Oakley Increases Annual Dividend

Oakley has announced that its Board of Directors has declared the company's regular annual cash dividend in an amount equal to $0.15 per share, an increase of $0.01 per share over the company's initial dividend of $0.14 per share declared last year.

The dividend will be payable October 29, 2004, to shareholders of record at the close of business on October 15, 2004.

'We continue to be very proud of our strong balance sheet and solid cash flows. Increasing the dividend provides another way to return value to our shareholders, in addition to our ongoing share repurchase program', commented Chief Operating Officer Link Newcomb.