Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Dec. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PERY | ' |
Entity Registrant Name | 'PERRY ELLIS INTERNATIONAL, INC | ' |
Entity Central Index Key | '0000900349 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 15,619,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $30,402 | $26,989 |
Accounts receivable, net | 129,266 | 146,392 |
Inventories | 155,681 | 206,602 |
Investments, at fair value | 22,635 | 15,398 |
Deferred income taxes | 16,705 | 14,060 |
Prepaid income taxes | 7,536 | 7,579 |
Prepaid expenses and other current assets | 7,880 | 7,369 |
Total current assets | 370,105 | 424,389 |
Property and equipment, net | 63,546 | 59,912 |
Other intangible assets, net | 210,431 | 211,485 |
Goodwill | 6,022 | 6,022 |
Other assets | 5,506 | 4,927 |
TOTAL | 655,610 | 706,735 |
Current Liabilities: | ' | ' |
Accounts payable | 65,848 | 112,442 |
Accrued expenses and other liabilities | 21,013 | 24,642 |
Accrued interest payable | 1,109 | 4,095 |
Unearned revenues | 4,959 | 5,013 |
Total current liabilities | 92,929 | 146,192 |
Senior subordinated notes payable, net | 150,000 | 150,000 |
Senior credit facility | ' | 8,162 |
Real estate mortgages | 22,302 | 22,844 |
Deferred pension obligation | 7,646 | 9,862 |
Unearned revenues and other long-term liabilities | 15,691 | 14,732 |
Deferred income taxes | 11,970 | 7,410 |
Total long-term liabilities | 207,609 | 213,010 |
Total liabilities | 300,538 | 359,202 |
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; 16,126,436 shares issued and outstanding as of November 1, 2014 and 15,901,956 shares issued and outstanding as of February 1, 2014 | 161 | 159 |
Additional paid-in-capital | 159,882 | 155,522 |
Retained earnings | 211,999 | 206,277 |
Accumulated other comprehensive loss | -7,791 | -7,468 |
Total | 364,251 | 354,490 |
Treasury stock at cost; 510,929 as of November 1, 2014 and 400,516 as of February 1, 2014 | -9,179 | -6,957 |
Total equity | 355,072 | 347,533 |
TOTAL | $655,610 | $706,735 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 16,126,436 | 15,901,956 |
Common stock, shares outstanding | 16,126,436 | 15,901,956 |
Treasury stock, shares | 510,929 | 400,516 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Revenues: | ' | ' | ' | ' |
Net sales | $203,267 | $214,700 | $649,193 | $674,676 |
Royalty income | 8,173 | 7,421 | 23,093 | 21,469 |
Total revenues | 211,440 | 222,121 | 672,286 | 696,145 |
Cost of sales | 141,133 | 150,757 | 443,850 | 467,554 |
Gross profit | 70,307 | 71,364 | 228,436 | 228,591 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 64,477 | 68,434 | 201,045 | 205,624 |
Depreciation and amortization | 3,008 | 3,573 | 8,976 | 9,375 |
Total operating expenses | 67,485 | 72,007 | 210,021 | 214,999 |
(Loss) gain on sale of long-lived assets | ' | -108 | 885 | 6,162 |
Operating income (loss) | 2,822 | -751 | 19,300 | 19,754 |
Interest expense | 3,517 | 3,782 | 10,838 | 11,307 |
Net (loss) income before income taxes | -695 | -4,533 | 8,462 | 8,447 |
Income tax (benefit) provision | -258 | -1,511 | 2,740 | 2,979 |
Net (loss) income | ($437) | ($3,022) | $5,722 | $5,468 |
Net (loss) income per share: | ' | ' | ' | ' |
Basic | ($0.03) | ($0.20) | $0.38 | $0.36 |
Diluted | ($0.03) | ($0.20) | $0.38 | $0.36 |
Weighted average number of shares outstanding | ' | ' | ' | ' |
Basic | 14,954 | 14,991 | 14,881 | 15,042 |
Diluted | 14,954 | 14,991 | 15,246 | 15,363 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Net (loss) income | ($437) | ($3,022) | $5,722 | $5,468 | ||||
Other Comprehensive (loss) income: | ' | ' | ' | ' | ||||
Foreign currency translation adjustments, net | -1,228 | 623 | -591 | -438 | ||||
Unrealized gain on pension liability, net of tax | 80 | [1] | 81 | [1] | 239 | [1] | 243 | [1] |
Unrealized gain on investments | 14 | ' | 29 | ' | ||||
Total other comprehensive (loss) income | -1,134 | 704 | -323 | -195 | ||||
Comprehensive (loss) income | ($1,571) | ($2,318) | $5,399 | $5,273 | ||||
[1] | Unrealized gain on pension liability for the three months ended November 1, 2014 and November 2, 2013 is net of tax in the amount of $50 and $52, respectively. Unrealized gain on pension liability for the nine months ended November 1, 2014 and November 2, 2013 is net of tax in the amount of $151 and $156, respectively. See footnote 12 to the consolidated financial statements for further information. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Unrealized gain on pension liability, tax | $50 | $52 | $151 | $156 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $5,722 | $5,468 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 9,541 | 9,814 |
Provision for bad debts | 360 | -154 |
Amortization of debt issue cost | 483 | 528 |
Amortization of premiums and discounts | 320 | 48 |
Amortization of unrealized loss on pension liability | 390 | 399 |
Deferred income taxes | 1,764 | 1,389 |
Gain on sale of long-lived assets | -885 | -6,162 |
Share-based compensation | 4,424 | 4,431 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 16,614 | 25,544 |
Inventories | 50,420 | 16,416 |
Prepaid income taxes | 44 | -2,027 |
Prepaid expenses and other current assets | -538 | -464 |
Other assets | -313 | -155 |
Deferred pension obligation | -2,221 | -2,229 |
Accounts payable and accrued expenses | -50,297 | -56,509 |
Accrued interest payable | -2,986 | -2,957 |
Unearned revenues and other liabilities | 991 | 255 |
Net cash provided by (used in) operating activities | 33,833 | -6,365 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -12,525 | -18,585 |
Purchase of investments | -27,331 | ' |
Proceeds from investment maturities | 19,844 | ' |
Proceeds on sale of intangible assets | ' | 4,875 |
Proceeds from note receivable | 250 | ' |
Proceeds on sale of long-lived assets | ' | 1,892 |
Net cash provided by (used in) investing activities | -19,762 | -11,818 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 220,166 | 321,364 |
Payments on senior credit facility | -228,328 | -302,538 |
Purchase of treasury stock | -2,222 | -4,999 |
Payments on real estate mortgages | -593 | -606 |
Payments on capital leases | -150 | -237 |
Deferred financing fees | ' | -66 |
Proceeds from exercise of stock options | 360 | 134 |
Tax benefit from exercise of equity instruments | -134 | -78 |
Net cash (used in) provided by financing activities | -10,901 | 12,974 |
Effect of exchange rate changes on cash and cash equivalents | 243 | -255 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,413 | -5,464 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 26,989 | 54,957 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 30,402 | 49,493 |
Cash paid during the period for: | ' | ' |
Interest | 13,021 | 13,688 |
Income taxes | 616 | 1,561 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Accrued purchases of property and equipment | 17 | 971 |
Note receivable on sale of intangible asset | $1,250 | ' |
General
General | 9 Months Ended |
Nov. 01, 2014 | |
General | ' |
1. GENERAL | |
The accompanying unaudited condensed consolidated financial statements of Perry Ellis International, Inc. and subsidiaries (“Perry Ellis” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the requirements of the Securities and Exchange Commission on Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and changes in cash flows required by GAAP for annual financial statements. These condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2014, filed with the Securities and Exchange Commission on April 15, 2014. | |
The information presented reflects all adjustments, which are in the opinion of management of a normal and recurring nature, necessary for a fair presentation of the interim periods. Results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the entire fiscal year. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 01, 2014 | |
Recent Accounting Pronouncements | ' |
2. RECENT ACCOUNTING PRONOUNCEMENTS | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-05, “Foreign Currency Matters.” Accounting Standards Update (“ASU”) No. 2013-05 indicates that a cumulative translation adjustment (“CTA”) is attached to the parent’s investment in a foreign entity and should be released in a manner consistent with the derecognition guidance on investments in entities. Thus, the entire amount of the CTA associated with the foreign entity would be released when there has been a sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated), or step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). ASU No. 2013-05 does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. ASU No. 2013-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU No. 2013-05 did not have a material impact on the Company’s results of operations or the Company’s financial position. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.” Under the amendments of this update an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The provisions of this update are effective prospectively for the Company in fiscal years beginning after December 15, 2013, and for the interim periods within such fiscal years with early adoption and retrospective application permitted. The adoption of ASU No. 2013-11 did not have a material impact on the Company’s results of operations or the Company’s financial position. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 amends the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amendments require expanded disclosures for discontinued operations that would provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations and disclosure of the pretax profit or loss of individually significant components of an entity that do not qualify for discontinued operations reporting. ASU No. 2014-08 is to be applied prospectively to all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within fiscal years, and interim periods within those years, beginning after December 15, 2014. The adoption of ASU No. 2014-08 is not expected to have a material impact on the Company’s results of operations or the Company’s financial position. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU No. 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”) that removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, provides more useful information to users of financial statements through improved disclosure requirements and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Companies can choose to apply the ASU using either the full retrospective approach or a modified retrospective approach. The Company is currently evaluating both methods of adoption and the impact, if any, that the adoption of this ASU will have on the Company’s results of operations or the Company’s financial position. | |
In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force).” ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Earlier adoption is permitted. The amendments can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards. The Company is currently evaluating both methods of adoption and the impact, if any, that the adoption of this ASU will have on the Company’s results of operations or the Company’s financial position. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Accounts Receivable | ' | ||||||||
3. ACCOUNTS RECEIVABLE | |||||||||
Accounts receivable consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 141,528 | $ | 160,332 | |||||
Royalties | 4,671 | 5,998 | |||||||
Other receivables | 2,440 | 1,483 | |||||||
Total | 148,639 | 167,813 | |||||||
Less: allowances | (19,373 | ) | (21,421 | ) | |||||
Total | $ | 129,266 | $ | 146,392 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Inventories | ' | ||||||||
4. INVENTORIES | |||||||||
Inventories are stated at the lower of cost (weighted moving average cost) or market. Cost principally consists of the purchase price, customs, duties, freight, and commissions to buying agents. | |||||||||
Inventories consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 155,525 | $ | 205,971 | |||||
Raw materials and in process | 156 | 631 | |||||||
Total | $ | 155,681 | $ | 206,602 | |||||
Investments
Investments | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
5. INVESTMENTS | |||||||||||||||||
