Earnings before interest, taxes, depreciation, amortization and impairments ("adjusted EBITDA") for fiscal 2013 totaled $61.4 million, or 6.3% of total revenue. This compares to adjusted EBITDA of $75.1 million for fiscal 2012. (See attached reconciliation "Table 2").Balance Sheet Update George Feldenkreis, chairman and chief executive officer of Perry Ellis International stated, "Our liquidity and leverage profile remains extremely strong with net debt to capitalization of 24.4% and full availability under our credit facility. During the year we made a strategic purchase of the Ben Hogan tradename to enhance our Golf lifestyle portfolio. We also divested tradenames and businesses that were small revenue and low profit contributors. "As we look to 2014, our strategic focus is driving the elevation of our Perry Ellis and Rafaella collection sportswear businesses as well as on optimizing our Golf lifestyle business. We will continue to invest in these businesses internally to enhance and grow profitability and market share." Cash and cash equivalents at year end totaled $55 million. Inventories declined by 8% to $183 million as compared to $198 million in the comparable prior year period ended January 28, 2012. The Company also increased inventory turnover to 3.9 times from 3.3 times in the prior year. Fiscal 2014 Guidance Oscar Feldenkreis concluded, "As we look ahead, we believe it is prudent to remain conservative regarding our business outlook for fiscal 2014. Our focus is direct and unyielding and our priority is on our namesake brand, Perry Ellis. We have augmented our management, creative and merchandising teams for both Perry Ellis and Rafaella and believe we are well positioned for continued progress in fiscal 2014. We also remain optimistic about our core business opportunities and expect to further our growth potential through the expansion of our distribution channels." The Company is maintaining the guidance it provided on February 19, 2013 for the twelve months ending February 1, 2014 ("fiscal 2014"). The Company continues to expect revenue to increase in a range of 3% to 5% and fully diluted earnings per share on an adjusted basis to be in a range of $1.50 - $1.60. On a GAAP basis, the Company expects fully diluted earnings per share to be in a range of $1.60 - $1.70 which includes the sale of the John Henry trademark in Asia which closed in February 2013.