Gildan Activewear Inc. (TSX:GIL)(NYSE:GIL) today announced its
financial results for the third quarter of its 2012 fiscal year,
and reconfirmed its earnings guidance for the full fiscal year.
Third Quarter Results
Gildan today reported net earnings of U.S. $78.6 million or U.S.
$0.64 per share on a diluted basis for its third fiscal quarter
ended July 1, 2012, compared with net earnings of U.S. $88.1
million or U.S. $0.72 per share in the third quarter of fiscal
2011. Results for the third quarter of fiscal 2012 include
restructuring and acquisition-related charges amounting to U.S.
$1.6 million after-tax, primarily related to the acquisition of
Anvil Holdings, Inc. (Anvil) which was completed on May 9, 2012.
Before restructuring and acquisition-related costs, adjusted net
earnings for the third quarter of fiscal 2012 were U.S. $80.2
million or U.S. $0.66 per share, compared to U.S. $93.7 million or
U.S. $0.76 per share in the third quarter of last year. The Company
had previously projected adjusted net earnings of approximately
U.S. $0.65 per share for the third quarter, when it reported its
second quarter results on May 3, 2012.
The decline in the Company's net earnings compared to last year
was primarily due to lower printwear net selling prices and
transitional manufacturing inefficiencies related to the ramp-down
of the Rio Nance I facility, which is currently being modernized
and refurbished, and the ramp-up of Rio Nance V. Manufacturing
costs in the third quarter also include a non-cash charge of U.S.
$0.03 per share to write off obsolete manufacturing equipment at
Rio Nance I, as previously announced on May 3, 2012. These negative
variances from last year were partially offset by higher printwear
unit sales volumes, the benefit of selling price increases in
Branded Apparel which were implemented in the fourth quarter of
fiscal 2011, more favourable product-mix in both operating
segments, improved sock manufacturing efficiencies and the
accretive impact of the acquisition of Anvil. Cotton costs in the
third quarter were essentially unchanged from the third quarter of
last year.
Net sales in the third quarter amounted to U.S. $600.2 million,
up 13.3% from U.S. $529.7 million in the third quarter of fiscal
2011, and in line with the Company's previous guidance. Sales for
the Printwear segment amounted to U.S. $449.3 million, up 11.3%
from fiscal 2011, and sales for the Branded Apparel segment were
U.S. $150.9 million, up 19.7% from the third quarter of last
year.
The increase in sales in the Printwear segment compared to the
third quarter of fiscal 2011 was primarily due to higher unit sales
volumes, as a result of further organic market share penetration in
the U.S. distributor channel, the impact of the Anvil acquisition,
a 4.3% increase in overall industry demand from U.S. screenprinters
and strong growth in the Company's target international markets.
The Company's market share in the U.S. distributor market in the
third quarter, including both the Gildan and Anvil brands, was
71.3%, according to the CREST report. Effective from the month of
July, the Company's data will no longer be provided for the CREST
report, for confidentiality reasons. The impact on Printwear net
sales revenues of higher unit sales volumes was partially offset by
lower net selling prices, compared to the third quarter of fiscal
2011.
The growth in sales for the Branded Apparel segment was due to
higher net selling prices and the impact of the acquisition of
Anvil, together with more favourable product-mix. Excluding Anvil,
sales revenues for Branded Apparel in the third quarter were up by
6.5% compared to the third quarter of fiscal 2011.
Consolidated gross margins in the third quarter were 23.9%
compared to 27.9% last year. The decline in gross margins was due
to the lower net selling prices in the Printwear segment, the
textile manufacturing inefficiencies due to the transition from Rio
Nance I to Rio Nance V and the Rio Nance I asset write-off,
partially offset by higher selling prices in the Branded Apparel
segment, favourable product-mix and improved sock manufacturing
efficiencies.
SG&A expenses in the third quarter were U.S. $57.2 million,
or 9.5% of net sales, compared with U.S. $56.6 million, or 10.7% of
net sales, in the third quarter of last year. Excluding the impact
of the acquisition of Anvil, SG&A expenses were approximately
U.S. $3 million lower than the third quarter of last year. The
reduction in SG&A expenses was due to lower legal and
professional fees, the non-recurrence of a write-down of obsolete
assets in the third quarter last year and lower variable
compensation expenses.
In the third quarter, the Printwear division reported operating
income of U.S. $89.5 million, compared with U.S. $109.9 million in
the third quarter of fiscal 2011. The decline in the results for
the Printwear segment was due to the impact of lower net selling
prices and textile manufacturing inefficiencies, partially offset
by higher unit sales volumes, more favourable product-mix and the
accretive impact of the Anvil acquisition. The Branded Apparel
division reported operating income of U.S. $14.2 million, compared
with U.S. $2.1 million in the third quarter of fiscal 2011, due to
higher net selling prices, improved sock manufacturing efficiencies
and the accretive impact of the Anvil acquisition.
