Gildan Activewear Inc. (TSX:GIL)(NYSE:GIL) today announced record
results for the first quarter of a fiscal year, which were slightly
in excess of the guidance range which it had previously provided,
and reconfirmed its earnings guidance for fiscal 2013 which it had
initiated on November 29, 2012. The Company also provided guidance
for sales and earnings for the second quarter of fiscal 2013.
First Quarter Results
Gildan today reported net earnings of U.S. $35.3 million or U.S.
$0.29 per share on a diluted basis for its first fiscal quarter
ended December 30, 2012, compared with a net loss of U.S. $46.1
million or U.S. $0.38 per share in the first quarter of fiscal
2012. Results for the first quarter of fiscal 2013 include
restructuring and acquisition-related costs amounting to U.S. $3.8
million after tax, primarily related to the acquisition of Anvil
Holdings Inc. (Anvil) and the further write-down of assets held for
divestiture since the closure of U.S. sock manufacturing
operations. Before the restructuring and acquisition-related costs,
adjusted net earnings for the first quarter of fiscal 2013 were
U.S. $39.1 million or U.S. $0.32 per share, compared to a net loss
of U.S. $45.8 million or U.S. $0.38 per share in the first quarter
of last year.
The Company had previously projected adjusted net earnings of
U.S. $0.28-$0.31 per share for the first quarter, when it reported
its fiscal 2012 fourth quarter and full year results on November
29, 2012. Results were slightly more favourable than projected due
to lower than forecast promotional discounting in Printwear,
partially offset by the impact of the cost of repairs at the
Dominican Republic textile facility due to hurricane damage which
amounts to approximately U.S. $0.02 per share, primarily in the
first quarter, and which had not been reflected in the Company's
previous earnings guidance.
The Company incurred a loss in the first quarter of last year
due to a combination of factors including historically high costs
of cotton, abnormally high levels of inventory destocking by
wholesale distributors, a special distributor inventory devaluation
discount, an abnormally high promotional discount rate in the U.S.
distributor channel and an extended holiday manufacturing shutdown
in order to manage inventory levels. The significant improvement in
the Company's results in the first quarter compared to the first
quarter of last year was due to the benefit of significantly lower
cotton costs, improved market conditions for Printwear and the
accretion from the acquisition of Anvil. These positive factors
were partially offset by lower selling prices for Printwear,
primarily reflecting the selling price reductions implemented in
the first quarter of fiscal 2012, and higher selling, general and
administrative expenses.
Net sales in the first quarter amounted to U.S. $420.8 million,
up 38.5% from U.S. $303.8 million in the first quarter of fiscal
2012. The Company had projected that sales for the first quarter
would be in excess of U.S. $400 million. Sales for the Printwear
segment amounted to U.S. $243.7 million, up 65.6% from U.S. $147.2
million in the first quarter of fiscal 2012, and sales for the
Branded Apparel segment were U.S. $177.0 million, up 13.0% from
U.S. $156.6 million for the first quarter of last year.
The increase in sales in the Printwear segment was due to higher
unit sales volumes as a result of the strong recovery in demand for
Gildan® branded products compared to the first quarter of fiscal
2012, the non-recurrence of the abnormally high seasonal inventory
destocking by distributors, the non-recurrence of the distributor
inventory devaluation discount in the first quarter of fiscal 2012,
and the impact of the Anvil acquisition. Gildan inventories in the
U.S. distributor channel at the end of the first quarter were in
good balance relative to demand.
The 13.0% growth in sales for the Branded Apparel segment was
due to the impact of the acquisition of Anvil and increased sales
of Gildan® branded activewear to retail customers, partially offset
by lower sales of socks compared to the first quarter of last
year.
Consolidated gross margins in the first quarter were 26.8%
compared to 2.1% last year. The significant recovery in gross
margins was due to the impact of lower-cost cotton, the improved
industry conditions for Printwear compared to the first quarter of
last year, and more favourable product-mix for Branded Apparel,
partially offset by the impact of the reduction in selling prices
for Printwear and the impact on manufacturing costs of inflation in
purchased cost inputs and the repairs due to the hurricane
damage.
