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Net sales down 4.2% at Fifth & Pacific in Q3 of 2012

26
Oct '12
Fifth & Pacific Companies Inc. announced earnings for the third quarter of 2012. For the third quarter of 2012 on a GAAP basis, loss from continuing operations was ($19) million, or ($0.17) per share, compared to income from continuing operations of $7 million, or $0.07 per share, for the third quarter of 2011.

Adjusted loss per share from continuing operations for the third quarter of 2012 was ($0.05), compared to adjusted earnings per share from continuing operations of $0.04 for the third quarter of 2011 (inclusive of unrealized foreign currency gains of $0.10 per share in the third quarter of 2011).

Adjusted EBITDA for the third quarter of 2012 was $21 million, while comparable adjusted EBITDA was $23 million for the third quarter of 2011 (excluding unrealized foreign currency gains of $16 million in the third quarter of 2011).

Net sales for the third quarter of 2012 were $365 million, a decrease of $16 million, or 4.2%, from the comparable 2011 period. Net sales increased $23 million, or 6.6% on a comparable basis from the 2011 period, excluding a $39 million decline in net sales associated with brands that have been sold or exited but not accounted for as discontinued operations.

For the first nine months of 2012, the Company recorded a loss from continuing operations of ($121) million, or ($1.12) per share, compared to a loss from continuing operations for the first nine months of 2011 of ($100) million, or ($1.06) per share. Adjusted loss per share from continuing operations in the first nine months of 2012 was ($0.35) compared to an adjusted loss per share from continuing operations of ($0.44) in the first nine months of 2011 (inclusive of unrealized foreign currency losses of ($0.07) per share in the first nine months of 2011).

Net sales for the first nine months of 2012 were $1.019 billion, a decrease of $53 million, or 5.0%, from the comparable 2011 period. Net sales increased $98 million, or 10.7% on a comparable basis from the 2011 period, excluding the $151 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 losses, of $21 million in the third quarter was slightly above the range provided in our recently revised outlook. We ended the quarter with net debt of $386 million, a decrease of $349 million compared to the third quarter of 2011.

“As previously discussed, we expect to fund the exercise of our option to acquire our partner Sanei's 51% interest in our kate spade Japan joint venture in the fourth quarter. For fiscal 2012, we continue to forecast adjusted EBITDA, excluding unrealized foreign currency transaction gains or losses, in the range of $100 to $115 million."

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Fifth & Pacific Companies Inc


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