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On a U.S. GAAP basis, earnings from continuing operations per diluted share were $0.30 in the second quarter of fiscal 2012 compared to $0.21 in the same period of the prior year. Adjusted earnings per share for both periods exclude charges related to repurchases of senior secured notes, a change in the fair value of contingent consideration and LIFO accounting adjustments.
J. Hicks Lanier, Chairman and Chief Executive Officer, commented, "We are pleased to continue to report excellent results, including strong performances in our Tommy Bahama and Lilly Pulitzer direct to consumer businesses. We achieved these results while continuing to make major investments in platforms for the future growth of our Company. The most significant of these include Tommy Bahama's New York flagship and their international expansion."
Mr. Lanier concluded, "To support our long-term growth plans, we have significantly improved our already strong balance sheet by completing the redemption of our senior secured notes and increasing our revolving credit facility to $235 million. As we begin the second half of fiscal 2012, the health of our key growth brands is outstanding and our people are well-prepared to complete a great year."
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Letter to Editor
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