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American Apparel, Inc (APP) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2014

SEC Filings

American Apparel, Inc

CIK: 1336545


Estimate Exhibit 99.1
AMERICAN APPAREL, INC. REPORTS SECOND QUARTER FINANCIAL RESULTS

LOS ANGELES, August 18, 2014 - American Apparel, Inc. (the "Company") (NYSE MKT: APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion-basic apparel, announced financial results for its second quarter ended June 30, 2014.
Financial Performance Summary for the Second Quarter of 2014
Net sales remained flat at $162.4 million compared to $162.2 million for the 2013 period on a 6% decrease in retail comparable store sales and a 9% increase in wholesale net sales.
Gross profit declined 2% and was $82.4 million compared to $83.9 million for the 2013 period.
Operating expenses decreased 7% and were $79.8 million compared to $85.8 million for the 2013 period.
Adjusted EBITDA increased 85% to $14.6 million compared to $7.9 million for the 2013 period.
Net loss was $16.2 million compared to $37.5 million for the 2013 period.
The Company now estimates Adjusted EBITDA will be in a range of $40 million to $45 million for the year.
The strength in the Company’s US Wholesale business offset the negative impact of the decrease in comparable store sales. Additionally, increasing efficiency in operations caused a significant increase in the Company’s EBITDA performance in the quarter from $7.9 million to $14.6 million even with sales being essentially flat between the two comparable periods.
Operating Results
Comparing the second quarter of 2014 to the second quarter of 2013, net sales were essentially flat at $162.4 million with a 6% decrease in comparable store sales in the retail and online businesses offset by a 9% increase in net sales in the wholesale business. The following delineates the components of the changes for the quarterly periods ended June 30, 2014 and 2013 as compared to the corresponding quarter of the prior year:
 
2014 Second Quarter
2013 Second Quarter
Comparable Store Sales
(6)%
6%
Comparable Online Sales
(3)%
18%
Comparable Retail & Online
(6)%
7%
Wholesale Net Sales
9%
16%
Total Net Sales
—%
9%
Gross profit was $82.4 million for the second quarter of 2014 compared to $83.9 million for the second quarter of 2013. Gross margin decreased to 50.7% for the second quarter of 2014 compared to 51.7% for the second quarter of 2013. The decrease was due to a shift in the sales mix from retail and online sales to lower margin wholesale net sales.
Operating expense was $79.8 million for the second quarter of 2014 versus $85.8 million for the second quarter of 2013. As a percent of sales, operating expenses decreased to 49.1% for the second quarter of 2014 compared to 52.9% for the second quarter of 2013. The decrease includes approximately $4 million in lower payroll and associated costs and $2 million in reduced advertising and marketing expenses. The reductions were largely a result of cost reduction efforts. In addition, share based compensation



The following information was filed by American Apparel, Inc on Monday, August 18, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets Parenthetical
Consolidated Statements Of Cash Flows Reconciliation Of Net Loss To Net Cash Provided By (used In) Operating Activities (unaudited)
Consolidated Statements Of Cash Flows Statements (unaudited)
Consolidated Statements Of Operations And Comprehensive Loss (parentheticals)
Consolidated Statements Of Operations And Comprehensive Loss Statements (unaudited)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (details)
Accrued Expenses And Other Current Liabilities (tables)
Business Segment And Geographic Area Information
Business Segment And Geographic Area Information (tables)
Business Segment And Geographic Area Information Key Financial Information Of The Company's Reportable Segments Before Unallocated Corporate Expenses (details)
Business Segment And Geographic Area Information Narrative (details)
Business Segment And Geographic Area Information Net Sales By Geographic Location Of Customer (details)
Business Segment And Geographic Area Information Reconciliation Of Reportable Segments Combined Loss From Operations To The Consolidated Loss Before Income Taxes (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Condensed Consolidating Financial Information (tables)
Condensed Consolidating Financial Information Balance Sheet (details)
Condensed Consolidating Financial Information Cash Flow Statements (details)
Condensed Consolidating Financial Information Level 1 (notes)
Condensed Consolidating Financial Information Ownership (details)
Condensed Consolidating Financial Information Statement Of Operations And Comprehensive Loss (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments Fv Measurements Of Liabilities Using Significant Unobservable Inputs On A Recurring Basis (details)
Income Taxes
Income Taxes (details)
Inventories
Inventories (tables)
Inventories Components Of Inventories (details)
Inventories Narrative (details)
Litigation
Litigation (details)
Long-term Debt
Long-term Debt (details)
Long-term Debt (tables)
Organization And Business
Organization And Business (details)
Organization And Business Directors (detail) (details)
Property And Equipment
Property And Equipment (details)
Related Party Transaction
Related Party Transaction (details)
Revolving Credit Facilities And Current Portion Of Long-term Debt
Revolving Credit Facilities And Current Portion Of Long-term Debt (tables)
Revolving Credit Facilities And Current Portion Of Long-term Debt Narrative (details)
Revolving Credit Facilities And Current Portion Of Long-term Debt Revolving Credit Facilities And Current Portion Of Long-term Debt (details)
Shared-based Compensation
Shared-based Compensation (details)
Shared-based Compensation (tables)
Stockholders' Deficit
Stockholders' Deficit (tables)
Stockholders' Deficit Common Stock Warrants Issued, Forfeited, Expired And Outstanding (details)
Stockholders' Deficit Common Stock Warrants Narrative (details)
Stockholders' Deficit Earnings Per Share Dilutive Effect On The Shares Outstanding (details)
Stockholders' Deficit Public Offering Narrative (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies Subsidiary (details)
Workers' Compensation And Other Self-insurance Reserves
Workers' Compensation And Other Self-insurance Reserves (details)
CIK: 1336545
Form Type: 10-Q Quarterly Report
Accession Number: 0001336545-14-000138
Submitted to the SEC: Mon Aug 18 2014 5:16:18 PM EST
Accepted by the SEC: Mon Aug 18 2014
Period: Monday, June 30, 2014
Industry: Blank Checks

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