Perry Ellis International, Inc. (NASDAQ:PERY): Reports third
quarter earnings of $0.80 per fully diluted share, ahead of
management�s plan. Strong gross profit margin and EBITDA margin
improvement Annual Fiscal 2007 revenue view of $840 - $850 million,
confirms previously announced proforma earnings range of $2.30 -
$2.40 per fully diluted share Announces 3-for-2 stock split
effected in the form of a stock dividend payable December 29,2006
Perry Ellis International, Inc. (NASDAQ:PERY) today reported
results for the third quarter ended October 31, 2006 ("third
quarter of fiscal 2007"), which included total revenues of $213.2
million, compared to $220.0 million, a 3.1% decline from the
comparable period a year ago. The decline in total revenues during
the quarter was anticipated as a part of management's fiscal 2007
plan and is primarily attributable to the final impacts of retailer
consolidation and elimination of certain private label sportswear
programs. Total revenues for the nine month period ended October
31, 2006 were $598.3 million, compared to $635.5 million, a 5.9%
decline versus the comparable period last year. For the third
quarter of fiscal 2007, net earnings were $8.2 million compared to
$8.1 million for the comparable quarter last year and per share
results were equal to last year at $0.80 per fully diluted share.
Third quarter earnings were above last year�s levels as improved
gross profit margin performance and lower interest costs offset the
impact of lower total revenues. Additionally, the third quarter of
fiscal 2007 results include expenses of $0.02 per share for the
adoption of Statement of Financial Accounting Standards ("SFAS")
123R requiring the expensing of stock options. These costs are not
reflected in prior year results. Overall third quarter results were
ahead of management's previously announced plans, and included a
200 basis point improvement in gross profit margin and a 29 basis
point improvement in EBITDA margin. For the nine months ended
October 31, 2006, earnings were $1.14 per fully diluted share
compared to earnings of $1.45 per fully diluted share for the
comparable period last year. However, proforma earnings for nine
months of fiscal 2007 were $1.33 per fully diluted share. Proforma
results exclude the impact of $3.0 million in debt extinguishment
costs ($0.19 per fully diluted share) incurred as a result of the
March 2006 repayment of the Company's $57 million senior secured
notes. The Company believes that proforma results provide a more
meaningful comparison of financial performance. A table showing the
reconciliation of actual to proforma earnings per share results is
attached. Additionally, both proforma and reported earnings per
share results for the nine months of fiscal 2007 include expenses
of $0.06 per share related to the adoption of SFAS 123R, requiring
the expensing of stock options. These costs are not reflected in
prior year results. Looking forward for the balance of fiscal 2007,
Perry Ellis indicated it anticipates annual revenue in the range of
$840 - $850 million, and confirmed it�s previously announced
proforma earnings view range of $2.30 - $2.40 per fully diluted
share. In a separate release today Perry Ellis International also
reported a 3-for-2 stock split effected in the form of a stock
dividend payable on December 29, 2006 to stockholders of record as
of December 12, 2006. All earnings per share references in this
release do not include the impact of the stock dividend. George
Feldenkreis, Chairman and Chief Executive Officer commented: �We
are pleased with our strong gross profit margin improvement both
during the third quarter and on a year to date basis. This is a
consequence of our products continuing to perform exceptionally
well at retail, as well as improved production planning and
sourcing. We are also pleased to announce a 3-for-2 stock split
which reflects the confidence we have in our future business
growth.� Oscar Feldenkreis, Vice-Chairman, President and Chief
Operating Officer stated: �Third quarter results reflect the end of
the impact of retail consolidation and other factors that have
impacted top line growth. We are well positioned for record sales
and gross margins in our upcoming fourth quarter with our
diversified growth platforms including swim, outerwear, Perry Ellis
sportswear, international and direct retail. We expect these and
other growth platforms to continue to show strong growth as we
enter fiscal 2008.� 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. The company's collection of dress and