Selling, general and administrative expenses in the first
quarter were U.S. $69.4 million, or 16.5% of net sales, compared
with U.S. $50.8 million, or 16.7% of net sales, in the first
quarter of last year. The increase in SG&A expenses was
primarily due to increased variable performance-driven compensation
expenses, increased marketing and advertising expenses and the
impact of Anvil.
In the first quarter, the Printwear segment reported operating
income of U.S. $45.9 million, compared to an operating loss of U.S.
$30.8 million in the first quarter of fiscal 2012. The more
favourable results for the Printwear segment were primarily due to
the impact of lower cotton costs, improved industry conditions and
the impact of the Anvil acquisition, partially offset by lower
selling prices and higher SG&A expenses. The Branded Apparel
segment reported quarterly operating income of U.S. $19.6 million,
compared with U.S. $2.4 million in the first quarter of fiscal
2012. The improved results for Branded Apparel were due to lower
cotton costs, the acquisition of Anvil and the growth of Gildan®
branded activewear sales to retailers, partially offset by lower
sales of socks and higher SG&A expenses.
Cash Flow and Financial Position
The Company generated free cash flow of U.S. $21.3 million in
the first quarter, after financing a seasonal increase in
inventories and capital expenditures of U.S. $25.3 million. The
Company ended the first quarter of the fiscal year with bank
indebtedness of U.S. $177.0 million and cash and cash equivalents
of U.S. $82.0 million.
Outlook
Net sales revenues are projected to slightly exceed the
Company's previous guidance of approximately U.S. $2.1 billion. Net
sales for Printwear are now projected to exceed the previous
projection of approximately U.S. $1.4 billion, and net sales for
Branded Apparel are still projected to be approximately U.S. $0.7
billion. The EPS impact of the slightly higher than previously
projected Printwear sales is projected to be offset by higher than
previously projected cotton and manufacturing costs. Other material
assumptions are essentially unchanged compared to the Company's
previous guidance. Therefore, the Company is continuing to project
adjusted EPS of U.S. $2.60-$2.70 for the full fiscal year.
During the second quarter, the Company announced selling price
reductions for certain printwear products, and applied the benefit
of these selling price reductions to distributor inventories.
However, the full financial impact of the price reductions,
including the distributor inventory devaluation, had been reflected
in the Company's prior guidance. The Company's guidance continues
to reflect the possibility of further increases in promotional
discounting in the balance of the fiscal year.
The Company has begun shipment of new branded programs for
national customers in the second quarter and will begin shipment of
further new programs in the third quarter of the fiscal year. The
Company believes that it is positioned to secure further new
programs for both the Gildan® brand and the Gold Toe® portfolio of
brands. In order to maximize the opportunity provided by the new
branded programs, Gildan is increasing its advertising expenditures
in support of its brands during fiscal 2013 by over U.S. $15
million compared with fiscal 2012, including a commercial which
aired during Super Bowl® XLVII on February 3, 2013.
The cost of cotton futures has increased since the Company
initiated its fiscal 2013 guidance in November. The Company has not
yet purchased all of its cotton requirements for consumption in
cost of sales in the balance of fiscal 2013, and is assuming that
the balance of its requirements are purchased at approximately
current futures prices for cotton.
The Company is projecting adjusted net earnings per share for
the second fiscal quarter of U.S. $0.54-$0.57, compared with
adjusted EPS of U.S. $0.23 per share in the second quarter of
fiscal 2012. Compared with last year, the impact of significantly
lower cotton costs, higher unit sales volumes for Printwear, more
favourable product-mix for Branded Apparel and the impact of Anvil
are projected to be partially offset by lower net selling prices
for Printwear, including the U.S. $0.04 per share impact of the
distributor inventory devaluation, the impact of short-term
manufacturing inefficiencies, the timing of the Easter holiday
shutdown which falls this year in the second fiscal quarter
compared to the third quarter in fiscal 2012, inflation in certain
purchased cost elements and increased selling, general and
administrative expenses. Net sales revenues for the second fiscal
quarter are projected to be approximately U.S. $520 million,
compared with U.S. $483 million in the second quarter of fiscal
2012.
