Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL)
- Growth in Sales Revenues of 17.3% compared to Q2 2010 -
- Adjusted EPS of U.S. $0.53, up 29.3% from Q2 2010 -
- Company Increases Full Year Sales and Earnings Guidance for
Fiscal 2011 -
- Declaration of Second Quarter Dividend of U.S. $0.075 per
share -
Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL) today announced
record financial results for the second quarter of its 2011 fiscal
year, and also increased its sales and earnings projections for the
full fiscal year.
Second Quarter Sales and Earnings
Net earnings for the second fiscal quarter ended April 3, 2011
were U.S. $61.4 million or U.S. $0.50 per share on a diluted basis,
including a restructuring charge of U.S. $0.03 per share related to
the consolidation of U.S. distribution activities and the closure
of the Company's remaining U.S. sock manufacturing operations.
Excluding the restructuring charge, adjusted net earnings for the
second quarter were U.S. $64.3 million or U.S. $0.53 per share, up
29.1% and 29.3% respectively from adjusted net earnings of U.S.
$49.8 million or U.S. $0.41 per share in the second quarter of
fiscal 2010. Both net earnings and earnings per share in the second
quarter of fiscal 2011 were a record for the second quarter of a
fiscal year.
The growth in net earnings compared to last year was primarily
due to higher net selling prices for activewear and growth in
activewear unit sales volumes, as well as the impact of more
favourable income taxes. These positive factors were partially
offset by higher cotton costs, lower sales of socks, inefficiencies
relating to the ramp-up of new manufacturing and distribution
facilities, and a U.S. $3.7 million loss on the disposal of its
corporate aircraft which the Company has replaced.
Net sales in the second quarter amounted to U.S. $383.2 million,
up 17.3% from U.S. $326.8 million in the second quarter of fiscal
2010. The Company had previously forecast that second quarter sales
would be approximately U.S. $375 million. Sales of activewear and
underwear amounted to U.S. $342.4 million, up 25.3% from fiscal
2010, and sales of socks were U.S. $40.8 million, down 23.9% from
last year.
The growth in sales of activewear and underwear compared to the
second quarter of fiscal 2010 was due to a 19% increase in average
net selling prices for activewear and a 6.1% increase in unit
volume shipments. The increase in unit volumes was attributable to
6.0% growth in overall industry demand in the U.S. distributor
channel during the quarter, strong growth in international and
other screenprint markets and increased shipments of activewear and
underwear to mass-market retailers. Gildan's market share in the
U.S. wholesale distributor channel was essentially unchanged, even
though the Company was unable to fully service demand for its brand
due to continuing low finished goods inventory levels as a result
of current capacity constraints. In addition, the Company was
unable to fully meet distributor demand to replenish inventories,
so that inventory replenishment by distributors was lower than in
the second quarter of fiscal 2010. The Company continued to have a
significant open order position at the end of the second quarter.
Gildan's share of inventories in the U.S. distributor channel was
52.0% on March 31, 2011, compared with its market share of 62.6%
for the second fiscal quarter.
The table below summarizes the data from the CREST report
produced by Capstone Research, Inc., which tracks unit volume
shipments of activewear from U.S. wholesale distributors to U.S.
screenprinters for the calendar quarter ended March 31, 2011.
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Three months ended Three months ended
March 31, March 31,
2011 vs 2010 2011 2010
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Unit Growth Market Share
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Gildan Industry Gildan
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All products 5.3% 6.0% 62.6% 63.0%
T-shirts 5.5% 6.7% 63.1% 63.7%
Fleece 1.9% 1.8% 61.7% 61.7%
Sport shirts 4.4% (6.3)% 45.4% 40.7%
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The decline in sales of socks compared to the second quarter of
last year was primarily due to lower sales volumes as a result of
the timing of retailer inventory replenishment and the
discontinuation of certain uneconomic programs in the third quarter
of fiscal 2010, combined with a lower-valued more basic
product-mix. The impact of these factors was partially offset by
the implementation of recent selling price increases. Retailer
sell-through of socks manufactured by Gildan was slightly lower
than the second quarter of last year.
