On April 18, 2018, Perry Ellis International, Inc. (the “Company)
(Nasdaq:PERY) notified U.S. Bank National Association, as Trustee,
of its intent to redeem the remaining $50 million of its
outstanding 7.875% Senior Subordinated Notes due in 2019 (the
"Notes"), and, accordingly, a notice of redemption will be sent by
U.S. Bank National Association to the registered holders of the
Notes. The total redemption price for the Notes is expected to be
approximately $50.6 million, which amount includes 100.00% of the
principal amount of the Notes as well as accrued and unpaid
interest to, but not including, the redemption date, which will be
on May 29, 2018. Upon the redemption by the Company of the Notes,
none of the Notes will remain outstanding. The Company expects to
pay the redemption price for the Notes with repatriated funds and
from its senior credit facility.
Oscar Feldenkreis, CEO and President of Perry Ellis
International, Inc. commented: “The strong financial condition of
the Company has allowed us to take advantage of this opportunity to
adjust our capital structure and to reduce our overall cost of
capital. We have been managing our working capital very efficiently
and last year generated $30 million in net cash from operations. We
are committed to maintaining our solid financial foundation that
provides us with the flexibility to invest in our growth and
produce increased cash flow for the benefit of our
shareholders.”
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 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®, An Original Penguin® by
Munsingwear®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben
Hogan®, Savane®, Grand Slam®, John Henry®, Manhattan®, Axist®,
Jantzen® and Farah®. The Company enhances its roster of brands by
licensing trademarks from third parties, including: Nike® and Jag®
for swimwear, and Callaway®, PGA TOUR®, and Jack Nicklaus® for golf
apparel and Guy Harvey® for performance fishing and resort
wear. 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" or the negative
thereof or other variations thereon and similar words or phrases or
comparable terminology. Such forward-looking statements include,
but are not limited to, statements regarding Perry Ellis’ strategic
operating review, growth initiatives and internal operating
improvements intended to drive revenues and enhance profitability,
the implementation of Perry Ellis’ profitability improvement plan
and Perry Ellis’ plans to exit underperforming, low growth brands
and businesses. 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, including, but not limited to
those caused by port disruptions, 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 effectiveness of our plans, strategies, objectives,
expectations and intentions which are subject to change at any time
at our discretion, potential cyber risk and technology failures
which could disrupt operations or result in a data breach, the
level of consumer spending for apparel and other merchandise, our
ability to compete, exposure to foreign currency risk and interest
rate risk, the impact to our business resulting from the United
Kingdom’s referendum vote to exit the European Union and the
uncertainty surrounding the terms and conditions of such a
withdrawal, as well as the related impact to global stock markets
and currency exchange rates; possible disruption in commercial
activities due to terrorist activity and armed conflict, actions of
activist investors and the cost and disruption of responding to
those actions, and other factors set forth in Perry Ellis' 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.
Contact:Perry Ellis International, Inc. Jorge NarinoChief
Financial Officer305-873-1050
Perry Ellis International Inc. (delisted) (NASDAQ:PERY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Perry Ellis International Inc. (delisted) (NASDAQ:PERY)
Historical Stock Chart
From Jul 2023 to Jul 2024