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G-III Apparel Group, Ltd. Announces Fourth Quarter And Full-Year Fiscal 2012 Results

Statements concerning G-III’s business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are “forward-looking statements” as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit environment, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in G-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.

     

G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

(NASDAQ:GIII) CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)(Unaudited)

 

 

Three Months Ended

Twelve Months Ended

 

1/31/12

 

1/31/11

1/31/12

 

1/31/11

Net sales $ 294,346 $ 270,164 $ 1,231,201 $ 1,063,404
Cost of sales   210,931     182,857     860,485     712,359
Gross profit 83,415 87,307 370,716 351,045
Selling, general and administrative expenses

72,310

64,714

277,019

248,380

Depreciation and amortization   2,222     1,667     7,473     5,733
Operating profit 8,883 20,926 86,224 96,932
Equity loss in joint venture 460 - 1,271 -
Interest and financing charges, net   1,705     1,325     5,713     4,027
Income before income taxes 6,718 19,601 79,240 92,905
Income tax expense   1,699     7,268     29,620     36,223
Net income $ 5,019   $ 12,333   $ 49,620   $ 56,682
 
Basic net income per common share $ 0.25   $ 0.63   $ 2.51   $ 2.96
Diluted net income per common share $ 0.25   $ 0.62   $ 2.46   $ 2.88
 
Weighted average shares outstanding:
Basic 19,769 19,437 19,796 19,175
Diluted 20,106 19,959 20,192 19,705
 

Selected Balance Sheet Data (in thousands):

             

At Jan. 31, 2012

       

At Jan. 31, 2011

Cash $ 24,660 $ 10,045

Working Capital

288,259 239,494

Inventory

253,521 204,995
Total Assets 554,272 456,403
Short-term Revolving Debt 30,050 -

Total Stockholders’ Equity

357,972 303,494
 
     

G-III APPAREL GROUP, LTD. AND SUBSIDIARIES RECONCILIATION OF EBITDA TO ACTUAL AND FORECASTED NET INCOME

(In thousands)(Unaudited)

 

 

ForecastedTwelve Months Ending January 31, 2013

ActualTwelve Months Ended January 31, 2012

ActualTwelve Months Ended January 31, 2011

EBITDA, as defined

$102,500 - 106,000

$

92,426

 

$

102,665

 

Depreciation and amortization 9,000 7,473 5,733
Interest and financing charges, net 6,700 5,713 4,027
Income tax expense 32,800 – 34,300     29,620       36,223  
Net income $54,000 - 56,000   $ 49,620     $ 56,682  

EBITDA is a “non-GAAP financial measure” which represents earnings before depreciation and amortization, interest and financing charges, net, and income tax expense. EBITDA is being presented as a supplemental disclosure because management believes that it is a common measure of operating performance in the apparel industry. EBITDA should not be construed as an alternative to net income as an indicator of the Company’s operating performance, or as an alternative to cash flows from operating activities as a measure of the Company’s liquidity, as determined in accordance with generally accepted accounting principles.

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