The Company is continuing to project free cash flow in excess of
U.S. $200 million in fiscal 2013. Capital expenditures are
projected to be approximately U.S. $200 million, including a total
of approximately U.S. $85 million for yarn-spinning investments. In
January 2013, the Company purchased a building in Salisbury, N.C.
which will be used for its planned ring-spun yarn manufacturing
facility. As indicated in November, the balance of the fiscal 2013
capital expenditure program is primarily for expansion of textile
capacity in Honduras, including the carry over of expenditures from
fiscal 2012 for Rio Nance V and the refurbishment of Rio Nance I,
as well as for expansion of distribution capacity, including the
construction of a new distribution centre in Honduras and continued
investments in biomass projects. In addition, the Company is
considering the option of increasing the utilization of the former
Anvil facility in Honduras to support its growth in more
specialized performance products. This would allow Rio Nance I to
focus on large-scale, high-volume manufacturing of ring-spun
underwear and activewear.
Declaration of Quarterly Dividend
The Board of Directors has declared a cash dividend of U.S.
$0.09 per share, payable on March 18, 2013 to shareholders of
record on February 21, 2013. This dividend is an "eligible
dividend" for the purposes of the Income Tax Act (Canada) and any
other applicable provincial legislation pertaining to eligible
dividends.
Disclosure of Outstanding Share Data
As of January 31, 2013, there were 121,641,539 common shares
issued and outstanding along with 1,218,003 stock options and
867,276 dilutive restricted share units (Treasury RSUs)
outstanding. Each stock option entitles the holder to purchase one
common share at the end of the vesting period at a pre-determined
option price. Each Treasury RSU entitles the holder to receive one
common share from treasury at the end of the vesting period,
without any monetary consideration being paid to the Company.
However, the vesting of at least 50% of each Treasury RSU grant is
contingent on the achievement of performance conditions that are
primarily based on the Company's average return on assets
performance for the period as compared to the S&P/TSX Capped
Consumer Discretionary Index, excluding income trusts, or as
determined by the Board of Directors.
Consolidated Financial Data - unaudited
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(in US$ millions, except per share amounts or
otherwise indicated) Q1 2013 Q1 2012
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Net sales 420.8 303.8
Gross profit 112.6 6.4
SG&A expenses 69.4 50.8
Operating income (loss) 37.9 (44.7)
EBITDA(1) 62.0 (26.3)
Net earnings (loss) 35.3 (46.1)
Adjusted net earnings (loss)(1) 39.1 (45.8)
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Diluted EPS 0.29 (0.38)
Adjusted diluted EPS(1) 0.32 (0.38)
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Gross margin 26.8% 2.1%
SG&A expense as a percentage of sales 16.5% 16.7%
Operating margin 9.0% (14.7)%
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Cash flows from (used in) operations 45.4 (112.4)
Free cash flow(1) 21.3 (135.8)
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September
December 30, 30,
As at 2012 2012
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Inventories 622.2 553.1
Trade accounts receivable 203.1 260.6
Net indebtedness(1) 95.0 110.6
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(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
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(in US$ millions) Q1 2013 Q1 2012
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Segmented net sales:
Printwear 243.8 147.2
Branded Apparel 177.0 156.6
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Total net sales 420.8 303.8
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Segment operating income (loss):
Printwear 45.9 (30.8)
Branded Apparel 19.6 2.4
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Total segment operating income (loss) 65.5 (28.4)
Corporate and other(1) (27.6) (16.3)
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Total operating income (loss) 37.9 (44.7)
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(1) Includes corporate head office expenses, restructuring and acquisition-
related costs, and amortization of intangible assets, excluding
software.
