Earnings per diluted share were $1.80 for fiscal 2008, an increase of $0.35 or 24.1% compared to fiscal 2007 reported earnings per diluted share of $1.45. On a pro forma basis, fiscal 2008 diluted earnings per share of $1.80 represented an increase of $0.22 or 13.9% from diluted earnings per share of $1.58 last year.
The Company ended Fiscal 2008 in a very strong financial position. Strong cash flows allowed the Company to completely pay-off its revolving credit facility as of January 31, 2008, reducing its debt to total capital ratio to 39% from 49% in January 31, 2007. Working capital was also significantly improved. The Company finished the year with Inventories at $136.4 million, a reduction of $3.3 million or 2.3% compared to last year.
"We are proud of our fiscal 2008 results. We believe that our organic initiatives and strong financial discipline allow us to start fiscal 2009 in great financial shape and positioned to maximize market share during this difficult macroeconomic environment. Our positive outlook is a testament to the strength of our brands, growth platforms and diversified business model," George Feldenkreis, chairman and CEO, commented.
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Perry Ellis International Inc
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