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Endeavor Acquisition reports American Apparel's Q1 2007 results

12 Jun '07

4 min read

Endeavor Acquisition Corp is pleased to report American Apparel's financial results for the first quarter of 2007 and the 2006 calendar year and to announce the filing with the Securities and Exchange Commission earlier of Endeavor's preliminary proxy statement with respect to the proposed acquisition of American Apparel by Endeavor. The deal is subject to approval by Endeavor's stockholders and is expected to close in the second half of 2007.

The information below presents the combined results of American Apparel Inc and The American Apparel Group of Canada unless specifically noted otherwise.

American Apparel reported unaudited combined sales results for the 2007 first quarter ended March 31, 2007 of $73.5 million, a 24% increase over sales of $59.3 million for the same three-month period ended March 31, 2006.

Retail sales increased 61% to $38.2 million for the first quarter of 2007 as compared to $23.8 million for the same period in 2006, with same-store sales for stores open at least 12 months rising 17%.

At March 31, 2007, American Apparel had 151 stores as compared to 116 stores at March 31, 2006. Wholesale results were $35.3 million for the 2007 first quarter as compared to $35.5 million for the 2006 first quarter.

Pro forma Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and certain adjustments and exclusions (“pro forma adjusted EBITDA”) equaled $9.5 million for the 2007 first quarter ended March 31, 2007. This represents a 64% increase over pro forma adjusted EBITDA of $5.8 million for the three months ended March 31, 2006.

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