FOOTHILL RANCH, Calif.–(BUSINESS WIRE)–Sept. 10, 2002–Oakley Inc. (NYSE:OO) today announced its board of directors has authorized the repurchase of up to an additional $20 million of its common stock in the open market from time-to-time as market conditions are appropriate.

Since late 1999, the company has bought 3,674,400 shares of common stock for approximately $40 million. In August 2002 the company completed the $3.8 million balance of its last $20 million authorization through the repurchase of approximately 272,000 shares.

“We continue to believe in our diversification program and the strength of the Oakley brand and feel that the stock represents an attractive investment opportunity at these levels,” commented Chief Operating Officer, Link Newcomb.

As of Aug. 9, 2002 there were 68,721,297 shares outstanding.

About Oakley Inc.

Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company also offers an expanding line of premium performance footwear, apparel, accessories, watches and prescription eyewear to consumers in more than 70 countries.

Trailing 12-month revenues through June 30, 2002 totaled $458.9 million and generated net income of $45.5 million — a 9.9 percent net margin.