The Company’s investments include marketable securities and certificates of deposit at November 1, 2014 and February 1, 2014. Marketable securities are classified as available-for-sale and consist of corporate bonds with maturity dates less than two years. Certificates of deposit are classified as available-for-sale with $8.0 million with maturity dates within one year or less and $1.1 million with maturity dates over one year and less than two years. Investments are stated at fair value. The estimated fair value of the marketable securities is based on quoted prices in an active market (Level 1 fair value measures). | |||||||||||||||||
Investments consisted of the following as of November 1, 2014: | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 13,533 | $ | 5 | $ | (4 | ) | $ | 13,534 | ||||||||
Certificates of deposit | 9,112 | 1 | (12 | ) | 9,101 | ||||||||||||
Total investments | $ | 22,645 | $ | 6 | $ | (16 | ) | $ | 22,635 | ||||||||
Investments consisted of the following as of February 1, 2014: | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 10,636 | $ | 1 | $ | (39 | ) | $ | 10,598 | ||||||||
Certificates of deposit | 4,801 | 2 | (3 | ) | 4,800 | ||||||||||||
Total investments | $ | 15,437 | $ | 3 | $ | (42 | ) | $ | 15,398 | ||||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Property and Equipment | ' | ||||||||
6. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 78,651 | $ | 74,188 | |||||
Buildings and building improvements | 19,700 | 19,614 | |||||||
Vehicles | 462 | 771 | |||||||
Leasehold improvements | 46,300 | 40,335 | |||||||
Land | 9,488 | 9,488 | |||||||
Total | 154,601 | 144,396 | |||||||
Less: accumulated depreciation and amortization | (91,055 | ) | (84,484 | ) | |||||
Total | $ | 63,546 | $ | 59,912 | |||||
The above table of property and equipment includes assets held under capital leases as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 888 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (717 | ) | (543 | ) | |||||
Total | $ | 171 | $ | 395 | |||||
For the three months ended November 1, 2014 and November 2, 2013, depreciation and amortization expense relating to property and equipment amounted to $3.1 million and $3.5 million, respectively. For the nine months ended November 1, 2014 and November 2, 2013, depreciation and amortization expense relating to property and equipment amounted to $8.9 million and $9.1 million, respectively. These amounts include amortization expense for leased property under capital leases. | |||||||||
The Company previously closed its Winnsboro distribution facility (“Winnsboro”) and listed the property for sale. Accordingly, Winnsboro was classified as a held-for-sale asset in the amount of $2.0 million. During the third quarter of fiscal 2014, the Company sold Winnsboro for a total sales price of $2.0 million, less selling commissions and closing costs. As a result of this transaction, the Company recorded a loss of $0.1 million. |
Other_Intangible_Assets
Other Intangible Assets | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Other Intangible Assets | ' | ||||||||
7. OTHER INTANGIBLE ASSETS | |||||||||
Trademarks | |||||||||
Trademarks included in other intangible assets, net, are considered indefinite-lived assets and totaled $205.5 million and $205.9 million at November 1, 2014 and February 1, 2014. | |||||||||
On August 1, 2014, the Company entered into a sales agreement, in the amount of $1.3 million, for the sale of Australian, Fiji and New Zealand trademark rights with respect to Jantzen. Payments on the purchase price are due in five installments of $250,000 over a five year period. Interest on the purchase price that remains unpaid will accrue at a rate of 3.5% per annum calculated on an annual basis. The first payment was due within four days of the completion date and has been paid. The remaining four payments are to be paid annually commencing on August 1, 2015 with the final payment to be made on August 1, 2018. As a result of this transaction, the Company recorded a gain of $0.9 million in the licensing segment. | |||||||||
During the fourth quarter of fiscal 2013, the Company entered into a sales agreement, in the amount of $7.5 million, for certain Asian trademark rights with respect to John Henry. This transaction closed in the first quarter of fiscal 2014. The Company collected proceeds of $4.9 million during the first quarter of fiscal 2014 and $2.6 million during the fourth quarter of fiscal 2013. As a result of this transaction, the Company recorded a gain of $6.3 million in the licensing segment. | |||||||||
Other | |||||||||
Other intangible assets represent as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (3,553 | ) | (2,863 | ) | |||||
Total | $ | 4,897 | $ | 5,587 | |||||
For the three months ended November 1, 2014 and November 2, 2013, amortization expense relating to customer lists amounted to $0.2 million, respectively, for each period. For the nine months ended November 1, 2014 and November 2, 2013, amortization expense relating to customer lists amounted to $0.7 million, respectively, for each period. Other intangible assets are amortized over their estimated useful lives of 10 years. Assuming no impairment, the estimated amortization expense for future periods based on recorded amounts as of November 1, 2014, will be approximately $0.9 million a year from fiscal 2015 through fiscal 2017, and approximately $0.8 million a year from fiscal 2018 through fiscal 2019. |
Letter_of_Credit_Facilities
Letter of Credit Facilities | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Letter of Credit Facilities | ' | ||||||||
8. LETTER OF CREDIT FACILITIES | |||||||||
Borrowings and availability under letter of credit facilities consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 45,320 | $ | 45,329 | |||||
Outstanding letters of credit | (11,595 | ) | (11,858 | ) | |||||
Total letters of credit available | $ | 33,725 | $ | 33,471 | |||||
Advertising_and_Related_Costs
Advertising and Related Costs | 9 Months Ended |
Nov. 01, 2014 | |
Advertising and Related Costs | ' |
9. ADVERTISING AND RELATED COSTS | |
The Company’s accounting policy relating to advertising and related costs is to expense these costs in the period incurred. Advertising and related costs were approximately $4.4 million and $4.7 million for the three months ended November 1, 2014 and November 2, 2013, respectively, and $12.2 million and $13.4 million for the nine months ended November 1, 2014 and November 2, 2013, respectively, and are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. |
Net_Loss_Income_per_Share
Net (Loss) Income per Share | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Net (Loss) Income per Share | ' | ||||||||||||||||
10. NET (LOSS) INCOME PER SHARE | |||||||||||||||||
Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average shares of outstanding common stock. The calculation of diluted net (loss) income per share is similar to basic earnings per share except that the denominator includes potentially dilutive common stock. The potentially dilutive common stock included in the Company’s computation of diluted net (loss) income per share includes the effects of stock options, stock appreciation rights (“SARS”), and unvested restricted shares as determined using the treasury stock method. | |||||||||||||||||
The following table sets forth the computation of basic and diluted (loss) income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income | $ | (437 | ) | $ | (3,022 | ) | $ | 5,722 | $ | 5,468 | |||||||
Denominator: | |||||||||||||||||
Basic-weighted average shares | 14,954 | 14,991 | 14,881 | 15,042 | |||||||||||||
Dilutive effect: equity awards | — | — | 365 | 321 | |||||||||||||
Diluted-weighted average shares | 14,954 | 14,991 | 15,246 | 15,363 | |||||||||||||
Basic (loss) income per share | $ | (0.03 | ) | $ | (0.20 | ) | $ | 0.38 | $ | 0.36 | |||||||
Diluted (loss) income per share | $ | (0.03 | ) | $ | (0.20 | ) | $ | 0.38 | $ | 0.36 | |||||||
Antidilutive effect:(1) | 1,778 | 2,038 | 886 | 908 | |||||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity
Equity | 9 Months Ended | ||||
Nov. 01, 2014 | |||||
Equity | ' | ||||
11. EQUITY | |||||
The following table reflects the changes in equity: | |||||
Changes in Equity | |||||
(in thousands) | |||||
Equity at February 1, 2014 | $ | 347,533 | |||
Comprehensive income | 5,399 | ||||
Share transactions under employee equity compensation plans | 4,362 | ||||
Purchase of treasury stock | (2,222 | ) | |||
Equity at November 1, 2014 | $ | 355,072 | |||
Equity at February 2, 2013 | $ | 371,240 | |||
Comprehensive income | 5,273 | ||||
Share transactions under employee equity compensation plans | 4,487 | ||||
Purchase of treasury stock | (4,999 | ) | |||
Equity at November 2, 2013 | $ | 376,001 | |||
During the three months ended November 1, 2014, the Board of Directors extended the stock repurchase program to authorize the Company to purchase, from time to time and as market and business conditions warranted, up to $60 million of the Company’s common stock for cash in the open market or in privately negotiated transactions through October 31, 2015. Although the Board of Directors allocated a maximum of $60 million to carry out the program, the Company is not obligated to purchase any specific number of outstanding shares and will reevaluate the program on an ongoing basis. Total purchases under the plan to date amount to $45.1 million. | |||||
During the three months ended November 1, 2014 and November 2, 2013, the Company repurchased shares of its common stock at a cost of $2.2 million and $5.0 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
12. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax: | |||||||||||||||||
Unrealized | Foreign | Unrealized | |||||||||||||||
(Loss) Gain on | Currency Translation | (Loss) Gain on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, February 1, 2014 | $ | (5,866 | ) | $ | (1,563 | ) | $ | (39 | ) | $ | (7,468 | ) | |||||
Other comprehensive loss (income) before reclassifications | — | (591 | ) | 29 | (562 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 239 | — | — | 239 | |||||||||||||
Balance, November 1, 2014 | $ | (5,627 | ) | $ | (2,154 | ) | $ | (10 | ) | $ | (7,791 | ) | |||||
A summary of the impact on the condensed consolidated statements of operations line items is as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial gains | $ | 130 | $ | 133 | Selling, general and administrative expenses | ||||||||||||
Tax provision | (50 | ) | (52 | ) | Income tax provision | ||||||||||||
Total, net of tax | $ | 80 | $ | 81 | |||||||||||||
Nine Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial gains | $ | 390 | $ | 399 | Selling, general and administrative expenses | ||||||||||||
Tax provision | (151 | ) | (156 | ) | Income tax provision | ||||||||||||
Total, net of tax | $ | 239 | $ | 243 | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 01, 2014 | |
Income Taxes | ' |
13. INCOME TAXES | |
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company’s U.S. federal income tax returns for fiscal 2011 through fiscal 2014 are open tax years. The Company’s state tax filings are subject to varying statutes of limitations. The Company’s unrecognized state tax benefits are related to open tax years from fiscal 2005 through fiscal 2015, depending on each state’s particular statute of limitation. As of November 1, 2014, the fiscal 2011 and 2012 U.S. federal income tax returns are under examination as well as various state, local, and foreign income tax returns by various taxing authorities. | |
The ability to realize deferred tax assets requires significant judgment. While the company currently expects to realize its net deferred tax assets based on projected future income, if taxable income falls below its forecasted income, management may need to provide a valuation allowance on a portion or all of its deferred tax assets. Additional factors that raise the risk of realization of its deferred tax assets include certain net operating losses in the domestic operations, which are also subject to Section 382 limitations that begin expiring in 2018. | |
