NEW YORK--(BUSINESS WIRE)--
G-III Apparel Group, Ltd. (NasdaqGS:GIII) announced today that its Board
of Directors has approved a two-for-one-stock split of the Company's
common stock to be paid as a stock dividend. Stockholders of record as
of the close of business on April 20, 2015 will receive one additional
share of common stock for each share of common stock held on that date.
The new shares are expected to be issued on May 1, 2015. NASDAQ trading
on a split-adjusted basis is expected to begin on May 4, 2015.
The Company had outstanding approximately 22.5 million shares of its
common stock as of April 6, 2015. After the stock split, the Company
will have outstanding approximately 45.0 million shares of its common
stock.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and
President, said, "We are pleased to take this action as a result of our
strong operating results and stock price performance. This stock split
reflects the belief in our long-term Company initiatives and underlines
our ongoing commitment to enhancing shareholder value."
The Company previously provided guidance for its fiscal year ending
January 31, 2016 regarding net income per diluted share. On a
split-adjusted basis, the Company expects net income to be between $2.53
and $2.63 per diluted share, compared to net income between $5.05 and
$5.25 per diluted share on a pre-split basis.
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of outerwear, dresses,
sportswear, swimwear, women's suits, women's performance wear, footwear,
luggage, women's handbags, small leather goods and cold weather
accessories under licensed brands, owned brands and private label
brands. G-III sells swimwear, resort wear, and related accessories under
our own Vilebrequin brand. G-III also sells outerwear, dresses, and
performance wear under our own Andrew Marc and Marc New York brands, and
has licensed these brands to select third parties in certain product
categories. G-III has fashion licenses under the Calvin Klein, Kenneth
Cole, Cole Haan, Guess?, Tommy Hilfiger, Jones New York, Jessica
Simpson, Vince Camuto, Ivanka Trump, Ellen Tracy, Kensie, Levi's and
Dockers brands. Through our team sports business, we have licenses with
the National Football League, National Basketball Association, Major
League Baseball, National Hockey League, Touch by Alyssa Milano and more
than 100 U.S. colleges and universities. Our other owned brands include
Bass, G.H. Bass, G-III Sports by Carl Banks, Eliza J, Black Rivet and
Jessica Howard. G-III also operates retail stores under the Wilsons
Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin Klein Performance
names.
Statements concerning G-III's business outlook or future economic
performance, anticipated revenues, expenses or other financial items;
product introductions and plans and objectives related thereto; and
statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are "forward-looking
statements" as that term is defined under the Federal Securities laws.
Forward-looking statements are subject to risks, uncertainties and
factors which include, but are not limited to, reliance on licensed
product, reliance on foreign manufacturers, risks of doing business
abroad, the current economic and credit environment, the nature of the
apparel industry, including changing customer demand and tastes,
customer concentration, seasonality, risks of operating a retail
business, customer acceptance of new products, the impact of competitive
products and pricing, dependence on existing management, possible
disruption from acquisitions and general economic conditions, as well as
other risks detailed in G-III's filings with the Securities and Exchange
Commission. G-III assumes no obligation to update the information in
this release.
G-III Apparel Group, Ltd.
Neal Nackman, 212-403-0500
Chief
Financial Officer
or
Investor Relations:
ICR, Inc.
James
R. Palczynski, 203-682-8229
Source: G-III Apparel Group, Ltd.
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