Swimwear maker Perry Ellis net revenues rise 7% for Q1 2008
22 May '07
3 min read
Perry Ellis International Inc reported results for the first quarter ended April 30, 2007. For the first quarter of fiscal 2008, total revenues grew to $228.8 million, a 7% increase compared to $214.0 million reported in the first quarter of the fiscal year ended April 30, 2006 (first quarter of fiscal 2007).
Revenue increases were driven by several of the Company's growth platforms - golf lifestyle, swimwear/action sports, direct retail and international. As anticipated, the shift in the retail calendar moved certain shipments from April into May, thus slightly impacting revenue growth during the first quarter of fiscal 2008.
EBITDA for the first quarter of fiscal 2008 grew to $23.2 million, a $2.6 million or 12% increase over EBITDA for the same period last year. A table showing the reconciliation of EBITDA to net income is attached.
Net income was $9.5 million compared to net income of $5.9 million and pro forma net income of $7.8 million for the same period last year. Earnings per share were $0.60 per fully diluted share, compared to earnings of $0.39 per fully diluted share and pro forma earnings of $0.52 per fully diluted share for the same period last year.
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 repayment of the Company's $57 million senior secured notes.
Pro forma results are presented solely as a supplemental disclosure, because management believes it is useful to compare the Company's current results to the prior year results without the charge incurred during Fiscal 2007. A table showing the reconciliation of actual to pro forma results is attached.
marketing@alchempro.com