The Company has a $0.8 million liability recorded for unrecognized tax benefits as of February 1, 2014, which includes interest and penalties of $0.3 million. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. All of the unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. During the three months and nine months ended November 1, 2014, the total amount of unrecognized tax benefits increased by approximately $46,000 and decreased by approximately $35,000, respectively. The change to the total amount of the unrecognized tax benefit for the three and nine months ended November 1, 2014 included an increase in interest and penalties of approximately $12,000 and a decrease of approximately $92,000, respectively. | |
The Company does not currently anticipate a resolution within the next twelve months for any of the remaining unrecognized tax benefits as of November 1, 2014. The statute of limitations related to the Company’s fiscal 2011 U.S. federal tax year has been extended as part of the examination and will not be expected to lapse within the next twelve months. |
Stock_Options_Stock_Appreciati
Stock Options, Stock Appreciation Rights and Restricted Shares | 9 Months Ended |
Nov. 01, 2014 | |
Stock Options, Stock Appreciation Rights and Restricted Shares | ' |
14. STOCK OPTIONS, STOCK APPRECIATION RIGHTS AND RESTRICTED SHARES | |
During the first, second and third quarters of fiscal 2015, the Company granted an aggregate of 240,852, 12,504 and 2,034 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $3.6 million, $0.2 million and $40,000, respectively. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. | |
During the second quarter of fiscal 2015, the Company awarded to five directors an aggregate of 16,950 shares of restricted stock, which vest over a three year period at an estimated fair value of $0.3 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. | |
During the third quarter of fiscal 2015, the Company granted an aggregate of 3,501 SARs, to be settled in shares of common stock, to certain key employees. The SARs have an exercise price of $20.12, generally vest over a three-year period and have a seven-year term. The total fair value of the SARs, based on the Black-Scholes Option Pricing Model, amounted to approximately $38,000, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. | |
Also, during the first and second quarters of fiscal 2015, the Company granted an aggregate of 5,883 and 5,157 SARs, to be settled in shares of common stock, to a director, respectively. The SARs have an exercise price of $15.49 and $17.71, respectively, generally vest over a three-year period and have a seven-year term. The total fair value of the SARs, based on the Black-Scholes Option Pricing Model, amounted to approximately $50,000 and $50,000, respectively, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. | |
In April, May and August 2014, a total of 42,132, 1,000 and 1,667 shares of restricted stock vested, of which 17,929, 404 and 617 shares were withheld to cover the employees’ statutory income tax requirements, respectively. The estimated value of the withheld shares was $0.3 million, $6,000 and $13,000 respectively. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
15. SEGMENT INFORMATION | |||||||||||||||||
The Company has four reportable segments: Men’s Sportswear and Swim, Women’s Sportswear, Direct-to-Consumer and Licensing. The Men’s Sportswear and Swim and Women’s Sportswear segments derive revenues from the design, import and distribution of apparel to department stores and other retail outlets, principally throughout the United States. The Direct-to-Consumer segment derives its revenues from the sale of the Company’s branded and licensed products through its retail stores and e-commerce platform. The Licensing segment derives its revenues from royalties associated with the use of the Company’s brand names, principally Perry Ellis, Original Penguin, Laundry by Shelly Segal, Ben Hogan, Jantzen, John Henry, Gotcha, Farah, Pro Player and Manhattan. | |||||||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by each segment. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 145,732 | $ | 158,585 | $ | 487,906 | $ | 509,856 | |||||||||
Women’s Sportswear | 36,721 | 37,912 | 97,448 | 110,032 | |||||||||||||
Direct-to-Consumer | 20,814 | 18,203 | 63,839 | 54,788 | |||||||||||||
Licensing | 8,173 | 7,421 | 23,093 | 21,469 | |||||||||||||
Total revenues | $ | 211,440 | $ | 222,121 | $ | 672,286 | $ | 696,145 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 1,606 | $ | 1,893 | $ | 4,804 | $ | 5,364 | |||||||||
Women’s Sportswear | 487 | 583 | 1,444 | 1,408 | |||||||||||||
Direct-to-Consumer | 880 | 1,062 | 2,615 | 2,500 | |||||||||||||
Licensing | 35 | 35 | 113 | 103 | |||||||||||||
Total depreciation and amortization | $ | 3,008 | $ | 3,573 | $ | 8,976 | $ | 9,375 | |||||||||
Operating (loss) income: | |||||||||||||||||
Men’s Sportswear and Swim | $ | (2,091 | ) | $ | (1,188 | ) | $ | 7,163 | $ | 6,640 | |||||||
Women’s Sportswear | 1,324 | (735 | ) | (249 | ) | (36 | ) | ||||||||||
Direct-to-Consumer | (2,937 | ) | (4,330 | ) | (5,915 | ) | (9,595 | ) | |||||||||
Licensing (1) | 6,526 | 5,502 | 18,301 | 22,745 | |||||||||||||
Total operating income (loss) | $ | 2,822 | $ | (751 | ) | $ | 19,300 | $ | 19,754 | ||||||||
Total interest expense | 3,517 | 3,782 | 10,838 | 11,307 | |||||||||||||
Total net (loss) income before income taxes | $ | (695 | ) | $ | (4,533 | ) | $ | 8,462 | $ | 8,447 | |||||||
-1 | Operating income for the licensing segment for the nine months ended November 1, 2014 and November 2, 2013 includes a gain on sale of long-lived assets in the amount of $0.9 million and $6.3 million, respectively. See footnote 7 to the consolidated financial statements for further information. |
Benefit_Plan
Benefit Plan | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Benefit Plan | ' | ||||||||||||||||
16. BENEFIT PLAN | |||||||||||||||||
The Company sponsors a qualified pension plan. The following table provides the components of net benefit cost for the plan during the three and nine months ended fiscal 2015 and 2014: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 63 | $ | 63 | $ | 189 | $ | 189 | |||||||||
Interest cost | 433 | 406 | 1,299 | 1,218 | |||||||||||||
Expected return on plan assets | (508 | ) | (555 | ) | (1,524 | ) | (1,665 | ) | |||||||||
Amortization of net loss | 130 | 133 | 390 | 399 | |||||||||||||
Net periodic benefit cost | $ | 118 | $ | 47 | $ | 354 | $ | 141 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 01, 2014 | |
Fair Value Measurements | ' |
17. FAIR VALUE MEASUREMENTS | |
Accounts receivable, accounts payable, accrued interest payable and accrued expenses. The carrying amounts reported in the balance sheets approximate fair value due to the short-term nature of these instruments. | |
Real estate mortgages. (classified within Level 2 of the valuation hierarchy)—The carrying amounts of the real estate mortgages were approximately $23.1 million and $24.0 million at November 1, 2014 and February 1, 2014, respectively. The carrying values of the real estate mortgages at November 1, 2014 and February 1, 2014 approximate fair value since they were recently entered into and thus the interest rates approximate market. | |
Senior credit facility. The carrying amount of the senior credit facility approximates fair value due to the frequent resets of its floating interest rate. | |
Senior subordinated notes payable. (classified within Level 1 of the valuation hierarchy)—The carrying amounts of the 77/8% senior subordinated notes payable were approximately $150.0 million at November 1, 2014 and February 1, 2014. As of November 1, 2014 and February 1, 2014, the fair value of the 77/8% senior subordinated notes payable was $156.0 and $160.0 million, respectively, based on quoted market prices. | |
These estimated fair value amounts have been determined using available market information and appropriate valuation methods. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Nov. 01, 2014 | |
Related Party Transactions | ' |
18. RELATED PARTY TRANSACTIONS | |
The Company leases approximately 66,000 square feet comprised of approximately 16,000 square feet for administrative offices, approximately 45,000 square feet for warehouse distribution and approximately 5,000 square feet for retail. These facilities, which are owned by the Company’s Chairman of the Board of Directors and Chief Executive Officer, were originally leased by the Company under a 10-year lease for the office space and a 10-year lease for the warehouse and retail space. These facilities are in close proximity to the Company’s Headquarter. During fiscal 2015, the Company amended the leases to extend the term for 60 months, beginning July 1, 2014 and expiring June 30, 2019. Beginning July 1, 2014, the basic monthly rent will be $41,750 and will increase 3% on the first of each of the remaining 12-month periods during the extended term. The Company’s Governance Committee reviewed the terms of the lease extensions to ensure that they were reasonable and at market. This review included information from third party sources. As disclosed in Form 10k for year ended February 1, 2014, our total facilities, retail and office space both owned and leased totals over 1.5 million square feet. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 01, 2014 | |
Commitments and Contingencies | ' |
19. COMMITMENTS AND CONTINGENCIES | |
The Company is a defendant in Humberto Ordaz v. Perry Ellis International, Inc., Case No. BC490485 (Cal. Sup. Ct. 2012), involving claims for unpaid wages, missed breaks and related claims, which was originally filed on August 17, 2012 by a former employee in the Company’s California administrative offices. The plaintiff is seeking an unspecified amount of damages. The lawsuit has been pleaded but not certified as a class action. Mediation was held during the third quarter of fiscal 2015. Currently, the parties are in settlement discussions. The Company believes that it has meritorious defenses to the claims alleged and is vigorously defending the matter. The final outcome of the case is not expected to have a material impact on the Company. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||
20. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||
The Company and several of its subsidiaries (the “Guarantors”) have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). The following are condensed consolidating financial statements, which present, in separate columns: Perry Ellis International, Inc. (Parent Only), the Guarantors on a combined, or where appropriate, consolidated basis, and the Non-Guarantors on a combined, or where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of November 1, 2014 and February 1, 2014 and for the three and nine months ended November 1, 2014 and November 2, 2013. The combined Guarantors are 100% owned subsidiaries of Perry Ellis International, Inc., and have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. | |||||||||||||||||||||
Subsequent to the issuance of the February 2, 2013 financial statements, the Company determined that the condensed consolidating guarantor financial statements required an adjustment relating to the cash flow classification of certain intercompany transactions between the parent and its affiliates. As a result, the condensed consolidating financial statements have been adjusted to correct prior year amounts in the Condensed Consolidated Statements of Cash Flows to reflect certain intercompany activities between the parent and its subsidiaries as cash flows from investing activities that had previously been reflected within cash flows from financing activities. | |||||||||||||||||||||
The effect on the condensed consolidating statement of cash flows as a result of the adjustment in intercompany activities is a decrease of approximately ($18.4) million in net cash from financing activities in the parent only column for the nine months ended November 2, 2013, respectively, with a corresponding change to the net cash from investing activity in the parent only column from the previously reported amounts. | |||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9,196 | $ | 21,206 | $ | — | $ | 30,402 | |||||||||||
Accounts receivable, net | — | 108,516 | 20,750 | — | 129,266 | ||||||||||||||||
Intercompany receivable, net | 172,031 | — | — | (172,031 | ) | — | |||||||||||||||
Inventories | — | 132,362 | 23,319 | — | 155,681 | ||||||||||||||||
Investment, at fair value | — | — | 22,635 | — | 22,635 | ||||||||||||||||
Deferred income taxes | — | 16,351 | 354 | — | 16,705 | ||||||||||||||||
