SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
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NAUTICA ENTERPRISES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
639089101
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(CUSIP NUMBER)
Eminence Capital, LLC
65 East 55th Street
25th Floor
New York, New York 10022
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
June 20, 2003
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(Date of event which requires
filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box
[ ]
(Page 1 of 6 Pages)
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CUSIP No. 639089101 13D Page 2 of 6
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Eminence Capital, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7 SOLE VOTING POWER
SHARES 2,200,000 shares
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0 shares
REPORTING -------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
2,200,000 shares
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10 SHARED DISPOSITIVE POWER
0 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,200,000 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.55% of Common Stock
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14 TYPE OF REPORTING PERSON
OO
(Page 2 of 6 Pages)
CUSIP No. 639089101 SCHEDULE 13D
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ITEM 1. SECURITY AND ISSUER.
Security: Common Stock
Issuer: Nautica Enterprises, Inc.
40 W 57th Street
New York, New York 10019
ITEM 2. IDENTITY AND BACKGROUND.
(a) Eminence Capital, LLC ("Eminence")
(b) 65 East 55th Street, 25th Floor, New York, New York 10022
(c) Eminence serves as an investment manager to domestic and
off-shore investment vehicles.
(d) - (e) During the last five years, neither Eminence nor any of its
principals, to the best of their knowledge, have been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors), or has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which any of the foregoing was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
(f) New York
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
All of the shares of the Issuer were acquired through working capital
of the investment vehicles managed by Eminence.
ITEM 4 PURPOSE OF TRANSACTION
Eminence believes that the Company is undervalued and supports
management's decision to enhance shareholder value through its exploration of a
potential sale of the Company. Eminance also seeks to encourage the Board of
Directors of the Company to work out a resolution with David Chu to buy out his
50% ownership in the Nautica brand name and trademarks which entitles him to 50%
of the royalty income from licensees of the Nautica brand name. This amount has
grown to over 15% of the Company's operating earnings before taxes and it is
Eminence's belief that this royalty structure is not in the best interest of the
Company and its shareholders.
Other than as described above, Eminence does not have any plans or
proposals which would result in any of the following:
(Page 3 of 6 Pages)
a. the acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
b. an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its
subsidiaries;
c. a sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
d. any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the number or
term of directors or to fill any vacancies on the board;
e. any material change in the present capitalization or dividend
policy of the Issuer;
f. any other material change in the Issuer's business or corporate
structure;
g. changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
h. causing a class of securities of the Issuer to be delisted from
a national securities exchange or to cease to be authorized to be
quoted in an interdealer quotation system of a registered national
securities association;
i. causing a class of securities of the Issuer to become eligible
for termination of registration pursuant to Section 12(g)(4) of the
Act; or
j. any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) - (b) As the holder of sole voting and investment authority over
the shares owned by its advisory clients, Eminence may be deemed, for purposes
of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the
beneficial owner of the aggregate amount of 2,200,000 shares representing
approximately 6.55% of the outstanding shares of the Issuer (based upon
33,590,100 shares outstanding as of May 28, 2003, as reported on the latest 10-K
of the Issuer). Eminence disclaims any economic interest or beneficial ownership
of the shares covered by this Statement.
(Page 4 of 6 Pages)
(c)
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DATE AMOUNT OF SECURITIES PRICE/SHARE TYPE
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6/11/03 561,600 $12.7081 Open-market purchase
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6/11/03 138,500 $12.7998 Open-market purchase
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6/13/03 10,000 $12.4134 Open-market purchase
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6/16/03 120,000 $12.3645 Open-market purchase
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6/17/03 50,000 $12.5820 Open-market purchase
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6/18/03 60,000 $12.4967 Open-market purchase
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6/20/03 150,000 $13.4608 Open-market purchase
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6/20/03 140,000 $13.5537 Open-market purchase
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6/23/03 120,000 $12.8100 Open-market purchase
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6/24/03 5,000 $12.9890 Open-market purchase
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6/25/03 30,000 $12.9862 Open-market purchase
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6/26/03 40,000 $13.2500 Open-market purchase
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6/26/03 75,000 $13.2389 Open-market purchase
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(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
(Page 5 of 6 Pages)
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: November 15, 2002
EMINENCE CAPITAL, LLC
By: /s/ Ricky C. Sandler
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Name: Ricky C. Sandler
Title: Managing Member
(Page 6 of 6 Pages)