As reported under generally accepted accounting principles ("GAAP") the Company reported a 37% increase in net income attributed to Perry Ellis International, Inc. of $15.3 million, or $0.99 per fully diluted share compared to net income attributed to Perry Ellis International, Inc. of $11.2 million, or $0.81 per fully diluted share in the comparable prior year period.
Net income attributed to Perry Ellis International, Inc. per diluted share ("EPS"), as adjusted for the first quarter of fiscal 2012 was $1.08. Net Income, as adjusted, excludes the impact of the cost on early extinguishment of the senior subordinated 2013 notes and duplicated interest from March 8, 2011 to April 6, 2011 associated with the interest during the time that the retired debt and the new senior subordinated 2019 notes were simultaneously outstanding.
Earnings before interest, taxes, depreciation, amortization, cost on early extinguishment of debt, and non-controlling interest ("EBITDA") for the first quarter increased 45% to $33.6 million, or 11.7% of total revenues compared to $23.1 million, or 10.5% of total revenue for the comparable prior year period. For the first quarter of fiscal 2012, Rafaella delivered $5.8 million in EBITDA, significantly contributing to the 120 basis point improvement in EBITDA margin for the quarter.
Balance Sheet Update
The Company ended the first quarter of fiscal 2012 with $21.7 million in cash and cash equivalents. In addition, accounts receivable increased 41% to $182.5 million compared to $129.5 million as of January 29, 2011. The quality of the receivables from a customer base is very strong and the Company is pleased with the financial strength of its current partners.
Inventories were $181.7 million at quarter end representing a 2% increase compared to $178.2 million as of January 29, 2011. The Company also noted that the opportunistic inventory purchases it made throughout fiscal 2011 to support ongoing replenishment and program businesses represented incremental sales growth within the first quarter of fiscal 2012.
Fiscal 2012 Guidance
The Company reaffirmed its revenue guidance of reaching $1.0 billion for full fiscal year 2012. In addition, core organic growth is expected to add 8% to 10% from prior fiscal year total revenues, and the newly acquired Rafaella women's sportswear business is expected to add approximately $125.0 million in revenue for full fiscal year 2012.
Furthermore, total EBITDA for the year is expected to be in a range of $88 - $90 million with Rafaella contributing $15-$16 million, thereby approaching a 9.0% EBITDA margin for fiscal 2012.
Based on first quarter of fiscal 2012 performance and current business trends the Company now expects earnings per share, diluted, for full year fiscal 2012 in a range of $2.40 - $2.50 compared to previous guidance of $2.30 - $2.40.
Perry Ellis International Inc
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