In the third quarter, the Company reached an agreement to
license the New Balance® brand for activewear products in the
printwear distributor channel in the U.S. and Canada. Gildan
currently has the exclusive U.S. sock license for New Balance. The
Company also reached an agreement to further extend the term of its
exclusive U.S. sock license for the Under Armour® brand.
Year-to-Date Sales and Earnings
Net sales for the first nine months of fiscal 2012 amounted to
U.S. $1,386.6 million, up 11.5% from U.S. $1,244.1 million in
fiscal 2011 due to the acquisitions of Gold Toe Moretz and Anvil,
as well as higher selling prices for Branded Apparel, partially
offset by lower selling prices for Printwear in the third
quarter.
The Company reported net earnings of U.S. $59.4 million or U.S.
$0.49 per share in the first nine months of fiscal 2012, compared
to net earnings of U.S. $185.7 million or U.S. $1.52 per share in
the first nine months of fiscal 2011. Adjusted net earnings before
restructuring and acquisition-related costs amounted to U.S. $62.2
million or U.S. $0.51 per share in the first nine months of fiscal
2012, compared to adjusted net earnings of U.S. $194.9 million or
U.S. $1.59 per share in the first nine months of fiscal 2011. The
decline in adjusted EPS in the first nine months of fiscal 2012
compared to last year was due primarily to the significant increase
in cotton costs in the first half of the fiscal year and lower
Printwear selling prices in the third quarter.
Sales and Earnings Outlook
The Company is reconfirming its prior guidance for adjusted EPS
for fiscal 2012 of approximately U.S. $1.30, on sales revenues of
approximately U.S. $1.95 billion. Adjusted EPS in the fourth
quarter is projected to be close to U.S. $0.80 per share, on sales
revenues of approximately U.S. $560 million.
Assumptions for industry growth, market share and pricing in the
printwear industry in the fourth quarter are in line with the third
fiscal quarter. The Company is assuming overall U.S. printwear
industry demand growth in the fourth quarter of 4%. Market share in
the U.S. distributor channel in the fourth quarter is now projected
to be approximately 71.5%, essentially the same as in the third
quarter, which exceeds the Company's previous assumption of 70% for
the second half of fiscal 2012. Sales of Gildan brand from U.S.
distributors to U.S. printers have continued to be strong in the
month of July.
Sales for Branded Apparel in the fourth quarter are projected to
be in excess of 30% higher than the fourth quarter of fiscal 2011,
due to new programs and back-to-school placements and the impact of
Anvil, combined with more favourable product-mix and higher selling
prices. Excluding Anvil, Branded Apparel sales are projected to be
up approximately 15% from the fourth quarter of last year.
Cotton costs in cost of sales in the fourth quarter will be
lower than the third quarter of fiscal 2012 and significantly lower
than the fourth quarter of last year, as declining cotton costs are
increasingly reflected in inventories consumed in cost of goods
sold. The benefit of lower cotton costs compared to the fourth
quarter of last year is assumed to be partially offset by inflation
in labour, electricity, transportation and other cost inputs.
The Company is assuming the continuation of current pricing in
the U.S. distributor channel throughout the fourth quarter and is
assuming that selling prices to retailers remain unchanged from
current levels. The assumptions for net selling prices are
essentially unchanged from the Company's prior guidance. Net
selling prices for Printwear are assumed to be significantly lower
than the fourth quarter of fiscal 2011, as selling prices were
reduced in the first quarter of fiscal 2012. Branded Apparel
selling prices are higher than last year. Selling price increases
to retailers implemented in the fourth quarter of fiscal 2011 did
not reflect the pass-through of high-cost cotton to retailers.
Cash Flow
The Company generated free cash flow of U.S. $142.4 million in
the third quarter, which was utilized to finance the acquisition of
Anvil, pay the quarterly dividend and reduce utilization of the
Company's revolving credit facility. The Company is projecting free
cash flow of approximately U.S. $120 million in the fourth quarter,
and to end the fiscal year with very low debt leverage and
significant unutilized borrowing capacity. The Company is
projecting full year capital expenditures in fiscal 2012 of
approximately U.S. $90 million, compared to its prior forecast of
approximately U.S. $100 million. Capital spending on Rio Nance V is
expected to be essentially completed by the end of the fourth
quarter.
Declaration of Quarterly Dividend
The Board of Directors has declared a cash dividend of U.S.
$0.075 per share, payable on September 10, 2012 to shareholders of
record on August 16, 2012. This dividend is an "eligible dividend"
for the purposes of the Income Tax Act (Canada) and any other
applicable provincial legislation pertaining to eligible
dividends.