Prepaid income taxes | 6,339 | — | — | 1,197 | 7,536 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,925 | 955 | — | 7,880 | ||||||||||||||||
Total current assets | 178,370 | 273,350 | 89,219 | (170,834 | ) | 370,105 | |||||||||||||||
Property and equipment, net | — | 58,981 | 4,565 | — | 63,546 | ||||||||||||||||
Other intangible assets, net | — | 176,793 | 33,638 | — | 210,431 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 325,648 | — | — | (325,648 | ) | — | |||||||||||||||
Other assets | 2,163 | 1,954 | 1,389 | — | 5,506 | ||||||||||||||||
TOTAL | $ | 506,181 | $ | 517,100 | $ | 128,811 | $ | (496,482 | ) | $ | 655,610 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 57,956 | $ | 7,892 | $ | — | $ | 65,848 | |||||||||||
Accrued expenses and other liabilities | — | 17,743 | 3,769 | (499 | ) | 21,013 | |||||||||||||||
Accrued interest payable | 1,109 | — | — | — | 1,109 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,767 | — | 4,959 | ||||||||||||||||
Intercompany payable , net | — | 152,083 | 22,723 | (174,806 | ) | — | |||||||||||||||
Total current liabilities | 1,109 | 230,974 | 36,151 | (175,305 | ) | 92,929 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 22,302 | — | — | 22,302 | ||||||||||||||||
Deferred pension obligation | — | 7,572 | 74 | — | 7,646 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 13,977 | 1,714 | — | 15,691 | ||||||||||||||||
Deferred income taxes | — | 10,274 | — | 1,696 | 11,970 | ||||||||||||||||
Total long-term liabilities | 150,000 | 54,125 | 1,788 | 1,696 | 207,609 | ||||||||||||||||
Total liabilities | 151,109 | 285,099 | 37,939 | (173,609 | ) | 300,538 | |||||||||||||||
Total equity | 355,072 | 232,001 | 90,872 | (322,873 | ) | 355,072 | |||||||||||||||
TOTAL | $ | 506,181 | $ | 517,100 | $ | 128,811 | $ | (496,482 | ) | $ | 655,610 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Only | Guarantors | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | ||||||||||
Accounts receivable, net | — | 123,539 | 22,853 | — | 146,392 | ||||||||||||||||
Intercompany receivable, net | 174,075 | — | — | (174,075 | ) | — | |||||||||||||||
Inventories | — | 183,216 | 23,386 | — | 206,602 | ||||||||||||||||
Investments, at fair value | — | — | 15,398 | — | 15,398 | ||||||||||||||||
Deferred income taxes | — | 13,806 | 254 | — | 14,060 | ||||||||||||||||
Prepaid income taxes | 5,141 | — | 1,193 | 1,245 | 7,579 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,578 | 791 | — | 7,369 | ||||||||||||||||
Total current assets | 179,216 | 327,139 | 93,863 | (175,829 | ) | 424,389 | |||||||||||||||
Property and equipment, net | — | 55,046 | 4,866 | — | 59,912 | ||||||||||||||||
Other intangible assets, net | — | 177,482 | 34,003 | — | 211,485 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 319,926 | — | — | (319,926 | ) | — | |||||||||||||||
Other assets | 2,486 | 1,822 | 619 | — | 4,927 | ||||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 104,480 | $ | 10,961 | $ | (2,999 | ) | $ | 112,442 | ||||||||||
Accrued expenses and other liabilities | — | 19,294 | 5,799 | (451 | ) | 24,642 | |||||||||||||||
Accrued interest payable | 4,095 | — | — | — | 4,095 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,821 | — | 5,013 | ||||||||||||||||
Intercompany payable, net | — | 151,253 | 24,997 | (176,250 | ) | — | |||||||||||||||
Total current liabilities | 4,095 | 278,219 | 43,578 | (179,700 | ) | 146,192 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Senior credit facility | — | 8,162 | — | — | 8,162 | ||||||||||||||||
Real estate mortgages | — | 22,844 | — | — | 22,844 | ||||||||||||||||
Deferred pension obligation | — | 9,792 | 70 | — | 9,862 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 12,064 | 2,668 | — | 14,732 | ||||||||||||||||
Deferred income taxes | — | 5,712 | 2 | 1,696 | 7,410 | ||||||||||||||||
Total long-term liabilities | 150,000 | 58,574 | 2,740 | 1,696 | 213,010 | ||||||||||||||||
Total liabilities | 154,095 | 336,793 | 46,318 | (178,004 | ) | 359,202 | |||||||||||||||
Total equity | 347,533 | 230,718 | 87,033 | (317,751 | ) | 347,533 | |||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 182,512 | $ | 20,755 | $ | — | $ | 203,267 | |||||||||||
Royalty income | — | 4,995 | 3,178 | — | 8,173 | ||||||||||||||||
Total revenues | — | 187,507 | 23,933 | — | 211,440 | ||||||||||||||||
Cost of sales | — | 128,438 | 12,695 | — | 141,133 | ||||||||||||||||
Gross profit | — | 59,069 | 11,238 | — | 70,307 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 55,639 | 8,838 | — | 64,477 | ||||||||||||||||
Depreciation and amortization | — | 2,735 | 273 | — | 3,008 | ||||||||||||||||
Total operating expenses | — | 58,374 | 9,111 | — | 67,485 | ||||||||||||||||
Operating income | — | 695 | 2,127 | — | 2,822 | ||||||||||||||||
Interest expense | — | 3,531 | (14 | ) | — | 3,517 | |||||||||||||||
Net (loss) income before income taxes | — | (2,836 | ) | 2,141 | — | (695 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,320 | ) | 1,062 | — | (258 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (437 | ) | — | — | 437 | — | |||||||||||||||
Net (loss) income | (437 | ) | (1,516 | ) | 1,079 | 437 | (437 | ) | |||||||||||||
Other comprehensive (loss) income | (1,134 | ) | 80 | (1,214 | ) | 1,134 | (1,134 | ) | |||||||||||||
Comprehensive (loss) income | $ | (1,571 | ) | $ | (1,436 | ) | $ | (135 | ) | $ | 1,571 | $ | (1,571 | ) | |||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 195,535 | $ | 19,165 | $ | — | $ | 214,700 | |||||||||||
Royalty income | — | 4,290 | 3,131 | — | 7,421 | ||||||||||||||||
Total revenues | — | 199,825 | 22,296 | — | 222,121 | ||||||||||||||||
Cost of sales | — | 138,957 | 11,800 | — | 150,757 | ||||||||||||||||
Gross profit | — | 60,868 | 10,496 | — | 71,364 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 61,468 | 6,966 | — | 68,434 | ||||||||||||||||
Depreciation and amortization | — | 3,381 | 192 | — | 3,573 | ||||||||||||||||
Total operating expenses | — | 64,849 | 7,158 | — | 72,007 | ||||||||||||||||
Loss on sale of long-lived assets | — | (108 | ) | — | — | (108 | ) | ||||||||||||||
Operating (loss) income | — | (4,089 | ) | 3,338 | — | (751 | ) | ||||||||||||||
Interest expense | — | 3,755 | 27 | — | 3,782 | ||||||||||||||||
Net (loss) income before income taxes | — | (7,844 | ) | 3,311 | — | (4,533 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,945 | ) | 434 | — | (1,511 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (3,022 | ) | — | — | 3,022 | — | |||||||||||||||
Net (loss) income | (3,022 | ) | (5,899 | ) | 2,877 | 3,022 | (3,022 | ) | |||||||||||||
Other comprehensive (loss) income | 704 | 81 | 623 | (704 | ) | 704 | |||||||||||||||
Comprehensive (loss) income | $ | (2,318 | ) | $ | (5,818 | ) | $ | 3,500 | $ | 2,318 | $ | (2,318 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 581,632 | $ | 67,561 | $ | — | $ | 649,193 | |||||||||||
Royalty income | — | 14,085 | 9,008 | — | 23,093 | ||||||||||||||||
Total revenues | — | 595,717 | 76,569 | — | 672,286 | ||||||||||||||||
Cost of sales | — | 400,997 | 42,853 | — | 443,850 | ||||||||||||||||
Gross profit | — | 194,720 | 33,716 | — | 228,436 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 173,069 | 27,976 | — | 201,045 | ||||||||||||||||
Depreciation and amortization | — | 8,256 | 720 | — | 8,976 | ||||||||||||||||
Total operating expenses | — | 181,325 | 28,696 | — | 210,021 | ||||||||||||||||
Gain on sale of long-lived assets | — | — | 885 | — | 885 | ||||||||||||||||
Operating income | — | 13,395 | 5,905 | — | 19,300 | ||||||||||||||||
Interest expense | — | 10,831 | 7 | — | 10,838 | ||||||||||||||||
Net income before income taxes | — | 2,564 | 5,898 | — | 8,462 | ||||||||||||||||
Income tax provision | — | 1,281 | 1,459 | — | 2,740 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,722 | — | — | (5,722 | ) | — | |||||||||||||||
Net income | 5,722 | 1,283 | 4,439 | (5,722 | ) | 5,722 | |||||||||||||||
Other comprehensive (loss) income | (323 | ) | 239 | (562 | ) | 323 | (323 | ) | |||||||||||||
Comprehensive income | $ | 5,399 | $ | 1,522 | $ | 3,877 | $ | (5,399 | ) | $ | 5,399 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 619,446 | $ | 55,230 | $ | — | $ | 674,676 | |||||||||||
Royalty income | — | 12,612 | 8,857 | — | 21,469 | ||||||||||||||||
Total revenues | — | 632,058 | 64,087 | — | 696,145 | ||||||||||||||||
Cost of sales | — | 433,855 | 33,699 | — | 467,554 | ||||||||||||||||
Gross profit | — | 198,203 | 30,388 | — | 228,591 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 183,313 | 22,311 | — | 205,624 | ||||||||||||||||
Depreciation and amortization | — | 8,804 | 571 | — | 9,375 | ||||||||||||||||
Total operating expenses | — | 192,117 | 22,882 | — | 214,999 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating income | — | 5,287 | 14,467 | — | 19,754 | ||||||||||||||||
Interest expense | — | 11,226 | 81 | — | 11,307 | ||||||||||||||||
Net (loss) income before income taxes | — | (5,939 | ) | 14,386 | — | 8,447 | |||||||||||||||
Income tax provision | — | 719 | 2,260 | — | 2,979 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,468 | — | — | (5,468 | ) | — | |||||||||||||||
Net income (loss) | 5,468 | (6,658 | ) | 12,126 | (5,468 | ) | 5,468 | ||||||||||||||
Other comprehensive (loss) income | (195 | ) | 243 | (438 | ) | 195 | (195 | ) | |||||||||||||
Comprehensive income (loss) | $ | 5,273 | $ | (6,415 | ) | $ | 11,688 | $ | (5,273 | ) | $ | 5,273 | |||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (3,859 | ) | $ | 33,000 | $ | 1,693 | $ | 2,999 | $ | 33,833 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (11,860 | ) | (665 | ) | — | (12,525 | ) | |||||||||||||
Purchase of investments | — | — | (27,331 | ) | — | (27,331 | ) | ||||||||||||||
Proceeds from investments maturities | — | — | 19,844 | — | 19,844 | ||||||||||||||||
Proceeds from note receivable | — | — | 250 | — | 250 | ||||||||||||||||
Intercompany transactions | 5,612 | — | — | (5,612 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 5,612 | (11,860 | ) | (7,902 | ) | (5,612 | ) | (19,762 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 220,166 | — | — | 220,166 | ||||||||||||||||
Payments on senior credit facility | — | (228,328 | ) | — | — | (228,328 | ) | ||||||||||||||
Payments on real estate mortgages | — | (593 | ) | — | — | (593 | ) | ||||||||||||||
Purchase of treasury stock | (2,222 | ) | — | — | — | (2,222 | ) | ||||||||||||||
Payments on capital leases | — | (150 | ) | — | — | (150 | ) | ||||||||||||||
Proceeds from exercise of stock options | 360 | — | — | — | 360 | ||||||||||||||||
Tax benefit from exercise of equity instruments | (134 | ) | — | — | — | (134 | ) | ||||||||||||||
Intercompany transactions | — | (3,039 | ) | (2,816 | ) | 5,855 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (1,996 | ) | (11,944 | ) | (2,816 | ) | 5,855 | (10,901 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 243 | — | 243 | (243 | ) | 243 | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 9,196 | (8,782 | ) | 2,999 | 3,413 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 29,988 | (2,999 | ) | 26,989 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 9,196 | $ | 21,206 | $ | — | $ | 30,402 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (13,239 | ) | $ | 11,329 | $ | (4,455 | ) | $ | — | $ | (6,365 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (17,337 | ) | (1,248 | ) | — | (18,585 | ) | |||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Intercompany transactions | 18,437 | — | — | (18,437 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 18,437 | (15,445 | ) | 3,627 | (18,437 | ) | (11,818 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 321,364 | — | — | 321,364 | ||||||||||||||||
Payments on senior credit facility | — | (302,538 | ) | — | — | (302,538 | ) | ||||||||||||||
Purchase of treasury stock | (4,999 | ) | — | — | — | (4,999 | ) | ||||||||||||||
Payments on real estate mortgages | — | (606 | ) | — | — | (606 | ) | ||||||||||||||
Payments on capital leases | — | (237 | ) | — | — | (237 | ) | ||||||||||||||
Tax benefit from exercise of stock options | (78 | ) | — | — | — | (78 | ) | ||||||||||||||
Deferred financing fees | — | (66 | ) | — | — | (66 | ) | ||||||||||||||
Proceeds from exercise of stock options | 134 | — | — | — | 134 | ||||||||||||||||
