Perry Ellis International, Inc. (NASDAQ:PERY) today reported
results for the third quarter ended October 28, 2017 (“third
quarter of fiscal 2018”). During this quarter, we achieved
increased total revenues and gross margin expansion, which led to a
more than doubling of pre-tax income versus the prior year third
quarter.
Key Fiscal Third Quarter 2018 Financial Accomplishments and
Operational Highlights:
- Total revenues were $199 million, at the high end of
guidance of $195 to $200 million, an increase of 2.5% on a GAAP
basis (2.1% in constant currency) from $194 million reported in the
same quarter last year
- GAAP gross margin expanded 60 basis points to 37.3% as
compared to 36.7% in the prior year period reflecting increases in
margin across core brands and direct-to-consumer
- Adjusted pre-tax income of $4.4 million, rose 165% from
adjusted pre-tax income of $1.6 million in the third quarter of
fiscal 2017
- GAAP pre-tax income was $3.7 million compared to a
pre-tax loss of $7.0 million in the comparable period of the prior
year
- Adjusted diluted EPS was $0.25 compared to adjusted
diluted EPS of $0.23 in the third quarter of fiscal
2017
- GAAP diluted EPS was $0.21 compared to a diluted EPS
loss of $0.34 in the comparable period of the prior
year
Company reiterates revenues guidance for this fiscal year in a
range of $870 million to $880 million and diluted earnings per
share in a range of $2.07 to $2.17.
Oscar Feldenkreis, Chief Executive Officer and President,
commented, "Our powerful portfolio of global brands combined with
the disciplined execution of our growth strategies by our team led
to another strong quarter at Perry Ellis International, continuing
our positive momentum from the first half of the year. The
third quarter was highlighted by strength across key financial
metrics with increased revenues, expansion in gross margin and
expense leverage, which drove a 165% increase in adjusted pre-tax
income versus the prior year. On the topline, we saw strength
across our core brands including Perry Ellis, Original Penguin,
Nike swim, Golf, as well as Rafaella. The robust performance of our
brands at our retail partners along with the increasing percentage
of international and direct-to-consumer revenues drove a 50 basis
point increase in adjusted gross profit for the quarter. We
attribute our consistent strength to our ability to appeal to
today’s consumer.”
Fiscal 2018 Third Quarter Results
Total revenue was $199 million, a 2.5% increase (2.1% increase
in constant currency) compared to $194 million reported in the
third quarter of fiscal 2017. This reflected growth in our
core brand sales and strong sales throughout the fall season. The
disciplined management of inventory along with increased sales of
higher margin core brands led to a 60 basis point expansion in GAAP
gross margin to 37.3% in the third quarter from 36.7% in the third
quarter of fiscal 2017. Adjusted gross margin was also 37.3%
compared with adjusted gross margin of 36.8% in the comparable
period of the prior year. (Adjusted gross margin excludes
certain items as outlined in Table 2 Reconciliation of Gross Profit
to Adjusted Gross Profit and Adjusted Gross Margin.)
Adjusted EBITDA totaled $9.6 million as compared to $6.9 million
in the comparable period of the prior year. (Adjusted EBITDA
excludes certain items as outlined in Table 3, Reconciliation of
Net Income to EBITDA and Adjusted EBITDA.)
Adjusted pre-tax income was $4.4 million. GAAP pre-tax
income was $3.7 million compared to a pre-tax loss of $7.0 million
in the comparable period of prior year. (Adjusted pre-tax
income (loss) excludes certain items as outlined in Table 4
Reconciliation of Net Income (loss) before income taxes to Adjusted
Net Income (loss) before income taxes.)
As reported under GAAP, the third quarter of fiscal 2018 net
income was $3.2 million, or $0.21 per diluted share, compared to a
GAAP net loss of $5.2 million, or $0.34 per diluted share, in the
prior year period. On an adjusted basis, the fiscal 2018 third
quarter net income was $3.9 million, or $0.25 per diluted share, as
compared to adjusted net income of $3.5 million, or $0.23 per
diluted share in the third quarter of fiscal 2017. (Adjusted net
income and adjusted earnings per diluted share exclude certain
items as outlined in Table 1 Reconciliation of net income (loss)
and net income (loss) per diluted share to adjusted net income and
adjusted net income per diluted share.)