Disclosure of Outstanding Share Data
As of July 31, 2012, there were 121,576,377 common shares issued
and outstanding along with 1,071,065 stock options and 881,656
dilutive restricted share units ("Treasury RSUs") outstanding. Each
stock option entitles the holder to purchase one common share at
the end of the vesting period at a pre-determined option price.
Each Treasury RSU entitles the holder to receive one common share
from treasury at the end of the vesting period, without any
monetary consideration being paid to the Company. However, the
vesting of at least 50% of each Treasury RSU grant is contingent on
the achievement of performance conditions that are primarily based
on the Company's average return on assets performance for the
period as compared to the S&P/TSX Capped Consumer Discretionary
Index, excluding income trusts, or as determined by the Board of
Directors.
Consolidated Financial Data - unaudited
(in US$ millions, except per
share amounts or otherwise
indicated) Q3 2012 Q3 2011 YTD 2012 YTD 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net sales 600.2 529.7 1,386.6 1,244.1
Gross profit 143.5 147.8 235.9 338.2
Selling, general and
administrative expenses
(SG&A) 57.2 56.6 162.0 145.4
Operating income 82.6 83.0 68.4 180.2
EBITDA(1) 116.2 112.4 142.6 247.1
Net earnings 78.6 88.1 59.4 185.7
Adjusted net earnings(1) 80.2 93.7 62.2 194.9
----------------------------------------------------------------------------
Diluted EPS 0.64 0.72 0.49 1.52
Adjusted diluted EPS(1) 0.66 0.76 0.51 1.59
----------------------------------------------------------------------------
Gross margin 23.9% 27.9% 17.0% 27.2%
SG&A as a percentage of
sales 9.5% 10.7% 11.7% 11.7%
Operating margin 13.8% 15.7% 4.9% 14.5%
----------------------------------------------------------------------------
Cash flows from operations 158.3 41.0 48.9 51.8
Free cash flow(1) 142.4 8.5 (13.9) (44.7)
----------------------------------------------------------------------------
July 1, October 2,
As at 2012 2011
----------------------------------------------------------------------------
Inventories 550.3 568.3
Trade accounts receivable 302.4 191.6
Net indebtedness(1) 257.5 127.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Please refer to "Non-GAAP Financial Measures" in this press release.
Certain minor rounding variances exist between the financial statements and
this summary.
Segmented Financial Data - unaudited
(in US$ millions) Q3 2012 Q3 2011 YTD 2012 YTD 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segmented net sales:
Printwear 449.3 403.6 957.4 977.2
Branded Apparel 150.9 126.1 429.2 266.9
----------------------------------------------------------------------------
Total net sales 600.2 529.7 1,386.6 1,244.1
----------------------------------------------------------------------------
Segment operating income
(loss):
Printwear 89.5 109.9 108.7 261.8
Branded Apparel 14.2 2.1 17.7 (10.5)
----------------------------------------------------------------------------
Total segment operating
income 103.7 112.0 126.4 251.3
Corporate and other(1) (21.1) (29.0) (58.0) (71.1)
----------------------------------------------------------------------------
Total operating income 82.6 83.0 68.4 180.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Includes corporate head office expenses, restructuring and acquisition-
related costs, and amortization of intangible assets
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 ET. The conference call can be
accessed by dialing (866) 321-6651 (Canada & U.S.) or (416)
642-5212 (international) and entering passcode 4125369, or by live
sound webcast on Gildan's website ("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 10:30 AM ET by dialing (888)
203-1112 (Canada & U.S.) or (647) 436-0148 (international) and
entering passcode 4125369, until Thursday, August 9, 2012 at
midnight, or by sound web cast on Gildan's website for 30 days
following the live webcast.
This release should be read in conjunction with Gildan's 2012
Third Quarter Management's Discussion and Analysis ("MD&A")
dated August 1, 2012 and its unaudited condensed interim
consolidated financial statements for the three and nine months
ended July 1, 2012 (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 family apparel. Gildan® is
the leading activewear brand in the printwear market in the U.S.
and Canada, and is increasing its penetration in international
markets, such as Europe, Mexico and the Asia-Pacific region. We are
also one of the largest suppliers of athletic, casual and dress
socks sold to a broad spectrum of retailers in the U.S. The Company
markets its products under a diversified portfolio of company-owned
brands, including Gildan®, Anvil®, Gold Toe®, PowerSox®,
SilverToe®, Auro®, All Pro® and GT®. We are also the exclusive U.S.
