|
|
|
|
Per Share |
|
|
Total |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Public offering price |
|
|
|
$ |
77.63 |
|
|
|
|
$ |
116,445,000 |
|
| ||
|
Underwriting discounts and commissions |
|
|
|
$ |
2.9111 |
|
|
|
|
$ |
4,366,650 |
|
| ||
|
Proceeds to us (before expenses) |
|
|
|
$ |
74.7189 |
|
|
|
|
$ |
112,078,350 |
|
| ||
| | | | | | | | |
|
KeyBanc Capital Markets |
|
|
Brean Capital |
|
|
Cowen and Company |
|
|
Stephens Inc. |
|
| | | |
|
|
|
|
Page |
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| | | | | |
|
|
|
|
Fiscal year ended January 31, |
|
|
Three months ended |
| |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
April 30, 2013 |
|
|
April 30, 2014 |
| ||||||||||||||||||||
|
|
|
|
(In thousands, except per share amounts) |
| ||||||||||||||||||||||||||||||||
|
Net sales |
|
|
|
$ |
1,231,201 |
|
|
|
|
$ |
1,399,719 |
|
|
|
|
$ |
1,718,231 |
|
|
|
|
$ |
272,615 |
|
|
|
|
$ |
366,192 |
|
| |||||
|
Cost of goods sold |
|
|
|
|
860,485 |
|
|
|
|
|
948,082 |
|
|
|
|
|
1,132,598 |
|
|
|
|
|
180,223 |
|
|
|
|
|
236,015 |
|
| |||||
|
Gross profit |
|
|
|
|
370,716 |
|
|
|
|
|
451,637 |
|
|
|
|
|
585,633 |
|
|
|
|
|
92,392 |
|
|
|
|
|
130,177 |
|
| |||||
|
Selling, general and administrative expenses |
|
|
|
|
277,019 |
|
|
|
|
|
341,242 |
|
|
|
|
|
440,506 |
|
|
|
|
|
85,828 |
|
|
|
|
|
122,441 |
|
| |||||
|
Depreciation and amortization |
|
|
|
|
7,473 |
|
|
|
|
|
9,907 |
|
|
|
|
|
13,676 |
|
|
|
|
|
3,121 |
|
|
|
|
|
4,227 |
|
| |||||
|
Operating profit |
|
|
|
|
86,224 |
|
|
|
|
|
100,488 |
|
|
|
|
|
131,451 |
|
|
|
|
|
3,443 |
|
|
|
|
|
3,509 |
|
| |||||
|
Equity loss in joint venture |
|
|
|
|
1,271 |
|
|
|
|
|
719 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| |||||
|
Interest and financing charges, net |
|
|
|
|
5,713 |
|
|
|
|
|
7,764 |
|
|
|
|
|
9,223 |
|
|
|
|
|
1,777 |
|
|
|
|
|
1,752 |
|
| |||||
|
Income before income taxes |
|
|
|
|
79,240 |
|
|
|
|
|
92,005 |
|
|
|
|
|
122,228 |
|
|
|
|
|
1,666 |
|
|
|
|
|
1,757 |
|
| |||||
|
Income tax expense |
|
|
|
|
29,620 |
|
|
|
|
|
35,436 |
|
|
|
|
|
45,826 |
|
|
|
|
|
633 |
|
|
|
|
|
668 |
|
| |||||
|
Net income |
|
|
|
|
49,620 |
|
|
|
|
|
56,569 |
|
|
|
|
|
76,402 |
|
|
|
|
|
1,033 |
|
|
|
|
|
1,089 |
|
| |||||
|
Add: Loss attributable to noncontrolling interest |
|
|
|
|
— |
|
|
|
|
|
306 |
|
|
|
|
|
958 |
|
|
|
|
|
85 |
|
|
|
|
|
201 |
|
| |||||
|
Net income attributable to G-III |
|
|
|
|
49,620 |
|
|
|
|
|
56,875 |
|
|
|
|
|
77,360 |
|
|
|
|
|
1,118 |
|
|
|
|
|
1,290 |
|
| |||||
|
Net income per common share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net Income per common share |
|
|
|
|
2.51 |
|
|
|
|
|
2.84 |
|
|
|
|
|
3.81 |
|
|
|
|
|
0.06 |
|
|
|
|
|
0.06 |
|
| |||||
|
Weighted average number of shares outstanding |
|
|
|
|
19,796 |
|
|
|
|
|
20,006 |
|
|
|
|
|
20,323 |
|
|
|
|
|
20,161 |
|
|
|
|
|
20,488 |
|
| |||||
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net income per common share |
|
|
|
|
2.46 |
|
|
|
|
|
2.80 |
|
|
|
|
|
3.71 |
|
|
|
|
|
0.05 |
|
|
|
|
|
0.06 |
|
| |||||
|
Weighted average number of shares outstanding |
|
|
|
|
20,192 |
|
|
|
|
|
20,280 |
|
|
|
|
|
20,864 |
|
|
|
|
|
20,402 |
|
|
|
|
|
21,022 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
|
|
|
As of January 31, |
|
|
As of April 30, |
| |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||||||
|
|
|
|
(In thousands) |
| ||||||||||||||||||||||||||||||||
|
Working capital |
|
|
|
$ |
288,259 |
|
|
|
|
$ |
283,369 |
|
|
|
|
$ |
344,964 |
|
|
|
|
$ |
272,824 |
|
|
|
|
$ |
342,618 |
|
| |||||
|
Total assets |
|
|
|
|
546,103 |
|
|
|
|
|