Intercompany transactions | — | (27,384 | ) | 9,202 | 18,182 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (4,943 | ) | (9,467 | ) | 9,202 | 18,182 | 12,974 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (255 | ) | — | (255 | ) | 255 | (255 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (13,583 | ) | 8,119 | — | (5,464 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Components of Accounts Receivable | ' | ||||||||
Accounts receivable consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 141,528 | $ | 160,332 | |||||
Royalties | 4,671 | 5,998 | |||||||
Other receivables | 2,440 | 1,483 | |||||||
Total | 148,639 | 167,813 | |||||||
Less: allowances | (19,373 | ) | (21,421 | ) | |||||
Total | $ | 129,266 | $ | 146,392 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 155,525 | $ | 205,971 | |||||
Raw materials and in process | 156 | 631 | |||||||
Total | $ | 155,681 | $ | 206,602 | |||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
Investments consisted of the following as of November 1, 2014: | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 13,533 | $ | 5 | $ | (4 | ) | $ | 13,534 | ||||||||
Certificates of deposit | 9,112 | 1 | (12 | ) | 9,101 | ||||||||||||
Total investments | $ | 22,645 | $ | 6 | $ | (16 | ) | $ | 22,635 | ||||||||
Investments consisted of the following as of February 1, 2014: | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 10,636 | $ | 1 | $ | (39 | ) | $ | 10,598 | ||||||||
Certificates of deposit | 4,801 | 2 | (3 | ) | 4,800 | ||||||||||||
Total investments | $ | 15,437 | $ | 3 | $ | (42 | ) | $ | 15,398 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 78,651 | $ | 74,188 | |||||
Buildings and building improvements | 19,700 | 19,614 | |||||||
Vehicles | 462 | 771 | |||||||
Leasehold improvements | 46,300 | 40,335 | |||||||
Land | 9,488 | 9,488 | |||||||
Total | 154,601 | 144,396 | |||||||
Less: accumulated depreciation and amortization | (91,055 | ) | (84,484 | ) | |||||
Total | $ | 63,546 | $ | 59,912 | |||||
Summary of Property and Equipment Includes Assets Held under Capital Leases | ' | ||||||||
The above table of property and equipment includes assets held under capital leases as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 888 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (717 | ) | (543 | ) | |||||
Total | $ | 171 | $ | 395 | |||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Summary of Other Intangible Assets | ' | ||||||||
Other intangible assets represent as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (3,553 | ) | (2,863 | ) | |||||
Total | $ | 4,897 | $ | 5,587 | |||||
Letter_of_Credit_Facilities_Ta
Letter of Credit Facilities (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Borrowings and Availability under Letter of Credit Facilities | ' | ||||||||
Borrowings and availability under letter of credit facilities consisted of the following as of: | |||||||||
November 1, | February 1, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 45,320 | $ | 45,329 | |||||
Outstanding letters of credit | (11,595 | ) | (11,858 | ) | |||||
Total letters of credit available | $ | 33,725 | $ | 33,471 | |||||
Net_Loss_Income_per_Share_Tabl
Net (Loss) Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Computation of Basic and Diluted (Loss) Income Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted (loss) income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income | $ | (437 | ) | $ | (3,022 | ) | $ | 5,722 | $ | 5,468 | |||||||
Denominator: | |||||||||||||||||
Basic-weighted average shares | 14,954 | 14,991 | 14,881 | 15,042 | |||||||||||||
Dilutive effect: equity awards | — | — | 365 | 321 | |||||||||||||
Diluted-weighted average shares | 14,954 | 14,991 | 15,246 | 15,363 | |||||||||||||
Basic (loss) income per share | $ | (0.03 | ) | $ | (0.20 | ) | $ | 0.38 | $ | 0.36 | |||||||
Diluted (loss) income per share | $ | (0.03 | ) | $ | (0.20 | ) | $ | 0.38 | $ | 0.36 | |||||||
Antidilutive effect:(1) | 1,778 | 2,038 | 886 | 908 | |||||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||
Nov. 01, 2014 | |||||
Changes in Equity | ' | ||||
The following table reflects the changes in equity: | |||||
Changes in Equity | |||||
(in thousands) | |||||
Equity at February 1, 2014 | $ | 347,533 | |||
Comprehensive income | 5,399 | ||||
Share transactions under employee equity compensation plans | 4,362 | ||||
Purchase of treasury stock | (2,222 | ) | |||
Equity at November 1, 2014 | $ | 355,072 | |||
Equity at February 2, 2013 | $ | 371,240 | |||
Comprehensive income | 5,273 | ||||
Share transactions under employee equity compensation plans | 4,487 | ||||
Purchase of treasury stock | (4,999 | ) | |||
Equity at November 2, 2013 | $ | 376,001 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax: | |||||||||||||||||
Unrealized | Foreign | Unrealized | |||||||||||||||
(Loss) Gain on | Currency Translation | (Loss) Gain on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, February 1, 2014 | $ | (5,866 | ) | $ | (1,563 | ) | $ | (39 | ) | $ | (7,468 | ) | |||||
Other comprehensive loss (income) before reclassifications | — | (591 | ) | 29 | (562 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 239 | — | — | 239 | |||||||||||||
Balance, November 1, 2014 | $ | (5,627 | ) | $ | (2,154 | ) | $ | (10 | ) | $ | (7,791 | ) | |||||
Summary of Impact on Condensed Consolidated Statements of Operations Line Items | ' | ||||||||||||||||
A summary of the impact on the condensed consolidated statements of operations line items is as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial gains | $ | 130 | $ | 133 | Selling, general and administrative expenses | ||||||||||||
Tax provision | (50 | ) | (52 | ) | Income tax provision | ||||||||||||
Total, net of tax | $ | 80 | $ | 81 | |||||||||||||
Nine Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial gains | $ | 390 | $ | 399 | Selling, general and administrative expenses | ||||||||||||
Tax provision | (151 | ) | (156 | ) | Income tax provision | ||||||||||||
Total, net of tax | $ | 239 | $ | 243 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by each segment. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 145,732 | $ | 158,585 | $ | 487,906 | $ | 509,856 | |||||||||
Women’s Sportswear | 36,721 | 37,912 | 97,448 | 110,032 | |||||||||||||
Direct-to-Consumer | 20,814 | 18,203 | 63,839 | 54,788 | |||||||||||||
Licensing | 8,173 | 7,421 | 23,093 | 21,469 | |||||||||||||
Total revenues | $ | 211,440 | $ | 222,121 | $ | 672,286 | $ | 696,145 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 1,606 | $ | 1,893 | $ | 4,804 | $ | 5,364 | |||||||||
Women’s Sportswear | 487 | 583 | 1,444 | 1,408 | |||||||||||||
Direct-to-Consumer | 880 | 1,062 | 2,615 | 2,500 | |||||||||||||
Licensing | 35 | 35 | 113 | 103 | |||||||||||||
Total depreciation and amortization | $ | 3,008 | $ | 3,573 | $ | 8,976 | $ | 9,375 | |||||||||
Operating (loss) income: | |||||||||||||||||
Men’s Sportswear and Swim | $ | (2,091 | ) | $ | (1,188 | ) | $ | 7,163 | $ | 6,640 | |||||||
Women’s Sportswear | 1,324 | (735 | ) | (249 | ) | (36 | ) | ||||||||||
Direct-to-Consumer | (2,937 | ) | (4,330 | ) | (5,915 | ) | (9,595 | ) | |||||||||
Licensing (1) | 6,526 | 5,502 | 18,301 | 22,745 | |||||||||||||
Total operating income (loss) | $ | 2,822 | $ | (751 | ) | $ | 19,300 | $ | 19,754 | ||||||||
Total interest expense | 3,517 | 3,782 | 10,838 | 11,307 | |||||||||||||
Total net (loss) income before income taxes | $ | (695 | ) | $ | (4,533 | ) | $ | 8,462 | $ | 8,447 | |||||||
-1 | Operating income for the licensing segment for the nine months ended November 1, 2014 and November 2, 2013 includes a gain on sale of long-lived assets in the amount of $0.9 million and $6.3 million, respectively. See footnote 7 to the consolidated financial statements for further information. |
Benefit_Plan_Tables
Benefit Plan (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Components of Net Benefit Cost | ' | ||||||||||||||||
The following table provides the components of net benefit cost for the plan during the three and nine months ended fiscal 2015 and 2014: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 63 | $ | 63 | $ | 189 | $ | 189 | |||||||||
Interest cost | 433 | 406 | 1,299 | 1,218 | |||||||||||||
Expected return on plan assets | (508 | ) | (555 | ) | (1,524 | ) | (1,665 | ) | |||||||||
Amortization of net loss | 130 | 133 | 390 | 399 | |||||||||||||
Net periodic benefit cost | $ | 118 | $ | 47 | $ | 354 | $ | 141 | |||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9,196 | $ | 21,206 | $ | — | $ | 30,402 | |||||||||||
Accounts receivable, net | — | 108,516 | 20,750 | — | 129,266 | ||||||||||||||||
Intercompany receivable, net | 172,031 | — | — | (172,031 | ) | — | |||||||||||||||
Inventories | — | 132,362 | 23,319 | — | 155,681 | ||||||||||||||||
Investment, at fair value | — | — | 22,635 | — | 22,635 | ||||||||||||||||
Deferred income taxes | — | 16,351 | 354 | — | 16,705 | ||||||||||||||||
Prepaid income taxes | 6,339 | — | — | 1,197 | 7,536 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,925 | 955 | — | 7,880 | ||||||||||||||||
Total current assets | 178,370 | 273,350 | 89,219 | (170,834 | ) | 370,105 | |||||||||||||||
Property and equipment, net | — | 58,981 | 4,565 | — | 63,546 | ||||||||||||||||
Other intangible assets, net | — | 176,793 | 33,638 | — | 210,431 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 325,648 | — | — | (325,648 | ) | — | |||||||||||||||
Other assets | 2,163 | 1,954 | 1,389 | — | 5,506 | ||||||||||||||||
TOTAL | $ | 506,181 | $ | 517,100 | $ | 128,811 | $ | (496,482 | ) | $ | 655,610 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 57,956 | $ | 7,892 | $ | — | $ | 65,848 | |||||||||||
Accrued expenses and other liabilities | — | 17,743 | 3,769 | (499 | ) | 21,013 | |||||||||||||||
Accrued interest payable | 1,109 | — | — | — | 1,109 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,767 | — | 4,959 | ||||||||||||||||
Intercompany payable , net | — | 152,083 | 22,723 | (174,806 | ) | — | |||||||||||||||
Total current liabilities | 1,109 | 230,974 | 36,151 | (175,305 | ) | 92,929 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 22,302 | — | — | 22,302 | ||||||||||||||||
Deferred pension obligation | — | 7,572 | 74 | — | 7,646 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 13,977 | 1,714 | — | 15,691 | ||||||||||||||||
Deferred income taxes | — | 10,274 | — | 1,696 | 11,970 | ||||||||||||||||
Total long-term liabilities | 150,000 | 54,125 | 1,788 | 1,696 | 207,609 | ||||||||||||||||
Total liabilities | 151,109 | 285,099 | 37,939 | (173,609 | ) | 300,538 | |||||||||||||||
Total equity | 355,072 | 232,001 | 90,872 | (322,873 | ) | 355,072 | |||||||||||||||
TOTAL | $ | 506,181 | $ | 517,100 | $ | 128,811 | $ | (496,482 | ) | $ | 655,610 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Only | Guarantors | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | ||||||||||
Accounts receivable, net | — | 123,539 | 22,853 | — | 146,392 | ||||||||||||||||
Intercompany receivable, net | 174,075 | — | — | (174,075 | ) | — | |||||||||||||||
Inventories | — | 183,216 | 23,386 | — | 206,602 | ||||||||||||||||
Investments, at fair value | — | — | 15,398 | — | 15,398 | ||||||||||||||||
Deferred income taxes | — | 13,806 | 254 | — | 14,060 | ||||||||||||||||
Prepaid income taxes | 5,141 | — | 1,193 | 1,245 | 7,579 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,578 | 791 | — | 7,369 | ||||||||||||||||
Total current assets | 179,216 | 327,139 | 93,863 | (175,829 | ) | 424,389 | |||||||||||||||
Property and equipment, net | — | 55,046 | 4,866 | — | 59,912 | ||||||||||||||||
Other intangible assets, net | — | 177,482 | 34,003 | — | 211,485 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 319,926 | — | — | (319,926 | ) | — | |||||||||||||||
Other assets | 2,486 | 1,822 | 619 | — | 4,927 | ||||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 104,480 | $ | 10,961 | $ | (2,999 | ) | $ | 112,442 | ||||||||||
Accrued expenses and other liabilities | — | 19,294 | 5,799 | (451 | ) | 24,642 | |||||||||||||||
Accrued interest payable | 4,095 | — | — | — | 4,095 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,821 | — | 5,013 | ||||||||||||||||
Intercompany payable, net | — | 151,253 | 24,997 | (176,250 | ) | — | |||||||||||||||
Total current liabilities | 4,095 | 278,219 | 43,578 | (179,700 | ) | 146,192 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Senior credit facility | — | 8,162 | — | — | 8,162 | ||||||||||||||||
