First Quarter Revenues Rise 5%
Perry Ellis International, Inc. (Nasdaq:PERY) today reported
results for the first quarter ("first quarter of fiscal 2019")
ended May 5, 2018.
Key First Quarter Financial Accomplishments:
- Total revenues rose 5.4% to $255 million from $242 million in
the first quarter of fiscal 2018. Revenues were fueled by growth in
Golf and Nike Swim and a high-single digit increase in the
Direct-to-Consumer channel sales.
- GAAP pre-tax income was $13.1 million compared to $14.5 million
in the first quarter of fiscal 2018, and adjusted pre-tax income
rose 7.6% to $15.6 million from $14.5 million in the first quarter
of fiscal 2018.
- Adjusted net income per share, diluted, of $0.78. GAAP net
income per share, diluted of $0.66.
- Debt-to-Capitalization stood at 18.9% at the end of the first
quarter of fiscal 2019, compared to 24.3% at the end of the first
quarter of fiscal 2018.
- A strong balance sheet at quarter end with cash and investments
totaling $55.4 million, which provides the Company with liquidity
to facilitate the $50 million bond redemption that took place on
May 29th, 2018.
- Strong inventory position at $151 million, substantially down
from fiscal 2018 year end, but up slightly from the first quarter
of fiscal 2018, fueling our spring shipping.
Oscar Feldenkreis, Chief Executive Officer and President,
commented, "We are very pleased with our start to fiscal 2019,
which continued our momentum from last year.
During the quarter, our innovative products and high
impact marketing led to stronger than expected shipments,
especially in Nike Swim and across our golf brands. We ended
the quarter with a strong balance sheet, which enabled us to retire
$50 million of outstanding notes. We remain optimistic about
our business prospects as we enter the second quarter, and we
conservatively plan to hold the full year guidance.”
Fiscal 2019 First Quarter Results
Total revenue for the first quarter of fiscal 2019 was $255
million, a 5.4% increase (4.5% increase on constant currency)
compared to $242 million reported in the first quarter of fiscal
2018. This reflected increases in the Company’s core brands
and in particular Golf and Nike Swim, along with a double digit
increase in comparable store sales in the Direct-to-Consumer
channel. The increase in revenue includes a $1.5 million
increase due to the adoption of the new revenue recognition
standard, which requires advertising reimbursements to be
classified as revenue instead of as a reduction of the related
advertising costs as was the case in fiscal 2018. This growth
was offset by declines in the women’s business.
GAAP gross margin was 36.8% in the first quarter of fiscal 2019,
compared to 37.6% in the first quarter of fiscal 2018, driven by
changes in product mix and the change in the accounting standard
for revenue recognition which shifts licensing revenues to the
fourth quarter rather than spreading revenues evenly throughout the
year. Adjusted gross margin was 36.8% compared with adjusted
gross margin of 37.6% in the first quarter of fiscal 2018.
(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 $20.8 million as compared to $19.9
million in the first quarter of fiscal 2018. (Adjusted EBITDA
excludes certain items as outlined in Table 3, “Reconciliation of
Net Income (Loss) to EBITDA and Adjusted EBITDA.”)
Adjusted pre-tax income was $15.6 million, increasing 7.6% from
$14.5 million in the first quarter of fiscal 2018. GAAP
pre-tax income was $13.1 million compared to GAAP pre-tax income of
$14.5 million in the first quarter of fiscal 2018.
(Adjusted pre-tax income excludes certain items as
outlined in Table 4 “Reconciliation of Net Income before taxes to
Adjusted Net Income before taxes.”)
As reported under GAAP, for the first quarter of fiscal 2019,
net income was $10.2 million, or $0.66 per diluted share, compared
to net income of $12.8 million, or $0.83 per diluted share, in the
first quarter of fiscal 2018. Adjusted net income for the
first quarter of fiscal 2019 totaled $12.1 million, or $0.78 per
diluted share, as compared to $12.8 million, or $0.83 per diluted
share, in the first quarter of fiscal 2018. (Adjusted net
income and adjusted income per diluted share exclude certain items
as outlined in Table 1 “Reconciliation of net income and income per
diluted share to adjusted net income and adjusted net income per
diluted share.”)
