Financial Highlights as of 01/31/2005
Financial Summary (In USD as of 01/31/2005)
Total Revenue	656,581,000
EBITDA	69,818,000
Net Income	20,962,000
Total Assets	514,960,000
Current Assets	278,303,000
Total Liabilities	320,392,000
Current Liabilities	70,500,000
Long Term Debt	232,891,000
Stockholders' Equity	194,568,000
Profitability Ratios
Return on Equity (%)	11.01
Return on Assets (%)	4.16
Return on Investment	20.49
Gross Margin	31.69
EBITDA of Revenue (%)	8.41
Operating Margin (%)	7.34
Pre-Tax Margin	5.12
Net Profit Margin (%)	3.19
Effective Tax Rate (%)	36.29
Liquidity Indicators
Quick Ratio	2.17
Current Ratio	3.95
Working Capital/Total Assets	0.4
Debt Management
Current Liabilities/Equity	0.36
Total Debt to Equity	1.2
Long Term Debt to Assets	0.45
Asset Management
Revenues/Total Assets	1.28
Revenues/Working Capital	3.16
Interest Coverage	3.31
Stock Price and Valuation
(Data as of 09/13/2005)
Market Cap (mil)	179
Shares Outstanding (000's)	8,463
52-Week Range	18.42 - 26.25
7-Day Average Closing Price	25.04
30-Day Average Closing Price	24.91
200-Day Average Closing Price	22.57
Dividend Per Share (TTM)	0
PE Ratio	9.83
Earnings Per Share (TTM)	2.15
Last Price	25.62
Last Day Range	25 - 25.86
Long Term Debt
Jan. 31, 2005, $233,031,000 (including current portion of $140,000) comprised of:
-01 -$151,518,000 8.875% senior subordinated notes, mature on Sept. 15, 2013, payable semiannually on March 15 and Sept. 15 of each year.
-02 -$58,828,000 9.5% senior secured notes payable, due 2009.
-03 -$10,771,000 senior credit facility. On Sept. 30, 2004, Co. amended its $110 million senior credit facility (Facility) with Wachovia Bank, National Association (formerly Congress Financial Corporation, Florida). The following are the significant amendments to the Facility: (i) the term of the Facility was extended from Sept. 2005 to Sept. 2007; (ii) the eligible factor receivables were increased to $30 million from $20 million for purposes of the borrowing base and (iii) the minimum spread above the Eurodollar Ratewas decreased from 2.0% to 1.6%.
The following is a description of the terms of the Facility, as amended and does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the Facility.
Certain Covenants. The Facility contains certain covenants, which, among other things, requires Co. to maintain a minimum EBITDA if availability falls below a certain minimum. It may restrict Co.'s ability and the ability of our subsidiaries to, among other things, incur additional indebtedness in certain circumstances, redeem or repurchase capital stock, make certain investments, or sell assets. Co. is prohibited from paying cash dividends under these covenants. Co. is currently in compliance with all of our covenants under the senior credit facility. Co. could be materially harmed if it violates any covenants as the lenders under the Facility could declare all amounts outstanding there under, together with accrued interest, to be immediately due and payable. If Co. is unable to repay those amounts, the lenders could proceed against its assets. In addition, a violation could also constitute a cross-default under the indentures and mortgage, resulting in all of Co.'s debt obligations becoming immediately due and payable, which it may not be able to satisfy.
Borrowing Base. Borrowings under the Facility are limited under its terms to a borrowing base calculation, which generally restricts the outstanding balances to the lesser of either (1) the sum of (a) 85.0% of eligible receivables plus (b) 85.0% of our eligible factored accounts receivables up to $30.0 million, plus (c) the lesser of (i) the inventory loan limit, or (ii) the lesser of (A) 65.0% of eligible finished goods inventory, or (B) 85.0% of the net recovery percentage (as defined in the senior credit facility) of eligible inventory, or (2) the loan limit; and in each case minus (x) 35.0% of the amount of outstanding letters of credit for eligible inventory, (y) the full amount of all other outstanding letters of credit issued pursuant to the Facility which are not fully secured by cash collateral, and (z) licensing reserves for which it is the licensee of certain branded products.