Real estate mortgages | — | 22,844 | — | — | 22,844 | ||||||||||||||||
Deferred pension obligation | — | 9,792 | 70 | — | 9,862 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 12,064 | 2,668 | — | 14,732 | ||||||||||||||||
Deferred income taxes | — | 5,712 | 2 | 1,696 | 7,410 | ||||||||||||||||
Total long-term liabilities | 150,000 | 58,574 | 2,740 | 1,696 | 213,010 | ||||||||||||||||
Total liabilities | 154,095 | 336,793 | 46,318 | (178,004 | ) | 359,202 | |||||||||||||||
Total equity | 347,533 | 230,718 | 87,033 | (317,751 | ) | 347,533 | |||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 182,512 | $ | 20,755 | $ | — | $ | 203,267 | |||||||||||
Royalty income | — | 4,995 | 3,178 | — | 8,173 | ||||||||||||||||
Total revenues | — | 187,507 | 23,933 | — | 211,440 | ||||||||||||||||
Cost of sales | — | 128,438 | 12,695 | — | 141,133 | ||||||||||||||||
Gross profit | — | 59,069 | 11,238 | — | 70,307 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 55,639 | 8,838 | — | 64,477 | ||||||||||||||||
Depreciation and amortization | — | 2,735 | 273 | — | 3,008 | ||||||||||||||||
Total operating expenses | — | 58,374 | 9,111 | — | 67,485 | ||||||||||||||||
Operating income | — | 695 | 2,127 | — | 2,822 | ||||||||||||||||
Interest expense | — | 3,531 | (14 | ) | — | 3,517 | |||||||||||||||
Net (loss) income before income taxes | — | (2,836 | ) | 2,141 | — | (695 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,320 | ) | 1,062 | — | (258 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (437 | ) | — | — | 437 | — | |||||||||||||||
Net (loss) income | (437 | ) | (1,516 | ) | 1,079 | 437 | (437 | ) | |||||||||||||
Other comprehensive (loss) income | (1,134 | ) | 80 | (1,214 | ) | 1,134 | (1,134 | ) | |||||||||||||
Comprehensive (loss) income | $ | (1,571 | ) | $ | (1,436 | ) | $ | (135 | ) | $ | 1,571 | $ | (1,571 | ) | |||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 195,535 | $ | 19,165 | $ | — | $ | 214,700 | |||||||||||
Royalty income | — | 4,290 | 3,131 | — | 7,421 | ||||||||||||||||
Total revenues | — | 199,825 | 22,296 | — | 222,121 | ||||||||||||||||
Cost of sales | — | 138,957 | 11,800 | — | 150,757 | ||||||||||||||||
Gross profit | — | 60,868 | 10,496 | — | 71,364 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 61,468 | 6,966 | — | 68,434 | ||||||||||||||||
Depreciation and amortization | — | 3,381 | 192 | — | 3,573 | ||||||||||||||||
Total operating expenses | — | 64,849 | 7,158 | — | 72,007 | ||||||||||||||||
Loss on sale of long-lived assets | — | (108 | ) | — | — | (108 | ) | ||||||||||||||
Operating (loss) income | — | (4,089 | ) | 3,338 | — | (751 | ) | ||||||||||||||
Interest expense | — | 3,755 | 27 | — | 3,782 | ||||||||||||||||
Net (loss) income before income taxes | — | (7,844 | ) | 3,311 | — | (4,533 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,945 | ) | 434 | — | (1,511 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (3,022 | ) | — | — | 3,022 | — | |||||||||||||||
Net (loss) income | (3,022 | ) | (5,899 | ) | 2,877 | 3,022 | (3,022 | ) | |||||||||||||
Other comprehensive (loss) income | 704 | 81 | 623 | (704 | ) | 704 | |||||||||||||||
Comprehensive (loss) income | $ | (2,318 | ) | $ | (5,818 | ) | $ | 3,500 | $ | 2,318 | $ | (2,318 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 581,632 | $ | 67,561 | $ | — | $ | 649,193 | |||||||||||
Royalty income | — | 14,085 | 9,008 | — | 23,093 | ||||||||||||||||
Total revenues | — | 595,717 | 76,569 | — | 672,286 | ||||||||||||||||
Cost of sales | — | 400,997 | 42,853 | — | 443,850 | ||||||||||||||||
Gross profit | — | 194,720 | 33,716 | — | 228,436 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 173,069 | 27,976 | — | 201,045 | ||||||||||||||||
Depreciation and amortization | — | 8,256 | 720 | — | 8,976 | ||||||||||||||||
Total operating expenses | — | 181,325 | 28,696 | — | 210,021 | ||||||||||||||||
Gain on sale of long-lived assets | — | — | 885 | — | 885 | ||||||||||||||||
Operating income | — | 13,395 | 5,905 | — | 19,300 | ||||||||||||||||
Interest expense | — | 10,831 | 7 | — | 10,838 | ||||||||||||||||
Net income before income taxes | — | 2,564 | 5,898 | — | 8,462 | ||||||||||||||||
Income tax provision | — | 1,281 | 1,459 | — | 2,740 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,722 | — | — | (5,722 | ) | — | |||||||||||||||
Net income | 5,722 | 1,283 | 4,439 | (5,722 | ) | 5,722 | |||||||||||||||
Other comprehensive (loss) income | (323 | ) | 239 | (562 | ) | 323 | (323 | ) | |||||||||||||
Comprehensive income | $ | 5,399 | $ | 1,522 | $ | 3,877 | $ | (5,399 | ) | $ | 5,399 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 619,446 | $ | 55,230 | $ | — | $ | 674,676 | |||||||||||
Royalty income | — | 12,612 | 8,857 | — | 21,469 | ||||||||||||||||
Total revenues | — | 632,058 | 64,087 | — | 696,145 | ||||||||||||||||
Cost of sales | — | 433,855 | 33,699 | — | 467,554 | ||||||||||||||||
Gross profit | — | 198,203 | 30,388 | — | 228,591 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 183,313 | 22,311 | — | 205,624 | ||||||||||||||||
Depreciation and amortization | — | 8,804 | 571 | — | 9,375 | ||||||||||||||||
Total operating expenses | — | 192,117 | 22,882 | — | 214,999 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating income | — | 5,287 | 14,467 | — | 19,754 | ||||||||||||||||
Interest expense | — | 11,226 | 81 | — | 11,307 | ||||||||||||||||
Net (loss) income before income taxes | — | (5,939 | ) | 14,386 | — | 8,447 | |||||||||||||||
Income tax provision | — | 719 | 2,260 | — | 2,979 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,468 | — | — | (5,468 | ) | — | |||||||||||||||
Net income (loss) | 5,468 | (6,658 | ) | 12,126 | (5,468 | ) | 5,468 | ||||||||||||||
Other comprehensive (loss) income | (195 | ) | 243 | (438 | ) | 195 | (195 | ) | |||||||||||||
Comprehensive income (loss) | $ | 5,273 | $ | (6,415 | ) | $ | 11,688 | $ | (5,273 | ) | $ | 5,273 | |||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (3,859 | ) | $ | 33,000 | $ | 1,693 | $ | 2,999 | $ | 33,833 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (11,860 | ) | (665 | ) | — | (12,525 | ) | |||||||||||||
Purchase of investments | — | — | (27,331 | ) | — | (27,331 | ) | ||||||||||||||
Proceeds from investments maturities | — | — | 19,844 | — | 19,844 | ||||||||||||||||
Proceeds from note receivable | — | — | 250 | — | 250 | ||||||||||||||||
Intercompany transactions | 5,612 | — | — | (5,612 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 5,612 | (11,860 | ) | (7,902 | ) | (5,612 | ) | (19,762 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 220,166 | — | — | 220,166 | ||||||||||||||||
Payments on senior credit facility | — | (228,328 | ) | — | — | (228,328 | ) | ||||||||||||||
Payments on real estate mortgages | — | (593 | ) | — | — | (593 | ) | ||||||||||||||
Purchase of treasury stock | (2,222 | ) | — | — | — | (2,222 | ) | ||||||||||||||
Payments on capital leases | — | (150 | ) | — | — | (150 | ) | ||||||||||||||
Proceeds from exercise of stock options | 360 | — | — | — | 360 | ||||||||||||||||
Tax benefit from exercise of equity instruments | (134 | ) | — | — | — | (134 | ) | ||||||||||||||
Intercompany transactions | — | (3,039 | ) | (2,816 | ) | 5,855 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (1,996 | ) | (11,944 | ) | (2,816 | ) | 5,855 | (10,901 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 243 | — | 243 | (243 | ) | 243 | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | 9,196 | (8,782 | ) | 2,999 | 3,413 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 29,988 | (2,999 | ) | 26,989 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 9,196 | $ | 21,206 | $ | — | $ | 30,402 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (13,239 | ) | $ | 11,329 | $ | (4,455 | ) | $ | — | $ | (6,365 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (17,337 | ) | (1,248 | ) | — | (18,585 | ) | |||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Intercompany transactions | 18,437 | — | — | (18,437 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 18,437 | (15,445 | ) | 3,627 | (18,437 | ) | (11,818 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 321,364 | — | — | 321,364 | ||||||||||||||||
Payments on senior credit facility | — | (302,538 | ) | — | — | (302,538 | ) | ||||||||||||||
Purchase of treasury stock | (4,999 | ) | — | — | — | (4,999 | ) | ||||||||||||||
Payments on real estate mortgages | — | (606 | ) | — | — | (606 | ) | ||||||||||||||
Payments on capital leases | — | (237 | ) | — | — | (237 | ) | ||||||||||||||
Tax benefit from exercise of stock options | (78 | ) | — | — | — | (78 | ) | ||||||||||||||
Deferred financing fees | — | (66 | ) | — | — | (66 | ) | ||||||||||||||
Proceeds from exercise of stock options | 134 | — | — | — | 134 | ||||||||||||||||
Intercompany transactions | — | (27,384 | ) | 9,202 | 18,182 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (4,943 | ) | (9,467 | ) | 9,202 | 18,182 | 12,974 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (255 | ) | — | (255 | ) | 255 | (255 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (13,583 | ) | 8,119 | — | (5,464 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
Components_of_Accounts_Receiva
Components of Accounts Receivable (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $148,639 | $167,813 |
Less: allowances | -19,373 | -21,421 |
Total | 129,266 | 146,392 |
Trade Accounts Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 141,528 | 160,332 |
Royalties Receivables | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 4,671 | 5,998 |
Other Receivables | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $2,440 | $1,483 |
Inventories_Detail
Inventories (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $155,525 | $205,971 |
Raw materials and in process | 156 | 631 |
Total | $155,681 | $206,602 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (Certificates of Deposit, USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Certificates of Deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities maturing within one year or less | $8 | $8 |
Available for sale securities maturing over one year and less than two years | $1.10 | $1.10 |
Investments_Detail
Investments (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Cost | $22,645 | $15,437 |
Gross Unrealized Gains | 6 | 3 |
Gross Unrealized Losses | -16 | -42 |
Estimated Fair Value | 22,635 | 15,398 |
Marketable securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Cost | 13,533 | 10,636 |
Gross Unrealized Gains | 5 | 1 |
Gross Unrealized Losses | -4 | -39 |
Estimated Fair Value | 13,534 | 10,598 |
Certificates of Deposit | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Cost | 9,112 | 4,801 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | -12 | -3 |
Estimated Fair Value | $9,101 | $4,800 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $154,601 | $144,396 |
Less: accumulated depreciation and amortization | -91,055 | -84,484 |
Total | 63,546 | 59,912 |
Furniture, fixture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 78,651 | 74,188 |
Buildings and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 19,700 | 19,614 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 462 | 771 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 46,300 | 40,335 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $9,488 | $9,488 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment Includes Assets Held under Capital Leases (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, fixtures and equipment | $888 | $938 |
Less: accumulated depreciation and amortization | -717 | -543 |
Total | $171 | $395 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2014 | Nov. 01, 2013 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization expense related to property and equipment | $3,100,000 | ' | $3,500,000 | $8,900,000 | $9,100,000 |
Asset held for sale | ' | 2,000,000 | ' | ' | ' |
Proceeds from sale of asset | ' | 2,000,000 | ' | ' | 1,892,000 |
Loss on sale of asset | ' | ($100,000) | ' | ' | ' |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | 4-May-13 | Feb. 02, 2013 | Nov. 01, 2014 | Feb. 01, 2014 | |
Customer Lists | Customer Lists | Customer Lists | Customer Lists | Asset Sale Agreement | Asset Sale Agreement | Asset Sale Agreement | Trademarks | Trademarks | |||