Balance Sheet
The Company's financial position continues to be very
strong. Cash and investments at the end of the first quarter
of fiscal 2019 totaled $55 million. The Company’s net debt to total
capitalization stood at 18.9% at the end of the first quarter of
fiscal 2019 as compared to 24.3% at the end of the first quarter of
fiscal 2018. Working capital management continues to be a
critical focus across the organization as inventory turned at
approximately 3.8 for the first quarter of fiscal 2019.
Fiscal 2019 Guidance
The Company is holding its revenue and earnings guidance for
fiscal 2019. For comparability, the Company has recast its
fiscal 2018 sales and earnings to remove the sales, income, and
losses related to the transition of the Laundry dress business to a
license model and the elimination of Bon-Ton sales due to its
bankruptcy and liquidation.
For fiscal 2019, the Company currently expects total revenue to
be in the range of $855 million to $865 million, which compares to
“core business” sales of $844 million in fiscal 2018. This
revenue range includes a $5 million increase due to the
reclassification in license advertising contributions from SG&A
due to the new accounting revenue recognition rules.
Excluding any potential expenses (which will be significant) to be
incurred by the Company in connection with the Special Committee’s
exploration and evaluation of potential strategic alternatives and
the related February 6, 2018 proposal to acquire the Company,
diluted earnings per share are currently expected in the range of
$1.80 to $1.90, which compares to “core business” adjusted diluted
earnings per share of $1.70 in fiscal 2018. This earnings per share
range includes a benefit of $0.05 per share due to after tax
savings from the retirement of $50.6 million of Notes on May 29th.
When used in this section, the term “core business” means fiscal
2018 sales and earnings, removing any sales, income, and losses
related to the transition of the Laundry dress business to a
license model and the elimination of Bon-Ton sales due to its
bankruptcy and liquidation.
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’ fiscal 2019 guidance, 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.
Important Additional Information And Where To Find
It
Perry Ellis International, Inc. intends to file a proxy
statement and accompanying WHITE proxy
card with the SEC in connection with the solicitation of proxies
from Perry Ellis’ shareholders in connection with the matters to be
considered at Perry Ellis’ 2018 Annual Meeting of
Shareholders. INVESTORS AND SHAREHOLDERS ARE STRONGLY
ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING
WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY PERRY ELLIS WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS
THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders
will be able to obtain the proxy statement, any amendments or
supplements to the proxy statement, the
accompanying WHITE proxy card, and other
documents filed by Perry Ellis with the SEC free of charge at the
SEC’s website at www.sec.gov. Copies will also be available at
no charge at Perry Ellis’ website
at http://investor.pery.com or by writing to Perry Ellis
International, Inc., at 3000 N.W. 107 Avenue, Miami, FL 33172.
Certain Participant Information
In accordance with Rule 14a-12(a)(1)(i) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), the
following directors, executive officers and other employees of
Perry Ellis are deemed to be participants in the solicitation of
proxies from Perry Ellis’ shareholders in connection with the
matters to be considered at Perry Ellis’ 2018 Annual Meeting of
Shareholders and, as of the date hereof, beneficially own the
amount of shares of Perry Ellis’ common stock, $0.01 par value per
share, indicated adjacent to his or her name: (i) Perry Ellis
directors: Joe Arriola (11,616 shares), Jane E. DeFlorio (18,736
shares), Oscar Feldenkreis (1,223,329 shares), Bruce J. Klatsky
(17,749 shares), Michael W. Rayden (17,749 shares), and J. David
Scheiner (22,231 shares), and (ii) Perry Ellis executive officers
and other employees: David Enright (31,706 shares), Jorge Narino
(14,988 shares), Stanley Silverstein (73,666 shares) and John Voith
(64,624 shares). The business address for each person is c/o Perry
Ellis International, Inc., 3000 N.W. 107th Avenue, Miami, FL 33172.
