Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL)
- Growth in Sales Revenues of 34.0% compared to Q3 2010 -
- EPS of U.S. $0.77, up 42.6% from Q3 2010 -
- Company Projects Full Year Fiscal 2011 EPS of Approximately
U.S. $2.00 -
- Declaration of Third Quarter Dividend of U.S. $0.075 per share
-
Gildan Activewear Inc. (TSX: GIL)(NYSE: GIL) today announced
record sales and earnings for a fiscal quarter. The Company also
provided updated full year fiscal 2011 EPS guidance of
approximately U.S. $2.00 per share, compared to its prior guidance
of U.S. $2.00 - U.S. $2.10 per share communicated in May 2011.
Third Quarter Sales and Earnings
Net earnings for the third fiscal quarter ended July 3, 2011
were U.S. $94.1 million or U.S. $0.77 per share on a diluted basis,
up respectively 41.7% and 42.6% from adjusted net earnings of U.S.
$66.4 million or U.S. $0.54 per share in the third quarter of last
year, after adjusting last year's comparative results to reflect a
restructuring charge of U.S. $0.01 per share related to the
consolidation of U.S. retail distribution activities. The growth in
net earnings and EPS compared to last year was primarily due to
higher net selling prices, combined with manufacturing efficiencies
and the U.S. $0.03 per share accretive impact of the acquisition of
Gold Toe Moretz, which more than offset the unfavourable impact of
significantly higher cotton and other input costs and lower unit
sales volumes.
EPS were U.S. $0.07 ahead of the Company's guidance for the
third quarter of approximately U.S. $0.70 which it had provided on
May 11, 2011, due primarily to more favourable net selling prices
which more than offset the impact of lower than projected unit
sales volumes and unfavourable product-mix.
Net sales in the third quarter amounted to U.S. $529.8 million,
up 34.0% from U.S. $395.3 million in the third quarter of fiscal
2010. The Company had previously forecast that third quarter sales
would be close to U.S. $550 million. Sales of activewear and
underwear amounted to U.S. $424.6 million, up 20.9% from fiscal
2010, and sales of socks were U.S. $105.2 million, up 139.1% from
last year.
The growth in sales of activewear and underwear compared to the
third quarter of fiscal 2010 was due to an approximate 26% increase
in average net selling prices, partially offset by a 3.9% reduction
in unit volume shipments which were down from last year and lower
than forecast due to capacity constraints and low inventory
availability, combined with lower industry demand which continued
to deteriorate throughout the quarter. Overall industry shipments
from U.S. distributors to U.S. screenprinters declined by
approximately 9% in the third quarter, according to the CREST
report produced by Capstone Research, Inc. The Company had
projected that industry demand would grow by 3% during the quarter.
The decrease in shipments in the U.S. wholesale distributor channel
was partially offset by unit volume growth in other screenprint
markets and an increase of over 80% in shipments of activewear and
underwear to U.S. retailers.
The table below summarizes the data from the CREST report for
the calendar quarter ended June 30, 2011:
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Three months ended Three months ended
June 30, June 30,
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 (10.3)% (9.1)% 61.1% 62.0%
T-shirts (10.8)% (9.4)% 61.7% 62.6%
Fleece (3.8)% (3.0)% 60.4% 60.9%
Sport shirts 2.9% (3.4)% 45.7% 42.9%
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The increase in sales of socks compared to the third quarter of
last year was due to the impact of the acquisition of Gold Toe
Moretz, together with the earlier timing of shipments of
back-to-school programs and more efficient operations in the
Company's new retail distribution centre in Charleston, S.C. and
the implementation of selling price increases.
Gross margins in the third quarter were 28.3% compared to 27.1%
in the third quarter of fiscal 2010, due to manufacturing
efficiencies and the impact of the Gold Toe Moretz acquisition. The
impact of higher net selling prices on percentage gross margins
offset the impact in the quarter of the higher cost of cotton.
Gildan's cost of cotton in the third quarter was approximately U.S.
$1.25 per pound, compared to U.S. $0.64 per pound in the third
quarter of fiscal 2010, and in line with the Company's forecast for
the quarter. Gross margins for the third quarter had been projected
to be in the range of 26%-26.5%. The higher than projected gross
margins in the third quarter were due to more favourable net
selling prices, partially offset by unfavourable product-mix due to
the later timing of fleece programs which are being shipped in the
fourth quarter.
SG&A expenses in the third quarter were U.S. $56.5 million,
or 10.7% of net sales, compared with U.S. $39.9 million, or 10.1%
of net sales, in the third quarter of fiscal 2010. Excluding the
impact of the acquisition of Gold Toe Moretz, SG&A expenses
were approximately U.S. $3.5 million higher than the third quarter
of last year due primarily to increased retail marketing expenses
and a U.S. $1.4 million write-off of obsolete assets.
Cash Flow and Financial Position
The Company ended the third quarter with cash and cash
equivalents of U.S. $89.0 million and U.S. $252.0 million of bank
indebtedness, as a result of financing the acquisition of Gold Toe
Moretz for approximately U.S. $350 million during the quarter. The
Company announced on June 30, 2011 that it had increased the amount
of its revolving bank credit facility from U.S. $400 million to
U.S. $800 million, in order to ensure continuing financing
flexibility to take advantage of potential acquisition
opportunities which complement its organic growth strategy.
