Perry Ellis International Inc. (PERY, Financial) filed Quarterly Report for the period ended 2010-07-31.
Perry Ellis International Inc. has a market cap of $272.2 million; its shares were traded at around $19.31 with a P/E ratio of 11.5 and P/S ratio of 0.4. PERY is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Interest expense. Interest expense for the three months ended July 31, 2010, was $3.4 million, a decrease of $0.6 million, or 15.0%, from $4.0 million for the three months ended August 1, 2009. Interest expense for the six months ended July 31, 2010, was $7.1 million, a decrease of $1.5 million, or 17.4%, from $8.6 million for the six months ended August 1, 2009. The overall decrease in interest expense is primarily attributable to the lower average balance on our senior credit facility and senior subordinated notes payable as compared to the comparable prior year period.
Net (loss) income attributed to Perry Ellis International, Inc. The net (loss) for the three months ended July 31, 2010 was ($2.0) million, a decrease of $3.3 million, as compared to the net (loss) of ($5.3) million for the three months ended August 1, 2009. Net income for the six months ended July 31, 2010 was $9.2 million, an increase of $8.7 million, as compared to net income of $0.5 million for the six months ended August 1, 2009. The changes in operational results were due to the items described above.
Net cash provided by operating activities was $45.6 million for the six months ended July 31, 2010, as compared to net cash provided by operating activities of $78.5 million for the six months ended August 1, 2009. Cash provided by operating activities, for the six months ended July 31, 2010, is primarily attributable to a decrease in accounts receivable of $54.2 million due to our collection efforts and a decrease of prepaid taxes of $1.5 million; offset by the reduction of accounts payable, accrued expenses and other liabilities in the amount of $21.6 million, an increase in inventory of $2.7 million and the decrease of unearned revenues and other liabilities of $1.9 million. For the six months ended August 1, 2009, cash provided by operating activities was primarily attributable to a decrease in accounts receivable of $43.2 million due to lower sales and our collection efforts, a decrease in inventory of $37.1 million due to improved inventory planning and a decrease of prepaid taxes of $2.8 million; offset by the reduction of accounts payable, accrued expenses and other liabilities in the amount of $14.8 million and the decrease of unearned revenues and other liabilities of $4.0 million.
Net cash used in investing activities was $1.4 million for the six months ended July 31, 2010, as compared to net cash used in investing activities of $1.6 million for the six months ended August 1, 2009. The net cash used during the first six months of fiscal 2011 primarily reflects the purchase of property and equipment in the amount of $1.4 million, as compared to net cash used in the purchase of property and equipment in the amount of $1.6 million during the same period in fiscal 2010. We anticipate capital expenditures during fiscal 2011 of $4 million to $5 million in technology and systems, retail stores, and other expenditures.
Net cash used in financing activities for the six months ended July 31, 2010, was $19.1 million, as compared to net cash used in financing activities for the six months ended August 1, 2009 of $56.5 million. The net cash used during the first half of fiscal 2011 primarily reflects the repurchase of senior subordinated notes in the amount of $25.5 million, including redemption premiums and commissions of $0.5 million, the borrowings and payments on our senior credit facility of $347.7 million and the payment of $11.0 million on our mortgages and capital leases, offset by proceeds from exercises of stock options of $2.4 million and a tax benefit from the exercise of stock options of $2.2 million and the proceeds from our new mortgage loan in the amount of $13.0 million. The net cash used during the first half of fiscal 2010 primarily reflects the net payments on our senior credit facility of $54.4 million, the payments of $0.4 million on our mortgages and capital leases, and the purchase of treasury stock of $1.8 million.
Read the The complete Report
Perry Ellis International Inc. has a market cap of $272.2 million; its shares were traded at around $19.31 with a P/E ratio of 11.5 and P/S ratio of 0.4. PERY is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Depreciation and amortization. Depreciation and amortization for the three months ended July 31, 2010 was $3.0 million, a decrease of $0.4 million, or 11.8%, from $3.4 million for the three months ended August 1, 2009. Depreciation and amortization for the six months ended July 31, 2010, was $6.1 million, a decrease of $0.9 million, or 12.9%, from $7.0 million for the six months ended August 1, 2009. The decrease in depreciation and amortization is attributed to the reduction in capital expenditures over the last two years and the closure of several retail stores.Interest expense. Interest expense for the three months ended July 31, 2010, was $3.4 million, a decrease of $0.6 million, or 15.0%, from $4.0 million for the three months ended August 1, 2009. Interest expense for the six months ended July 31, 2010, was $7.1 million, a decrease of $1.5 million, or 17.4%, from $8.6 million for the six months ended August 1, 2009. The overall decrease in interest expense is primarily attributable to the lower average balance on our senior credit facility and senior subordinated notes payable as compared to the comparable prior year period.
Net (loss) income attributed to Perry Ellis International, Inc. The net (loss) for the three months ended July 31, 2010 was ($2.0) million, a decrease of $3.3 million, as compared to the net (loss) of ($5.3) million for the three months ended August 1, 2009. Net income for the six months ended July 31, 2010 was $9.2 million, an increase of $8.7 million, as compared to net income of $0.5 million for the six months ended August 1, 2009. The changes in operational results were due to the items described above.
Net cash provided by operating activities was $45.6 million for the six months ended July 31, 2010, as compared to net cash provided by operating activities of $78.5 million for the six months ended August 1, 2009. Cash provided by operating activities, for the six months ended July 31, 2010, is primarily attributable to a decrease in accounts receivable of $54.2 million due to our collection efforts and a decrease of prepaid taxes of $1.5 million; offset by the reduction of accounts payable, accrued expenses and other liabilities in the amount of $21.6 million, an increase in inventory of $2.7 million and the decrease of unearned revenues and other liabilities of $1.9 million. For the six months ended August 1, 2009, cash provided by operating activities was primarily attributable to a decrease in accounts receivable of $43.2 million due to lower sales and our collection efforts, a decrease in inventory of $37.1 million due to improved inventory planning and a decrease of prepaid taxes of $2.8 million; offset by the reduction of accounts payable, accrued expenses and other liabilities in the amount of $14.8 million and the decrease of unearned revenues and other liabilities of $4.0 million.
Net cash used in investing activities was $1.4 million for the six months ended July 31, 2010, as compared to net cash used in investing activities of $1.6 million for the six months ended August 1, 2009. The net cash used during the first six months of fiscal 2011 primarily reflects the purchase of property and equipment in the amount of $1.4 million, as compared to net cash used in the purchase of property and equipment in the amount of $1.6 million during the same period in fiscal 2010. We anticipate capital expenditures during fiscal 2011 of $4 million to $5 million in technology and systems, retail stores, and other expenditures.
Net cash used in financing activities for the six months ended July 31, 2010, was $19.1 million, as compared to net cash used in financing activities for the six months ended August 1, 2009 of $56.5 million. The net cash used during the first half of fiscal 2011 primarily reflects the repurchase of senior subordinated notes in the amount of $25.5 million, including redemption premiums and commissions of $0.5 million, the borrowings and payments on our senior credit facility of $347.7 million and the payment of $11.0 million on our mortgages and capital leases, offset by proceeds from exercises of stock options of $2.4 million and a tax benefit from the exercise of stock options of $2.2 million and the proceeds from our new mortgage loan in the amount of $13.0 million. The net cash used during the first half of fiscal 2010 primarily reflects the net payments on our senior credit facility of $54.4 million, the payments of $0.4 million on our mortgages and capital leases, and the purchase of treasury stock of $1.8 million.
Read the The complete Report