Gross margins in the second quarter were 28.1% compared with
27.8% in the second quarter of last year, and were above the
Company's forecast of approximately 27% provided on February 8,
2011. The slight increase in gross margins compared to last year
was due to higher activewear selling prices, offset by higher
cotton, energy and other purchased input costs, start-up
manufacturing inefficiencies which impacted gross margins for socks
and underwear, and more unfavourable activewear product-mix. Gross
margins were higher than previously forecasted due to the more
favourable activewear selling prices.
Selling, general and administrative expenses in the second
quarter were U.S. $47.7 million, or 12.4% of sales, compared to
U.S. $38.7 million, or 11.8% of sales, in the second quarter of
fiscal 2010. Excluding a U.S. $3.7 million loss on the sale of the
corporate aircraft, SG&A expenses in the second quarter of
fiscal 2011 were 11.5% of sales. The increase in selling, general
and administrative expenses was largely due to the ramp-up of the
new retail distribution centre, a year-to-date adjustment to the
provision for performance-driven incentive compensation, and the
impact of the higher-valued Canadian dollar on corporate
administrative expenses.
Results for the second quarter included an income tax recovery
of U.S. $5 million, which reflected the tax benefit of operating
losses recorded in the Company's U.S. legal entities in both the
first and second quarters.
Second Quarter Cash Flow
The Company used U.S. $61.7 million of cash in the second
quarter to finance the rebuilding of finished goods inventories,
the higher cost of inventories due to inflation in the cost of
cotton and other purchased input costs, the seasonal increase in
accounts receivable compared to the first quarter of the fiscal
year, its continuing capital expenditure program including the
construction of the Rio Nance V facility and the ramp-up of Rio
Nance IV, and its initial quarterly dividend payment of U.S. $9.2
million on March 18, 2011.
The Company ended the second fiscal quarter with cash and cash
equivalents of U.S. $173.8 million. Subsequent to the quarter-end,
the Company utilized approximately U.S. $100 million to partially
fund the U.S. $350 million acquisition of Gold Toe Moretz on April
15, 2011. The balance of the purchase price was financed by drawing
down on the Company's unutilized U.S. $400 million revolving bank
credit facility.
Year-To-Date Sales and Earnings
Net sales for the first six months amounted to U.S. $714.5
million, up 30.6% from U.S. $547.2 million in the first six months
of fiscal 2010. The growth in sales revenues was due to increased
sales volumes and higher net selling prices for activewear,
partially offset by lower sales revenues for socks. The unit sales
growth in activewear and underwear of 26.7% reflected the strong
recovery in market conditions in the U.S. wholesale distributor
channel, the Company's continuing penetration in international and
other screenprint markets and increased shipments of activewear and
underwear to mass-market retailers.
Net earnings for the first six months amounted to U.S. $97.3
million, up 26.9% from U.S. $76.7 million in the first six months
of last year. Net earnings before restructuring and other charges
were U.S. $100.9 million, up 27.9% from U.S. $78.9 million in the
first six months of fiscal 2010. The growth in EPS was due to the
increased sales revenues for activewear, which, together with lower
income taxes, more than offset the impact of lower sock sales,
lower gross margins in the first fiscal quarter and increased
selling, general and administrative expenses.
