Perry Ellis International declares Q1 fiscal 2007 results
23 May '06
2 min read
Perry Ellis International Inc reported results for the first quarter ended April 30, 2006 ("first quarter of fiscal 2007"), which included total revenues of $214.0 million, a 5 percent decrease compared to $225.6 million reported during the comparable period last year.
The decline in total revenues during the quarter was anticipated as part of management's fiscal 2007 plan and was primarily a result of previously announced reductions of private label and branded programs at a national mid tier chain as well as the impact of Federated Department Store door closures due to the May Company merger integration.
First quarter of fiscal 2007 earnings were $0.59 per fully diluted share compared to $0.89 per fully diluted share last year. Proforma earnings were $0.78 per fully diluted share compared to $0.89 per fully diluted share last year.
Proforma results exclude the impact of $3.0 million in debt extinguishment costs ($1.9 million net of taxes) incurred as a result of the March 2006 repayment of the company's $57 million senior secured notes. The company believes that proforma results provide a more meaningful comparison of financial performance.
A table showing the reconciliation of actual to proforma results is attached. Additionally, both proforma and reported earnings per share results for the first quarter of fiscal 2007 include expenses of $0.02 per share related to the adoption of SFAS 123R, requiring the expensing of stock options, which are not reflected in prior year results.
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