SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 4, 2003 G-III Apparel Group, Ltd. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-18183 41-1590959 (Commission File Number) (IRS Employer Identification No.) 512 Seventh Avenue New York, NY 10018 (Address of Principal Executive Offices) Registrant's telephone number, including area code (212) 403-0500 None (Former Name or Former Address, if Changed Since Last Report.)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements. None. (b) Pro Forma Financial Information. None. (c) Exhibits 99.1. Press Release of G-III Apparel Group, Ltd. (the "Company") issued on December 4, 2003 relating to its third quarter earnings. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On December 4, 2003, the Company announced its results of operations for the three and nine month periods ended October 31, 2003. A copy of the press release issued by the Company relating thereto is furnished herewith as Exhibit 99.1. Limitation on Incorporation by Reference In accordance with General Instruction B.6 of Form 8-K, the information in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. G-III Apparel Group, Ltd. By: /s/ Wayne Miller ----------------------------- Wayne S. Miller Chief Financial Officer Dated: December 4, 2003
G-III APPAREL GROUP, LTD. For: G-III Apparel Group, Ltd. Contact: Investor Relations James Palczynski (203) 222-9013 G-III Apparel Group, Ltd. Wayne S. Miller, Chief Financial Officer (212) 403-0500 G-III APPAREL GROUP, LTD. ANNOUNCES THIRD QUARTER FISCAL 2004 RESULTS -- NET SALES INCREASE 22.7% TO $125.5 MILLION -- -- NET INCOME INCREASES 34.0% TO $11.4 MILLION --- New York, New York - December 4, 2003 -- G-III Apparel Group, Ltd. (Nasdaq: GIII) today announced results for the third quarter of fiscal 2004. For the three-month period ended October 31, 2003, G-III reported net sales of $125.5 million and net income of $11.4 million, or $1.50 per diluted share, compared to net sales of $102.3 million and net income of $8.5 million, or $1.16 per diluted share, in the comparable period last year. For the nine-month period ended October 31, 2003, G-III reported net sales of $189.6 million and net income of $11.5 million, or $1.54 per diluted share, compared to net sales of $155.0 million and net income of $4.9 million, or $0.67 per diluted share, in the comparable period last year. Morris Goldfarb, G-III's Chief Executive Officer, said, "We are pleased with our solid performance in the third quarter. Our sales and gross margin gains stemmed primarily from continued strong shipments in our sports apparel business. Over this past year we continued to make progress broadening our distribution channels and diversifying our product mix." The company today reiterated its guidance for the fiscal year ending January 31, 2004. For the fiscal year, the Company continues to forecast net sales of approximately $220 million and diluted net income per share between $1.10 and $1.15.
ABOUT G-III APPAREL GROUP, LTD. G-III Apparel Group, Ltd. is a leading manufacturer and distributor of leather and non-leather outerwear and apparel under our own labels, licensed labels and private labels. Company-owned labels include, among others, Black Rivet, Colebrook, Siena Studio and G-III. The Company has fashion licenses with Kenneth Cole, Nine West, Timberland, Cole Haan, Jones Apparel, Sean John, Bill Blass and James Dean and sports licensing agreements with the National Football League, National Hockey League, National Basketball Association, Major League Baseball and more than 60 universities nationwide. Statements concerning the Company'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 foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, reliance on licensed product, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release. (Financial Table to Follow)
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES (NASDAQ:GIII) CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited) Three Months Ended Nine Months Ended 10/31/03 10/31/02 10/31/03 10/31/02 -------- -------- -------- -------- Net sales $125,547 $102,284 $189,558 $154,997 Cost of sales 88,208 74,324 132,184 115,321 -------- -------- -------- -------- Gross profit 37,339 27,960 57,374 39,676 Selling, general and administrative expenses 16,785 13,181 36,388 30,148 -------- -------- -------- -------- Operating profit 20,554 14,779 20,986 9,528 Interest and financing charges, net 583 853 861 1,374 -------- -------- -------- -------- Income before income taxes 19,971 13,926 20,125 8,154 Income tax expense 8,591 5,431 8,654 3,252 -------- -------- -------- -------- Net income $ 11,380 $ 8,495 $ 11,471 $ 4,902 ======== ======== ======== ======== Basic net income per common share $ 1.65 $ 1.25 $ 1.67 $ 0.73 ======== ======== ======== ======== Diluted net income per common share $ 1.50 $ 1.16 $ 1.54 $ 0.67 ======== ======== ======== ======== Weighted average shares outstanding: Basic 6,899,577 6,778,757 6,885,211 6,732,107 Diluted 7,571,172 7,292,321 7,428,187 7,350,505 BALANCE SHEET DATA (IN THOUSANDS): At Oct. 31, At Oct. 31, ----------- ----------- 2003 2002 ---- ---- Working Capital $ 59,128 $ 51,927 Inventory 40,498 47,233 Total Assets 146,552 135,766 Outstanding Borrowings 43,418 49,729 Total Shareholders' Equity $ 67,387 $ 60,048 # # #