More detailed and updated information regarding the identity of
potential participants, and their direct or indirect interests, by
security holdings or otherwise, will be set forth in the proxy
statement, including the schedules and appendices thereto, and
other materials to be filed with the SEC in connection with Perry
Ellis’ 2018 Annual Meeting of Shareholders. While, in accordance
with Rule 14a-12(a)(1)(i) of the Exchange Act and solely due to his
status as a director of Perry Ellis, George Feldenkreis (1,712,888
shares) is also deemed a participant in the solicitation of proxies
from Perry Ellis’ shareholders in connection with the matters to be
considered at Perry Ellis’ 2018 Annual Meeting of Shareholders, Mr.
Feldenkreis has publicly disclosed that he intends to file his own
proxy statement with the SEC to be used to solicit votes for the
election of an opposing slate of director nominees at Perry Ellis’
2018 Annual Meeting of Shareholders.
Contact:
Annette Ramos, Investor
Relations305-873-1488Annette.ramos@pery.com
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
|
SELECTED FINANCIAL DATA
(UNAUDITED) |
|
(amounts in 000's, except per share
information) |
|
INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
Net
sales |
|
$ |
245,435 |
|
$ |
233,823 |
|
|
Royalty
income |
|
|
9,799 |
|
|
8,267 |
|
|
Total
revenues |
|
|
255,234 |
|
|
242,090 |
|
|
Cost of sales |
|
|
161,367 |
|
|
151,002 |
|
|
Gross profit |
|
|
93,867 |
|
|
91,088 |
|
|
Operating expenses |
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
|
75,549 |
|
|
71,199 |
|
|
Depreciation and amortization |
|
|
3,227 |
|
|
3,468 |
|
|
Total
operating expenses |
|
|
78,776 |
|
|
74,667 |
|
|
Operating income |
|
|
15,091 |
|
|
16,421 |
|
|
Interest expense |
|
|
2,009 |
|
|
1,956 |
|
|
|
|
|
|
|
|
|
Net income before
income taxes |
|
|
13,082 |
|
|
14,465 |
|
|
Income tax
provision |
|
|
2,835 |
|
|
1,694 |
|
|
Net income |
|
$ |
10,247 |
|
$ |
12,771 |
|
|
|
|
|
|
|
|
|
Net income, per
share |
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
$ |
0.85 |
|
|
Diluted |
|
$ |
0.66 |
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding |
|
|
|
|
|
|
Basic |
|
|
15,156 |
|
|
15,009 |
|
|
Diluted |
|
|
15,519 |
|
|
15,303 |
|
|
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
|
SELECTED FINANCIAL DATA
(UNAUDITED) |
|
(amounts in 000's) |
|
|
|
BALANCE SHEET DATA: |
|
|
|
|
As of |
|
|
May 5, 2018 |
|
February 3, 2018 |
|
|
|
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
50,471 |
|
$ |
35,222 |
|
Investments |
|
4,912 |
|
|
14,086 |
|
Accounts
receivable, net |
|
201,818 |
|
|
156,863 |
|
Inventories |
|
150,965 |
|
|
175,459 |
|
Other
current assets |
|
9,810 |
|
|
8,151 |
|
Total
current assets |
|
417,976 |
|
|
389,781 |
|
|
|
|
|
|
Property and equipment,
net |
|
55,425 |
|
|
56,164 |
|
Intangible assets,
net |
|
186,017 |
|
|
186,216 |
|
Deferred income
taxes |
|
541 |
|
|
411 |
|
Other assets |
|
1,569 |
|
|
1,590 |
|
|
|
|
|
|
Total assets |
$ |
661,528 |
|
$ |
634,162 |
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
52,674 |
|
$ |
98,848 |
|
Accrued expenses and
other liabilities |
|
44,858 |
|
|
35,768 |
|
Accrued interest
payable |
|
350 |
|
|
1,334 |
|
Income taxes
payable |
|
1,805 |
|
|
1,466 |
|
Unearned revenues |
|
4,651 |
|
|
2,907 |
|
Total
current liabilities |
|
104,338 |
|
|
140,323 |
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
Senior subordinated
notes payable, net |
|
49,855 |
|
|
49,818 |
|
Senior credit
facility |
|
62,404 |
|
|
11,154 |
|
Real estate
mortgages |
|
32,495 |
|
|
32,721 |
|
Unearned revenues and
other long-term liabilities |
|
25,126 |
|
|
22,596 |
|
Total
long-term liabilities |
|
169,880 |
|
|
116,289 |
|
|
|
|
|
|
Total liabilities |
|
274,218 |
|
|
256,612 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Total equity |
|
387,310 |
|
|
377,550 |
|
|
|
|
|
|
Total liabilities and
equity |
$ |
661,528 |
|
$ |
634,162 |
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
|
Table 1 |
|
Reconciliation
of net income and net
income 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 |
