Adjusted loss per share from continuing operations for the second quarter of 2012 was ($0.09), compared to adjusted loss per share from continuing operations of ($0.16) for the second quarter of 2011 (inclusive of unrealized foreign currency gains (losses) of $0.02 per share in the second quarter of 2012 and ($0.04) per share in the second quarter of 2011).

Adjusted EBITDA for the second quarter of 2012 was $16 million, while comparable adjusted EBITDA was $7 million for the second quarter of 2011 (excluding unrealized foreign currency gains (losses) of $2 million in the second quarter of 2012 and ($6) million in the second quarter of 2011).

Net sales for the second quarter of 2012 were $337 million, a decrease of $23 million, or 6.5%, from the comparable 2011 period. Net sales increased $39 million, or 13.0% on a comparable basis from the 2011 period, excluding the $62 million decline in net sales associated with brands that have been sold or exited but not accounted for as discontinued operations.

For the first half of 2012, the Company recorded a loss from continuing operations of ($101) million, or ($0.96) per share, compared to a loss from continuing operations for the first half of 2011 of ($107) million, or ($1.13) per share. Adjusted loss per share from continuing operations in the first half of 2012 was ($0.31) compared to an adjusted loss per share from continuing operations of ($0.47) in the first half of 2011 (inclusive of unrealized foreign currency losses of ($0.16) per share in the first half of 2011).

Net sales for the first half of 2012 were $654 million, a decrease of $37 million, or 5.3%, from the comparable 2011 period. Net sales increased $75 million, or 13.1% on a comparable basis from the 2011 period, excluding the $112 million decline in net sales associated with brands that have been sold or exited but not accounted for as discontinued operations.

William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "Adjusted EBITDA, excluding unrealized foreign currency transaction gains, of $16 million in the second quarter was in line with our outlook.

“We continue to strengthen our balance sheet as we ended the quarter with net debt of $329 million, a decrease of $413 million compared to the second quarter of 2011. We issued an additional $152 million of 10.5% Secured Notes in June and used a portion of the proceeds to redeem the remaining 5% Euro Notes earlier this month.

“We will also use some of the proceeds along with cash on hand to fund the conditional exercise of our option to acquire our partner Sanei's 51% interest in our kate spade Japan joint venture expected to close later this year.

“We further strengthened our capital structure in the quarter with the exchange of $38 million of our 6% Convertible Notes for 10.8 million shares of stock. For fiscal 2012, we continue to forecast adjusted EBITDA, excluding foreign currency transaction gains or losses, in the range of $125 to $140 million."

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Fifth & Pacific Companies Inc