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Growth Platforms drives gross margin of Perry Ellis
22 May '08
4 min read
As a result, EBITDA was $22.3 million for the first quarter of fiscal 2009, compared to $23.2 million, representing a reduction of $0.9 million over the same period last year. A table showing the reconciliation of EBITDA to net income is attached. Net income was $9.1 million, a 4.3% reduction compared to $9.5 million reported in the first quarter of fiscal 2008. Earnings at $0.60 per fully diluted share were flat compared to $0.60 for the same period last year.
"The investments we have made in our new businesses and in our strengthened infrastructure are a reflection of the many opportunities that lie ahead for our company and our confidence in our future growth prospects," Mr. Feldenkreis concluded.
The Company strengthened its financial position for yet another quarter. Proactive retail planning and strong sell-throughs led to a decrease in inventories of $10.9 million compared to the same period last year, and at quarter end were $140.8 million. This decrease is in spite of a 6.5% revenue growth.
Strong cash flow and disciplined cash management also allowed the Company to reduce its senior credit facility by $3.0 million to $65.3 million, compared to $68.3 million at April 30, 2007. The Company's total debt was $240.1 million at the end of first quarter of fiscal 2009. Debt to total capital ratio decreased to 46% from 49% compared to April 30, 2007. Excluding the contemporary women's acquisitions, funded by its senior credit facility in the amount of $33.1 million, the Company's total debt would be $207.0 million and its debt to total capital ratio would be 42% as adjusted.
"We delivered yet another extraordinary quarter of profitable growth, strong cash flow and disciplined management to our shareholders. Our positive outlook is a testament to the strength of our brands, growth platforms and diversified business model," George Feldenkreis, Chairman and CEO, commented.
Fiscal 2009 Guidance:
The Company confirmed its guidance for the twelve months ending January 31, 2009 ("fiscal 2009") at $910 - $925 million in revenues and at $1.95 - $2.00 per fully diluted share.
"We remain confident in our ability to sustain our positive performance throughout fiscal 2009. Strength across our platforms is providing for our near term growth and we expect our current investments in new initiatives - women's contemporary, boys and retail expansion - to start delivering results during the second half of the year," Mr. Feldenkreis concluded.
"The investments we have made in our new businesses and in our strengthened infrastructure are a reflection of the many opportunities that lie ahead for our company and our confidence in our future growth prospects," Mr. Feldenkreis concluded.
The Company strengthened its financial position for yet another quarter. Proactive retail planning and strong sell-throughs led to a decrease in inventories of $10.9 million compared to the same period last year, and at quarter end were $140.8 million. This decrease is in spite of a 6.5% revenue growth.
Strong cash flow and disciplined cash management also allowed the Company to reduce its senior credit facility by $3.0 million to $65.3 million, compared to $68.3 million at April 30, 2007. The Company's total debt was $240.1 million at the end of first quarter of fiscal 2009. Debt to total capital ratio decreased to 46% from 49% compared to April 30, 2007. Excluding the contemporary women's acquisitions, funded by its senior credit facility in the amount of $33.1 million, the Company's total debt would be $207.0 million and its debt to total capital ratio would be 42% as adjusted.
"We delivered yet another extraordinary quarter of profitable growth, strong cash flow and disciplined management to our shareholders. Our positive outlook is a testament to the strength of our brands, growth platforms and diversified business model," George Feldenkreis, Chairman and CEO, commented.
Fiscal 2009 Guidance:
The Company confirmed its guidance for the twelve months ending January 31, 2009 ("fiscal 2009") at $910 - $925 million in revenues and at $1.95 - $2.00 per fully diluted share.
"We remain confident in our ability to sustain our positive performance throughout fiscal 2009. Strength across our platforms is providing for our near term growth and we expect our current investments in new initiatives - women's contemporary, boys and retail expansion - to start delivering results during the second half of the year," Mr. Feldenkreis concluded.
Perry Ellis International Inc
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