Interest. Interest on the principal balance under the Facility accrues, at its option, at either (a) the bank prime lending rate with adjustments depending upon the quarterly average excess availability plus excess cash or leverage ratio or (b) 1.60% above the rate quoted by the bank as the average Eurodollar Rate (Eurodollar) for 1-, 2-, 3- and 6-month Eurodollar deposits with 20 to 25 basis point adjustments depending upon the quarterly average excess availability plus excess cash and leverage ratio at the time of borrowing.
Security. As security for the indebtedness under the Facility, Co. granted the lenders a first priority security interest in substantially all of its existing and future assets other than Co.'s trademark portfolio existing as of March 2002, including, without limitation, accounts receivable, inventory deposit accounts, general intangibles, equipment and capital stock or membership interests, as the case may be, of certain subsidiaries. Lenders under the Facility have a second priority security interest in the trademark portfolio as of March 2002 and a first priority lien on the rest of the trademarks.
-04 -$11,533,000 real estate mortgage. Through June 2002, Co. occupied its main administrative office, warehouse and distribution facility under a synthetic operating lease for a 240,000 square foot facility in Miami, Florida. The lease expired in June 2002 and required a final termination payment of $14.5 million. This payment under the synthetic lease was partially financed with an $11.6 million real estate mortgage. The real estate mortgage has customary covenants and as of Jan. 31, 2005, Co. believes it is in compliance with these covenants. At Jan. 31, 2005 the balance of the real estate mortgage totaled $11.5 million, of which $0.1 million was a current liability.
-05 -$381,000 lease payable long term.
Line of Credit: As of Jan. 31, 2005, Co. maintained four US dollar letter of credit facilities totaling $90.0 million and one letter of credit facility totaling $3.0 million utilized by Co.'s consolidated Canadian joint venture. Each letter of credit is secured primarily by the consignment of merchandise in transit under that letter of credit and certain subordinated liens on Co.'s assets. As of Jan. 31, 2005, there was $20.8 million available under existing letter of credit facilities.
For details see below.
Dividends
Issue Details
1. common, PAR: USA 0
Listed: Nasdaq National Market, Ticker: PERY
Authorized: 100000000 Shares
Outstanding: 01/31/2005 9460444 Shares
Stock Splits:
$0.01 par shares split 3,954.8016-for-1 Apr. 1993 and 3-for-2 July 21, 1997.
Voting Rights:
Entitled to one vote per share with non-cumulative voting for directors.
Options:
Jan. 31, 2005, reserved for issuance, 1,500,000 shares; options outstanding, 1,506,631 shares.
Tranfer Agent & Dividend Disbursement Agent:
Continental Stock Transfer & Trust Company, New York, NY
Price Range:
�	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993
High	29.8	29.74	18.25	9	11.88	17 1/4	18	15 3/8	18	22 1/2	13	11 3/4
Low	18.42	15.3	5.87	4.25	3.63	8 1/2	6 1/2	8 53/84	9 3/4	9 1/2	8 1/2	8 3/4
Offered:
(1,200,000 shares) at $11.50 per share (proceeds to Co., $10.58 per share) on May 21, 1993 through Josephthal Lyon & Ross Inc. and associates. Offering contained an additional 180,000 shares to cover over-allotments. Proceeds were used to repayment of indebtedness and for working capital.
�(1,300,000 shares) at $19.00 per share on Sept. 29, 1995 through Oppenheimer & Co., Inc., Robertson, Stephens & Co., and Josephthal, Lyon & Ross Incorporated. Proceeds of 1,000,000 shares to Co. account for repayment of indebtedness under Co.'s revolving credit agreement.
�(950,000 shares) on June 1, 2004, (net proceeds to Co., $21,100,000, net of offering costs of $400,000).
Capital History:
In fiscal 2004, Co. increased its authorized common shares from 30,000,000 shares to 100,000,000 shares.
