-month turnaround time. The employee relations are wonderful. All the things that could happen in labor-intensive operations don’t happen at Vans. They understand that it’s the employees who make the shoes that allow Vans to become a preferred supplier. Institutions are waking up to Vans as a growth stock. Its initial public offering was $14 and it’s currently trading at $22. Converse, Nike and Reebok started out as small as Vans is now. This company has great potential.

Eric J. Appell, analyst, Cruttenden & Co., Irvine

SALES and PROFITS Dollar amounts in millions.

2 Qtrs. 1989 1990 1991 1991 1992 Net Sales $51.2 $54.4 $70.2 $33.5 $46.6 Net Profit (Loss) $2.5 $.263 ($.236) $.875 $4.8

Corporate Outlook: “One of the things we feel good about is our work force in Orange. These are the people who make it all happen. We don’t have any good proprietary secrets, it’s just a real good organization. And we believe our product represents a real value to our consumer. Southern California knows about us, and now we’re bringing the Vans story to the rest of the world.” --Dick Leeuwenburg, president/CEO

RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending May 31 May 31 May 31 2 Qtrs. 2 Qtrs. 1989 1990 1991 1991 1992 52-Week High N/A N/A N/A N/A $20.25 52-Week Low N/A N/A N/A N/A $13.75 Book Value Per Share N/A N/A N/A N/A $0.41 Price Per Share N/A N/A N/A N/A $15.63 Net Earnings Per Share N/A N/A N/A N/A $0.58 Price-to-Earnings Ratio N/A N/A N/A N/A 13:1 Avg. Return on Investor Equity 32% 3% N/A 10% 20%

* Vans sold 4.1 million shares in an initial public offering Aug. 22, 1991; net proceeds: $40.2 million. For more information call or write, Vans Inc.: 2095 Batavia Street, Orange, Calif., 92665-3101. (714) 974-7414, ext. 426 Source: Vans Inc.