<PAGE>

                         SECURITIES AND EXCHANGE COMMISSION
                                          
                               WASHINGTON, D.C. 20549
                                          
                                     FORM 10-Q

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

     FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998

                                         OR

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

            FOR THE TRANSITION PERIOD FROM ____________ TO _____________

                        Commission File Number: 1-14208

                                   MOSSIMO, INC.

               (Exact name of Registrant as specified in its charter)

                DELAWARE                                   33-0684524
     (State or other jurisdiction of                (I.R.S. Employer ID No.)
       incorporation or organization)

              9 PASTEUR
          Irvine, California                               92618-2215
        (Address of principal                              (Zip Code) 
         executive offices)

                                   (714) 789-0200
                (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for any shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes   X    No      
                                               -----     -----

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.

          Common Stock, par value                       15,008,592
              $.001 per share                 (Outstanding on May 15, 1998)
                 (Class)

                              Exhibit Index on Page 12

<PAGE>

                                    MOSSIMO, INC.

                                 INDEX TO FORM 10-Q


PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>
                                                                         Page
                                                                         ----
<S>                                                                      <C>
ITEM 1 - Financial Statements:

Condensed consolidated balance sheets as of March 31, 
    1998 (unaudited) and December 31, 1997. . . . . . . . . . . . . . .    2

Condensed consolidated statements of operations for the 
    three months ended March 31, 1998 and 1997 (unaudited). . . . . . .    3

Condensed consolidated statements of cash 
    flows for the three months ended March 31, 
    1998 and 1997 (unaudited) . . . . . . . . . . . . . . . . . . . . .    4

Notes to condensed consolidated financial statements  . . . . . . . . .    5


ITEM 2 - Management's Discussion and Analysis of Financial 
         Condition and Results of Operations . . . . . . . . . . . . . .   7


PART II - OTHER INFORMATION

ITEM 2 - Legal Proceedings  . . . . . . . . . . . . . . . . . . . . . .   10

ITEM 6 - Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . .   10

SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   11

EXHIBIT INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   12

EXHIBITS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13
</TABLE>

<PAGE>

                            MOSSIMO, INC. AND SUBSIDIARY
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                     MARCH 31,    DECEMBER 31,
                                                       1998           1997  
                                                     ---------    ------------
                                                    (UNAUDITED)
<S>                                                 <C>            <C>
                      ASSETS

CURRENT ASSETS:
  Cash and cash equivalents . . . . . . . . . . .   $    414       $    655
  Accounts receivable, net. . . . . . . . . . . .      2,928          2,473
  Due from factor, net. . . . . . . . . . . . . .      4,007          4,001
  Refundable taxes. . . . . . . . . . . . . . . .        346          5,505
  Inventories . . . . . . . . . . . . . . . . . .     13,176         14,437
  Prepaid expenses and other current assets . . .        323            296
                                                    --------       --------
    Total current assets. . . . . . . . . . . . .     21,194         27,367


PROPERTY AND EQUIPMENT, net . . . . . . . . . . .      8,795          9,182
OTHER ASSETS. . . . . . . . . . . . . . . . . . .        276            275
                                                    --------       --------
                                                    $ 30,265       $ 36,824
                                                    --------       --------
                                                    --------       --------

     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

  Line of credit. . . . . . . . . . . . . . . . .    $ 4,024        $ 6,962
  Accounts payable. . . . . . . . . . . . . . . .      2,295          4,126
  Accrued liabilities . . . . . . . . . . . . . .      2,319          2,389
  Current portion of long-term debt . . . . . . .         38             41
  S distribution note . . . . . . . . . . . . . .        343            362
                                                    --------       --------
    Total current liabilities . . . . . . . . . .      9,019         13,880

DEFERRED ROYALTY INCOME . . . . . . . . . . . . .        419            450
DEFERRED RENT . . . . . . . . . . . . . . . . . .         44             68
LONG-TERM DEBT, net of current portion. . . . . .         24             31

COMMITMENTS AND CONTINGENCIES 

STOCKHOLDERS' EQUITY: 
  Preferred stock, par value $.001; authorized
    shares 3,000,000, no shares issued 
      or outstanding. . . . . . . . . . . . . . .          -              -
  Common stock, par value $.001; authorized shares
    30,000,000, issued and outstanding
    15,008,592 - 1998 and 15,000,000 - 1997 . . .         15             15
  Additional paid-in capital. . . . . . . . . . .     31,417         31,386
  Accumulated deficit . . . . . . . . . . . . . .    (10,673)        (9,006)
                                                    --------       --------
    Total stockholders' equity. . . . . . . . . .     20,759         22,395
                                                    --------       --------
                                                    $ 30,265       $ 36,824
                                                    --------       --------
                                                    --------       --------
</TABLE>

            See accompanying notes to consolidated financial statements.