casual shirts, golf sportswear, sweaters, dress and casual pants
and shorts, jeans wear, active wear 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(R), Jantzen(R), Cubavera(R), Munsingwear(R), Savane(R),
Original Penguin(R), Grand Slam(R), Natural Issue(R), Pro
Player(R), the Havanera Co.(R), Axis(R), Tricots St. Raphael(R),
Gotcha(R), Girl Star(R) and MCD(R). The company enhances its roster
of brands by licensing trademarks from third parties including
Dockers(R) for outerwear, Nike(R) and JAG(R) for swimwear, and
PING(R) and PGA TOUR(R) 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," "could," "may," "might," "potential," "predict,"
"should," "estimate," "expect," "project," "believe," "plan,"
"envision," "continue," "intend," "target," "contemplate," 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, 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 integrate
acquired businesses, trademarks, tradenames 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. PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA
(UNAUDITED) (amounts in 000's, except per share information) INCOME
STATEMENT DATA: Three Months Ended October 31, Nine Months Ended
October 31, 2006� 2005� 2006� 2005� � Revenues Net sales $ 207,794�
$ 214,665� $ 581,747� $ 619,357� Royalty income 5,445� 5,290�
16,512� 16,182� Total revenues 213,239� 219,955� 598,259� 635,539�
Cost of sales 140,781� 149,595� 401,506� 438,414� Gross profit
72,458� 70,360� 196,753� 197,125� Operating expenses Selling,
general and administrative expenses 51,746� 49,648� 151,514�
150,754� Depreciation and amortization 2,900� 2,436� 8,350� 6,899�
Total operating expenses 54,646� 52,084� 159,864� 157,653�
Operating income 17,812� 18,276� 36,889� 39,472� Costs on early
extinguishment of debt -� -� 2,963� -� Interest expense 5,000�
5,621� 15,650� 16,402� � Income before minority interest and income
taxes 12,812� 12,655� 18,276� 23,070� Minority interest 92� 59�
236� 427� Income tax provision 4,479� 4,503� 6,342� 8,063� Net
income $ 8,241� $ 8,093� $ 11,698� $ 14,580� � Net income per share
Basic $ 0.85� $ 0.85� $ 1.21� $ 1.53� Diluted $ 0.80� $ 0.80� $
1.14� $ 1.45� � Weighted average number of shares outstanding Basic
9,692� 9,471� 9,645� 9,516� Diluted 10,360� 10,090� 10,218� 10,039�
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES SELECTED FINANCIAL
DATA (UNAUDITED) (amounts in 000's) � BALANCE SHEET DATA: � As of
October 31, 2006 January 31, 2006 � Assets Current assets: Cash and
cash equivalents $ 5,239� $ 9,412� Accounts receivable, net
140,774� 152,529� Inventories, net 126,386� 126,413� Other current
assets 17,406� 16,239� Total current assets 289,805� 304,593� �
Property and equipment, net 70,353� 66,592� Intangible assets, net
183,096� 183,090� Other assets 11,868� 15,739� � Total assets $
555,122� $ 570,014� � Liabilities and stockholders' equity Current
liabilities: Accounts payable $ 38,687� $ 51,763� Accrued expenses
and other liabilities 20,883� 16,441� Accrued interest 2,278�
6,743� Unearned revenues 1,613� 1,096� Total current liabilities
63,461� 76,043� � � Long term liabilities: Senior subordinated
notes payable 149,037� 148,914� Senior secured notes payable -�
56,923� Senior credit facility 65,126� 40,391� Real estate mortgage
26,731� 12,336� Deferred pension obligation 13,721� 13,721� Lease
payable long term 283� 452� Total long term liabilities 254,898�
272,737� � Total liabilities 318,359� 348,780� � Minority interest
2,090� 1,854� � Stockholders' equity � Preferred stock -� -� Common
stock 98� 96� Additional paid in capital 92,878� 90,084� Retained
earnings 140,677� 128,979� Accumulated other comprehensive income
1,020� 221� Total stockholders' equity 234,673� 219,380� � Total
liabilities and stockholders' equity $ 555,122� $ 570,014� � PERRY
ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF NET
INCOME TO EBITDA (1) (UNAUDITED) (amounts in 000's) � Three Months
Ended October 31, Nine Months Ended October 31, 2006� 2005� 2006�
2005� � � Net income as reported $ 8,241� $ 8,093� $ 11,698� $
14,580� Plus: Depreciation and amortization 2,900� 2,436� 8,350�
6,899� Interest expense 5,000� 5,621� 15,650� 16,402� Costs on
early extinguishment of debt -� -� 2,963� -� Minority interest 92�
59� 236� 427� Income tax provision 4,479� 4,503� 6,342� 8,063�
EBITDA $ 20,712� $ 20,712� $ 45,239� $ 46,371� � � � Total revenues
$ 213,239� $ 219,955� $ 598,259� $ 635,539� � EBITDA margin
percentage of revenues 9.71% 9.42% 7.56% 7.30% � � (1) EBITDA
consists of earnings before interest, costs on early extinguishment
of debt, taxes, depreciation, amortization and minority interest.
