Fifth & Pacific Companies, Inc. announced earnings for the fourth quarter of 2012. For the fourth quarter of 2012 on a GAAP basis, income from continuing operations was $61 million, or $0.50 per share, compared to income from continuing operations of $245 million, or $2.04 per share, for the fourth quarter of 2011.
Adjusted diluted earnings per share from continuing operations for the fourth quarter of 2012 were $0.12, compared to adjusted diluted earnings per share from continuing operations of $0.10 for the fourth quarter of 2011.
Adjusted EBITDA, net of foreign currency transaction adjustments, for the fourth quarter of 2012 was $69 million, while comparable adjusted EBITDA was $56 million for the fourth quarter of 2011.
Net sales for the fourth quarter of 2012 were $487 million, an increase of $39 million, or 8.8%, from the comparable 2011 period. Net sales increased $59 million, or 13.8% on a comparable basis from the 2011 period, excluding a $20 million decline in net sales associated with brands that have been sold or exited but not accounted for as discontinued operations.
For the full year 2012, the Company recorded a loss from continuing operations of ($59) million, or ($0.54) per share, compared to income from continuing operations for the full year 2011 of $145 million, or $1.28 per share. Adjusted loss per share from continuing operations in the full year 2012 was ($0.21) compared to an adjusted loss per share from continuing operations of ($0.32) in the full year 2011.
Net sales for the full year 2012 were $1.505 billion, a decrease of ($14) million, or (0.9%), from the comparable 2011 period. Net sales increased $156 million, or 11.6% on a comparable basis from the 2011 period, excluding the $170 million decline in net sales associated with brands that have been sold or exited but not accounted for as discontinued operations.
William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "Adjusted EBITDA, net of foreign currency transaction adjustments, was $69 million in the fourth quarter of 2012 and $106 million for the full year 2012, slightly above the range of $100 to $105 million provided in our January 14th pre-announcement."
Mr. McComb concluded, "2012 brought industry leading growth at kate spade and a significant improvement in performance at Lucky Brand. While progress in these two businesses was tempered by a miss in North America at Juicy Couture, we are optimistic that we are correcting the underlying issues at Juicy under the direction of its new CEO, Paul Blum.
“Our teams are all very focused on delivering their 2013 plans, as we begin the year with the right momentum. For fiscal 2013, we continue to forecast adjusted EBITDA, net of foreign currency transaction adjustments, in the range of $120 to $150 million."