Outlook
The Company is now projecting full year sales revenues of
approximately U.S. $1.8 billion, gross margins of approximately
25.5%, and selling, general and administrative expenses of
approximately 11.5% of sales for the full 2011 fiscal year. The
Company had previously projected net sales revenues of slightly in
excess of U.S. $1.6 billion, gross margins of approximately 25% and
selling, general and administrative expenses of approximately 10.5%
of sales. The increase in projected sales revenues and gross
margins is due to the acquisition of Gold Toe Moretz and the
further selling price increase in the screenprint market which was
announced in March. The increased gross margin projection also
reflects the assumption that cotton costs for the full fiscal year
average approximately U.S. $1.15 per pound. Cotton fixations for
consumption in cost of sales during the balance of fiscal 2011 are
now complete. The projected increase in selling, general and
administrative expenses is due to the impact of the acquisition of
Gold Toe Moretz, higher performance-driven incentive compensation
and the loss on the sale of the corporate aircraft. A small income
tax recovery is projected for the second half of the fiscal year.
Based on the above assumptions, EPS before restructuring and other
charges for the full year are currently projected to be in the
range of U.S $2.00 - $2.10, including U.S. $0.07 per share
projected accretion from the Gold Toe Moretz acquisition. Capital
expenditures for the fiscal year are still projected to be in
excess of U.S. $150 million, as previously forecast.
EPS before restructuring and other charges for the third quarter
of fiscal 2011 are projected to be approximately U.S. $0.70, up
approximately 30% from the third quarter of fiscal 2010, on
projected net sales revenues of close to U.S. $550 million. Gross
margins in the third quarter are assumed to be in the range of 26%
- 26.5% and selling, general and administrative expenses are
projected to be approximately 10.5% of sales.
The Company's guidance continues to assume no material change in
overall economic conditions. The Company also notes that there is
continued uncertainty regarding the potential impact of volatile
cotton prices on industry selling prices and demand.
Declaration of Quarterly Dividend
The Board of Directors has declared a cash dividend of U.S.
$0.075 per share, payable on June 17, 2011 to shareholders of
record on May 25, 2011. This dividend is an "eligible dividend" for
the purposes of the Income Tax Act (Canada) and any other
applicable provincial legislation pertaining to eligible
dividends.
Disclosure of Outstanding Share Data
As of April 30, 2011, there were 121,562,084 common shares
issued and outstanding along with 1,186,369 stock options and
933,204 dilutive restricted share units ("Treasury RSUs")
outstanding. Each stock option entitles the holder to purchase one
common share at the end of the vesting period at a pre-determined
option price. Each Treasury RSU entitles the holder to receive one
common share from treasury at the end of the vesting period,
without any monetary consideration being paid to the Company.
However, the vesting of at least 50% of each Treasury RSU grant is
contingent on the achievement of performance conditions that are
primarily based on the Company's average return on assets
performance for the period as compared to the TSX Consumer
Discretionary Index, excluding income trusts, or as determined by
the Board of Directors.
Financial Highlights
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(in US$ millions, except per
share amounts or otherwise
indicated) Q2 2011 Q2 2010 YTD 2011 YTD 2010
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(unaudited) (unaudited) (unaudited) (unaudited)
Net sales 383.2 326.8 714.5 547.2
Gross profit 107.6 90.7 189.5 156.5
Selling, general and
administrative expenses
(SG&A) 47.7 38.7 89.4 72.7
Operating income 56.2 50.5 95.7 80.7
EBITDA (1) 77.7 71.2 131.3 115.6
Net earnings 61.4 48.8 97.3 76.7
Adjusted net earnings (2) 64.3 49.8 100.9 78.9
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Diluted EPS 0.50 0.40 0.80 0.63
Adjusted diluted EPS (2) 0.53 0.41 0.83 0.65
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Gross margin 28.1% 27.8% 26.5% 28.6%
SG&A as a percentage of
sales 12.4% 11.8% 12.5% 13.3%
Operating margin 14.7% 15.5% 13.4% 14.7%
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Cash flows from operations (4.7) 30.4 10.2 104.3
Free cash flow (3) (52.5) (6.3) (77.5) 36.3
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April 3, October 3, April 4,
As at 2011 2010 2010
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(unaudited) (audited) (unaudited)
Inventories 439.2 332.5 339.5
Accounts receivable 193.0 145.7 151.9
Cash in excess of total
indebtedness (4) 173.8 258.4 118.4
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(1), (2), (3), (4): Please refer to Non-GAAP Financial Measures in this
press release.