|
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
Net
income |
|
|
$ |
10,247 |
|
|
$ |
12,771 |
|
Adjustments: |
|
|
|
|
|
|
Costs of
streamlining and consolidation of operations, and other strategic
initiatives |
|
|
|
2,480 |
|
|
|
- |
|
Tax
expense |
|
|
|
(620 |
) |
|
|
- |
|
Net income,
as adjusted (1) |
|
|
$ |
12,107 |
|
|
$ |
12,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
Net
income per share, diluted |
|
|
$ |
0.66 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
Net per
share costs of streamlining and consolidation of operations,
and other strategic initiatives |
|
|
|
0.12 |
|
|
|
- |
|
Adjusted net income per share, diluted (1) |
|
|
$ |
0.78 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Net
income, as adjusted, and adjusted net income per share, diluted,
consists of net income or net income per share, diluted, as the
case may be, adjusted for costs of streamlining and consolidation
of operations and other strategic initiatives. 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 |
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
93,867 |
|
|
$ |
91,088 |
|
|
|
|
|
|
|
|
|
Costs of
streamlining and consolidation of operations, and other strategic
initiatives |
|
|
85 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Gross
profit, as adjusted |
|
$ |
93,952 |
|
|
$ |
91,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
$ |
255,234 |
|
|
$ |
242,090 |
|
|
|
|
|
|
|
|
|
Gross
margin, as adjusted |
|
|
36.8 |
% |
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Adjusted
gross profit consists of gross profit adjusted for 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERRY ELLIS
INTERNATIONAL, INC. AND SUBSIDIARIES |
Table 3 |
RECONCILIATION OF NET INCOME TO EBITDA AND
ADJUSTED EBITDA(1) |
(UNAUDITED) |
(amounts in 000's) |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
10,247 |
|
|
$ |
12,771 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,227 |
|
|
|
3,468 |
|
|
Interest expense |
|
|
2,009 |
|
|
|
1,956 |
|
|
Income tax provision |
|
|
2,835 |
|
|
|
1,694 |
|
|
EBITDA |
|
|
|
18,318 |
|
|
|
19,889 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Costs of
streamlining and consolidation of operations, and other
strategic initiatives |
|
|
2,480 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
EBITDA, as
adjusted |
|
$ |
20,798 |
|
|
$ |
19,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
93,867 |
|
|
$ |
91,088 |
|
|
Adjustments: |
|
|
|
|
|
Selling, general and administrative expenses |
|
|
(75,549 |
) |
|
|
(71,199 |
) |
|
Costs of streamlining and consolidation of operations, and
other strategic initiatives |
|
|
2,480 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
EBITDA, as
adjusted |
|
$ |
20,798 |
|
|
$ |
19,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
$ |
255,234 |
|
|
$ |
242,090 |
|
|
|
|
|
|
|
|
|
EBITDA
margin percentage of revenues |
|
|
8.1 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
(1) |
|
Adjusted
EBITDA consists of income before interest, taxes, depreciation,
amortization, and costs of streamlining and consolidation of
operations, and other strategic initiatives. 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 before income
taxes to adjusted net
income before income taxes |
(UNAUDITED) |
(amounts in 000's, except per share
information) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
May 5, 2018 |
|
April 29, 2017 |
|
Net income
before income taxes |
|
|
$ |
13,082 |
|
$ |
14,465 |
|
Adjustments: |
|
|
|
|
|
|
Costs of
streamlining and consolidation of operations, and other
strategic initiatives |
|
|
|
2,480 |
|
|
- |
|
Net income
before income taxes, as adjusted (1) |
|
|
$ |
15,562 |
|
$ |
14,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Net income
before income taxes, as adjusted, consists of net income
before income taxes, adjusted for the impact of costs of
streamlining and consolidation of operations, and other
strategic initiatives. 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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