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Perry Ellis record revenues for fiscal 2008 at $864 mn
13 Feb '08
3 min read
Perry Ellis International Inc announced that, based on preliminary estimates, the Company anticipates total revenue for the twelve months ended January 31, 2008 (Fiscal 2008) to be approximately $864 million, compared to $830 million for the twelve months ended January 31, 2007 (Fiscal 2007).
This represents an increase of approximately 4% over the same period last year. Also, based on preliminary estimates, the Company expects earnings per fully diluted share at the announced range of $1.78 to $1.81, compared to $1.45 per fully diluted share during Fiscal 2007 or approximately a 14% increase over pro forma earnings per fully diluted share of $1.58.
Last year's pro forma results exclude the impact of $3.0 million in debt extinguishment costs ($1.9 million net of taxes or $0.13 per fully diluted share) incurred as a result of the March 2006 prepayment of the Company's $57 million senior secured notes.
The Company ended Fiscal 2008 in a very strong financial position. Working capital requirements were significantly reduced, with inventories down to approximately $135 million compared to $139.7 million in January 31, 2007, and accounts receivables reduced to approximately $138 million compared to $157.1 million at the end of Fiscal 2007. Strong cash flows also allowed the Company to completely pay-off its credit facility as of January 31, 2008.
"We are extremely proud of the results achieved during Fiscal 2008. We grew revenues and earnings to record levels despite the current retail environment and solely through organic initiatives, demonstrating the strength of our growth platforms and business model," George Feldenkreis, chairman and CEO, commented.
This represents an increase of approximately 4% over the same period last year. Also, based on preliminary estimates, the Company expects earnings per fully diluted share at the announced range of $1.78 to $1.81, compared to $1.45 per fully diluted share during Fiscal 2007 or approximately a 14% increase over pro forma earnings per fully diluted share of $1.58.
Last year's pro forma results exclude the impact of $3.0 million in debt extinguishment costs ($1.9 million net of taxes or $0.13 per fully diluted share) incurred as a result of the March 2006 prepayment of the Company's $57 million senior secured notes.
The Company ended Fiscal 2008 in a very strong financial position. Working capital requirements were significantly reduced, with inventories down to approximately $135 million compared to $139.7 million in January 31, 2007, and accounts receivables reduced to approximately $138 million compared to $157.1 million at the end of Fiscal 2007. Strong cash flows also allowed the Company to completely pay-off its credit facility as of January 31, 2008.
"We are extremely proud of the results achieved during Fiscal 2008. We grew revenues and earnings to record levels despite the current retail environment and solely through organic initiatives, demonstrating the strength of our growth platforms and business model," George Feldenkreis, chairman and CEO, commented.
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