                                       2

<PAGE>

                            MOSSIMO, INC. AND SUBSIDIARY
                  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                       (IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>

                                                     FOR THE THREE MONTHS
                                                        ENDED MARCH 31,
                                                     --------------------
                                                        1998        1997
                                                     --------    --------
                                                    (UNAUDITED)
<S>                                                  <C>            <C>
Net sales . . . . . . . . . . . . . . . . . . . .    $14,436        $24,016
Cost of sales . . . . . . . . . . . . . . . . . .     10,688         16,931
                                                     -------        -------
    Gross profit. . . . . . . . . . . . . . . . .      3,748          7,085
Royalty income, net . . . . . . . . . . . . . . .      1,109          1,425
                                                     -------        -------
                                                       4,857          8,510
OPERATING EXPENSES:
    General and administrative. . . . . . . . . .      2,972          3,454
    Selling . . . . . . . . . . . . . . . . . . .      1,975          2,553
    Marketing . . . . . . . . . . . . . . . . . .        577          2,227
    Design. . . . . . . . . . . . . . . . . . . .        774          1,146
                                                     -------        -------
        Total operating expenses. . . . . . . . .      6,298          9,380
                                                     -------        -------
        Operating loss. . . . . . . . . . . . . .     (1,441)          (870)
                                                     -------        -------

OTHER (EXPENSE) INCOME:
    Other, net. . . . . . . . . . . . . . . . . .        (48)             -
    Interest, net . . . . . . . . . . . . . . . .       (178)            40
                                                     -------        -------
        Net other (expense) income. . . . . . . .       (226)            40
                                                     -------        -------
Loss before benefit for income taxes. . . . . . .     (1,667)          (830)
Benefit for income taxes. . . . . . . . . . . . .          -           (332)
                                                     -------        -------
Net loss. . . . . . . . . . . . . . . . . . . . .    $(1,667)       $  (498)
                                                     -------        -------
                                                     -------        -------
Net loss per common share
    Basic and diluted . . . . . . . . . . . . . .    $  (.11)       $  (.03)
                                                     -------        -------
                                                     -------        -------

Weighted average common shares outstanding
    Basic and diluted . . . . . . . . . . . . . .     15,009         15,000
                                                     -------        -------
                                                     -------        -------
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       3

<PAGE>


                           MOSSIMO, INC. AND SUBSIDIARY
                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                       FOR THE THREE MONTHS
                                                          ENDED MARCH 31,   
                                                       --------------------
                                                          1998      1997  
                                                       --------------------
                                                       (UNAUDITED)
<S>                                                 <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss. . . . . . . . . . . . . . . . . . . . .   $ (1,667)     $    (498)
Adjustment to reconcile net loss to 
    net cash provided by (used in) 
    operating activities:
    Depreciation and amortization . . . . . . . .        560            302
    Loss on disposition of property 
      and equipment . . . . . . . . . . . . . . .         48             18
    Deferred rent . . . . . . . . . . . . . . . .        (40)            (9)
    Provision for doubtful receivables. . . . . .         15            113
    Changes in:
        Accounts receivable . . . . . . . . . . .       (470)        (1,507)
        Due from factor . . . . . . . . . . . . .         (6)        (1,146)
        Inventories . . . . . . . . . . . . . . .      1,261         (1,698)
        Prepaid expenses and other 
          current assets. . . . . . . . . . . . .        (27)        (1,356)
        Other assets. . . . . . . . . . . . . . .        (32)           (56)
        Accounts payable. . . . . . . . . . . . .     (1,831)         1,629
        Accrued liabilities . . . . . . . . . . .        (73)         1,037
        Refundable taxes. . . . . . . . . . . . .      5,159           (437)
                                                     -------        -------
        Net cash provided by (used in) 
          operating activities. . . . . . . . . .      2,897         (3,608)
                                                     -------        -------

