Nike 2003 Annual Report Download - page 34

Special Note Regarding Forward-Looking Statements and Analyst Reports
Certain written and oral statements, other than purely historical information, including estimates,
projections, statements relating to NIKE’s business plans, objectives and expected operating results, and the
assumptions upon which those statements are based, made or incorporated by reference from time to time by
NIKE or its representatives in this report, other reports, filings with the Securities and Exchange Commission,
press releases, conferences, or otherwise, are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-
looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future
results, performance, or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,”
“project,” “will be,” “will continue,” “will likely result,” or words or phrases of similar meaning. Forward-
looking statements involve risks and uncertainties which may cause actual results to differ materially from the
forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by NIKE
with the SEC, including Forms 8-K, 10-Q, and 10-K, and include, among others, the following: international,
national and local general economic and market conditions; the size and growth of the overall athletic footwear,
apparel, and equipment markets; intense competition among designers, marketers, distributors and sellers of
athletic footwear, apparel, and equipment for consumers and endorsers; demographic changes; changes in
consumer preferences; popularity of particular designs, categories of products, and sports; seasonal and
geographic demand for NIKE products; difficulties in anticipating or forecasting changes in consumer
preferences, consumer demand for NIKE products, and the various market factors described above; difficulties in
implementing, operating, and maintaining NIKE’s increasingly complex information systems and controls,
including, without limitation, the systems related to demand and supply planning, and inventory control;
interruptions in data and communications systems; fluctuations and difficulty in forecasting operating results,
including, without limitation, the fact that advance “futures” orders may not be indicative of future revenues due
to the changing mix of futures and at-once orders; the ability of NIKE to sustain, manage or forecast its growth
and inventories; the size, timing and mix of purchases of NIKE’s products; new product development and
introduction; the ability to secure and protect trademarks, patents, and other intellectual property; performance
and reliability of products; customer service; adverse publicity; the loss of significant customers or suppliers;
dependence on distributors; business disruptions; increased costs of freight and transportation to meet delivery
deadlines; increases in borrowing costs due to any decline in our debt ratings; changes in business strategy or
development plans; general risks associated with doing business outside the United States, including without
limitation, import duties, tariffs, quotas and political and economic instability; changes in government
regulations; liability and other claims asserted against NIKE; the ability to attract and retain qualified personnel;
and other factors referenced or incorporated by reference in this report and other reports.
The risks included here are not exhaustive. Other sections of this report may include additional factors
which could adversely affect NIKE’s business and financial performance. Moreover, NIKE operates in a very
competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible
for management to predict all such risk factors, nor can it assess the impact of all such risk factors on NIKE’s
business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not
place undue reliance on forward-looking statements as a prediction of actual results.
Investors should also be aware that while NIKE does, from time to time, communicate with securities
analysts, it is against NIKE’s policy to disclose to them any material non-public information or other confidential
commercial information. Accordingly, shareholders should not assume that NIKE agrees with any statement or
report issued by any analyst irrespective of the content of the statement or report. Furthermore, NIKE has a
policy against issuing or confirming financial forecasts or projections issued by others. Thus, to the extent that
reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the
responsibility of NIKE.
Item 8. Financial Statements and Supplemental Data
Management of NIKE, Inc. is responsible for the information and representations contained in this report.
The financial statements have been prepared in conformity with the generally accepted accounting principles we
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