As Reported Annual Income Statement		1/31/2005	1	1/31/2004	1	1/31/2003	1
Currency		USD		USD		USD
Auditor Status		Not Qualified		Not Qualified		Not Qualified
Consolidated		Yes		Yes		Yes
	Net sales	633,774,000	1	484,197,918	1	277,027,795	1
	Royalty income	22,807,000	1	21,717,751	1	28,812,955	1
	Total revenues	656,581,000	1	505,915,669	1	305,840,750	1
	Cost of sales	448,531,000	1	336,421,881	1	205,000,956	1
	Gross profit	208,050,000	1	169,493,788	1	100,839,794	1
	Selling, general & administrative expense	153,282,000	1	119,658,924	1	63,850,180	1
	Depreciation & amortization	6,557,000	1	5,043,003	1	3,582,850	1
	Total operating expenses	159,839,000	1	124,701,927	1	67,433,030	1
	Operating income	48,211,000	1	44,791,861	1	33,406,764	1
	Costs on early extinguishment of debt	-		-7,317,000	1	-
	Interest expense	14,575,000	1	16,413,531	1	15,795,347	1
	Inc bef min int & inc tax provision -domestic	26,538,000	1	-		-
	Inc bef min int & inc tax provision -foreign	7,098,000	1	-		-
	Income before min int & income tax provision	33,636,000	1	21,061,330	1	17,611,417	1
	Minority interest	467,000	1	214,281	1	88,809	1
	Current federal income tax provision (benef)	248,000	1	-1,140,259	1	-
	Current state income tax provision (benefit)	50,000	1	117,074	1	-
	Current foreign income tax provision (benef)	1,709,000	1	1,113,497	1	-
	Current income tax provision (benefit)	2,007,000	1	90,312	1	-
	Deferred federal tax provision (benefit)	9,040,000	1	-		-
	Deferred state tax provision (benefit)	1,160,000	1	-		-
	Total deferred Income tax provision (benef)	10,200,000	1	-		-
	Deferred federal & state income taxes	-		7,604,601	1	-
	Income tax provision	12,207,000	1	7,694,913	1	6,726,323	1
	Net income	20,962,000	1	13,152,136	1	10,796,285	1
	Weighted average shares outstanding - basic	9,123,000	1	7,683,442	1	6,387,459	1
	Weighted average shares outstanding - diluted	9,732,000	1	8,296,153	1	6,550,126	1
	Year end shares outstanding	9,460,444	1	8,435,013	1	6,425,641	1
	Net income per common share - basic	2.3	1	1.71	1	1.69	1
	Net income per common share - diluted	2.15	1	1.59	1	1.65	1
	Total number of employees	2,015	2	1,398	3	669	4
	Number of common stockholders	133	5	276	3	52	6
	Number of beneficiary stockholders	1,100	5	1,100	3	1,100	6
1
2 Approximately; As of April 6, 2005
3 Approximately; As of April 6, 2004
4 Approximately
5 Approximately; As of April 8, 2005
6 Approximately; As of March 7, 2003
As Reported Annual Balance Sheet		1/31/2005	1	1/31/2004	1	1/31/2003	1
Currency		USD		USD		USD
Auditor Status		Not Qualified		Not Qualified		Not Qualified
Consolidated		Yes		Yes		Yes
	Cash & cash equivalents	5,398,000	1	1,011,220	1	4,683,177	1
	Trade accounts	131,289,000	1	110,455,219	1	75,676,880	1
	Royalties & other receivables	5,800,000	1	6,033,015	1	5,888,000	1
	Accounts receivable, gross	137,089,000	1	-		-
	Allowance for doubtful accounts	2,171,000	1	810,304	1	2,075,141	1
	Accounts receivable, net	134,918,000	1	115,677,930	1	79,489,739	1
	Finished goods	113,104,000	1	89,186,914	1	37,450,815	1
	Raw materials & work in process	2,217,000	1	4,413,233	1	10,166,219	1
	Finished goods not yet received	-		17,309,424	1	3,689,440	1
	Inventories, net	115,321,000	1	110,909,571	1	51,306,474	1
	Deferred income taxes	12,564,000	1	9,621,411	1	2,957,765	1