EBITDA is not a measurement of financial performance under
accounting principles generally accepted in the United States of
America, and does not represent cash flow from operations.��EBITDA
is presented solely as a supplemental disclosure because management
believes that it is a common measure of operating performance in
the apparel industry. PERRY ELLIS INTERNATIONAL, INC. AND
SUBSIDIARIES RECONCILIATION OF DILUTED EARNINGS PER SHARE TO
PROFORMA DILUTED EARNINGS PER SHARE (2) (UNAUDITED) � � Three
Months Ended October 31, Nine Months Ended October 31, 2006� 2005�
2006� 2005� � Diluted earnings per share view $ 0.80� $ 0.80� $
1.14� $ 1.45� Plus: Effect of debt extinguishment costs, net of tax
effect $ -� $ -� $ 0.19� $ -� Proforma diluted earnings per share
view $ 0.80� $ 0.80� $ 1.33� $ 1.45� � � (2) Proforma diluted
earnings per share for the nine months ended October 31, 2006,
consists of diluted earnings per share excluding the effect of
approximately $3.0 million ($1.9 million, net of taxes) for debt
extinguishment costs related to the call of our $57 million senior
secured notes. Proforma diluted earnings per share is not a
measurement of financial performance under generally accepted
accounting principles. Accordingly, you should not regard this
figure as an alternative to actual diluted earnings per share.
Proforma diluted earnings per share is presented solely as a
supplemental disclosure. � Additionally, proforma diluted earnings
per share and diluted earnings per share for the three and nine
months ended October 2006 include expenses of $0.02 and $0.06 per
share, respectively related to the adoption of SFAS 123R, which
requires the expensing of stock options. Such expense was not
recognized in the prior period as SFAS 123R was implemented on
February 1, 2006. Perry Ellis International, Inc. (NASDAQ:PERY): --
Reports third quarter earnings of $0.80 per fully diluted share,
ahead of management's plan. Strong gross profit margin and EBITDA
margin improvement -- Annual Fiscal 2007 revenue view of $840 -
$850 million, confirms previously announced proforma earnings range
of $2.30 - $2.40 per fully diluted share -- Announces 3-for-2 stock
split effected in the form of a stock dividend payable December
29,2006 Perry Ellis International, Inc. (NASDAQ:PERY) today
reported results for the third quarter ended October 31, 2006
("third quarter of fiscal 2007"), which included total revenues of
$213.2 million, compared to $220.0 million, a 3.1% decline from the
comparable period a year ago. The decline in total revenues during
the quarter was anticipated as a part of management's fiscal 2007
plan and is primarily attributable to the final impacts of retailer
consolidation and elimination of certain private label sportswear
programs. Total revenues for the nine month period ended October
31, 2006 were $598.3 million, compared to $635.5 million, a 5.9%
decline versus the comparable period last year. For the third
quarter of fiscal 2007, net earnings were $8.2 million compared to
$8.1 million for the comparable quarter last year and per share
results were equal to last year at $0.80 per fully diluted share.