Certain minor rounding variances exist between the financial statements and
this summary.
Information for Shareholders
Gildan Activewear Inc. will hold a conference call to discuss
these results today at 8:30 AM EDT. The conference call can be
accessed by dialing 800-261-3417 (Canada & U.S.) or
617-614-3673 (international) and entering passcode 37229289, or by
live audio webcast on Gildan's Internet site ("Investor Relations"
section) at the following address:
http://gildan.com/corporate/IR/webcastPresentations.cfm. If you are
unable to participate in the conference call, a replay will be
available starting that same day at 11:30 AM EDT by dialing
888-286-8010 (Canada & U.S.) or 617-801-6888 (international)
and entering passcode 44708218, until Wednesday, May 18, 2011 at
midnight, or by audio webcast on Gildan's Internet site for 30
days.
This release should be read in conjunction with Gildan's 2011
Second Quarter Management's Discussion and Analysis ("MD&A")
dated May 11, 2011 and its unaudited interim consolidated financial
statements for the three and six months ended April 3, 2011
(available at http://gildan.com/corporate/IR/quarterlyReports.cfm)
which is incorporated by reference in this release, and which will
be filed by Gildan with the Canadian securities regulatory
authorities and with the U.S. Securities and Exchange
Commission.
About Gildan
Gildan is a vertically-integrated marketer and globally low-cost
manufacturer of quality branded basic apparel. Gildan® is the
leading activewear brand in the screenprint market in the U.S. and
Canada. The brand is continuing to grow in Europe, Mexico and the
Asia-Pacific region. The Company sells T-shirts, sport shirts and
fleece as undecorated "blanks", which are subsequently decorated by
screenprinters with designs and logos. The Company is also one of
the world's largest suppliers of branded and private label
athletic, casual and dress socks sold to a broad spectrum of
retailers in the U.S. Gildan markets its sock products under a
diversified portfolio of company-owned brands, including Gold Toe®,
PowerSox®, SilverToe®, Auro®, All Pro®, GT®, and the Gildan® brand.
The Company is also the exclusive U.S. sock licensee to the Under
Armour® and New Balance® brands. In addition to socks, the Company
is increasingly becoming a significant supplier of underwear and
undecorated activewear products in the retail channel. With over
29,000 employees worldwide, Gildan owns and operates highly
efficient, large-scale, environmentally and socially responsible
facilities in Central America and the Caribbean Basin and has begun
the development of a manufacturing hub in Bangladesh to support its
planned growth in Asia and Europe. More information on the Company
can be found on Gildan's website at www.gildan.com.
Forward-Looking Statements
Certain statements included in this press release constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities
legislation and regulations, and are subject to important risks,
uncertainties and assumptions. This forward-looking information
includes, amongst others, information with respect to our
objectives and the strategies to achieve these objectives, as well
as information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions, including, without
limitation, our expectation with regards to unit volume growth,
sales revenue, gross margins, selling, general and administrative
expenses, earnings per share, capital expenditures and the impact
of non-recurring items. Forward-looking statements generally can be
identified by the use of conditional or forward-looking terminology
such as "may", "will", "expect", "intend", "estimate", "project",
"assume", "anticipate", "plan", "foresee", "believe" or "continue"
or the negatives of these terms or variations of them or similar
terminology. We refer you to the Company's filings with the
Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission, as well as the "Risks and Uncertainties"
section and the risks described under the section "Financial Risk
Management" in our most recent Management's Discussion and Analysis
for a discussion of the various factors that may affect the
Company's future results. Material factors and assumptions that
were applied in drawing a conclusion or making a forecast or
projection are also set out throughout this document.