sock licensee for the Under Armour® and New Balance® brands. The
Company is now pursuing a strategy to become a major supplier of
basic branded activewear and underwear for U.S. retailers. In
addition to supplying retailers, Gildan also manufactures select
activewear programs for leading consumer brands. With over 30,000
employees worldwide, Gildan owns and operates highly efficient,
large-scale, environmentally and socially responsible manufacturing
facilities in Central America and the Caribbean Basin and has taken
initial steps towards the potential development of a manufacturing
hub in Asia 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 and more information on its corporate citizenship
practices can be found at www.genuinegildan.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, market share, selling prices, cotton costs, income
tax rate, and free cash flow. 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 "Critical Accounting
Estimates" and "Financial Risk Management" sections 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 production;
-- disruption to manufacturing and distribution activities due to labour
disruptions, political or social 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, including our JD Edwards Enterprise Resource
Planning (ERP) system which is currently being upgraded to the latest
system release, Enterprise One;
-- 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, asset
impairment losses 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.
There can be no assurance that the expectations represented by
our forward-looking statements 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 future 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. These non-GAAP measures do not have any standardized
meanings prescribed by IFRS 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 IFRS measure are provided below.
EBITDA
EBITDA is calculated as earnings before financial expenses,
income taxes and depreciation and amortization and excludes the
impact of restructuring and acquisition-related costs, as well as
the equity earnings in investment in joint venture. The Company
uses EBITDA, among other measures, to assess the operating
performance of its business. The Company also believes 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. The Company excludes
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.
(in U.S.$ millions) Q3 2012 Q3 2011 YTD 2012 YTD 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings 78.6 88.1 59.4 185.7
Restructuring and
acquisition-related costs 3.6 8.2 5.5 12.6
Depreciation and
amortization 27.5 21.1 72.0 56.3
Variation of depreciation
included in inventories 2.5 0.1 (3.3) (2.0)
Financial expenses, net 3.5 0.8 8.5 4.1
Income tax expense
(recovery) 0.3 (5.0) 0.3 (9.3)
Equity (earnings) loss in
investment in joint
venture 0.2 (0.9) 0.2 (0.3)
----------------------------------------------------------------------------
EBITDA 116.2 112.4 142.6 247.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 acquisition-related costs, net of related income
tax recoveries. 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
acquisition-related costs, net of related income tax recoveries,
that could potentially distort the analysis of trends in its
business performance. Excluding these items does not imply they are
necessarily non-recurring.
(in U.S.$ millions, except
per share amounts) Q3 2012 Q3 2011 YTD 2012 YTD 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings 78.6 88.1 59.4 185.7
Adjustments for:
Restructuring and
acquisition-related
costs 3.6 8.2 5.5 12.6
Income tax recovery on
restructuring and
acquisition-related
costs (2.0) (2.6) (2.7) (3.4)
----------------------------------------------------------------------------
Adjusted net earnings 80.2 93.7 62.2 194.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic EPS 0.65 0.72 0.49 1.53
Diluted EPS 0.64 0.72 0.49 1.52
Adjusted diluted EPS 0.66 0.76 0.51 1.59
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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. The Company considers free cash flow to be an
important indicator of the financial strength and performance of
its business, because it shows how much cash is available after
capital expenditures to repay debt and to reinvest in its business,
and/or to redistribute to its shareholders. The Company believes
this measure is commonly used by investors and analysts when
valuing a business and its underlying assets.
(in U.S.$ millions) Q3 2012 Q3 2011 YTD 2012 YTD 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from operating
activities 158.3 41.0 48.9 51.8
Cash flows used in
investing activities (103.3) (377.7) (150.2) (441.7)
Adjustments for:
Business acquisitions 87.4 345.2 87.4 345.2
----------------------------------------------------------------------------
Free cash flow 142.4 8.5 (13.9) (44.7)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Certain minor rounding variances exist between the financial statements and
this summary.
Total indebtedness and Net indebtedness
Total indebtedness is comprised of bank indebtedness and
long-term debt (including any current portion), and net
indebtedness is calculated as total indebtedness net of cash and
cash equivalents. The Company considers total indebtedness and net
indebtedness to be important indicators of the financial leverage
of the Company.
July 1, October 2,
(in U.S.$ millions) 2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt and total indebtedness 306.0 209.0
Cash and cash equivalents (48.5) (82.0)
----------------------------------------------------------------------------
Net indebtedness 257.5 127.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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)
343-8805lsellyn@gildan.com Sophie Argiriou Director, Investor
Communications (514) 343-8815sargiriou@gildan.com Media Relations
Genevieve Gosselin Director, Corporate Communications (514)
343-8814ggosselin@gildan.com
Gildan Activewear (TSX:GIL)
Historical Stock Chart
From Jul 2024 to Jul 2024
Gildan Activewear (TSX:GIL)
Historical Stock Chart
From Jul 2023 to Jul 2024