Third quarter earnings were above last year's levels as improved
gross profit margin performance and lower interest costs offset the
impact of lower total revenues. Additionally, the third quarter of
fiscal 2007 results include expenses of $0.02 per share for the
adoption of Statement of Financial Accounting Standards ("SFAS")
123R requiring the expensing of stock options. These costs are not
reflected in prior year results. Overall third quarter results were
ahead of management's previously announced plans, and included a
200 basis point improvement in gross profit margin and a 29 basis
point improvement in EBITDA margin. For the nine months ended
October 31, 2006, earnings were $1.14 per fully diluted share
compared to earnings of $1.45 per fully diluted share for the
comparable period last year. However, proforma earnings for nine
months of fiscal 2007 were $1.33 per fully diluted share. Proforma
results exclude the impact of $3.0 million in debt extinguishment
costs ($0.19 per fully diluted share) incurred as a result of the
March 2006 repayment of the Company's $57 million senior secured
notes. The Company believes that proforma results provide a more
meaningful comparison of financial performance. A table showing the
reconciliation of actual to proforma earnings per share results is
attached. Additionally, both proforma and reported earnings per
share results for the nine months of fiscal 2007 include expenses
of $0.06 per share related to the adoption of SFAS 123R, requiring
the expensing of stock options. These costs are not reflected in
prior year results. Looking forward for the balance of fiscal 2007,
Perry Ellis indicated it anticipates annual revenue in the range of
$840 - $850 million, and confirmed it's previously announced
proforma earnings view range of $2.30 - $2.40 per fully diluted
share. In a separate release today Perry Ellis International also
reported a 3-for-2 stock split effected in the form of a stock
dividend payable on December 29, 2006 to stockholders of record as
of December 12, 2006. All earnings per share references in this
release do not include the impact of the stock dividend. George
Feldenkreis, Chairman and Chief Executive Officer commented: "We
are pleased with our strong gross profit margin improvement both
during the third quarter and on a year to date basis. This is a
consequence of our products continuing to perform exceptionally
well at retail, as well as improved production planning and
sourcing. We are also pleased to announce a 3-for-2 stock split
which reflects the confidence we have in our future business
growth." Oscar Feldenkreis, Vice-Chairman, President and Chief
Operating Officer stated: "Third quarter results reflect the end of
the impact of retail consolidation and other factors that have
impacted top line growth. We are well positioned for record sales
and gross margins in our upcoming fourth quarter with our
diversified growth platforms including swim, outerwear, Perry Ellis
sportswear, international and direct retail. We expect these and
other growth platforms to continue to show strong growth as we
enter fiscal 2008." 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. The company's collection of dress and
casual shirts, golf sportswear, sweaters, dress and casual pants
and shorts, jeans wear, active wear 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(R), Jantzen(R), Cubavera(R), Munsingwear(R), Savane(R),
Original Penguin(R), Grand Slam(R), Natural Issue(R), Pro
Player(R), the Havanera Co.(R), Axis(R), Tricots St. Raphael(R),
Gotcha(R), Girl Star(R) and MCD(R). The company enhances its roster
of brands by licensing trademarks from third parties including
Dockers(R) for outerwear, Nike(R) and JAG(R) for swimwear, and
PING(R) and PGA TOUR(R) 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," "could," "may," "might," "potential," "predict,"
"should," "estimate," "expect," "project," "believe," "plan,"
"envision," "continue," "intend," "target," "contemplate," 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, 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 integrate
acquired businesses, trademarks, tradenames 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. -0- *T PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA
(UNAUDITED) (amounts in 000's, except per share information) INCOME
STATEMENT DATA: Three Months Ended Nine Months Ended October 31,
October 31, -------------------- ------------------- 2006 2005 2006
2005 --------- --------- --------- --------- Revenues Net sales
$207,794 $214,665 $581,747 $619,357 Royalty income 5,445 5,290
16,512 16,182 --------- --------- --------- --------- Total
revenues 213,239 219,955 598,259 635,539 Cost of sales 140,781
149,595 401,506 438,414 --------- --------- --------- ---------
Gross profit 72,458 70,360 196,753 197,125 Operating expenses
Selling, general and administrative expenses 51,746 49,648 151,514
150,754 Depreciation and amortization 2,900 2,436 8,350 6,899
--------- --------- --------- --------- Total operating expenses
54,646 52,084 159,864 157,653 --------- --------- ---------
--------- Operating income 17,812 18,276 36,889 39,472 Costs on
early extinguishment of debt - - 2,963 - Interest expense 5,000
5,621 15,650 16,402 --------- --------- --------- --------- Income
before minority interest and income taxes 12,812 12,655 18,276
