George Feldenkreis, chairman and chief executive officer, commented, "We are very proud of our numerous fourth quarter accomplishments, with record revenues, EBITDA, earnings and the purchase and successful re-licensing of Perry Ellis fragrance operations. During the quarter, we also declared and paid a 3-for-2 stock dividend - a strong indication of our confidence in our future growth potential."
"During fiscal 2007 we have exhibited significant gross profit margin expansion as a result of improved production planning, sourcing and, most importantly, our products' continued exceptional performance at retail."
"This led to strong cash flow generation which enabled us to reduce overall debt levels by over $21 million and lower our overall cost of capital with the retirement of high cost $57 million senior secured notes. We are excited about our position in the market today and look forward to strong results in fiscal 2008."
Fiscal 2007 total revenues were $829.8 million, a 2.3% decline compared to $849.4 million reported in the year ended January 31, 2006, reflecting the impact of retail consolidation and elimination of certain private label sportswear programs during the first half of the year. Fiscal 2007 EBITDA grew to a record $70.9 million, a $3.6 million or 5.4% increase over fiscal 2006 levels, and EBITDA margins improved 63 basis points to 8.5% of revenues.
Click here to read more:
Perry Ellis International Inc
marketing@alchempro.com
