Perry Ellis International Announces Record Fourth Quarter and Fiscal 2000 Year End Results; Fourth Quarter Revenue Increases 39.1% Over Prior Year.Business Editors MIAMI--(BUSINESS WIRE)--March 21, 2000 The Company Posts $7.3 Million in Royalty Income for the Period 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
Total revenue for the fourth quarter increased 39.1% to $65.5 million, compared to $47.1 million for the comparable quarter last year. An $11.6 million increase in 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 and a $6.8 million increase in royalty income favorably impacted total revenues in the fourth quarter of fiscal 2000. Net income for the fourth quarter increased 16.4% to $2.4 million, or $0.35 per diluted share, compared to $2.1 million, or $0.31 per diluted share, in the comparable year ago period. Total revenue for the year increased 12.5% to $252.4 million, compared to $224.4 million for the comparable period last year. For the year, net income increased 26.8% to $10.9 million, or $1.59 per diluted share, compared to net income of $8.6 million, or $1.27 per diluted share in the comparable year ago period. George Feldenkreis, Chairman and Chief Executive Officer, commented, "We are extremely pleased to report record results in both net sales and royalty income for the quarter and year end. Our strategy of expanding our product offerings to all levels of distribution and building our brands has resulted in increased revenues and better than expected licensing income. Our backlog of orders for the first half of the current year are strong and we expect the current quarter of fiscal 2001 to be our best ever." 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. concluded, "We are very enthusiastic about our business prospects for the coming year. Our products under the John Henry, Andrew Henry, Andrew (c. 1775–1833) trapper, lead miner; born in York County, Pa. He moved to present-day Missouri (1800) where he engaged in lead mining. He joined the St. Fezza, PNB PNB Produit National Brut (French) PNB Punjab National Bank (India) PNB Philippine National Bank PNB Producto Nacional Bruto (Spanish: Gross National Product) , Ping, Natural Issue and Crossings labels continue to experience strong retail sell-throughs and the level of response that our brands received at both Magic and the PGA (1) (Professional Graphics Adapter) An early IBM PC display standard for 3D processing with 640x480x256 resolution. It was not widely used. (2) (Programmable Gate Array) See gate array and FPGA. shows last month was extremely positive. Our newly introduced Cubavera line, which addresses the growing influence of the Hispanic culture Hispanic culture is a term used to identify the culture found in Spain and in the countries that were part of the Spanish Empire, including Mexico, Peru and other countries that were formerly part of New Spain and the Viceroyalty of Peru. , is selling very well at retail and we are looking to develop this concept into a lifestyle collection." Perry Ellis International, Inc. designs, imports and markets men's sportswear under a variety of names and licensees including Crossings(R), Natural Issue(R), Grand Slam grand slam n. 1. The winning of all the tricks during the play of one hand in bridge and other whist-derived card games. 2. Sports The winning of all the major or specified events, especially on a professional circuit. (R), Penguin Sport(R), Munsingwear(R), John Henry(R), Manhattan(R), Alexander Martin(R), Andrew Fezza(R), Ping(R), and PNB Nation(R), among others. The Company owns the trademarks to 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 (R), Perry Ellis Portfolio(R) and Perry Ellis America(R). The Company's products are sold to department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , chain stores, specialty stores, and mass merchants throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and other countries. Forward-looking statements (statements which are not historical facts) in the release are made pursuant to the 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. 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. Supreme's actual results 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 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.
Consolidated Statement of Operations
(000's omitted except per share information)
Three Months Ended Year Ended
January 31, January 31,
2000 1999 2000 1999
REVENUES
Net Sales $ 58,179 $ 46,541 $ 229,549 $221,347
Royalty Income 7,326 561 22,840 3,057
TOTAL REVENUE 65,505 47,102 252,389 224,404
COST OF SALES 44,070 33,795 171,413 166,198
GROSS PROFIT 21,435 13,307 80,976 58,206
SELLING, GENERAL &
ADMINISTRATIVE
EXPENSES 12,088 9,011 44,479 39,478
DEPRECIATION 360 338 1,241 1,052
AMORTIZATION 1,081 305 3,940 1,109
TOTAL OPERATING
EXPENSES 13,529 9,654 49,660 41,639
OPERATING INCOME 7,906 3,653 31,316 16,567
INTEREST EXPENSE 3,891 705 3,905 3,494
INCOME BEFORE
INCOME TAXES 4,015 2,948 17,411 13,073
INCOME TAX
PROVISION 1,598 871 6,530 4,491
NET INCOME $ 2,417 $ 2,077 $10,880 $ 8,582
NET INCOME PER
SHARE
Basic $ 0.36 $ 0.31 $ 1.62 $ 1.29
Diluted $ 0.35 $ 0.31 $ 1.59 $ 1.27
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING
Basic 6,730,937 6,674,103 6,725,722 6,674,103
Diluted 6,885,492 6,768,667 6,856,541 6,769,810
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