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 5:00 PM ET. The conference call can be
accessed by dialing (800) 447-0521 (Canada & U.S.) or (847)
413-3238 (international) and entering passcode 34069901, 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 8:00 PM ET by dialing (888)
843-7419 (Canada & U.S.) or (630) 652-3042 (international) and
entering passcode 34069901#, until Wednesday, February 13, 2013 at
midnight, or by sound webcast on Gildan's corporate website for 30
days following the live webcast.
This release should be read in conjunction with Gildan's 2013
First Quarter Management's Discussion and Analysis dated February
6, 2013 and its unaudited condensed interim consolidated financial
statements for the three months ended December 30, 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 leading supplier of quality branded basic family
apparel, including T-shirts, fleece, sport shirts, socks and
underwear. The Company sells its products under a diversified
portfolio of Company-owned brands, including the Gildan®, Gold Toe®
and Anvil® brands and brand extensions, as well as under license
agreements for the Under Armour® and New Balance® brands. The
Company distributes its products in printwear markets in the U.S.
and Canada, where Gildan® is the industry-leading brand, and the
Company is increasing its penetration in international printwear
markets. The Company is also one of the largest suppliers of
branded athletic, casual and dress socks for a broad spectrum of
retailers in the U.S., and is developing Gildan® as a consumer
brand for underwear and activewear.
Gildan owns and operates vertically-integrated, large-scale
manufacturing facilities which are primarily located in Central
America and the Caribbean Basin to efficiently service the
replenishment needs of its customers in the printwear and retail
markets. Gildan has over 31,000 employees worldwide and is
committed to industry-leading labour and environmental practices in
all of its facilities. More information about the Company and its
corporate citizenship practices and initiatives can be found at its
corporate websites www.gildan.com and www.genuinegildan.com,
respectively.
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, accretion from acquisitions, product-mix, selling,
general and administrative expenses, earnings per share, capital
expenditures, manufacturing efficiencies, selling prices, cotton
costs and other manufacturing cost inputs, 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 described under the
"Financial risk management", "Critical accounting estimates and
judgments" and "Risks and uncertainties" sections of the 2012
Annual MD&A 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, obtaining and successfully introducing new
sales programs, 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 such
factors as operational issues, disruptions in transportation logistic
functions, 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, anti-corruption, privacy 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;
-- 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; and
-- the adverse impact of any current or future legal and regulatory
actions.
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 International Financial Reporting Standards
(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.
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(in U.S.$ millions) Q1 2013 Q1 2012
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Net earnings (loss) 35.3 (46.1)
Restructuring and acquisition-related costs 5.3 0.3
Depreciation and amortization 18.8 18.2
Financial expenses, net 2.3 2.0
Income tax expense (recovery) 0.3 (0.5)
Equity earnings in investment in joint venture - (0.2)
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EBITDA 62.0 (26.3)
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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 diluted 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.
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(in U.S.$ millions, except per share amounts) Q1 2013 Q1 2012
----------------------------------------------------------------------------
Net earnings (loss) 35.3 (46.1)
Adjustments for:
Restructuring and acquisition-related costs 5.3 0.3
Income tax recovery on restructuring and
acquisition-related costs (1.5) -
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Adjusted net earnings (loss) 39.1 (45.8)
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Basic EPS 0.29 (0.38)
Diluted EPS 0.29 (0.38)
Adjusted diluted EPS 0.32 (0.38)
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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. 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.
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(in U.S.$ millions) Q1 2013 Q1 2012
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Cash flows from (used in) operating activities 45.4 (112.4)
Cash flows used in investing activities (26.6) (23.4)
Adjustment for:
Business acquisition 2.5 -
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Free cash flow 21.3 (135.8)
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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.
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December 30, September 30,
(in U.S.$ millions) 2012 2012
----------------------------------------------------------------------------
Long-term debt and total indebtedness 177.0 181.0
Cash and cash equivalents (82.0) (70.4)
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Net indebtedness 95.0 110.6
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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)
343-8805lsellyn@gildan.com Sophie Argiriou, Director, Investor
Communications (514) 343-8815sargiriou@gildan.com Media Relations
Genevieve Gosselin, Director, Corporate Communications (514)
343-8814ggosselin@gildan.com
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