elizabeth arden inc (RDEN) Key Developments
Elizabeth Arden, Inc. Enters into Amendment of Existing Credit Facility
Dec 18 14
On December 17, 2014, Elizabeth Arden, Inc. entered into an amendment of its existing credit facility with a syndicate of banks, for which JP Morgan Chase bank is the administrative agent, which, among other things, extended the maturity date of the Credit Facility to December 17, 2019. Under the terms of the Credit Facility, as amended, the company may borrow, on a revolving basis, up to $275 million, with a $25 million sub-limit for letters of credit. Additionally, the company may, at any time, increase the size of the Credit Facility up to $375 million without entering in a formal amendment requiring the consent of all of the banks, subject to the Company's satisfaction of certain conditions. The Credit Facility continues to be guaranteed by all of the company's material U.S. subsidiaries and is collateralized by a first priority lien on all of its U.S. accounts receivable and U.S. inventory. Borrowings under the Credit Facility are limited to 85% of eligible accounts receivable and 85% of the appraised net liquidation value of the company's inventory, as determined pursuant to the terms of the Credit Facility; provided, however, that from August 15 to October 31 of each year the borrowing base may be temporarily increased by up to $25 million.
Elizabeth Arden, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015
Oct 30 14
Elizabeth Arden, Inc. reported unaudited consolidated earnings results for the first quarter ended September 30, 2014. For the quarter, the company reported net sales of $270,378,000 compared to $343,609,000 a year ago. Loss before income taxes was $25,281,000 compared to income before income taxes of $2,002,000 a year ago. Net loss attributable to company shareholders was $45,796,000 or $1.54 per basic and diluted share compared to net income attributable to company shareholders of $1,697,000 or $0.06 per basic and diluted share a year ago. LBITDA was $4,813,000 compared to EBITDA of $20,563,000 a year ago. EBITDA as adjusted was $1,279,000 compared to $27,132,000 a year ago. Net cash used in operating activities was $107,875,000 compared to $130,655,000 a year ago. Net sales as adjusted were $273,057,000 compared to $343,609,000 a year ago. Net loss attributable to company shareholders as adjusted was $12,940,000 or $0.43 per basic and diluted share compared to net income attributable to company shareholders as adjusted of $6,752,000 or $0.23 per basic and diluted share a year ago. Capital expenditures totaled $7.3 million, which compares to $13.9 million of CapEx in the base period.
The company reiterates its comments regarding the outlook for fiscal 2015. The company expects a modest improvement in adjusted earnings for fiscal 2015 over the prior year with continued improvement in fiscal 2016, and continues to expect the following: net sales headwinds to continue for the first half of fiscal 2015, resulting primarily from continued proactive tightening of distribution and a lower level of product innovation as compared to the first half of the prior fiscal year; net sales increases in the second half of the fiscal year versus the prior year period as the year-over-year product launch comparisons moderate and the Company begins to realize the impact of improved pricing; gross margin expansion due to improved pricing, better sales mix, lower discounts and realization of reduced supply chain and product costs; lower overall selling, general and administrative expenses, with some reinvestment of 2014 Improvement Plan savings to drive future growth; improved EBITDA margins from gross margin expansion and lower selling, general and administrative expenses; and stronger cash flow from operations as a result of modestly higher earnings and lower investment in inventory. The company still expects capital expenditures for fiscal 2015 to be in the range of $32 million to $35 million.
Elizabeth Arden, Inc. Announces Executive Changes
Oct 27 14
Elizabeth Arden, Inc. announced that M. Steven Langman and Franz-Ferdinand Buerstedde have each been elected to the Board of Directors of the company, effective as of October 28, 2014. Effective as of October 28, 2014, Mr. Langman has been appointed to serve as a member of each of the Compensation and Nominating and Corporate Governance Committees of the Board and is expected to serve as the Company's next Lead Independent Director, upon the expiration of Mr. Fred Berens' term as the Lead Independent Director, for a term beginning December 1, 2014 and through November 30, 2016. Mr. Langman is a co-founder and managing director of Rhone Group L.L.C. Mr. Buerstedde is also a managing director of Rhone Group L.L.C. Mr. J.W. Nevil Thomas has not been nominated for reelection at the Annual Meeting and will retire from the company's Board of Directors at the end of his current term.
Elizabeth Arden, Inc., Annual General Meeting, Dec 03, 2014
Oct 24 14
Elizabeth Arden, Inc., Annual General Meeting, Dec 03, 2014., at 10:00 US Eastern Standard Time. Location: corporate office, 2400 S.W. 145th Avenue, 2nd Floor. Agenda: To elect as directors the six nominees named in the accompanying proxy statement to serve until the next AGM, or until such person’s successor is duly elected and qualified or until his or her earlier death, resignation, retirement, disqualification or removal; to approve, on an advisory basis, the compensation of named executive officers as disclosed in the attached proxy statement; to approve an amendment to the company 2010 stock award and incentive plan to increase the number of shares of common stock, par value 0.01 per share, that may be granted under the 2010 stock award and incentive plan by 1,250,000, from 1,100,000 to 2,350,000, and re-approve the business criteria and limits that may be used in establishing performance-based awards, as more specifically outlined in the attached proxy statement; to ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending June 30, 2015; and to transact other matters.
Elizabeth Arden, Inc. to Report Q1, 2015 Results on Oct 30, 2014
Oct 23 14
Elizabeth Arden, Inc. announced that they will report Q1, 2015 results at 9:30 AM, US Eastern Standard Time on Oct 30, 2014