Perry Ellis International, Inc. Reports First Quarter FY 2003 Results; Earnings Per Share Soar to $0.75, a 29% Increase Over Previous Year.Business Editors MIAMI--(BUSINESS WIRE)--May 21, 2002 Statement of Operations See Income statement. (First Quarter)/Balance Sheet Attached Perry Ellis International Perry Ellis International is a leading international marketer of clothing, offering a diverse portfolio of brands through multiple distribution channels. PEI Brands
n. 1. A pear tree. See Pirie. ) today reported better-than-expected results for the first quarter of fiscal year 2003 ended April 30, 2002. Net income for the first quarter of fiscal year 2003 was $4.8 million or $0.75 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $3.8 million or $0.58 in the comparable year-ago period (prior years results have been adjusted upward by $0.65 million or $0.10 per share to reflect the adoption of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 142 effective as of the beginning of this fiscal year), representing an EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. increase of 29 percent. Net domestic sales for the first quarter increased 3.9% to $77.7 million from $74.8 million in the comparable period last year. Worldwide, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight decreased 2.8% to $78.6 million from $80.9 million. Last year's $80.9 million net sales included sales of $6.1 million of Perry Ellis Perry Ellis (March 3, 1940 – May 30, 1986) was an American fashion designer who founded a sportswear house in the mid-1970s. The Rise of Perry Ellis Perry Edwin Ellis was born in Portsmouth, Virginia, on March 3, 1940, as the only child of Edwin and Winifred America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. shoes by our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiary. In periods both prior to, and subsequent to the first quarter of last year, a third party licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. handled this business. Adjusting for these sales, net worldwide sales increased 5.1% to $78.6 million from $74.8 million. Royalty income was flat to last year at $6.1 million. Total revenue for the first quarter was $84.7 million, compared to $86.9 million for the first quarter a year ago. As of April 30, 2002, the Company had no short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and had net cash of approximately $5.0 million as compared to $40.1 million of revolving credit borrowings at the same time last year. In addition to its subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , the Company completed in March, a $57 million senior note offering as part of the Jantzen Jantzen swimwear was founded in Portland, Oregon in 1910. Jantzen’s “Red Diving Girl” logo is recognized worldwide. Styling and quality remain the key elements in maintaining Jantzen’s position as the number one producer of branded swimwear. acquisition. Inventories as of the end of the first quarter were $36.8 million (including $2.1 million of Jantzen inventory) a decrease of 9.5% compared to $40.3 million last year (16.1% decrease as adjusted for Jantzen). "We are extremely satisfied with our first quarter results and pleased that we once again exceeded analyst expectations and prior guidance," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Feldenkreis, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Perry Ellis International. "The benefits derived from strategies that we implemented over the past two years - including increased diversity of our distribution channels and reductions in overhead are clearly reflected in the improvement in margins and earnings per share this quarter. We are looking forward to continued improvement as the year progresses." "Our performance for the quarter underscores the continuing appeal of our family of brands and reinforces our belief that we have taken the right steps to maximize results," said Oscar Feldenkreis, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Perry Ellis International. "Moving forward, we are confident that our proven ability to provide the retailer with successful product lines at all levels of distribution, coupled with our recent entree into the swim and women's markets segments through our acquisition of the Jantzen brand and new licensing agreements with Nike and Tommy Hilfiger Thomas Jacob Hilfiger (born March 24, 1951 in Elmira, New York) is a world-famous American fashion designer and creator of the eponymous "Tommy Hilfiger" and "Tommy" brands. Biography Hilfiger was born March 24, 1951 and raised in Elmira, New York. completed during the past two months, positions us for continued growth and increased market prominence prominence /prom·i·nence/ (prom´i-nins) a protrusion or projection. frontonasal prominence ." The Company will hold a conference call today at 10:30 am ET to discuss first quarter 2003 results. A Web cast of the call is accessible online at http:/www.perryellis.com where it will be available for 30 days. About Perry Ellis International Perry Ellis International markets products in over 40 different categories under the Perry Ellis(R), Perry Ellis Portfolio(R) and Perry Ellis America(R) trademarks. Perry Ellis products are available in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in more than 26 countries with worldwide retail sales of over $1.5 billion. Supreme International, a division of PEI manufactures, markets and distributes other trademarks both domestically and internationally including, Jantzen(R), Nike, Tommy Hilfiger, Munsingwear(R), John Henry(R), Manhattan(R), and Cubavera(R) and PING Collection  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . among others. Additional information on PEI is available at http://www.perryelliscorporate.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The actual results of PEI could differ materially from those expressed or indicated by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in fashion trends, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the retail industry, use of contract manufacturing and foreign sourcing, import restrictions, competition, seasonality and other factors. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
Perry Ellis International, Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in 000's, except per share information)
Three Months Ended April 30,
--------------------------
2002 2001
--------------------------
Net sales $ 78,619 $ 80,865
Royalty income 6,077 6,066
------------ ------------
Total revenue 84,696 86,931
Cost of sales 57,932 60,781
------------ ------------
Gross profit 26,764 26,150
------------ ------------
SG&A expenses 14,510 15,410
Depreciation & amortization 660 1,599
------------ ------------
Total operating expenses 15,170 17,009
------------ ------------
Operating income 11,594 9,141
Interest expense 3,867 4,092
------------ ------------
Income Before Minority Interest and Income
Taxes 7,727 5,049
Minority Interest 32 (32)
Income tax provision 2,929 1,883
------------ ------------
Net income $ 4,766 $ 3,198
============ ============
Earnings per share:
Basic $ 0.75 $ 0.49
Diluted $ 0.75 $ 0.49
Weighted average outstanding shares:
Basic 6,325,674 6,576,430
Diluted 6,391,139 6,590,839
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
April 30, 2002 January 31, 2002
-------------- ----------------
ASSETS
Current Assets:
Cash and cash equivalents $ 5,021,238 $ 1,303,978
Accounts receivable, net 68,317,610 50,370,245
Inventories 36,785,031 45,409,047
Deferred income taxes 2,384,316 2,384,316
Prepaid income taxes - -
Other current assets 1,687,054 1,886,163
------------ ------------
Total current assets 114,195,249 101,353,749
Property and equipment, net 11,720,306 10,897,334
Intangible assets, net 142,291,609 117,938,894
Other 5,398,626 3,870,703
------------ ------------
TOTAL $ 273,605,790 $ 234,060,680
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 5,433,968 $ 5,966,369
Accrued expenses 5,963,351 3,259,602
Income taxes payable 1,897,076 1,381,551
Accrued interest payable 1,253,910 3,808,997
Current Portion Senior Credit
Agreement - 21,756,094
Unearned Revenues 1,911,320 1,838,929
Other current liabilities 2,659,058 2,410,583
------------ ------------
Total current liabilities 19,118,683 40,422,125
Senior subordinated notes payable,
net 99,161,293 99,071,515
Senior notes payable, net 55,622,839 -
Deferred income tax 6,749,832 6,749,832
Long term debt - senior credit
agreement - -
------------ ------------
Total long-term liabilities 161,533,964 105,821,347
------------ ------------
Total liabilities 180,652,647 146,243,472
------------ ------------
Minority Interest 654,735 613,671
------------ ------------
Stockholders' Equity:
Preferred stock $.01 par value;
1,000,000 shares authorized;
no shares issued or outstanding - -
Class A Common Stock $.01 par value;
30,000,000 shares authorized;
no shares issued or outstanding - -
Common stock $.01 par value;
30,000,000 shares authorized;
6,322,974 shares issued and
outstanding as of April 30, 2002 and
6,337,440 shares issued and
6,286,740 shares outstanding as of
January 31, 2002 63,229 63,374
Additional paid-in-capital 26,192,003 26,286,040
Retained earnings 66,152,301 61,386,243
Accumulated other comprehensive
loss (109,125) (121,753)
------------ ------------
Total 92,298,408 87,613,904
Common stock in treasury at cost;
50,700 shares as of January 31,
2002 - (410,367)
------------ ------------
Total stockholders'
equity 92,298,408 87,203,537
------------ ------------
TOTAL $ 273,605,790 $ 234,060,680
============ ============
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