Balance Sheet and Cash Flows
The Company's financial position continues to be
strong. Cash and investments at the end of the third quarter
of fiscal 2018 totaled $52 million and the Company’s net debt to
total capitalization stood at 10.5% at the end of the third quarter
of fiscal 2018 as compared to 17.9% at the end of the third quarter
of fiscal 2017. Working capital management continues to be a
critical focus across the organization as inventory turned at
approximately 4 times as of the end of the third quarter of fiscal
2018. Cash flow from operations approximated $33 million for the
first nine months of fiscal 2018.
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 most recently 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 these caused by port
disruptions, disruptions due to weather patterns, 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.
|
|
|
|
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 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
190,389 |
|
$ |
185,298 |
|
|
$ |
622,606 |
|
$ |
629,514 |
|
Royalty
income |
|
|
8,449 |
|
|
8,661 |
|
|
|
24,931 |
|
|
27,392 |
|
Total
revenues |
|
|
198,838 |
|
|
193,959 |
|
|
|
647,537 |
|
|
656,906 |
|
Cost of sales |
|
|
124,760 |
|
|
122,856 |
|
|
|
405,891 |
|
|
416,888 |
|
Gross profit |
|
|
74,078 |
|
|
71,103 |
|
|
|
241,646 |
|
|
240,018 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
|
65,172 |
|
|
72,846 |
|
|
|
204,783 |
|
|
215,434 |
|
Depreciation and amortization |
|
|
3,586 |
|
|
3,534 |
|
|
|
10,550 |
|
|
10,717 |
|
Total
operating expenses |
|
|
68,758 |
|
|
76,380 |
|
|
|
215,333 |
|
|
226,151 |
|
Operating income |
|
|
5,320 |
|
|
(5,277 |
) |
|
|
26,313 |
|
|
13,867 |
|
Interest expense |
|
|
1,613 |
|
|
1,738 |
|
|
|
5,438 |
|
|
5,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before income taxes |
|
|
3,707 |
|
|
(7,015 |
) |
|
|
20,875 |
|
|
8,215 |
|
Income tax
provision |
|
|
492 |
|
|
(1,850 |
) |
|
|
3,910 |
|
|
2,695 |
|
Net income (loss) |
|
$ |
3,215 |
|
$ |
(5,165 |
) |
|
$ |
16,965 |
|
$ |
5,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
$ |
(0.34 |
) |
|
$ |
1.13 |
|
$ |
0.37 |
|
Diluted |
|
$ |
0.21 |
|
$ |
(0.34 |
) |
|
$ |
1.11 |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,115 |
|
|
14,991 |
|
|
|
15,066 |
|
|
14,920 |
|
Diluted |
|
|
15,413 |
|
|
14,991 |
|
|
|
15,335 |
|
|
15,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
|
SELECTED FINANCIAL DATA
(UNAUDITED) |
|
(amounts in 000's) |
|
|
|
BALANCE SHEET DATA: |
|
|
|
|
As of |
|
|
October 28, 2017 |
|
January 28, 2017 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
26,524 |
|
$ |
30,695 |
|
Investments |
|
25,596 |
|
|
10,921 |
|
Accounts
receivable, net |
|
133,843 |
|
|
140,240 |
|
Inventories |
|
129,293 |
|
|
151,251 |
|
Other
current assets |
|
5,718 |
|
|
8,109 |
|
Total
current assets |
|
320,974 |
|
|
341,216 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
57,511 |
|
|
61,835 |
|
Intangible assets,
net |
|
186,425 |
|
|
187,051 |
|
Deferred income
taxes |
|
446 |
|
|
334 |
|
Other assets |
|
1,942 |
|
|
2,269 |
|
|
|
|
|
|
|
|
Total assets |
$ |
567,298 |
|
$ |
592,705 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
51,440 |
|
$ |
92,843 |
|
Accrued expenses and
other liabilities |
|
34,563 |
|
|
20,861 |
|
Accrued interest
payable |
|
400 |
|
|
1,450 |
|
Income taxes
payable |
|
1,055 |
|
|
- |
|
Unearned revenues |
|
2,591 |
|
|
2,710 |
|
Total
current liabilities |
|
90,049 |
|
|
117,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
Senior subordinated
notes payable, net |
|
49,780 |
|
|
49,673 |
|
Senior credit
facility |
|
7,917 |
|
|
22,504 |
|
Real estate
mortgages |
|
32,937 |
|
|
33,591 |
|
Unearned revenues and
other long-term liabilities |
|
52,086 |
|
|
55,386 |