	Prepaid income taxes	2,354,000	1	5,002,043	1	3,361,650	1
	Other current assets	7,748,000	1	6,417,675	1	4,104,767	1
	Total current assets	278,303,000	1	248,639,850	1	145,903,572	1
	Furniture, fixtures & equipment	34,753,000	1	24,816,729	1	16,722,015	1
	Buildings	15,330,000	1	14,295,348	1	12,426,585	1
	Vehicles	337,000	1	321,566	1	308,839	1
	Leasehold improvements	9,306,000	1	5,451,869	1	3,448,449	1
	Land	6,911,000	1	6,440,702	1	6,181,702	1
	Property & equipment, gross	66,637,000	1	51,326,214	1	39,087,590	1
	Less accumulated depreciation & amortization	17,659,000	1	12,233,635	1	8,038,714	1
	Property & equipment, net	48,978,000	1	39,092,579	1	31,048,876	1
	Intangible assets, net	160,885,000	1	152,265,790	1	142,186,062	1
	Deferred income taxes	10,216,000	1	28,590,552	1	-
	Other assets	16,578,000	1	11,811,384	1	12,098,835	1
	Total other assets	514,960,000	1	-		-
	Total assets	514,960,000	1	480,400,155	1	331,237,345	1
	Accounts payable	47,492,000	1	31,644,178	1	12,820,168	1
	Accrued expenses	-		-		5,058,748	1
	Salaries & commissions	3,814,000	1	4,766,849	1	-
	Royalties	1,325,000	1	1,257,927	1	-
	Buying commissions	2,202,000	1	792,280	1	-
	Other accrued expenses	6,572,000	1	9,533,049	1	-
	Accrued expenses	13,913,000	1	16,350,105	1	-
	Accrued interest payable	4,800,000	1	3,740,488	1	4,674,929	1
	Current portion - real estate mortgage	140,000	1	-		-
	Unearned revenues	1,036,000	1	983,984	1	1,994,554	1
	Unearned advertising reimbursements	739,000	1	931,845	1	-
	Other other current liabilities	2,380,000	1	2,059,064	1	-
	Other current liabilities	3,119,000	1	2,990,909	1	-
	Other current liabilities	-		-		1,457,422	1
	Total current liabilities	70,500,000	1	55,709,664	1	26,005,821	1
	Senior subordinated notes payable, net	151,518,000	1	150,454,235	1	99,180,580	1
	Senior secured notes payable, net	58,828,000	1	60,389,322	1	60,729,796	1
	Senior credit facility	10,771,000	1	34,714,584	1	22,922,287	1
	Real estate mortgage	11,393,000	1	11,600,000	1	11,600,000	1
	Deferred income tax	-		-		10,694,595	1
	Deferred pension obligation	15,617,000	1	15,733,784	1	-
	Lease payment long term	381,000	1	-		-
	Total long-term liabilities	248,508,000	1	272,891,925	1	205,127,258	1
	Total liabilities	319,008,000	1	328,601,589	1	231,133,079	1
	Minority interest	1,384,000	1	916,761	1	702,480	1
	Common stock	95,000	1	84,708	1	64,257	1
	Additional paid-in-capital	87,544,000	1	66,073,881	1	27,198,094	1
	Retained earnings	106,297,000	1	85,334,665	1	72,182,529	1
	Accumulated other comprehensive income	632,000	1	321,844	1	-43,094	1
	Total before treasury stock	194,568,000	1	151,815,098	1	99,401,786	1
	Common stock in treasury	-		933,293	1	-
	Total stockholders' equity	194,568,000	1	150,881,805	1	99,401,786	1
1
As Reported Annual Cash Flow		1/31/2005	1	1/31/2004	1	1/31/2003	1
Currency		USD		USD		USD
Auditor Status		Not Qualified		Not Qualified		Not Qualified
Consolidated		Yes		Yes		Yes
	Net income	20,962,000	1	13,152,136	1	10,796,285	1
	Depreciation & amortization	5,781,000	1	3,954,495	1	2,783,205	1
	Provision for bad debts	1,400,000	1	856,697	1	280,620	1
	Tax benefit from the exercise of stk options	394,000	1	1,287,427	1	-
	Amortization of debt issue cost	1,049,000	1	1,165,310	1	918,628	1
	Amortization of bond discount	202,000	1	324,540	1	348,741	1
	Deferred income taxes	10,200,000	1	7,604,601	1	3,371,314	1
	Costs on early extinguishment of debt	-		7,317,000	1	-
	Minority interest	467,000	1	214,281	1	88,809	1
	Other net income adjustments	-117,000	1	244,845	1	78,659	1
	Accounts receivable, net	-20,640,000	1	-23,284,888	1	-29,400,114	1
	Inventories, net	-4,411,000	1	-14,569,097	1	-3,706,285	1
	Other current assets & prepaid income taxes	1,318,000	1	-2,570,301	1	-5,692,025	1
	Other assets	-6,515,000	1	2,912,290	1	-2,046,398	1
	Accounts payable & accrued expenses	12,144,000	1	-9,510,854	1	6,695,881	1
	Income taxes payable	-		-		-1,381,551	1
	Accrued interest payable	1,060,000	1	-934,441	1	865,932	1
	Other current liabilities & unearned revenues	180,000	1	522,917	1	-797,536	1
	Net cash flows from operating activities	23,474,000	1	-11,313,042	1	-16,795,835	1
	Purchase of property & equipment	-13,971,000	1	-8,673,206	1	-22,076,974	1
	Purchase of intangible assets	-3,815,000	1	-1,760,723	1	-187,701	1
	Payment for acquired businesses	-		-34,453,289	1	-25,084,374	1
	Net cash flows from investing activities	-17,786,000	1	-44,887,218	1	-47,349,049	1
	Borrowings from senior credit facility	99,950,000	1	-		-
	Payments on senior credit facility	-123,894,000	1	-		-
	Net proc fr (repay of) sr credit facility	-		11,792,297	1	1,166,193	1
	Net proc (repay) fr senior subordinated notes	-		-		-2,199,492	1
	Payments on senior subordinated notes	-		-107,317,000	1	-
	Proceeds from senior subordinated notes	-		146,812,500	1	-
	Net proceeds fr senior secured notes	-		-		55,589,250	1
	Net proceeds fr real estate mortgage	-67,000	1	-		11,600,000	1
	Proceeds from exercise of stock options	911,000	1	2,054,100	1	1,323,303	1
	Proceeds from new stock issuance	21,108,000	1	-		-
	Purchase of treasury stock	-		-933,293	1	-
	Other financial activities	381,000	1	-		-
	Net cash flows from financing activities	-1,611,000	1	52,408,604	1	67,479,254	1
	Eff of exch rate chngs on cash & cash equivs	310,000	1	119,699	1	44,829	1
	Net increase (decrease) in cash	4,387,000	1	-3,671,957	1	3,379,199	1
	Cash & cash equivs at beginning of year	1,011,000	1	4,683,177	1	1,303,978	1
	Cash & cash equivalents at end of year	5,398,000	1	1,011,220	1	4,683,177	1
	Interest expense paid	13,515,000	1	16,439,092	1	15,762,844	1
	Income taxes paid	847,000	1	551,976	1	7,470,063	1
1
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Profitability Ratios		1/31/2005	1	1/31/2004	1	1/31/2003	1
	Return on Equity (%)	11.01		8.86		10.95
	Return on Assets (%)	4.16		2.78		3.29
	Return on Investment	20.49		14.48		17.13
	Gross Margin	31.687		33.502		32.971
	EBITDA of Revenue (%)	8.41		9.93		12.25
	Operating Margin (%)	7.34		8.85		10.92
	Pre-Tax Margin	5.12		4.16		5.76
	Net Profit Margin (%)	3.19		2.6		3.53
	Effective Tax Rate (%)	36.29		36.54		38.19
1
Liquidity Indicators		1/31/2005	1	1/31/2004	1	1/31/2003	1
	Quick Ratio	2.17		2.27		3.35
	Current Ratio	3.95		4.46		5.61
	Working Capital/Total Assets	0.4		0.4		0.36
1
Debt Management		1/31/2005	1	1/31/2004	1	1/31/2003	1
	Current Liabilities/Equity	0.36		0.37		0.26
	Total Debt to Equity	1.2		1.7		1.96
	Long Term Debt to Assets	0.45		0.54		0.59
1
Asset Management		1/31/2005	1	1/31/2004	1	1/31/2003	1
	Revenues/Total Assets	1.28		1.05		0.92
	Revenues/Working Capital	3.16		2.62		2.55
	Interest Coverage	3.31		2.28		2.11
1