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Perry Ellis International Reports Third Quarter Fiscal 2013 Results

As reported under generally accepted accounting principles (“GAAP”), net income for the third quarter of fiscal 2013 was $3.2 million, or earnings per fully diluted share of $0.21, compared to net income of $6.5 million, or $0.40 per fully diluted share in the third quarter of fiscal 2012.

After considering the costs of the exit of underperforming brands, and the streamlining and consolidation of facilities and other strategic initiatives, earnings per fully diluted share, as adjusted, for the third quarter of fiscal 2013 was $0.25 compared to earnings per fully diluted share, as adjusted, of $0.40 in the third quarter of fiscal 2012. (See attached reconciliation “Table 1”)

Adjusted EBITDA for the third quarter totaled $12.5 million or 5.3% of revenue. (See attached reconciliation “Table 2”)

Nine Months Operations Review

For the nine months ended October 27, 2012 total revenues were $711.2 million compared to $751.1 million for the nine months ended October 29, 2011. The revenue reduction during the first nine months of the fiscal year, as compared to last year, was primarily attributable to softness in the Company’s collection businesses.

Adjusted EBITDA for the first nine months of fiscal 2013 totaled $42.9 million or 6.0% of revenue. (See attached reconciliation “Table 2”)

Net income for the first nine months of fiscal 2013 was $10.4 million, or $0.68 per fully diluted share, compared to $23.7 million, or $1.47 per fully diluted share in the first nine months of fiscal 2012. (See attached reconciliation “Table 1”)

After considering the costs associated with the exit of underperforming brands and businesses, the voluntary retirement program, the streamlining and consolidating of operations and strategic initiatives, earnings per fully diluted share, as adjusted, for the first nine months of fiscal 2013 was $0.95 compared to earnings per fully diluted share, as adjusted, of $1.55 in the first nine months of fiscal 2012. For the nine months of fiscal 2012, earnings per fully diluted share, as adjusted, excludes costs related to the impact of early extinguishment of debt and duplicate interest expense. (See attached reconciliation “Table 1”)

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