EBITDA in the third quarter amounted to U.S. $115.4 million. The
Company generated free cash flow of U.S. $22.9 million during the
third quarter after financing U.S. $51.2 million of increases in
non-cash working capital, due primarily to seasonal increases in
accounts receivable and the higher cost of cotton and other cost
inputs in inventories, and U.S. $33.4 million of capital
expenditures.
Year-To-Date Sales and Earnings
Net sales for the first nine months amounted to U.S. $1,244.3
million, up 32.0% from U.S. $942.5 million in the first nine months
of fiscal 2010. The growth in sales revenues was due to increased
unit sales volumes for activewear and underwear and higher net
selling prices, as well as the impact of the acquisition of Gold
Toe Moretz, partially offset by lower organic sock sales. Unit
sales growth in activewear and underwear of 13.0% reflected the
recovery in market conditions in the U.S. wholesale distributor
channel in the first half of the fiscal year, the Company's
penetration in other screenprint markets and increased shipments of
activewear and underwear to mass-market retailers, partially offset
by weaker market demand in the third fiscal quarter.
Net earnings for the first nine months amounted to U.S. $191.4
million or U.S. $1.56 per share, up 35.3% and 34.5% respectively
from U.S. $141.5 million or U.S. $1.16 per share in the first nine
months of fiscal 2010. Adjusted net earnings before restructuring
and other charges were U.S. $194.7 million or U.S. $1.59 per share,
up 33.9% and 33.6% respectively from U.S. $145.4 million or U.S.
$1.19 per share in the first nine months of last year. The growth
in earnings and EPS was due to increased sales revenues for
activewear, which, together with the earnings and EPS accretion
attributable to the Gold Toe Moretz acquisition and lower income
taxes, more than offset the impact of lower organic sock sales,
lower gross margins in the first fiscal quarter, higher cotton and
other input costs, and increased selling, general and
administrative expenses.
Outlook
The Company believes it is prudent to develop its business plans
and provide updated guidance for the fourth quarter of the fiscal
year based on the assumption of continuing weak economic and market
conditions. The Company's guidance for the fourth quarter reflects
the assumption that overall industry unit shipments from U.S.
distributors to U.S. screenprinters will decline by approximately
5% compared to the fourth quarter of fiscal 2010. The Company's
previous guidance had assumed positive demand growth of 3% in the
fourth quarter. In addition, the Company is assuming weak consumer
demand in mass-market retail and low inventory replenishment by
retailers.
In view of this assumed environment, the Company has recently
initiated promotional discounting in the U.S. distributor channel,
in order to stimulate industry demand and reinforce its market
share leadership.
Based on the above assumptions, the Company is projecting sales
revenues in the fourth quarter of slightly below U.S. $500 million,
gross margins of approximately 22% and EPS of approximately U.S.
$0.40, resulting in projected full year fiscal 2011 sales revenues
in excess of U.S. $1.7 billion and full year adjusted diluted EPS
of approximately U.S. $2.00, compared to its guidance provided on
May 11, 2011 of sales of approximately U.S. $1.8 billion and EPS of
U.S. $2.00 - U.S. $2.10. Gross margins for fiscal 2011 are
projected to be slightly above the Company's previous guidance
provided in May of 25.5%. The Company is assuming cotton costs of
approximately U.S. $1.60 per pound in its cost of goods sold in the
fourth quarter, in line with its prior guidance. SG&A expenses
for fiscal 2011 are projected to be slightly higher than the
Company's previous guidance of 11.5% of sales.
The Company plans to continue to run all of its manufacturing
facilities at full production capacity during the fourth quarter,
in spite of the uncertain economic environment, in order to rebuild
inventories to optimal levels and to position the Company to take
advantage of any improvement in market conditions and pursue its
growth initiatives in fiscal 2012. The Company continues to project
full year capital expenditures in excess of U.S. $150 million in
fiscal 2011 and to be committed to proceeding with the ramp-up of
its new Rio Nance V textile facility in fiscal 2012. The Company
currently intends to initiate sales and earnings guidance for
fiscal 2012 when it reports its results for its fourth quarter and
full fiscal year in early December. While it is premature to
provide guidance for fiscal 2012 at this time, the Company notes
that it has completed the fixation of cotton to be consumed in cost
of sales in the first two quarters of fiscal 2012, and is
projecting cotton costs in the first two quarters to be
successively lower than in the fourth quarter of fiscal 2011. The
Company currently expects that its cotton costs will continue to
decrease in the second half of fiscal 2012, based on current prices
for cotton futures.
Declaration of Quarterly Dividend
The Board of Directors has declared a cash dividend of U.S.
$0.075 per share, payable on September 9, 2011 to shareholders of
record on August 18, 2011. This dividend is an "eligible dividend"
for the purposes of the Income Tax Act (Canada) and any other
applicable provincial legislation pertaining to eligible
dividends.