717,772 |
|
|
|
|
|
830,897 |
|
|
|
|
|
664,225 |
|
|
|
|
|
803,135 |
|
| |||||
|
Short-term debt |
|
|
|
|
30,050 |
|
|
|
|
|
65,000 |
|
|
|
|
|
48,843 |
|
|
|
|
|
76,088 |
|
|
|
|
|
62,950 |
|
| |||||
|
Long-term debt |
|
|
|
|
— |
|
|
|
|
|
19,778 |
|
|
|
|
|
20,560 |
|
|
|
|
|
19,231 |
|
|
|
|
|
20,537 |
|
| |||||
|
Total stockholders’ equity |
|
|
|
|
357,972 |
|
|
|
|
|
429,240 |
|
|
|
|
|
521,996 |
|
|
|
|
|
431,154 |
|
|
|
|
|
526,505 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
|
|
|
Price |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
High |
|
|
Low |
| ||||||||
|
Fiscal 2013 |
|
|
|
|
|
|
| | | | | | | | |
|
Quarter ended April 30, 2012 |
|
|
|
$ |
29.62 |
|
|
|
|
$ |
22.87 |
|
| ||
|
Quarter ended July 31, 2012 |
|
|
|
|
27.18 |
|
|
|
|
|
21.84 |
|
| ||
|
Quarter ended October 31, 2012 |
|
|
|
|
39.50 |
|
|
|
|
|
23.04 |
|
| ||
|
Quarter ended January 31, 2013 |
|
|
|
|
39.85 |
|
|
|
|
|
31.52 |
|
| ||
|
Fiscal 2014 |
|
|
|
|
|
|
| | | | | | | | |
|
Quarter ended April 30, 2013 |
|
|
|
|
41.14 |
|
|
|
|
|
34.86 |
|
| ||
|
Quarter ended July 31, 2013 |
|
|
|
|
52.26 |
|
|
|
|
|
39.55 |
|
| ||
|
Quarter ended October 31, 2013 |
|
|
|
|
59.23 |
|
|
|
|
|
44.80 |
|
| ||
|
Quarter ended January 31, 2014 |
|
|
|
|
74.88 |
|
|
|
|
|
53.42 |
|
| ||
|
Fiscal 2015 |
|
|
|
|
|
|
| | | | | | | | |
|
Quarter ended April 30, 2014 |
|
|
|
|
77.22 |
|
|
|
|
|
64.00 |
|
| ||
|
Quarter ending July 31, 2014 (through June 24, 2014) |
|
|
|
|
83.75 |
|
|
|
|
|
68.45 |
|
| ||
| | | | | | | | |
|
|
|
|
As of April 30, 2014 |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Actual |
|
|
As Adjusted |
| ||||||||
|
|
|
|
(In thousands, except share amounts) |
| |||||||||||
|
Cash and cash equivalents |
|
|
|
$ |
23,610 |
|
|
|
|
$ |
72,438 |
|
| ||
|
Notes payable – current(1) |
|
|
|
$ |
62,950 |
|
|
|
|
$ |
— |
|
| ||
|
Notes payable – long-term(2) |
|
|
|
|
20,537 |
|
|
|
|
|
20,537 |
|
| ||
|
Total debt |
|
|
|
|
83,487 |
|
|
|
|
|
20,537 |
|
| ||
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding actual and as adjusted |
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||
|
Common stock, $.01 par value; 80,000,000 shares authorized; 21,033,491 shares issued actual and 22,533,491 shares issued as adjusted |
|
|
|
|
210 |
|
|
|
|
|
225 |
|
| ||
|
Additional paid-in capital |
|
|
|
|
188,294 |
|
|
|
|
|
300,057 |
|
| ||
|
Accumulated other comprehensive income |
|
|
|
|
6,129 |
|
|
|
|
|
6,129 |
|
| ||
|
Retained earnings |
|
|
|
|
337,088 |
|
|
|
|
|
337,088 |
|
| ||
|
Common stock held in treasury, at cost – 492,225 shares |
|
|
|
|
(3,899 |
) |
|
|
|
|
|
(3,899 |
) |
|
|
|
Non-controlling interest |
|
|
|
|
(1,317 |
) |
|
|
|
|
|
(1,317 |
) |
|
|
|
Total stockholders’ equity |
|
|
|
|
526,505 |
|
|
|
|
|
638,283 |
|
| ||
|
Total capitalization |
|
|
|
$ |
609,992 |
|
|
|
|
$ |
658,820 |
|
| ||
| | | | | | | | |
|
Underwriters |
|
|
Number of Shares |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Barclays Capital Inc. |
|
|
|
|
900,000 |
|
| |
|
Piper Jaffray & Co. |
|
|
|
|
225,000 |
|
| |
|
KeyBanc Capital Markets Inc. |
|
|
|
|
150,000 |
|
| |
|
Brean Capital, LLC |
|
|
|
|
105,000 |
|
| |
|
Cowen and Company, LLC |
|
|
|
|
60,000 |
|
| |
|
Stephens Inc. |
|
|
|
|
60,000 |
|
| |
|
Total |
|
|
|
|
1,500,000 |
|
| |
| | | | |
|
|
|
|
No Exercise |
|
|
Full Exercise |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Per Share |
|
|
|
$ |
2.9111 |
|
|
|
|
$ |
2.9111 |
|
| ||
|
Total |
|
|
|
$ |
4,366,650 |
|
|
|
|
$ |
5,021,648 |
|
| ||
| | | | | | | |
|
|
|
|
Page |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
|