Investment | |||||||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trademarks included in other intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205,500,000 | $205,900,000 |
Sales agreement amount | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | 7,500,000 | ' | ' |
Number of installments | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Notes receivable installments payments amount resulting from sale of intangible asset | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' |
Notes receivable installments payments description resulting from sale of intangible asset | ' | ' | ' | ' | ' | ' | 'The first payment was due within four days of the completion date and has been paid. The remaining four payments are to be paid annually commencing on August 1, 2015 with the final payment to be made on August 1, 2018. | ' | ' | ' | ' |
Interest rate on purchase price | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' |
Gain on sale of long-lived assets | 885,000 | 6,162,000 | ' | ' | ' | ' | 900,000 | 6,300,000 | ' | ' | ' |
Proceeds on sale of intangible assets | ' | 4,875,000 | ' | ' | ' | ' | ' | 4,900,000 | 2,600,000 | ' | ' |
Amortization expense | ' | ' | 200,000 | 200,000 | 700,000 | 700,000 | ' | ' | ' | ' | ' |
Intangible assets amortized estimated useful lives | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2015 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2016 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2017 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2018 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2019 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (Customer Lists, USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Customer Lists | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Customer lists | $8,450 | $8,450 |
Less: accumulated amortization | -3,553 | -2,863 |
Total | $4,897 | $5,587 |
Letter_of_Credit_Facilities_De
Letter of Credit Facilities (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Total letter of credit facilities | $45,320 | $45,329 |
Outstanding letters of credit | -11,595 | -11,858 |
Total letters of credit available | $33,725 | $33,471 |
Advertising_and_Related_Costs_
Advertising and Related Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Advertising Costs [Line Items] | ' | ' | ' | ' |
Advertising and related costs | $4.40 | $4.70 | $12.20 | $13.40 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted (Loss) Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Numerator: | ' | ' | ' | ' | ||||
Net (loss) income | ($437) | ($3,022) | $5,722 | $5,468 | ||||
Denominator: | ' | ' | ' | ' | ||||
Basic-weighted average shares | 14,954 | 14,991 | 14,881 | 15,042 | ||||
Dilutive effect: equity awards | ' | ' | 365 | 321 | ||||
Diluted-weighted average shares | 14,954 | 14,991 | 15,246 | 15,363 | ||||
Basic (loss) income per share | ($0.03) | ($0.20) | $0.38 | $0.36 | ||||
Diluted (loss) income per share | ($0.03) | ($0.20) | $0.38 | $0.36 | ||||
Antidilutive effect | 1,778 | [1] | 2,038 | [1] | 886 | [1] | 908 | [1] |
[1] | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity_Detail
Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $347,533 | $371,240 |
Comprehensive income | -1,571 | -2,318 | 5,399 | 5,273 |
Share transactions under employee equity compensation plans | ' | ' | 4,362 | 4,487 |
Purchase of treasury stock | -2,200 | -5,000 | -2,222 | -4,999 |
Ending Balance | $355,072 | $376,001 | $355,072 | $376,001 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Shareholders Equity [Line Items] | ' | ' | ' | ' |
Common stock repurchase program, amount authorized | $60,000,000 | ' | $60,000,000 | ' |
Total purchases under common stock repurchase program | 45,100,000 | ' | 45,100,000 | ' |
Purchase of treasury stock | $2,200,000 | $5,000,000 | $2,222,000 | $4,999,000 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 01, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | ($7,468) |
Other comprehensive loss (income) before reclassifications | -562 |
Amounts reclassified from accumulated other comprehensive loss | 239 |
Ending Balance | -7,791 |
Unrealized (Loss) Gain on Pension Liability | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -5,866 |
Amounts reclassified from accumulated other comprehensive loss | 239 |
Ending Balance | -5,627 |
Foreign Currency Translation Adjustments, Net | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -1,563 |
Other comprehensive loss (income) before reclassifications | -591 |
Ending Balance | -2,154 |
Unrealized (Loss) Gain on Investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -39 |
Other comprehensive loss (income) before reclassifications | 29 |
Ending Balance | ($10) |
Summary_of_Impact_on_Condensed
Summary of Impact on Condensed Consolidated Statements of Operations Line Items (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | $64,477 | $68,434 | $201,045 | $205,624 |
Income tax provision | -258 | -1,511 | 2,740 | 2,979 |
Total, net of tax | ' | ' | -239 | ' |
Unrealized (Loss) Gain on Pension Liability | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total, net of tax | ' | ' | -239 | ' |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized (Loss) Gain on Pension Liability | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | 130 | 133 | 390 | 399 |
Income tax provision | -50 | -52 | -151 | -156 |
Total, net of tax | $80 | $81 | $239 | $243 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2014 | Nov. 02, 2014 | |
Internal Revenue Service (IRS) | Internal Revenue Service (IRS) | ||||
Minimum | Maximum | ||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | '2011 | '2014 |
Unrecognized tax benefits | ' | ' | $800,000 | ' | ' |
Unrecognized tax benefits, interest and penalties | ' | ' | 300,000 | ' | ' |
Unrecognized tax benefits, increase (decrease) | 46,000 | -35,000 | ' | ' | ' |
Increase (decrease) in interest and penalties | $12,000 | ($92,000) | ' | ' | ' |
Stock_Options_Stock_Appreciati1
Stock Options, Stock Appreciation Rights and Restricted Shares - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||||||||
Aug. 31, 2014 | 31-May-14 | Apr. 30, 2014 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Aug. 02, 2014 | |
Performance Based Restricted Stock Awards | Performance Based Restricted Stock Awards | Performance Based Restricted Stock Awards | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Restricted Stock | ||||
Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded | ' | ' | ' | 2,034 | 12,504 | 240,852 | 3,501 | 5,157 | 5,883 | 16,950 |
Fair value of stock granted | ' | ' | ' | $40,000 | $200,000 | $3,600,000 | $38,000 | $50,000 | $50,000 | $300,000 |
Vesting period of awards | ' | ' | ' | '3 years | ' | ' | '3 years | '3 years | '3 years | '3 years |
Number of directors awarded restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
Exercise price per share of shares awarded | ' | ' | ' | ' | ' | ' | $20.12 | $17.71 | $15.49 | ' |
Award Expiration term | ' | ' | ' | ' | ' | ' | '7 years | '7 years | '7 years | ' |
Number of restricted stock vested | 1,667 | 1,000 | 42,132 | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock tax withheld | 617 | 404 | 17,929 | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock tax withholding value | $13,000 | $6,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Nov. 01, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Revenues_Generated_by_Segments
Revenues Generated by Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenues | $211,440 | $222,121 | $672,286 | $696,145 | ||||
Total depreciation and amortization | 3,008 | 3,573 | 8,976 | 9,375 | ||||
Total operating income (loss) | 2,822 | -751 | 19,300 | 19,754 | ||||
Total interest expense | 3,517 | 3,782 | 10,838 | 11,307 | ||||
Total net (loss) income before income taxes | -695 | -4,533 | 8,462 | 8,447 | ||||
Men's Sportswear and Swim | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 145,732 | 158,585 | 487,906 | 509,856 | ||||
Total depreciation and amortization | 1,606 | 1,893 | 4,804 | 5,364 | ||||
Total operating income (loss) | -2,091 | -1,188 | 7,163 | 6,640 | ||||
Women's Sportswear | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 36,721 | 37,912 | 97,448 | 110,032 | ||||
Total depreciation and amortization | 487 | 583 | 1,444 | 1,408 | ||||
Total operating income (loss) | 1,324 | -735 | -249 | -36 | ||||
Direct-to-Consumer | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 20,814 | 18,203 | 63,839 | 54,788 | ||||
Total depreciation and amortization | 880 | 1,062 | 2,615 | 2,500 | ||||
Total operating income (loss) | -2,937 | -4,330 | -5,915 | -9,595 | ||||
Licensing | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 8,173 | 7,421 | 23,093 | 21,469 | ||||
Total depreciation and amortization | 35 | 35 | 113 | 103 | ||||
Total operating income (loss) | $6,526 | [1] | $5,502 | [1] | $18,301 | [1] | $22,745 | [1] |
[1] | Operating income for the licensing segment for the nine months ended November 1, 2014 and November 2, 2013 includes a gain on sale of long-lived assets in the amount of $0.9 million and $6.3 million, respectively. See footnote 7 to the consolidated financial statements for further information. |
Revenues_Generated_by_Segments1
Revenues Generated by Segments (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Gain on sale of long-lived assets | $885 | $6,162 |
Licensing | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Gain on sale of long-lived assets | $900 | $6,300 |
Components_of_Net_Benefit_Cost
Components of Net Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $63 | $63 | $189 | $189 |
Interest cost | 433 | 406 | 1,299 | 1,218 |
Expected return on plan assets | -508 | -555 | -1,524 | -1,665 |
Amortization of net loss | 130 | 133 | 390 | 399 |
Net periodic benefit cost | $118 | $47 | $354 | $141 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the senior secured notes | $150,000,000 | $150,000,000 |
Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the real estate mortgages | 23,100,000 | 24,000,000 |
Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the senior secured notes | 150,000,000 | 150,000,000 |
Level 1 | Senior Subordinated Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of the 77/8% senior subordinated notes payable | $156,000,000 | $160,000,000 |
Interest rate, senior subordinated notes | 7.88% | 7.88% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Jul. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | |
Minimum | Board of Directors Chairman | Board of Directors Chairman | Board of Directors Chairman | Board of Directors Chairman | |||
sqft | sqft | Administrative Offices | Warehouse Distribution | Retail | |||
sqft | sqft | sqft | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Lease arrangements | ' | ' | 1,500,000 | 66,000 | 16,000 | 45,000 | 5,000 |
Lease term | ' | ' | ' | ' | '10 years | '10 years | '10 years |
Lease beginning date | ' | 1-Jul-14 | ' | ' | ' | ' | ' |
Lease expiry date | ' | 30-Jun-19 | ' | ' | ' | ' | ' |
Lease agreements extension term | ' | '60 months | ' | ' | ' | ' | ' |
Percentage of increase in basic monthly rent | ' | 3.00% | ' | ' | ' | ' | ' |
Basic monthly rent | $41,750 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) (Parent, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Parent | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
(Decrease) in financing activities | $18.40 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $30,402 | $26,989 | $49,493 | $54,957 |
Accounts receivable, net | 129,266 | 146,392 | ' | ' |
Inventories | 155,681 | 206,602 | ' | ' |
Investments, at fair value | 22,635 | 15,398 | ' | ' |
Deferred income taxes | 16,705 | 14,060 | ' | ' |
Prepaid income taxes | 7,536 | 7,579 | ' | ' |
Prepaid expenses and other current assets | 7,880 | 7,369 | ' | ' |
Total current assets | 370,105 | 424,389 | ' | ' |
Property and equipment, net | 63,546 | 59,912 | ' | ' |
Other intangible assets, net | 210,431 | 211,485 | ' | ' |
Goodwill | 6,022 | 6,022 | ' | ' |
Other assets | 5,506 | 4,927 | ' | ' |
TOTAL | 655,610 | 706,735 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 65,848 | 112,442 | ' | ' |
Accrued expenses and other liabilities | 21,013 | 24,642 | ' | ' |
Accrued interest payable | 1,109 | 4,095 | ' | ' |
Unearned revenues | 4,959 | 5,013 | ' | ' |
Total current liabilities | 92,929 | 146,192 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Senior credit facility | ' | 8,162 | ' | ' |
