PERRY ELLIS INTERNATIONAL INC

CIK:0000900349|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2018	Jul. 29, 2017	Aug. 04, 2018	Jul. 29, 2017
Revenues:
Net sales	$ 189,338	$ 198,394	$ 434,773	$ 432,217
Royalty income	9,939	8,215	19,738	16,482
Total revenues	199,277	206,609	454,511	448,699
Cost of sales	123,445	130,129	284,812	281,131
Gross profit	75,832	76,480	169,699	167,568
Operating expenses:
Selling, general and administrative expenses	75,105	68,412	150,654	139,611
Depreciation and amortization	3,389	3,496	6,616	6,964
Total operating expenses	78,494	71,908	157,270	146,575
Operating (loss) income	(2,662)	4,572	12,429	20,993
Costs on early extinguishment of debt	134	0	134	0
Interest expense	1,328	1,869	3,337	3,825
Net loss (income) before income taxes	(4,124)	2,703	8,958	17,168
Income tax (benefit) provision	(859)	1,724	1,976	3,418
Net (loss) income	$ (3,265)	$ 979	$ 6,982	$ 13,750
Net (loss) income per share:
Basic	$ (0.21)	$ 0.06	$ 0.46	$ 0.91
Diluted	$ (0.21)	$ 0.06	$ 0.45	$ 0.90
Weighted average number of shares outstanding
Basic	15,247	15,075	15,202	15,042
Diluted	15,247	15,289	15,570	15,296

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 04, 2018	Jul. 29, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,982	$ 13,750
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,773	7,130
Provision for bad debts	1,175	1,686
Amortization of debt issue costs	181	202
Amortization of premiums and discounts	15	53
Costs on early extinguishment of debt	134	0
Deferred income taxes	2,562	(671)
Share-based compensation	3,237	3,425
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	26,652	8,527
Inventories	38,133	21,342
Prepaid income taxes	(3,386)	1,611
Prepaid expenses and other current assets	(2,806)	(300)
Other assets	73	(85)
Accounts payable and accrued expenses	(46,016)	(19,746)
Accrued interest payable	(1,287)	(43)
Income taxes payable	(1,329)	1,418
Unearned revenues and other long-term liabilities	(33)	2,021
Net cash provided by operating activities	31,060	40,320
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(3,826)	(3,901)
Purchases of investments	0	(28,124)
Proceeds from investment maturities	14,096	10,136
Net cash provided by (used) in investing activities	10,270	(21,889)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from senior credit facility	200,957	141,588
Payments on senior credit facility	(205,152)	(164,092)
Payments on senior subordinated notes	(50,000)	0
Payments on real estate mortgages	(450)	(435)
Purchase of treasury shares	0	(937)
Payments for employee taxes on shares withheld	(327)	(753)
Payments on capital leases	(92)	(140)
Proceeds from exercise of stock options	101	23
Net cash used in financing activities	(54,963)	(24,746)
Effect of exchange rate changes on cash and cash equivalents	(251)	(568)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(13,884)	(6,883)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	35,222	30,695
CASH AND CASH EQUIVALENTS AT END OF PERIOD	21,338	23,812
Cash paid during the period for:
Interest	4,428	3,613
Income taxes	3,865	771
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Accrued purchases of property and equipment	120	138
Capital lease financing	$ 703	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 04, 2018	Feb. 03, 2018
Current Assets:
Cash and cash equivalents	$ 21,338	$ 35,222
Investments, at fair value		14,086
Accounts receivable, net	140,453	156,863
Inventories	135,445	175,459
Prepaid income taxes	3,123	0
Prepaid expenses and other current assets	12,300	8,151
Total current assets	312,659	389,781
Property and equipment, net	54,246	56,164
Other intangible assets, net	185,819	186,216
Deferred income taxes	565	411
Other assets	1,377	1,590
TOTAL	554,666	634,162
Current Liabilities:
Accounts payable	55,480	98,848
Accrued expenses and other liabilities	45,501	35,768
Accrued interest payable	47	1,334
Accrued income tax payable	0	1,466
Unearned revenues	3,898	2,907
Total current liabilities	104,926	140,323
Senior subordinated notes payable, net	0	49,818
Senior credit facility	6,959	11,154
Real estate mortgages	32,270	32,721
Income tax payable	3,795	4,157
Unearned revenues and other long-term liabilities	14,266	13,524
Deferred income taxes	7,581	4,915
Total long-term liabilities	64,871	116,289
Total liabilities	169,797	256,612
Commitment and contingencies
Equity:
Preferred stock $.01 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock $.01 par value; 100,000,000 shares authorized; 15,884,250 shares issued and outstanding as of August 4, 2018 and 15,690,669 shares issued and outstanding as of February 3, 2018	159	157
Additional paid-in-capital	154,572	151,563
Retained earnings	239,071	232,977
Accumulated other comprehensive loss	(8,933)	(7,147)
Total equity	384,869	377,550
TOTAL	$ 554,666	$ 634,162