|PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES|
|RECONCILIATION OF NET (LOSS) INCOME TO EBITDA(1)|
|(amounts in 000's)|
|Three Months Ended||Six Months Ended|
|July 28, 2012||July 30, 2011||July 28, 2012||July 30, 2011|
|Net (loss) income||$||(2,442||)||$||1,847||$||7,234||$||17,225|
|Depreciation and amortization||3,472||3,424||6,890||6,613|
|Costs on early extinguishment of debt||-||-||-||1,306|
|Income (benefit) tax provision||(1,321||)||(142||)||3,169||8,914|
|Costs on exited brands, distribution center and sourcing office||1,800||$||-||3,306||-|
|Costs associated with voluntary early retirement||2,420||$||-||2,420||-|
|EBITDA, as adjusted||$||7,442||$||8,898||$||30,341||$||42,493|
|Selling, general and administrative expenses||(66,103||)||(63,370||)||(132,450||)||(126,745||)|
|Costs on exited brands, distribution center and sourcing office||1,800||-||3,306||-|
|Costs associated with voluntary early retirements||2,420||-||2,420||-|
|EBITDA, as adjusted||7,442||8,898||30,341||42,493|
|EBITDA margin percentage of revenues||3.6||%||4.1||%||6.4||%||8.5||%|
(1) Adjusted EBITDA consists of (loss) earnings before interest, taxes, depreciation, amortization, costs on early extinguishment of debt, costs on exited brands, distribution center relocation and sourcing office, as well as costs associated with voluntary early retirements. Adjusted EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States of America, and does not represent cash flow from operations. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a common measure of operating performance in the apparel industry. In addition, we present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across periods on a consistent basis by excluding items that we do not believe are indicators of our core operating performance.
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