G-III Apparel Group Ltd announced results for the three and twelve-month periods ended January 31, 2007.
For the twelve-month period ended January 31, 2007, net sales increased by 31.7% to $427.0 million from $324.1 million last year. The Company reported net income of $13.2 million, or $0.94 per diluted share, for the twelve months ended January 31, 2007, compared to net income of $7.1 million, or $0.58 per diluted share, last year. In computing net income per diluted share, there were 13,982,000 weighted average shares outstanding in the current year compared to 12,236,000 weighted average shares outstanding last year.
The current year's results include the reversal of tax reserves of approximately $950,000, or $0.07 per diluted share, as a result of the conclusion of a tax audit.
For the twelve-month period ended January 31, 2007, EBITDA increased 60.7% to $32.3 million from $20.1 million. EBITDA results should be evaluated in light of the Company's financial results prepared in accordance with GAAP. A reconciliation of EBITDA to net income in accordance with GAAP is included in a table accompanying the condensed financial statements in this release.
The Company's results of operations for the twelve months ended January 31, 2006 include the results of the Company's Marvin Richards and Winlit divisions from July 11, 2005, the date the Company acquired the stock of Marvin Richards and certain assets from Winlit. Accordingly, the Company'sfull year results for the prior year excluded the seasonal losses of the acquired companies in the first half of the year, as well as the higher interest expenses and depreciation and amortization costs in the current year relating to the acquisitions.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
