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Perry Ellis International posts lower profit in Q4, revenue grows

21
Mar '06
Clothing designer Perry Ellis International Inc has reported results for the fiscal year ended January 31st 2006, which included record revenues of $849.4 million, a 29.4 percent increase, or $192.8 million, over the $656.6 million reported for the comparable period, a year ago.

The company's fiscal 2006 revenue includes a 30 percent increase due primarily to the acquisition of the Tropical Sportswear International business (TSI), a 3 percent organic increase in core menswear operations, offset by a 4 percent planned decline in swimwear operations and a slight decline in royalty income.

Fiscal 2006 EBITDA grew to $67.3 million, a 22.8 percent increase, or $12.5 million, over the $54.8 million reported in fiscal 2005, reflecting the company's successful integration of TSI.

The net income for fiscal 2006 was a record $22.7 million, an 8.1 percent increase over fiscal 2005's level of $21 million. Earnings per diluted share were a record $2.26 in fiscal 2006, compared to $2.15, a 5 percent increase, over fiscal 2005.

For the fourth quarter ended January 31st 2006, total revenues were $213.9 million, a 24.3 percent increase over the $172.1 million reported in the fourth quarter of fiscal 2005. This increase was primarily driven by the TSI acquisition and includes the impact of the previously announced reduction of private label and branded programs at a national mid-tier chain.

The net income for the fourth quarter ended January 31st 2006 was $8.1 million compared to $8.2 million reported in the fourth quarter ended January 31st 2005.


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