|
Total
long-term liabilities |
|
142,720 |
|
|
161,154 |
|
|
|
|
|
|
|
|
Total liabilities |
|
232,769 |
|
|
279,018 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
334,529 |
|
|
313,687 |
|
|
|
|
|
|
|
|
Total liabilities and
equity |
$ |
567,298 |
|
$ |
592,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
|
Table 1 |
|
Reconciliation
of net income (loss) and
net income (loss) per diluted share to adjusted net income and
adjusted net income per diluted share |
|
(UNAUDITED) |
|
(amounts in 000's, except per share
information) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
Net income
(loss) |
|
$ |
3,215 |
|
$ |
(5,165 |
) |
|
$ |
16,965 |
|
$ |
5,520 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs on
exited brands |
|
|
- |
|
|
- |
|
|
|
- |
|
|
869 |
|
Costs of
streamlining and consolidation of operations, legal settlement and
other strategic initiatives |
|
|
649 |
|
|
360 |
|
|
|
1,122 |
|
|
6,311 |
|
Costs of
pension settlement |
|
|
- |
|
|
8,300 |
|
|
|
- |
|
|
8,300 |
|
Tax
expense |
|
|
- |
|
|
- |
|
|
|
1,055 |
|
|
- |
|
Net income,
as adjusted (1) |
|
$ |
3,864 |
|
$ |
3,495 |
|
|
$ |
19,142 |
|
$ |
21,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
Net income
(loss) per share, diluted |
|
$ |
0.21 |
|
$ |
(0.34 |
) |
|
$ |
1.11 |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net per
share costs on exited brands |
|
|
- |
|
|
- |
|
|
|
- |
|
|
0.06 |
|
Net per
share costs of streamlining and consolidation of operations, legal
settlement and other strategic initiatives |
|
|
0.04 |
|
|
0.02 |
|
|
|
0.07 |
|
|
0.41 |
|
Net per
share costs of pension settlement |
|
|
- |
|
|
0.55 |
|
|
|
- |
|
|
0.55 |
|
Net per
share gain on provision for income tax |
|
|
- |
|
|
- |
|
|
|
0.07 |
|
|
- |
|
Adjustment
for using diluted share count (1) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Adjusted net income per share, diluted (1) |
|
$ |
0.25 |
|
$ |
0.23 |
|
|
$ |
1.25 |
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Net income, as adjusted, and adjusted net income per share,
diluted, consists of net income (loss) or net income (loss) per
share, diluted, as the case may be, adjusted for the impact
of the costs on exited brands, and costs of streamlining and
consolidation of operations, legal settlement, and other
strategic initiatives, cost of pension settlement, as well as the
tax impact of our tax audit. These costs are not indicative
of our core operations and thus to get a more comparable result
with the operating performance of the apparel industry, they have
been removed, net of taxes, from the calculation. |
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
Table 2 |
RECONCILIATION OF GROSS PROFIT
TO ADJUSTED GROSS PROFIT
AND ADJUSTED GROSS MARGIN(1) |
(UNAUDITED) |
(amounts in 000's) |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
74,078 |
|
|
$ |
71,103 |
|
|
$ |
241,646 |
|
|
$ |
240,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs on exited brands |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
869 |
|
Costs of streamlining and consolidation of operations, and
other strategic initiatives |
|
|
70 |
|
|
|
290 |
|
|
|
110 |
|
|
|
290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit, as adjusted |
|
$ |
74,148 |
|
|
$ |
71,393 |
|
|
$ |
241,756 |
|
|
$ |
241,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
$ |
198,838 |
|
|
$ |
193,959 |
|
|
$ |
647,537 |
|
|
$ |
656,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin, as adjusted |
|
|
37.3 |
% |
|
|
36.8 |
% |
|
|
37.3 |
% |
|
|
36.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Adjusted gross profit consists of gross profit adjusted
for costs on exited brands and costs of streamlining and
consolidation of operations, and other strategic initiatives.