Disclosure of Outstanding Share Data
As of July 31, 2011, there were 121,778,084 common shares issued
and outstanding along with 984,594 stock options and 915,854
dilutive restricted share units ("Treasury RSUs") outstanding. Each
stock option entitles the holder to purchase one common share at
the end of the vesting period at a pre-determined option price.
Each Treasury RSU entitles the holder to receive one common share
from treasury at the end of the vesting period, without any
monetary consideration being paid to the Company. However, the
vesting of at least 50% of each Treasury RSU grant is contingent on
the achievement of performance conditions that are primarily based
on the Company's average return on assets performance for the
period as compared to the TSX Consumer Discretionary Index,
excluding income trusts, or as determined by the Board of
Directors.
Financial Highlights
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(in US$ millions, except
per share amounts or
otherwise indicated) Q3 2011(1) Q3 2010 YTD 2011(1) YTD 2010
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(unaudited) (unaudited) (unaudited) (unaudited)
Net sales 529.8 395.3 1,244.3 942.5
Gross profit 149.8 107.1 339.3 263.6
Selling, general and
administrative expenses
(SG&A) 56.5 39.9 145.8 112.6
Operating income 92.8 64.4 188.6 145.1
EBITDA(2) 115.4 85.4 246.9 201.0
Net earnings 94.1 64.7 191.4 141.5
Adjusted net earnings(2) 93.8 66.4 194.7 145.4
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Diluted EPS 0.77 0.53 1.56 1.16
Adjusted diluted EPS(2) 0.77 0.54 1.59 1.19
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Gross margin 28.3% 27.1% 27.3% 28.0%
SG&A as a percentage of
sales 10.7% 10.1% 11.7% 11.9%
Operating margin 17.5% 16.3% 15.2% 15.4%
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Cash flows from operations 60.7 107.3 70.9 211.6
Free cash flow(2) 22.9 82.2 (54.6) 118.5
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July 3, October 3, July 4,
As at 2011 2010 2010
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(unaudited) (audited) (unaudited)
Inventories 519.7 332.5 324.0
Accounts receivable 275.6 145.7 167.9
Net indebtedness (Cash in excess of
total indebtedness)(2) 163.0 (258.4) (201.1)
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(1) Results reflect the acquisition of Gold Toe Moretz from April 16, 2011.
(2) 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 54602632, 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 77897440, until Thursday, August 11, 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
Third Quarter Management's Discussion and Analysis ("MD&A")
dated August 4, 2011 and its unaudited interim consolidated
financial statements for the three and nine months ended July 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 marketer and globally low-cost vertically-integrated
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 for 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
approximately 30,000 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 industry demand and
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 and 2012 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 net
indebtedness (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.
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) Q3 2011 Q3 2010 YTD 2011 YTD 2010
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Net earnings 94.1 64.7 191.4 141.5
Restructuring and other charges 0.5 2.8 4.9 5.9
Depreciation and amortization 21.8 17.1 57.9 48.9
Variation of depreciation included
in inventories 0.1 1.8 (2.0) 2.7
Interest, net 1.0 0.3 1.2 0.3
Income taxes (3.0) (1.8) (6.8) 0.6
Non-controlling interest of
consolidated joint venture 0.9 0.5 0.3 1.1
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EBITDA 115.4 85.4 246.9 201.0
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Certain minor rounding variances exist between the financial statements and
this summary.
Adjusted net earnings and adjusted diluted EPS
Adjusted net earnings and adjusted diluted earnings per share
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) Q3 2011 Q3 2010 YTD 2011 YTD 2010
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Net earnings 94.1 64.7 191.4 141.5
Adjustments for:
Restructuring and other charges 0.5 2.8 4.9 5.9
Income tax recovery on
restructuring and other charges (0.8) (1.1) (1.6) (2.0)
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Adjusted net earnings 93.8 66.4 194.7 145.4
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Basic EPS 0.77 0.53 1.57 1.17
Diluted EPS 0.77 0.53 1.56 1.16
Adjusted diluted EPS 0.77 0.54 1.59 1.19
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Certain minor rounding variances exist between the financial statements and
this summary.
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) Q3 2011 Q3 2010 YTD 2011 YTD 2010
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Cash flows from operating activities 60.7 107.3 70.9 211.6
Cash flows used in investing
activities (390.3) (24.8) (478.0) (108.1)
Adjustments for:
Business acquisitions 352.5 - 352.5 15.3
Restricted cash reimbursed related
to a business acquisition - (0.3) - (0.3)
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Free cash flow 22.9 82.2 (54.6) 118.5
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Certain minor rounding variances exist between the financial statements and
this summary.
Total indebtedness and Net Indebtedness (Cash in excess of total
indebtedness)
We consider total indebtedness and net indebtedness (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) Q3 2011 Q4 2010 Q3 2010
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Current portion of long-term debt - - 0.1
Long-term debt 252.0 - -
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Total indebtedness 252.0 - 0.1
Cash and cash equivalents (89.0) (258.4) (201.2)
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Net Indebtedness (Cash in excess of
total indebtedness) 163.0 (258.4) (201.1)
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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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