23,070 Minority interest 92 59 236 427 Income tax provision 4,479
4,503 6,342 8,063 --------- --------- --------- --------- Net
income $8,241 $8,093 $11,698 $14,580 ========= ========= =========
========= Net income per share Basic $0.85 $0.85 $1.21 $1.53
========= ========= ========= ========= Diluted $0.80 $0.80 $1.14
$1.45 ========= ========= ========= ========= Weighted average
number of shares outstanding Basic 9,692 9,471 9,645 9,516 Diluted
10,360 10,090 10,218 10,039 *T -0- *T PERRY ELLIS INTERNATIONAL,
INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (UNAUDITED) (amounts
in 000's) BALANCE SHEET DATA: As of
--------------------------------- October 31, 2006 January 31, 2006
---------------- ---------------- Assets Current assets: Cash and
cash equivalents $5,239 $9,412 Accounts receivable, net 140,774
152,529 Inventories, net 126,386 126,413 Other current assets
17,406 16,239 ---------------- ---------------- Total current
assets 289,805 304,593 ---------------- ---------------- Property
and equipment, net 70,353 66,592 Intangible assets, net 183,096
183,090 Other assets 11,868 15,739 ----------------
---------------- Total assets $555,122 $570,014 ================
================ Liabilities and stockholders' equity Current
liabilities: Accounts payable $38,687 $51,763 Accrued expenses and
other liabilities 20,883 16,441 Accrued interest 2,278 6,743
Unearned revenues 1,613 1,096 ---------------- ----------------
Total current liabilities 63,461 76,043 ----------------
---------------- Long term liabilities: Senior subordinated notes
payable 149,037 148,914 Senior secured notes payable - 56,923
Senior credit facility 65,126 40,391 Real estate mortgage 26,731
12,336 Deferred pension obligation 13,721 13,721 Lease payable long
term 283 452 ---------------- ---------------- Total long term
liabilities 254,898 272,737 ---------------- ---------------- Total
liabilities 318,359 348,780 ---------------- ----------------
Minority interest 2,090 1,854 ---------------- ----------------
Stockholders' equity Preferred stock - - Common stock 98 96
Additional paid in capital 92,878 90,084 Retained earnings 140,677
128,979 Accumulated other comprehensive income 1,020 221
---------------- ---------------- Total stockholders' equity
234,673 219,380 ---------------- ---------------- Total liabilities
and stockholders' equity $555,122 $570,014 ================
================ *T -0- *T PERRY ELLIS INTERNATIONAL, INC. AND
SUBSIDIARIES RECONCILIATION OF NET INCOME TO EBITDA (1) (UNAUDITED)
(amounts in 000's) Three Months Ended Nine Months Ended October 31,
October 31, -------------------- ------------------- 2006 2005 2006
2005 --------- --------- --------- --------- Net income as reported
$8,241 $8,093 $11,698 $14,580 Plus: Depreciation and amortization
2,900 2,436 8,350 6,899 Interest expense 5,000 5,621 15,650 16,402
Costs on early extinguishment of debt - - 2,963 - Minority interest
92 59 236 427 Income tax provision 4,479 4,503 6,342 8,063
--------- --------- --------- --------- EBITDA $20,712 $20,712
$45,239 $46,371 ========= ========= ========= ========= Total
revenues $213,239 $219,955 $598,259 $635,539 EBITDA margin
percentage of revenues 9.71% 9.42% 7.56% 7.30% (1) EBITDA consists
of earnings before interest, costs on early extinguishment of debt,
taxes, depreciation, amortization and minority interest. EBITDA is
not a measurement of financial performance under accounting
principles generally accepted in the United States of America, and
does not represent cash flow from operations. EBITDA is presented
solely as a supplemental disclosure because management believes
that it is a common measure of operating performance in the apparel
industry. *T -0- *T PERRY ELLIS INTERNATIONAL, INC. AND
SUBSIDIARIES RECONCILIATION OF DILUTED EARNINGS PER SHARE TO
PROFORMA DILUTED EARNINGS PER SHARE (2) (UNAUDITED) Three Months
Ended Nine Months Ended October 31, October 31, -------------------
----------------- 2006 2005 2006 2005 -------- -------- --------
-------- Diluted earnings per share view $0.80 $0.80 $1.14 $1.45
Plus: Effect of debt extinguishment costs, net of tax effect $- $-
$0.19 $- -------- -------- -------- -------- Proforma diluted
earnings per share view $0.80 $0.80 $1.33 $1.45 ======== ========
======== ======== (2) Proforma diluted earnings per share for the
nine months ended October 31, 2006, consists of diluted earnings
per share excluding the effect of approximately $3.0 million ($1.9
million, net of taxes) for debt extinguishment costs related to the
call of our $57 million senior secured notes. Proforma diluted
earnings per share is not a measurement of financial performance
under generally accepted accounting principles. Accordingly, you
should not regard this figure as an alternative to actual diluted
earnings per share. Proforma diluted earnings per share is
presented solely as a supplemental disclosure. Additionally,
proforma diluted earnings per share and diluted earnings per share
for the three and nine months ended October 2006 include expenses
of $0.02 and $0.06 per share, respectively related to the adoption
of SFAS 123R, which requires the expensing of stock options. Such
expense was not recognized in the prior period as SFAS 123R was
implemented on February 1, 2006. *T
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