Billabong ▼ 0.000 | PPR ▲ +1.45 | American Apparel ▼ 0.00 | The Buckle ▲ +0.11 | Columbia ▲ +0.05 | Deckers Outdoor ▲ +0.86 | Dicks ▼ -0.88 | Foot Locker ▲ +0.40 | Genesco ▼ -0.14 | Iconix Brand Group ▲ +0.40 | Jarden Corp ▲ +0.40 | Nordstrom ▲ +0.02 | Luxottica ▼ -0.11 | Nike ▲ +0.33 | Pacific Sunwear ▼ -0.08 | Skullcandy ▼ -0.03 | Sport Chalet ▼ 0.00 | Urban Outfitters ▲ +0.09 | VF Corp ▲ +0.53 | Quiksilver ▼ -0.03 | Zumiez ▼ -0.52 | Macys ▲ +0.50 | Tillys ▼ -0.08 |
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California Filing Enforcements: What to Know, What to Do

By Corinne Baughman, Partner, Moss Adams

Franchise Tax Board to Contact 45,000 Businesses
This month the California Franchise Tax Board will contact California businesses that have not filed a 2012 corporation franchise and income tax returns. If your business has received a notice, you’ll need to respond within 30 days to avoid penalties, increased tax, and interest.

Details in this Alert.



CIT Acquires One West Bank

By Mitchell Cohen, Western Regional Manager, CIT Trade Finance

CIT made three announcements this morning, Tuesday July 22:

Second Quarter Earnings
We reported net income of $247 million, $1.29 per diluted share, for the second quarter of 2014, compared to net income of $184 million, $0.91 per diluted share, for the year-ago quarter.

Acquisition of OneWest Bank
We announced that CIT Group Inc. has entered into a definitive agreement and plan of merger with IMB Holdco LLC, the parent company of OneWest Bank N.A. (“OneWest Bank”), for $3.4 billion in cash and stock.

Highlights of the aquisition:

  • Ability to Leverage OneWest’s Commercial Banking Capabilities to CIT’s Customers
  • Transaction Is Immediately Accretive to CIT’s Earnings Per Share
  • Improves ROTCE and Accelerates Use of Net Operating Losses (NOL)
  • CIT’s Total Assets Will Increase to $67 Billion; Total Deposits Will Increase to $28 Billion
  • Combines CIT’s National Lending Platform with OneWest’s Regional Branch Banking Network

View the Investor Presentation at www.cit.com/investor.

$500 Million Share Repurchase
Our Board of Directors approved the repurchase of up to $500 million of common stock through June 30, 2015.

As a reminder John Thain, Chairman and CEO of CIT, hosted an investor call this morning at 8:00 AM EDT. You can listen to the call at:
U.S. Toll Free         888-317-6003
International           412-317-6061
Canada Toll Free     866-284-3684
Elite Entry Code    3040694
Webcast                  www.cit.com/investor
A replay will be available afterwards as well from the investor website.

Sports and Active Lifestyle Industry Employment Outlook

By Lisa Freedman, Executive Director, SD Sport Innovators (SDSI)

The sports and active lifestyle industry is ever-changing and so are the job opportunities available to interested candidates in Southern California.  For an overview of the local industry’s job market, we talked with SD Sport Innovators’ Executive Director Lisa Freedman.

First of all, what is the job climate these days in the industry overall?  Do you see hiring increasing this year?

This industry is a vibrant contributor to the region’s economic and employment landscape.  Last year, when we partnered with the San Diego Workforce Partnership and San Diego Regional Economic Development Corporation to conduct an Economic Impact and Workforce Needs Assessment on San Diego County’s Sports and Active Lifestyle Industry.

This report focused on sporting goods retail and manufacturing businesses, and in San Diego alone, there are more than 1,200 of these types of businesses with over 23,000 employees.  We also learned that Southern California is viewed as an excellent location to start or grow SAL businesses and that this cluster is driven by startup activity and business relocation. This is great news for people interested in the industry. 

In June, we polled our members and 100 percent of responders indicated that they are hiring in 2014. This reiterates the fact that the industry is healthy and growing. Companies are also looking to expand in various areas in the next two years which is promising for job seekers with their eye on the SAL industry.

What types of job openings are you seeing most?  What are employers looking for?

There are a number of areas where our survey respondents are looking to hire –first and foremost is sales staff, followed by customer service, marketing, accounting and not surprisingly given what we hear down from the vibrant tech sector, tech related positions such as software programming and e-commerce.

When it comes to hiring employees, the top three things our member companies want in terms of skill sets again and again are - ability to communicate with customers and colleagues, willingness to learn and relevant experience. 

What resources do you offer for job seekers?

There are various resources for job seekers to take advantage of if they’re looking to get their foot in the door. Aside from our bi-weekly newsletter that includes a job board, we host monthly events for members and guests. These events typically begin with networking and it’s an ideal opportunity for individuals to get in front of executives from San Diego’s elite SAL companies. For example, here’s an event planned for July:

•   July 24: Time Out with SDSI (The Land & Water Co.)

These networking events allow attendees to connect with friends, meet like-minded entrepreneurs and mingle with the Southern California’s sports business community in a fun and relaxed atmosphere. This event is free and open to the public, but registration is required.

Are you aware of any current job openings?

In our recent SAL member companies survey, we learned that numerous companies are looking to hire for various positions, including SKLZ, Knits R Us, Intellysurf, ZOIC, Agency for Student Health Research, Tower Paddle Boards, SPY, Cardiff Skate Company, Sun Diego Boardshops and Genuine Products Group.

What advice or resume tips do you have for job seekers?

Here are some tips from some of our members:

“Unless you focus on your differentiators, you get lost in the shuffle for the best positions as we see 100 resumes for each job posting”- Stephan Aarstol, Founder & CEO of Tower Paddle Boards.

“Be willing to work your way up the corporate ladder. Don’t expect the best positions right off the bat”- Pete Censoplano, VP of Operations at Sun Diego Boardshops.

“Be personal and when you find a job you want, make it clear that you want it. It’s not coming to you”- Matthew Harkins, CEO at Genuine Products Group.

“Be smart”- Michael Jegat, CEO at Intellysurf.

“Make the resume concise and free from fluff”- Michael Marckx, President and CEO at SPY Inc.

“Get a solid understanding of the product and the market place for the company in which you are speaking to”- Bob Pollack, CEO at Cardiff Skate Co.

“Be honest”- John Sarkisian, CEO at SKLZ.

“Seek for what fits within your passions”- Gary Tessero, CEO at Knits R Us.

“State your skills in the context of your accomplishments; be eager and energetic in the interview and on the job”- Paul Wyandt, CEO at ZOIC.

About SD Sport Innovators

SD Sport Innovators (SDSI) is a non-profit, business accelerator that connects and drives the growth of Southern California's vibrant sports economy by offering elite level networking, and innovative programs and services for start-ups, mature companies and service providers. We offer mentoring, education and capital funding opportunities for start-ups; best practice collaboration, access to new technology and public policy advocacy for mature companies; as well as deal flow to our service providers and the Southern California Investment Community. To learn more about SD Sport Innovators or get information on upcoming events, visit http://www.sdsportinnovators.org

Last Chance to Register for AGENDA:NYC

By Mike Carter, Vice President, Sales and Marketing, AGENDA Trade Show

July 21 - 22, 2014
9am - 6pm

Javits Center North
655 W 34th St
New York, NY 10001

250+ Brands
Agenda:NYC occurs twice a year during New York Men's Market Week. During this week, a total of seven trade shows take place and the city is inundated with thousands upon thousands of men's fashion buyers, media and tastemakers. One of the more intimate gatherings in scale, the Agenda:NYC show takes place in the heart of Manhattan, and hosts around 250 brands acrossroughly 100,000 square feet.

Agenda New York mirrors the Long Beach show's diversity of product as well as overall experience but in a more focused, concise package. This unique show is Agenda's authentic presentation of the gritty street culture, surf, skate and lifestyle, through the filtered lens of New York's polished men's fashion market. Given its geographic location, the NY show is a convenient place for European and east coast-based buyers to interact with exhibiting brands and see new offerings. Further enhancing the New York experience, an Agenda Emerge conference also accompanies the two-day trade show.

Agenda New York Floor Plan

Agenda New York Exhibitor List

Parking at Agenda New York


Waterman's Classic Golf Tournament Sponsorship Deadline Friday, July 18th

By SIMA Environmental Fund, Surf Industry Manufacturers Association, SIMA

This year’s event is selling out! A limited amount of foursomes and hole sponsorships are still available. The 144 tournament spots are on a first-come, first-served basis and will be held only by received payments. Please contact Kelly Keenan, SIMA Event Manager, at Kelly@sima.com with any questions.

Eagle Package - $5,000
Birdie Package - $4,000
Foursome - $2,600
Twosome - $1,300
Individual Player - $650
Hole Sponsor - $1,000

Click here to secure your Waterman's Golf Sponsorship

Staging Modern Sports Experiences in Nontraditional Settings

By Cordon Baesel and Stefanie Warren, Of Counsel and Associate, McKenna, Long & Aldridge LLP


Today many action sports brands are staging sports experiences in non-traditional settings.  Stefanie Warren and I recently wrote an article for sportsbusinessdaily.com that discusses the shifting paradigm these new settings create for risk management.  

We use the example of a showcase held last year: “Ramp it Up — Skateboard Culture in Native America,” a Smithsonian Institution traveling exhibition. This event required building and operating a public skateboard ramp in the San Diego Museum of Man.

To formulate the risk paradigm for this unique event, we kept it basic in the evaluation of the questions that go into any event: who (and where), what, and how.  We then developed a risk analysis and strategy for each component.

We gathered input from museum staff and evaluated event options, operational approaches and strategies for allocation of risk between sponsors, contractors and related parties. Despite logistical challenges and varied stakeholder interests, the public skateboard ramp operated successfully throughout the four-month run of the exhibition.

As with any sporting event, successful risk management for a unique venue demands a deep understanding of the sport and attention to all event and venue details. For Ramp It Up, early involvement allowed us to evaluate stakeholder risks so that mitigation measures were part of the design and implementation of the event.

To learn more about ways to mitigate risk for sporting events in unique venues and for a link to the full article, please visit our website.

Photo by San Diego Museum of Man

ROTH acts as Co-Manager for Performance Sports Group in its $126.5M U.S. IPO

By Paul Zaffaroni, Managing Director, ROTH Capital Partners

Transaction Information
On June 25, 2014, Performance Sports Group Ltd. announced the completion of an underwritten public offering in the United States and Canada of 8,161,291 shares of its common stock at a price of US$15.50 per share for gross proceeds of approximately US$126.5 million, including the fully exercised over-allotment option. The common shares are now dual listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PSG."
The Company will use the net proceeds of the Offering to reduce leverage and repay approximately US$119.5million of the Company’s term loan facility which was used to finance the Company’s recent acquisition of Easton Baseball/Softball.
ROTH Capital Partners, LLC acted as co-manager for the offering.
On June 17, 2014, as previously announced, the Company changed its name from "Bauer Performance Sports Ltd." to "Performance Sports Group Ltd." to better reflect the growth of the Company with its recent strategic acquisitions and expansion into new high performance sports. The Company's brands, including BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON, continue to be consumer-facing brands in their respective sports. (Source: Press Release Jun 19, 2014)
Client Information
Performance Sports Group Ltd. is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel. The Company has the most recognized and strongest brands in ice hockey, roller hockey, baseball and softball, and holds top market share positions in these sports. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. The Company is focused on building its leadership position by growing market share in all product categories and pursuing strategic acquisitions. (Source: Press Release Jun 25, 2014)
ROTH Capital Partners
ROTH Capital Partners, LLC, is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, ROTH is privately-held and employee owned, and maintains offices throughout the U.S. and Hong Kong. For more information on ROTH, please visit www.roth.com.

Separating for Soft-Hand Screen Prints

By Dan Sauerwald, Owner, QCS Graphics

Many screen print consumers are looking for a nice, soft hand feel to their prints. There are many factors involved in achieving this, from the inks used to the screen mesh to the the hardness, shape and pressure of the squeegee. One of the factors that is often overlooked is the separations.

If a good separator is aware that the customer wants a soft hand print, there is a lot that he or she can do to help. For example, using lighter halftones while specifying darker ink colors can greatly reduce the amount of ink laid down on the garment, thereby reducing the “bullet-proof” hand feel that turns off so many consumers. Another tool in the separator’s arsenal is taking advantage of the substrate color, and reducing or eliminating the base plate in critical areas to make the print look good with less ink.

If you’re looking to get a soft hand feel to your prints, be sure to tell your separator - there is a lot that he or she can do to help you to achieve that.

Alert: $150 Million in Tax Credits Now Available in California

By Corinne Baughman, Partner, Moss Adams

Golden State Opportunity

In its second round of financing, the California Competes Tax Credit is set to distribute $150 million to businesses with current operations in California and those seeking to establish new operations there.

This Alert briefly covers eligibility requirements, deadlines, and more.

Read more here.

Innovative Systems Announces Full Circle LITE

By Amy Rasmussen, Senior Vice President, Innovative Systems LLC

Innovative Systems LLC has just launched a new product called Full Circle LITE® - the convenient, affordable alternative to Full Circle®, built specifically for small to medium sized companies seeking a management software solution to successfully manage and streamline operations. More information on the Full Circle LITE is available here.

We caught up with Amy Rasmussen, Senior Vice President at Innovative Systems LLC, to learn more about the newest addition to the Innovative Systems lineup and its benefits for clients.

What made you decide to develop Full Circle LITE?

Innovative Systems is led by an experienced team of industry insiders and has two decades of success in providing management software solutions and EDI services for the apparel, footwear and accessories industries.  Its well-known solution, Full Circle®, supports the largest companies in the industry and is a very robust platform.  Over the years, we heard the industry’s request for a robust yet affordable software solution that can support small to medium businesses as they grow. Full Circle LITE® is our answer to an identified industry need.

What types of companies would benefit most from Full Circle LITE?

Full Circle LITE® is most beneficial to small to medium sized companies in the apparel, footwear and accessories industries.  It is the perfect solution for growing companies that are seeking a management software solution that can streamline every aspect of their operations.  The solution itself, along with the industry-specific expertise and unparalleled customer service of Innovative Systems, enables companies to improve customer service, actualize business opportunities, reduce loss from unfulfilled orders, and minimize investment in idle inventory.

What feedback have you gotten so far?
Apparel and accessories companies like Athletic Recon, among others, have already started leveraging Full Circle LITE® and are reaping the benefits.   “I used Full Circle throughout my 13 years at Volcom and it was a reliable, proven solution that delivered measurable results.  When I transitioned to my new position at Athletic Recon, Full Circle Lite was the clear choice to help us streamline our business processes and position us for growth," said John Fearnley, Chief Executive Officer of Athletic Recon.

How can brands learn more about Full Circle LITE?

Companies interested in learning more about Full Circle LITE® can contact Amy Rasmussen at amyr@isllc.com or visit www.isllc.com.