Forward-looking information is inherently uncertain and the
results or events predicted in such forward-looking information may
differ materially from actual results or events. Material factors,
which could cause actual results or events to differ materially
from a conclusion, forecast or projection in such forward-looking
information, include, but are not limited to:
-- our ability to implement our growth strategies and plans, including
achieving market share gains, implementing cost reduction initiatives
and completing and successfully integrating acquisitions;
-- the intensity of competitive activity and our ability to compete
effectively;
-- adverse changes in general economic and financial conditions globally or
in one or more of the markets we serve;
-- our reliance on a small number of significant customers;
-- the fact that our customers do not commit contractually to minimum
quantity purchases;
-- our ability to anticipate changes in consumer preferences and trends;
-- our ability to manage production and inventory levels effectively in
relation to changes in customer demand;
-- fluctuations and volatility in the price of raw materials used to
manufacture our products, such as cotton and polyester fibres;
-- our dependence on key suppliers and our ability to maintain an
uninterrupted supply of raw materials and finished goods;
-- the impact of climate, political, social and economic risks in the
countries in which we operate or from which we source;
-- disruption to manufacturing and distribution activities due to labour
disruptions, political instability, bad weather, natural disasters,
pandemics and other unforeseen adverse events;
-- changes to international trade legislation that the Company is currently
relying on in conducting its manufacturing operations or the application
of safeguards thereunder;
-- factors or circumstances that could increase our effective income tax
rate, including the outcome of any tax audits or changes to applicable
tax laws or treaties;
-- compliance with applicable environmental, tax, trade, employment, health
and safety, and other laws and regulations in the jurisdictions in which
we operate;
-- our significant reliance on computerized information systems for our
business operations;
-- changes in our relationship with our employees or changes to domestic
and foreign employment laws and regulations;
-- negative publicity as a result of violation of local labour laws or
international labour standards, or unethical labour or other business
practices by the Company or one of its third-party contractors;
-- our dependence on key management and our ability to attract and/or
retain key personnel;
-- changes to and failure to comply with consumer product safety laws and
regulations;
-- adverse changes in third party licensing arrangements and licensed
brands;
-- our ability to protect our intellectual property rights;
-- changes in accounting policies and estimates; and
-- exposure to risks arising from financial instruments, including credit
risk, liquidity risk, foreign currency risk and interest rate risk, as
well as risks arising from commodity prices.
These factors may cause the Company's actual performance and
financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed
or implied by such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made, may have on the Company's business. For
example, they do not include the effect of business dispositions,
acquisitions, other business transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made. The financial impact of such transactions and
non-recurring and other special items can be complex and
necessarily depends on the facts particular to each of them.
We believe that the expectations represented by our
forward-looking statements are reasonable, yet there can be no
assurance that such expectations will prove to be correct. The
purpose of the forward-looking statements is to provide the reader
with a description of management's expectations regarding the
Company's fiscal 2011 financial performance and may not be
appropriate for other purposes. Furthermore, unless otherwise
stated, the forward-looking statements contained in this press
release are made as of the date of this press release, and we do
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise unless required by
applicable legislation or regulation. The forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
Non-GAAP Financial Measures
This press release includes references to certain non-GAAP
financial measures such as EBITDA, adjusted net earnings, adjusted
diluted EPS, free cash flow, total indebtedness, and cash in excess
of total indebtedness. These non-GAAP measures do not have any
standardized meanings prescribed by Canadian GAAP and are therefore
unlikely to be comparable to similar measures presented by other
companies. Accordingly, they should not be considered in isolation.
The terms and definitions of the non-GAAP measures used in this
press release and a reconciliation of each non-GAAP measure to the
most directly comparable GAAP measure are provided below.
(1) EBITDA
EBITDA is calculated as earnings before interest, taxes and
depreciation and amortization and excludes the impact of
restructuring and other charges, as well as the non-controlling
interest in consolidated joint venture. The Company uses EBITDA,
among other measures, to assess the operating performance of our
business. We also believe this measure is commonly used by
investors and analysts to measure a company's ability to service
debt and to meet other payment obligations, or as a common
valuation measurement. We exclude depreciation and amortization
expenses, which are non-cash in nature and can vary significantly
depending upon accounting methods or non-operating factors such as
historical cost. Excluding these items does not imply they are
necessarily non-recurring.
