Home / Knowledge / News / Apparel/Garments / Phillips-Van Heusen in discussion to amend credit facility
Phillips-Van Heusen in discussion to amend credit facility
27
Jan '11
Phillips-Van Heusen Corporation announced that, in recognition of the favorable conditions in the credit markets, it is entering into discussions to amend the credit facility it entered into in May 2010 in connection with its acquisition of Tommy Hilfiger B.V. and certain related companies.

The transaction will reflect a deleveraging, including a voluntary prepayment of $150 million of principal in February 2011 previously anticipated to be made by January 30, 2011. In addition, a voluntary repayment of approximately $150 million of principal was made in December 2010.

The Company also announced that in connection with the discussions regarding the credit facility amendment, it was reaffirming its previous guidance estimates for revenue and earnings per share for the fiscal quarter and year ending January 30, 2011 and providing guidance for its 2010 capital expenditures and pro forma revenue and earnings before interest, taxes, and depreciation and amortization (EBITDA), adjusted as if the Tommy Hilfiger acquisition occurred as of the first day of the fiscal year.

Non-GAAP Amounts
The discussions in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading "Non-GAAP Exclusions." Reconciliations of GAAP to non-GAAP amounts are presented in the tables later in this release and identify and quantify all excluded items.

Fourth Quarter 2010:
For the fourth quarter of 2010, the Company reaffirms that estimated non-GAAP earnings per share will be $0.82. This compares to non-GAAP earnings per share in the prior year's fourth quarter of $0.61. GAAP earnings per share in the fourth quarter of 2010 is estimated to be $0.69. This compares to GAAP earnings per share of $0.51 in the prior year's fourth quarter. Total revenue for the fourth quarter continues to be estimated at $1.37 billion.

Full Year 2010:
Non-GAAP earnings per share for the full year 2010 is estimated at $3.95 versus prior year non-GAAP earnings per share of $2.83. GAAP earnings per share is estimated to be $0.70 for the full year 2010, compared to GAAP earnings per share of $3.08 in the prior year. Total revenue for the full year 2010 continues to be estimated at $4.61 billion as compared to revenue of $2.40 billion in the prior year. The Company also currently estimates that capital expenditures will be approximately $125 million for the full year 2010, including expenditures associated with the Tommy Hilfiger acquisition from the date of acquisition.

Pro Forma Full Year 2010:
Total revenue and EBITDA for 2010, adjusted to reflect, on a pro forma basis, results for the Company assuming the acquisition of Tommy Hilfiger occurred on February 1, 2010 are projected to be $5.24 billion and $773.6 million respectively.

Must ReadView All

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X