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G-III Apparel Group, Ltd. Announces First Quarter Fiscal 2013 Results

   

G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

(NASDAQGS: GIII)

CONSOLIDATED STATEMENTS OF OPERATIONS AND

SELECTED BALANCE SHEET DATA
 

(In thousands, except per share amounts)
 
First Quarter Ended April 30,
(Unaudited)

2012
   

2011
Net sales $ 229,449 $ 196,871
Cost of sales   160,759         137,416  
Gross profit 68,690 59,455
Selling, general and administrative expenses 66,614 57,925
Depreciation and amortization   2,053         1,524  
Operating profit 23 6
Equity loss in joint venture 286 99
Interest and financing charges, net   1,104         759  
Loss before income taxes (1,367 ) (852 )
Income tax benefit   (520 )       (332 )
Net loss $ (847 )     $ (520 )
 
Net loss per common share:
Basic and Diluted $ (0.04 )     $ (0.03 )
 
Weighted average shares outstanding   19,860         19,719  

 
At April 30,

Selected Balance Sheet Data (in thousands):

2012

2011
Cash $ 38,336 $ 12,701
Working Capital 291,481 239,907
Inventory 208,755 167,751
Total Assets 532,273 412,362
Short-term Revolving Debt 83,073 35,000
Total Stockholders’ Equity 360,472 306,092
 

       

G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

RECONCILIATION OF EBITDA TO ACTUAL AND FORECASTED NET INCOME
 

(In thousands)

(Unaudited)
 

Forecasted

Twelve Months Ending

January 31, 2013

Actual

Twelve Months Ended

January 31, 2012
EBITDA, as defined $102,500 - $106,000 $92,426
Depreciation and amortization 9,000 7,473
Interest and financing charges, net 6,700 5,713
Income tax expense 32,800 – 34,300     29,620
Net income $ 54,000 - $ 56,000     $49,620
 

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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