CASH FLOWS FROM INVESTING ACTIVITY -
Payments for acquisition of property 
  and equipment . . . . . . . . . . . . . . . . .       (221)        (2,455)
                                                     -------        -------
        Net cash used in investing activities . .       (221)        (2,455)
                                                     -------        -------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Net change in line of credit . . . . . . . . . .     (2,938)         1,000
 Proceeds from issuance of common stock . . . . .         31              -
 Repayment of long-term debt. . . . . . . . . . .        (10)           (49)
                                                     -------        -------
        Net cash provided by (used in) 
          financing activities. . . . . . . . . .     (2,917)           951
                                                     -------        -------
NET CHANGE IN CASH AND CASH EQUIVALENTS . . . . .       (241)        (5,112)
CASH AND CASH EQUIVALENTS, beginning of period. .        655          7,007
                                                     -------        -------
CASH AND CASH EQUIVALENTS, end of period. . . . .       $414        $ 1,895
                                                     -------        -------
                                                     -------        -------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
    Cash paid during the period for:
        Interest. . . . . . . . . . . . . . . . .    $   123           $ 18
                                                     -------        -------
                                                     -------        -------
        Income taxes. . . . . . . . . . . . . . .    $     -         $  142
                                                     -------        -------
                                                     -------        -------
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       4

<PAGE>

                                       
                         MOSSIMO, INC. AND SUBSIDIARY
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.   ORGANIZATION AND ACCOUNTING POLICIES

     Mossimo, Inc. and subsidiary ("Mossimo" or the "Company") designs, 
sources and markets a lifestyle collection of contemporary men's and women's 
sportswear and men's activewear bearing Mossimo-Registered Trademark- 
trademarks.  The Company also designs, sources and markets men's and women's 
eyewear, and licenses its trademarks for use in collections of women's 
swimwear and bodywear, men's neckwear, men's tailored clothing, men's hosiery 
and men's and women's accessories.  The Company distributes its products to a 
diversified account base, including department stores, specialty retailers, 
and sports and activewear stores located throughout the United States, as 
well as two signature retail stores and one outlet store in Southern 
California. 

     The accompanying unaudited interim consolidated financial statements of 
the Company have been prepared pursuant to the rules and regulations of the 
Securities and Exchange Commission ("SEC") for reporting on Form 10-Q. 
Accordingly, they do not include all of the information and footnotes 
required by generally accepted accounting principles ("GAAP") for complete 
financial statements.  The accompanying unaudited interim condensed 
consolidated financial statements should be read in conjunction with the 
Company's consolidated financial statements for the year ended December 31, 
1997 on Form 10-K.

     In the opinion of management, the unaudited condensed consolidated 
financial statements contain all adjustments, consisting only of normal 
recurring adjustments, necessary for a fair statement of the consolidated 
balance sheets as of March 31, 1998 and December 31, 1997, and the 
consolidated statements of operations and the consolidated statements of cash 
flows for the three months ended March 31, 1998 and 1997.  Operating results 
for the three months ended March 31, 1998 are not necessarily indicative of 
the results that may be expected for the entire fiscal year ending December 
31, 1998.

     Certain reclassifications have been made in the audited consolidated 
1997 financial statements to conform to the 1998 presentation.

     The company computes loss per share pursuant to SFAS No. 128, EARNINGS 
PER SHARE, which requires the dual presentation of Basic and Diluted Earnings 
per share.  The Company adopted this pronouncement in fiscal 1997 and has 
restated prior periods to reflect the adoption of SFAS No. 128.  Common stock 
equivalents consisted of outstanding stock options totaling 515,800 and 
555,000 as of March 31, 1998 and 1997, respectively.  Common stock 
equivalents have not been included in the calculation of diluted loss per 
share as their effect would have been anti-dilutive on both periods.

<TABLE>
<CAPTION>
                                                                  FOR THE THREE MONTHS
                                                                     ENDED MARCH 31,
                                                                  --------------------
                                                                      1998      1997
                                                                     ------    ------
<S>                                                                  <C>       <C>

Basic weighted average shares outstanding during the period. . .     15,009    15,000
Dilutive effect of stock options . . . . . . . . . . . . . . . .          -         -
                                                                     ------    ------
Weighted average common shares outstanding
    Basic and diluted. . . . . . . . . . . . . . . . . . . . . .     15,009    15,000
                                                                     ------    ------
                                                                     ------    ------
</TABLE>

                                       5

<PAGE>

2.   CREDIT FACILITY

     In April 1998, the Company's credit facility was amended to a $15.0 
million revolving credit line, which is collateralized by inventory, 
receivables, machinery and equipment and tradenames.  The Company's 
borrowings under the amended agreement are limited to eligible inventory and 
receivables.  Advances under the amended agreement bear interest at the prime 
rate plus 0.5%.  Whereas the Company's factoring and finance agreements run 
through June 1, 2000, the revolving line is committed through January 1, 1999 
with an extension through March 31, 1999, subject to certain conditions.

     Historically, the Company has sold a substantial portion of its trade 
accounts receivable to a factor, which assumes the credit risk with respect 
to collection of nonrecourse accounts receivable in exchange for a fee.  The 
factor approves the credit of the Company's customers prior to sale.  If the 
factor disapproves of a sale to a customer and the Company decides to proceed 
with the sale, the Company bears the credit risk.  The factoring agreement is 
in force until June 1, 2000.
     
3.   COMMITMENTS AND CONTINGENCIES

     LITIGATION - On January 23, 1997, plaintiff Chaile Steinberg filed a 
purported class action against the Company and certain other defendants on 
behalf of individuals who purchased the Company's common stock in the initial 
public offering pursuant to the Registration Statement and Prospectus 
("Prospectus"), dated February 22, 1996, and on the open market from February 
22, 1996 through January 14, 1997 (the "Class Period").  In addition to 
naming the Company, the plaintiffs Igor Glaudnikov, Cara Debra Marks and Lois 
Burke filed a second related action against the same defendants.  The two 
cases were subsequently consolidated by court order, dated May 19, 1997.  
Both Steinberg and Glaudnikov (collectively, the "State Actions") contain 
identical factual allegations, and only differ in the number of shares 
purchased by plaintiffs and the California residence of two of the plaintiffs 
in the Glaudnikov action.

     The State Actions allege that defendants made false and misleading 
statements and intentionally concealed material negative information in the 
Prospectus and afterward during the Class Period, which artificially inflated 
prices for the Company's common stock.  Plaintiffs contend that the class was 
damaged in an unspecified amount as a result of this artificial inflation of 
the Company's stock price.

     On September 23, 1997, a federal class action complaint was filed on 
behalf of plaintiff James Frenkil by the same law firm that represents the 
plaintiffs in the State Actions.  One of the named plaintiffs in the federal 
action is a plaintiff in the State Actions.  The class period and 
precipitating events are the same as in the State Actions, but the federal 
complaint purports to allege violations of certain federal securities laws.  
On October 17, 1997, the judge stayed the federal action pending further 
development in the State Actions.

     Defendants filed demurrers in the State Actions, challenging the legal 
sufficiency of the complaints.  On June 26, 1997, the judge sustained the 
defendant's general demurrer to the complaints in the State Actions, finding 
that neither complaint pleaded facts sufficient to constitute causes of 
action against the defendants.  The judge sustained the demurrer as to four 
of the causes of action with leave to amend, and as to the fifth cause of 
action for unlawful, unfair or fraudulent business practices and false or 
misleading advertising without leave to amend.  Since that time, no amended 
complaint nor motion for class certification has been filed by the 
plaintiffs, although plaintiffs are continuing to conduct discovery in aid of 
amending their complaints.

     Although the outcome of the litigation cannot be predicted, management 
believes that the Company has meritorious defenses and intends to defend this 
action with vigor.

     The Company is involved in certain other legal and administrative 
proceedings and threatened legal and administrative proceedings arising in 
the normal course of its business. While the outcome of such proceedings and 
threatened proceedings cannot be predicted with certainty, in the opinion of 
management, the ultimate resolution of these matters individually or in the 
aggregate will not have a material adverse effect on the Company.


                                      6

<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS
     
     The following discussion includes the operations of Mossimo, Inc. and
subsidiary for each of the periods discussed.  This discussion and analysis
should be read in conjunction with the Company's Consolidated Financial
Statements for the year ended December 31, 1997 on Form 10-K. 

RESULTS OF OPERATIONS

     THREE MONTHS ENDED MARCH 31, 1998 AND 1997

     Net sales decreased to $14.4 million in 1998 from $24.0 million in 1997. 
The decrease in net sales was primarily due to a 60.2% decline in Men's sales 
and a 31.3% decline in Women's sales.  Net sales of the men's line, which 
represented 44.7% of the Company's net sales for the three months ended March 
31, 1998, decreased to $6.5 million in 1998 from $16.2 million in 1997. The 
decrease in net sales of the men's line in 1998 was primarily due to reduced 
sales of tees and tanks, knitwear and wovens.  The decline in the Men's line 
was partially offset by sales of the Moss line totaling  $1.5 million.  Net 
sales of the women's line, which represented approximately 32.0% of the 
Company's net sales for the three months ended March 31, 1998, decreased to 
$4.6 million in 1998 from $6.7 million in 1997.  Net sales of the Company's 
eyewear decreased approximately 10.7% to $525,000 in 1998 from $588,000 in 
the same period last year.     