Real estate mortgages | 22,302 | 22,844 | ' | ' |
Deferred pension obligation | 7,646 | 9,862 | ' | ' |
Unearned revenues and other long-term liabilities | 15,691 | 14,732 | ' | ' |
Deferred income taxes | 11,970 | 7,410 | ' | ' |
Total long-term liabilities | 207,609 | 213,010 | ' | ' |
Total liabilities | 300,538 | 359,202 | ' | ' |
Total equity | 355,072 | 347,533 | 376,001 | 371,240 |
TOTAL | 655,610 | 706,735 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Intercompany receivable, net | 172,031 | 174,075 | ' | ' |
Prepaid income taxes | 6,339 | 5,141 | ' | ' |
Total current assets | 178,370 | 179,216 | ' | ' |
Investment in subsidiaries | 325,648 | 319,926 | ' | ' |
Other assets | 2,163 | 2,486 | ' | ' |
TOTAL | 506,181 | 501,628 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accrued interest payable | 1,109 | 4,095 | ' | ' |
Total current liabilities | 1,109 | 4,095 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Total long-term liabilities | 150,000 | 150,000 | ' | ' |
Total liabilities | 151,109 | 154,095 | ' | ' |
Total equity | 355,072 | 347,533 | ' | ' |
TOTAL | 506,181 | 501,628 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 9,196 | ' | 1,242 | 14,825 |
Accounts receivable, net | 108,516 | 123,539 | ' | ' |
Inventories | 132,362 | 183,216 | ' | ' |
Deferred income taxes | 16,351 | 13,806 | ' | ' |
Prepaid expenses and other current assets | 6,925 | 6,578 | ' | ' |
Total current assets | 273,350 | 327,139 | ' | ' |
Property and equipment, net | 58,981 | 55,046 | ' | ' |
Other intangible assets, net | 176,793 | 177,482 | ' | ' |
Goodwill | 6,022 | 6,022 | ' | ' |
Other assets | 1,954 | 1,822 | ' | ' |
TOTAL | 517,100 | 567,511 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 57,956 | 104,480 | ' | ' |
Accrued expenses and other liabilities | 17,743 | 19,294 | ' | ' |
Unearned revenues | 3,192 | 3,192 | ' | ' |
Intercompany payable , net | 152,083 | 151,253 | ' | ' |
Total current liabilities | 230,974 | 278,219 | ' | ' |
Senior credit facility | ' | 8,162 | ' | ' |
Real estate mortgages | 22,302 | 22,844 | ' | ' |
Deferred pension obligation | 7,572 | 9,792 | ' | ' |
Unearned revenues and other long-term liabilities | 13,977 | 12,064 | ' | ' |
Deferred income taxes | 10,274 | 5,712 | ' | ' |
Total long-term liabilities | 54,125 | 58,574 | ' | ' |
Total liabilities | 285,099 | 336,793 | ' | ' |
Total equity | 232,001 | 230,718 | ' | ' |
TOTAL | 517,100 | 567,511 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 21,206 | 29,988 | 48,251 | 40,132 |
Accounts receivable, net | 20,750 | 22,853 | ' | ' |
Inventories | 23,319 | 23,386 | ' | ' |
Investments, at fair value | 22,635 | 15,398 | ' | ' |
Deferred income taxes | 354 | 254 | ' | ' |
Prepaid income taxes | ' | 1,193 | ' | ' |
Prepaid expenses and other current assets | 955 | 791 | ' | ' |
Total current assets | 89,219 | 93,863 | ' | ' |
Property and equipment, net | 4,565 | 4,866 | ' | ' |
Other intangible assets, net | 33,638 | 34,003 | ' | ' |
Other assets | 1,389 | 619 | ' | ' |
TOTAL | 128,811 | 133,351 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 7,892 | 10,961 | ' | ' |
Accrued expenses and other liabilities | 3,769 | 5,799 | ' | ' |
Unearned revenues | 1,767 | 1,821 | ' | ' |
Intercompany payable , net | 22,723 | 24,997 | ' | ' |
Total current liabilities | 36,151 | 43,578 | ' | ' |
Deferred pension obligation | 74 | 70 | ' | ' |
Unearned revenues and other long-term liabilities | 1,714 | 2,668 | ' | ' |
Deferred income taxes | ' | 2 | ' | ' |
Total long-term liabilities | 1,788 | 2,740 | ' | ' |
Total liabilities | 37,939 | 46,318 | ' | ' |
Total equity | 90,872 | 87,033 | ' | ' |
TOTAL | 128,811 | 133,351 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | -2,999 | ' | ' |
Intercompany receivable, net | -172,031 | -174,075 | ' | ' |
Prepaid income taxes | 1,197 | 1,245 | ' | ' |
Total current assets | -170,834 | -175,829 | ' | ' |
Investment in subsidiaries | -325,648 | -319,926 | ' | ' |
TOTAL | -496,482 | -495,755 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | ' | -2,999 | ' | ' |
Accrued expenses and other liabilities | -499 | -451 | ' | ' |
Intercompany payable , net | -174,806 | -176,250 | ' | ' |
Total current liabilities | -175,305 | -179,700 | ' | ' |
Deferred income taxes | 1,696 | 1,696 | ' | ' |
Total long-term liabilities | 1,696 | 1,696 | ' | ' |
Total liabilities | -173,609 | -178,004 | ' | ' |
Total equity | -322,873 | -317,751 | ' | ' |
TOTAL | ($496,482) | ($495,755) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Revenues: | ' | ' | ' | ' |
Net sales | $203,267 | $214,700 | $649,193 | $674,676 |
Royalty income | 8,173 | 7,421 | 23,093 | 21,469 |
Total revenues | 211,440 | 222,121 | 672,286 | 696,145 |
Cost of sales | 141,133 | 150,757 | 443,850 | 467,554 |
Gross profit | 70,307 | 71,364 | 228,436 | 228,591 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 64,477 | 68,434 | 201,045 | 205,624 |
Depreciation and amortization | 3,008 | 3,573 | 8,976 | 9,375 |
Total operating expenses | 67,485 | 72,007 | 210,021 | 214,999 |
Gain (loss) on sale of long-lived assets | ' | -108 | 885 | 6,162 |
Operating income (loss) | 2,822 | -751 | 19,300 | 19,754 |
Interest expense | 3,517 | 3,782 | 10,838 | 11,307 |
Net (loss) income before income taxes | -695 | -4,533 | 8,462 | 8,447 |
Income tax (benefit) provision | -258 | -1,511 | 2,740 | 2,979 |
Net (loss) income | -437 | -3,022 | 5,722 | 5,468 |
Other comprehensive (loss) income | -1,134 | 704 | -323 | -195 |
Comprehensive (loss) income | -1,571 | -2,318 | 5,399 | 5,273 |
Parent | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
Equity in earnings of subsidiaries, net | -437 | -3,022 | 5,722 | 5,468 |
Net (loss) income | -437 | -3,022 | 5,722 | 5,468 |
Other comprehensive (loss) income | -1,134 | 704 | -323 | -195 |
Comprehensive (loss) income | -1,571 | -2,318 | 5,399 | 5,273 |
Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Net sales | 182,512 | 195,535 | 581,632 | 619,446 |
Royalty income | 4,995 | 4,290 | 14,085 | 12,612 |
Total revenues | 187,507 | 199,825 | 595,717 | 632,058 |
Cost of sales | 128,438 | 138,957 | 400,997 | 433,855 |
Gross profit | 59,069 | 60,868 | 194,720 | 198,203 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 55,639 | 61,468 | 173,069 | 183,313 |
Depreciation and amortization | 2,735 | 3,381 | 8,256 | 8,804 |
Total operating expenses | 58,374 | 64,849 | 181,325 | 192,117 |
Gain (loss) on sale of long-lived assets | ' | -108 | ' | -799 |
Operating income (loss) | 695 | -4,089 | 13,395 | 5,287 |
Interest expense | 3,531 | 3,755 | 10,831 | 11,226 |
Net (loss) income before income taxes | -2,836 | -7,844 | 2,564 | -5,939 |
Income tax (benefit) provision | -1,320 | -1,945 | 1,281 | 719 |
Net (loss) income | -1,516 | -5,899 | 1,283 | -6,658 |
Other comprehensive (loss) income | 80 | 81 | 239 | 243 |
Comprehensive (loss) income | -1,436 | -5,818 | 1,522 | -6,415 |
Non-Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Net sales | 20,755 | 19,165 | 67,561 | 55,230 |
Royalty income | 3,178 | 3,131 | 9,008 | 8,857 |
Total revenues | 23,933 | 22,296 | 76,569 | 64,087 |
Cost of sales | 12,695 | 11,800 | 42,853 | 33,699 |
Gross profit | 11,238 | 10,496 | 33,716 | 30,388 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 8,838 | 6,966 | 27,976 | 22,311 |
Depreciation and amortization | 273 | 192 | 720 | 571 |
Total operating expenses | 9,111 | 7,158 | 28,696 | 22,882 |
Gain (loss) on sale of long-lived assets | ' | ' | 885 | 6,961 |
Operating income (loss) | 2,127 | 3,338 | 5,905 | 14,467 |
Interest expense | -14 | 27 | 7 | 81 |
Net (loss) income before income taxes | 2,141 | 3,311 | 5,898 | 14,386 |
Income tax (benefit) provision | 1,062 | 434 | 1,459 | 2,260 |
Net (loss) income | 1,079 | 2,877 | 4,439 | 12,126 |
Other comprehensive (loss) income | -1,214 | 623 | -562 | -438 |
Comprehensive (loss) income | -135 | 3,500 | 3,877 | 11,688 |
Eliminations | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
Equity in earnings of subsidiaries, net | 437 | 3,022 | -5,722 | -5,468 |
Net (loss) income | 437 | 3,022 | -5,722 | -5,468 |
Other comprehensive (loss) income | 1,134 | -704 | 323 | 195 |
Comprehensive (loss) income | $1,571 | $2,318 | ($5,399) | ($5,273) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $33,833 | ($6,365) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -12,525 | -18,585 |
Purchase of investments | -27,331 | ' |
Proceeds on sale of intangible assets | ' | 4,875 |
Proceeds from investments maturities | 19,844 | ' |
Proceeds on sale of long-lived assets, net | ' | 1,892 |
Proceeds from note receivable | 250 | ' |
Net cash provided by (used in) investing activities | -19,762 | -11,818 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 220,166 | 321,364 |
Payments on senior credit facility | -228,328 | -302,538 |
Payments on real estate mortgages | -593 | -606 |
Purchase of treasury stock | -2,222 | -4,999 |
Payments on capital leases | -150 | -237 |
Proceeds from exercise of stock options | 360 | 134 |
Tax benefit from exercise of equity instruments | -134 | -78 |
Deferred financing fees | ' | -66 |
Net cash (used in) provided by financing activities | -10,901 | 12,974 |
Effect of exchange rate changes on cash and cash equivalents | 243 | -255 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,413 | -5,464 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 26,989 | 54,957 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 30,402 | 49,493 |
Parent | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -3,859 | -13,239 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Intercompany transactions | 5,612 | 18,437 |
Net cash provided by (used in) investing activities | 5,612 | 18,437 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchase of treasury stock | -2,222 | -4,999 |
Proceeds from exercise of stock options | 360 | 134 |
Tax benefit from exercise of equity instruments | -134 | -78 |
Net cash (used in) provided by financing activities | -1,996 | -4,943 |
Effect of exchange rate changes on cash and cash equivalents | 243 | -255 |
Guarantors | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | 33,000 | 11,329 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -11,860 | -17,337 |
Proceeds on sale of long-lived assets, net | ' | 1,892 |
Net cash provided by (used in) investing activities | -11,860 | -15,445 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 220,166 | 321,364 |
Payments on senior credit facility | -228,328 | -302,538 |
Payments on real estate mortgages | -593 | -606 |
Payments on capital leases | -150 | -237 |
Deferred financing fees | ' | -66 |
Intercompany transactions | -3,039 | -27,384 |
Net cash (used in) provided by financing activities | -11,944 | -9,467 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,196 | -13,583 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ' | 14,825 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 9,196 | 1,242 |
Non-Guarantors | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | 1,693 | -4,455 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -665 | -1,248 |
Purchase of investments | -27,331 | ' |
Proceeds on sale of intangible assets | ' | 4,875 |
Proceeds from investments maturities | 19,844 | ' |
Proceeds from note receivable | 250 | ' |
Net cash provided by (used in) investing activities | -7,902 | 3,627 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transactions | -2,816 | 9,202 |
Net cash (used in) provided by financing activities | -2,816 | 9,202 |
Effect of exchange rate changes on cash and cash equivalents | 243 | -255 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -8,782 | 8,119 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 29,988 | 40,132 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 21,206 | 48,251 |
Eliminations | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | 2,999 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Intercompany transactions | -5,612 | -18,437 |
Net cash provided by (used in) investing activities | -5,612 | -18,437 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transactions | 5,855 | 18,182 |
Net cash (used in) provided by financing activities | 5,855 | 18,182 |
Effect of exchange rate changes on cash and cash equivalents | -243 | 255 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,999 | ' |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ($2,999) | ' |