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American Apparel, Inc (APP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

SEC Filings

American Apparel, Inc

CIK: 1336545
Exhibit 99.1
 
 
AMERICAN APPAREL REPORTS FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL RESULTS AND PROVIDES INITIAL OUTLOOK FOR 2012

LOS ANGELES--(BUSINESS WIRE) -- American Apparel, Inc. (NYSE Amex: APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel, announced its financial results for the fourth quarter and year ended December 31, 2011. The Company also provided guidance with respect to its expected 2012 performance.

Summary of Fourth Quarter 2011 Financial Performance (4Q 2011 vs. 4Q 2010)

Comparing the 2011 fourth quarter to the corresponding period last year, the Company reported that:

 
·
Net sales increased 9% to $157.6 million on a 7% increase in comparable store sales, a 19% increase in online sales, a 6% increase in wholesale net sales and a 9% decrease in the average number of stores. In addition, total net sales increased as a result of extensive warehouse-type clearance sales conducted in the 2011 fourth quarter.
     
 
·
Gross margin decreased to 53.2% from 55.6% due primarily to higher raw material and manufacturing overhead costs, the effect of lower margins on warehouse clearance sales and promotional activities. Partially offsetting these reductions were the impacts of reduced shrink and lower manufacturing direct labor expense.
     
 
·
Operating expenses decreased $5.8 million driven by lower occupancy expenses as the result of fewer stores and lower professional fees.
     
 
·
Cash generated from operating activities improved by $17.1 million to $12.2 million.
     
 
·
Adjusted EBITDA improved by $9.6 million to $9.1 million from a previous year loss of $0.5 million.
     
 
·
Net loss per share was $0.11 in 2011 vs. $0.27 in 2010.
     
 
·
During the quarter the Company opened five retail stores and closed three to end the year with 249 stores worldwide.
     
 
·
The existing senior credit facility due to mature in July 2012 was replaced with a new three year senior credit facility.  In addition, the second lien loan due on December 31, 2013 was extended to December 31, 2015.  Accordingly, after considering the refinancing and recent operating performance improvements, the Company has concluded that there no longer is substantial doubt about its ability to operate as a going concern.


 
 

The following information was filed by American Apparel, Inc on Wednesday, March 14, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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American Apparel, Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1336545
Form Type: 10-K Annual Report
Accession Number: 0001445305-12-000670
Submitted to the SEC: Wed Mar 14 2012 5:22:18 PM EST
Accepted by the SEC: Wed Mar 14 2012
Period: Saturday, December 31, 2011
Industry: Blank Checks

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