     Gross profit decreased to $3.7 million in 1998 from $7.1 million in 
1997. Gross profit as a percentage of net sales decreased to 26% in 1998, 
from 29.5% in 1997.  The decrease resulted primarily from inventory 
writedowns necessitated by excessive inventory levels and lower than expected 
sales levels, resulting in the sales of such excessive inventory in discount 
channels.

     Royalty income decreased 22%, to $1.1 million in 1998 from $1.4 million 
in 1997.  The decrease was primarily attributed to reduced sales by the 
company's licensees that carry swimwear, bodywear and accessory product 
categories. Management believes that sales of the Company's swimwear licensee 
were negatively impacted by poor weather conditions on the West Coast.  Sales 
of the Company's accessory licensee declined due to a reduction in product 
categories offered in 1998 compared to 1997.

     Operating expenses decreased in all categories to $6.3 million in 1998 
from $9.4 million in 1997.  General and administrative expense decreased to 
$3.0 million in 1998 compared to $3.5 million in 1997, primarily due to 
reduced staffing and cost cutting measures. Selling expense decreased to $2.0 
million in 1998 from $2.6 million in 1997, due to reduced sales commissions 
offset by an increased salary expense for in house sales representatives.  
Marketing expense decreased to $0.6 million in 1998 from $2.2 million in 
1997, primarily due to reduction in print  advertising and the elimination of 
certain New York fashion shows.  Design expense decreased to $0.8 million in 
1998 compared to $1.1 million in 1997, primarily due to reduced staffing and 
overall cost cutting measures in the design department.

     The Company had net interest expense of $178,000 in 1998 compared to net 
interest income of $40,000 in 1997.  In 1998, the Company increased 
borrowings on the Company's credit facility due to the loss sustained by the 
Company in fiscal 1997.

     The Company recorded no tax benefit in 1998 as a result of its pretax 
loss compared with a tax benefit of $332,000 in 1997.  Losses for 1998 and 
1997 were benefited only to the extent the Company could apply for carryback 
claims in its income tax returns.


                                     7


<PAGE>

LIQUIDITY AND CAPITAL RESOURCES
     
     The Company's primary cash requirements are to fund their working 
capital needs related to inventories, accounts receivable, and property and 
equipment acquisitions.  Net cash provided by operating activities totaled 
approximately $2.9 million for the three months ended March 31, 1998.  Cash 
utilized in operating activities was comprised of the Company's net loss of 
$1.7 million and cash used to pay down accrued liabilities of $1.9 million, 
offset by a Federal Tax refund of $5.2 million and a $1.3 million reduction 
in inventory.  At March 31, 1998, working capital was approximately $12.2 
million as compared to $33.4 million at March 31, 1997.  The decline in 
working capital is due primarily to the loss sustained by the Company in 
fiscal 1997 and during the first quarter of 1998.

     The Company maintains a $15.0 million revolving credit line, which is 
collateralized by inventory, receivables, machinery and equipment and 
intangibles.  The Company's borrowings under the agreement, which was amended 
in April 1998, are limited to eligible inventory and receivables.  Advances 
under the amended agreement bear interest at the prime rate plus 0.5%.  
Whereas the Company's factoring and finance agreements run through June 1, 
2000, the revolving line is committed through January 1, 1999 with an 
extension through March 31, 1999, subject to certain conditions.

     Historically, the Company has sold a substantial portion of its trade 
accounts receivable to a factor, which assumes the credit risk with respect 
to collection of nonrecourse accounts receivable in exchange for a fee.  The 
factor approves the credit of the Company's customers prior to sale.  If the 
factor disapproves of a sale to a customer and the Company decides to proceed 
with the sale, the Company bears the credit risk.  The factoring agreement is 
in force through June 1, 2000.

     In 1997, the Company began cost cutting measures to more align its 
expense level with its declining sales.  Accordingly, the Company has reduced 
staffing levels, reduced compensation to existing staff and is reviewing 
other cost cutting measures which are planned to reduce operating expenses in 
fiscal 1998.

SEASONALITY

     The Company's business is impacted by general seasonal trends that are 
characteristic of the many companies in the apparel industry.  However, due 
primarily to the declining sales experienced in 1997, past quarterly sales 
and operating trends have not reflected the normal apparel industry 
seasonality.  In future years, the Company expects that its sales may reflect 
greater seasonal trends.

