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Perry Ellis International Reports Second Quarter Fiscal 2013 Results

Stocks in this article: PERY

Table 2
(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
Interest expense 3,513 3,769 7,322 8,435
Costs on early extinguishment of debt - - - 1,306
Income (benefit) tax provision   (1,321 )   (142 )   3,169     8,914  
EBITDA $ 3,222 $ 8,898 $ 24,615 $ 42,493
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  
Gross profit $ 69,325 $ 72,268 $ 157,065 $ 169,238
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  
Total revenues $ 209,437 $ 214,435 $ 474,960 $ 502,724
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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