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(in U.S.$ millions) Q2 2011 Q2 2010 YTD 2011 YTD 2010
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Net earnings 61.4 48.8 97.3 76.7
Restructuring and other charges 3.7 1.5 4.4 3.1
Depreciation and amortization 18.3 15.8 36.1 31.8
Variation of depreciation included
in inventories (0.1) 3.5 (2.2) 0.9
Interest, net - - 0.1 -
Income taxes (5.0) 1.3 (3.8) 2.5
Non-controlling interest of
consolidated joint venture (0.6) 0.3 (0.6) 0.6
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EBITDA 77.7 71.2 131.3 115.6
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Certain minor rounding variances exist between the financial statements and
this summary.
(2) Adjusted net earnings and adjusted diluted EPS
Adjusted net earnings and adjusted diluted earnings are
calculated as net earnings and earnings per share excluding
restructuring and other charges. The Company uses and presents
these non-GAAP measures to assess its operating performance from
one period to the next without the variation caused by
restructuring and other charges that could potentially distort the
analysis of trends in our business performance. Excluding these
items does not imply they are necessarily non-recurring.
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(in U.S.$ millions, except per
share amounts) Q2 2011 Q2 2010 YTD 2011 YTD 2010
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Net earnings 61.4 48.8 97.3 76.7
Adjustments for:
Restructuring and other
charges 3.7 1.5 4.4 3.1
Income tax recovery on
restructuring and other
charges (0.8) (0.5) (0.8) (0.9)
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Adjusted net earnings 64.3 49.8 100.9 78.9
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Basic EPS 0.51 0.40 0.80 0.63
Diluted EPS 0.50 0.40 0.80 0.63
Adjusted diluted EPS 0.53 0.41 0.83 0.65
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Certain minor rounding variances exist between the financial statements and
this summary.
(3) Free cash flow
Free cash flow is defined as cash from operating activities
including net changes in non-cash working capital balances, less
cash flow used in investing activities excluding business
acquisitions. We consider free cash flow to be an important
indicator of the financial strength and performance of our
business, because it shows how much cash is available after capital
expenditures to repay debt and to reinvest in our business. We
believe this measure is commonly used by investors and analysts
when valuing a business and its underlying assets.
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(in U.S.$ millions) Q2 2011 Q2 2010 YTD 2011 YTD 2010
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Cash flows (used in) from
operating activities (4.7) 30.4 10.2 104.3
Cash flows used in investing
activities (47.8) (52.0) (87.7) (83.3)
Adjustments for:
Business acquisition - 15.3 - 15.3
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Free cash flow (52.5) (6.3) (77.5) 36.3
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Certain minor rounding variances exist between the financial statements and
this summary.
(4) Total indebtedness and Cash in excess of total
indebtedness
We consider total indebtedness and cash in excess of total
indebtedness to be important indicators of the financial leverage
of the Company.
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(in U.S.$ millions) Q2 2011 Q4 2010 Q2 2010
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Current portion of long-term debt - - (0.7)
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Total indebtedness - - (0.7)
Cash and cash equivalents 173.8 258.4 119.1
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Cash in excess of total indebtedness 173.8 258.4 118.4
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Certain minor rounding variances exist between the financial statements and
this summary.
Contacts: Investor Relations Laurence G. Sellyn, Executive
Vice-President, Chief Financial and Administrative Officer (514)
343-8805 lsellyn@gildan.com Sophie Argiriou, Director, Investor
Communications (514) 343-8815 sargiriou@gildan.com Media Relations
Genevieve Gosselin, Director, Corporate Communications (514)
343-8814 ggosselin@gildan.com
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