We believe these costs are not indicative of our core
operations and thus we have removed them to provide investors and
analysts with a more comparable result when comparing our operating
performance to that of the apparel industry. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
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|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
Table 3 |
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
AND ADJUSTED EBITDA(1) |
(UNAUDITED) |
(amounts in 000's) |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
3,215 |
|
|
$ |
(5,165 |
) |
|
$ |
16,965 |
|
|
$ |
5,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,586 |
|
|
|
3,534 |
|
|
|
10,550 |
|
|
|
10,717 |
|
Interest expense |
|
|
1,613 |
|
|
|
1,738 |
|
|
|
5,438 |
|
|
|
5,652 |
|
Income tax provision |
|
|
492 |
|
|
|
(1,850 |
) |
|
|
3,910 |
|
|
|
2,695 |
|
EBITDA |
|
|
|
8,906 |
|
|
|
(1,743 |
) |
|
|
36,863 |
|
|
|
24,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs on
exited brands |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
869 |
|
Costs of
streamlining and consolidation of operations, legal settlement, and
other strategic initiatives |
|
649 |
|
|
|
360 |
|
|
|
1,122 |
|
|
|
6,311 |
|
Costs of
pension settlement |
|
|
- |
|
|
|
8,300 |
|
|
|
- |
|
|
|
8,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as
adjusted |
|
$ |
9,555 |
|
|
$ |
6,917 |
|
|
$ |
37,985 |
|
|
$ |
40,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
74,078 |
|
|
$ |
71,103 |
|
|
$ |
241,646 |
|
|
$ |
240,018 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
(65,172 |
) |
|
|
(72,846 |
) |
|
|
(204,783 |
) |
|
|
(215,434 |
) |
Costs on exited brands |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
869 |
|
Costs of streamlining and consolidation of operations, legal
settlement and other strategic initiatives |
|
649 |
|
|
|
360 |
|
|
|
1,122 |
|
|
|
6,311 |
|
Costs of pension settlement |
|
|
- |
|
|
|
8,300 |
|
|
|
- |
|
|
|
8,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as
adjusted |
|
$ |
9,555 |
|
|
$ |
6,917 |
|
|
$ |
37,985 |
|
|
$ |
40,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
$ |
198,838 |
|
|
$ |
193,959 |
|
|
$ |
647,537 |
|
|
$ |
656,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
margin percentage of revenues |
|
|
4.8 |
% |
|
|
3.6 |
% |
|
|
5.9 |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Adjusted
EBITDA consists of income before interest, taxes, depreciation,
amortization, costs on exited brands, costs of streamlining and
consolidation of operations, legal settlement, and other strategic
initiatives, as well as cost of pension settlement. Adjusted 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. Adjusted EBITDA is
presented solely as a supplemental disclosure because management
believes that it is a common measure of operating performance in
the apparel industry. In addition, we present adjusted EBITDA
because we believe it assists investors and analysts in comparing
our performance across periods on a consistent basis by excluding
items that we do not believe are indicators of our core operating
performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
Table 4 |
Reconciliation of net income (loss) before
income taxes to adjusted net
income (loss) before income taxes |
(UNAUDITED) |
(amounts in 000's, except per share
information) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
Net income
(loss) before income taxes |
|
|
$ |
3,707 |
|
$ |
(7,015 |
) |
|
$ |
20,875 |
|
$ |
8,215 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs on
exited brands |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
869 |
Costs of
streamlining and consolidation of operations, legal settlement and
other strategic initiatives |
|
|
|
649 |
|
|
360 |
|
|
|
1,122 |
|
|
6,311 |
Costs of
pension settlement |
|
|
|
- |
|
|
8,300 |
|
|
|
- |
|
|
8,300 |
Net income
(loss) before income taxes, as adjusted (1) |
|
|
$ |
4,356 |
|
$ |
1,645 |
|
|
$ |
21,997 |
|
$ |
23,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Net income (loss) before income taxes, as adjusted,
consists of net income (loss) before income taxes, adjusted
for the impact of the costs on exited brands, and costs of
streamlining and consolidation of operations, legal
settlement, and other strategic initiatives, as well as cost
of pension settlement. These costs are not indicative of our
core operations and thus to get a more comparable result with the
operating performance of the apparel industry, they have been
removed, net of taxes, from the calculation. |
|
|
|
|
|
Contact:
Annette Ramos, Investor Relations
305-873-1488Annette.ramos@pery.com
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