Perry Ellis International Announces $20 Million Increase to Its Stock Repurchase Program
November 30 2011 - 1:00PM
Business Wire
Perry Ellis International, Inc. (NASDAQ:PERY) announced that its
Board of Directors has approved a $20 million increase to the
Company’s stock repurchase program. This program now authorizes the
Company to repurchase up to $40 million of its common stock over a
twelve months period for cash in accordance with SEC requirements.
Total purchases under the program, since inception, have amounted
to $17.4 million through the third quarter of fiscal 2012, leaving
availability of $22.6 million remaining under the program.
Oscar Feldenkreis, vice chairman and chief operating officer of
PEI, stated: “We believe this decision to expand our existing stock
repurchase program underscores the Board of Directors’ confidence
in Perry Ellis International’s diversified growth strategies. This
announcement also demonstrates our commitment to enhancing
long-term stockholder value and our ongoing ability to generate
consistent returns by maximizing the value of our diversified brand
model."
The timing and the amount of any repurchases will be determined
by the Company’s management, based on its evaluation of market
conditions and other factors. The stock repurchase program will be
funded using the Company’s cash balances and available credit
facility. Although the Board of Directors allocated a maximum of up
to $40 million to carry out the program, the company is not
obligated to purchase any specific number of outstanding shares,
and will reevaluate the program on an ongoing basis.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer,
distributor and licensor of a broad line of high quality men's and
women's apparel, accessories and fragrances, as well as select
children's apparel. The Company's collection of dress and casual
shirts, golf sportswear, sweaters, dress pants, casual pants and
shorts, jeans wear, active wear, dresses and men's and women's
swimwear is available through all major levels of retail
distribution. The Company, through its wholly owned subsidiaries,
owns a portfolio of nationally and internationally recognized
brands, including: Perry Ellis®, Jantzen®, Laundry by Shelli Segal®
, C&C California® , Rafaella® , Cubavera® , Centro® , Solero® ,
Munsingwear® , Savane® , Original Penguin® by Munsingwear® , Grand
Slam® , Natural Issue® , Pro Player® , the Havanera Co. ® , Axis® ,
Tricots St. Raphael® , Gotcha® , Girl Star® , MCD® , John Henry® ,
Mondo di Marco® , Redsand® , Manhattan® , Axist® , Farah® , Anchor
Blue® and Miller's Outpost® . The Company enhances its roster of
brands by licensing trademarks from third parties, including:
Pierre Cardin® for men's sportswear, Nike® and Jag® for swimwear,
and Callaway® , TOP-FLITE® , PGA TOUR® and Champions Tour® for golf
apparel. Additional information on the Company is available at
http://www.pery.com.
Safe Harbor Statement
We caution readers that the forward-looking statements
(statements which are not historical facts) in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations rather than historical
facts and they are indicated by words or phrases such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "estimate," "expect," "guidance," "indicate," "intend,"
"may," "might," "plan," "possibly," "potential," "predict,"
"probably," "proforma," "project," "seek," "should," "target," or
"will" and similar words or phrases or comparable terminology. We
have based such forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
and other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements, many of which are beyond our control.
These factors include: general economic conditions, a significant
decrease in business from or loss of any of our major customers or
programs, anticipated and unanticipated trends and conditions in
our industry, including the impact of recent or future retail and
wholesale consolidation, recent and future economic conditions,
including turmoil in the financial and credit markets, the
effectiveness of our planned advertising, marketing and promotional
campaigns, our ability to contain costs, disruptions in the supply
chain, our future capital needs and our ability to obtain
financing, our ability to protect our trademarks, our ability to
integrate acquired businesses, trademarks, trade names and
licenses, our ability to predict consumer preferences and changes
in fashion trends and consumer acceptance of both new designs and
newly introduced products, the termination or non-renewal of any
material license agreements to which we are a party, changes in the
costs of raw materials, labor and advertising, our ability to carry
out growth strategies including expansion in international and
direct to consumer retail markets, the level of consumer spending
for apparel and other merchandise, our ability to compete, exposure
to foreign currency risk and interest rate risk, possible
disruption in commercial activities due to terrorist activity and
armed conflict, and other factors set forth in Perry Ellis
International's filings with the Securities and Exchange
Commission. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks
and uncertainties detailed in Perry Ellis' filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which are valid only as of the date
they were made. We undertake no obligation to update or revise any
forward-looking statements to reflect new information or the
occurrence of unanticipated events or otherwise.
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