Perry Ellis International Re-Acquires Perry Ellis Brand Fragrance License
December 06 2006 - 4:05PM
Business Wire
Perry Ellis International Inc., (NASDAQ:PERY) today announced that
it has signed a definitive agreement and re-acquired from Parlux
Fragrances Inc. all rights, titles, interests, intangible assets
and inventory that Parlux had pursuant to a global license
agreement to manufacture and distribute perfumery, fragrances,
lotions, toiletries and cosmetics under the Perry Ellis brand.
George Feldenkreis, Chairman and Chief Executive Officer of Perry
Ellis, commented: �We believe this agreement will allow our company
to strengthen and further develop these important product
categories for future growth. We have had a long partnership with
Parlux and acknowledge their contribution to the development of
these categories. We believe that this action will assist us in
providing future shareholder value and at this point will be
carefully evaluating various alternatives including possible
licensing of these categories.� The agreement to re-acquire the
Perry Ellis fragrance license and related inventory in a cash
transaction of approximately $63 million is effective as of
December 6th 2006, subject to potential closing price adjustments
for confirmation and valuation of inventory levels. Perry Ellis
will fund this acquisition with its revolving credit facility.
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.
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