FORWARD LOOKING INFORMATION

     This report on Form 10-Q contains certain forward-looking statements 
within the meaning of the "safe harbor" provisions of the Private Securities 
Litigation Reform Act of 1995.  Such forward-looking statements are based on 
the beliefs of the Company's management as well as assumptions made by and 
information currently available to the Company's management.  The words 
"anticipate", "believe", "may", "estimate" and similar expressions, 
variations of such terms or the negative of such terms as they relate to the 
Company or its management when used in this document are intended to identify 
such forward-looking statements.  Such statements are based on management's 
current expectations and are subject to certain risks, uncertainties and 
assumptions.  Should one or more risks or uncertainties materialize, or 
should underlying assumptions prove incorrect, the Company's actual results, 
performance or achievements could differ materially from those expressed in, 
or implied by such forward-looking statements.


                                      8

<PAGE>

NEW ACCOUNTING PRONOUNCEMENTS
     
     Effective January 1, 1998 the company adopted Statement of Financial 
Accounting Standards Board ("FASB") No. 130, REPORTING COMPREHENSIVE INCOME. 
The Company does not have any material comprehensive income to report.   

     In June 1997, the FASB issued SFAS No. 131, DISCLOSURE ABOUT SEGMENTS OF 
AN ENTERPRISE AND RELATED INFORMATION.  SFAS No. 131 establishes standards 
for the way public companies report financial information about operating 
segments.  The Company will adopt SFAS No. 131 in fiscal 1998, as required.  
This statement will affect disclosure and presentation in the financial 
statements but will not have a material impact on the Company's consolidated 
financial position, liquidity, cash flows or results of operations.
     
YEAR 2000

     Many currently installed computer systems and software products are 
coded to accept only two digit entries in the date code field.  These date 
code fields will need to accept four digit entries to distinguish 21st 
century dates from 20th century dates.  This inability to recognize or 
properly treat the Year 2000 may cause the Company's systems and applications 
to process critical financial and operational information incorrectly.  The 
Company continues to assess the impact of the Year 2000 issue on its 
reporting systems and operations.

     The Company is currently in the process of investigating whether its 
internal accounting systems and other operational systems are Year 2000 
compliant.  The Company has been informed by the vendor of its internal 
accounting software that upgrades that will bring such software into Year 
2000 compliance are currently available and will provide them to the Company 
under its existing software maintenance agreement.  The Company expects to 
effect the conversion of its internal accounting system to such upgraded 
software by the end of 1998.  The Company believes that necessary conversions 
of other operational systems can also be accomplished through vendor upgrades 
and enhancements as provided under its system maintenance agreements 
currently in effect.  The Company does not anticipate significant costs 
associated with any necessary conversions.  However, there can be no 
assurance that certain of the Company's internal computer systems or networks 
or those of its key vendors and distributors will not be adversely affected 
by such Year 2000 issues, which could have a material adverse effect on the 
Company's business, operating results or financial condition.


                                       9

<PAGE>

PART II - OTHER INFORMATION

ITEM 2 - LEGAL PROCEEDINGS (See Note 4 to Financial Statements)


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

     (a)       The following exhibits are included herein:

          3.1       Articles of Incorporation of the Company*

          3.2       Bylaws of the Company*

          27        Financial Data Schedule


     (b)  Reports on Form 8-K

               The Registrant did not file any reports on Form 8-K during the
               three months ended March 31, 1998.

          *    (Incorporated by reference from the Company's Registration
               Statement on Form S-1, File Number 33-80597)


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<PAGE>


                                     SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.

      Mossimo, Inc.


      May 15, 1998                           /s/ John Brincko
                                             ---------------------------------
                                                 John Brincko
                                                 Chief Executive Officer and
                                                 President
                                                 (Principal Executive Officer)


      May 15, 1998                           /s/ Thora Thoroddsen     
                                             ---------------------------------
                                                 Thora Thoroddsen
                                                 Secretary, Treasurer and 
                                                 Controller
                                                 (Principal Accounting Officer)


                                      11

<PAGE>

                                 INDEX TO EXHIBITS

<TABLE>
<CAPTION>
   Exhibit
   Number           Description
   ------           -----------
   <S>              <C>
     3.1            Articles of Incorporation of the Company*

     3.2            Bylaws of the Company*

     3.2.1          Amendment to Bylaws dated March 4, 1998

     27             Financial Data Schedule  
</TABLE>

                    * (Incorporated by reference from the Company's Registration
                      Statement on Form S-1, File Number 33-80597)


                                      12