Perry Ellis International Confirms Earnings Guidance for Fiscal 2007 and Announces It is in Final Stages of Negotiating a New Fr
January 09 2007 - 9:31AM
Business Wire
Perry Ellis International Inc. (NASDAQ:PERY), announced today that
it is in the final stages of negotiating a new licensing 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: �I am pleased to announce that we are working closely
with several parties to finalize a new licensing agreement for our
fragrance business and the sale of related assets acquired from
Parlux Fragrances Inc. We expect these new agreements will enable
Perry Ellis International to recoup significantly all of the
invested capital utilized for the purchase of assets from Parlux
Fragrances Inc., and also to generate royalty income in line with
industry standards.� Mr. Feldenkreis also noted that, �Although we
cannot further discuss details until agreements are signed, we
anticipate these transactions will be accretive for fiscal 2008 and
beyond.� As for the fiscal year ending January 31, 2007, Mr.
Feldenkreis further noted: �Our brands are enjoying unprecedented
sell-throughs across all distribution channels. We are on target
for a record fourth quarter and we remain confident of achieving
the higher end of our previously announced earnings target range of
$1.53 � $1.60 per fully diluted share, as adjusted for the effect
of the Company�s December 29, 2006 3-for-2 stock split ($2.30 to
$2.40 per fully diluted share pre-stock split).� 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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