NEW YORK — Perry Ellis International Inc. warned Monday it was lowering its yearly guidance because of costs associated with redeeming notes. The firm now expects earnings of $1.98 a share, compared with previous guidance of $2.50 for the fiscal year ending Jan. 31. PEI also said it completed a private offering of $150 million, 8 7/8 percent senior subordinated notes, due 2013. The Miami-based firm said it will use part of the proceeds to redeem all $100 million of its 12 1/4 percent senior subordinated notes due April 2006 at a premium of 106 1/8 percent. As a result, it will record a pretax charge to its third-quarter earnings of about $7.3 million, or about 52 cents a share, to cover the call premium and other costs associated with the redemption.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus