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4-Traders Homepage  >  Equities  >  Nyse  >  Callaway Golf Co    ELY

CALLAWAY GOLF CO (ELY)
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Callaway Golf Co : Perry Ellis International & Callaway Golf Expand Apparel Agreement

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04/11/2012 | 01:35pm CEST

Perry Ellis International Assumes All Distribution in Western Hemisphere

Perry Ellis International, Inc. (NASDAQ: PERY) ("the Company") announced that it has amended and expanded its license agreement to design, manufacture and distribute apparel and related accessories with Callaway Golf Co. (NYSE:ELY). The Company will assume all distribution channels in the western hemisphere (US/Canada/Caribbean/Mexico/Central & Latin America) including sporting goods, national accounts, green grass, tournaments, specialty golf stores, and e-commerce channels. The Company will continue to service better department & specialty stores, and the corporate wear market as per its original agreement with Callaway.

Oscar Feldenkreis, President and COO of Perry Ellis International commented, "The expansion of our agreement with Callaway strengthens the partnership between our leading brands and marks yet another milestone for our Company as we expand the scope and reach of our golf lifestyle apparel offering on an international basis."

"Combining the strength of Callaway's brand around the world with our expertise in developing new geographies and channels of distribution presents unprecedented growth potential. We look forward to continuing a long and mutually beneficial partnership," continued Mr. Feldenkreis.

Both Companies are working collectively on the transition of servicing these new geographies and channels of distribution. The Company also noted that it anticipates for this transaction to be accretive to fiscal 2014 earnings per share.

"The Callaway Golf and Perry Ellis International partnership has grown in scope and trust over the last several years," said John Melican, SVP Global Soft Goods, Callaway Golf. "This expansion represents another step forward in the global distribution of what we feel is the best line of authentic and performance-driven golf apparel available."

About Perry Ellis International

Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances, as well as select children's apparel. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis(R), Jantzen(R), Laundry by Shelli Segal(R), C&C California(R), Rafaella(R), Ben Hogan(R), Cubavera(R), Centro(R), Solero(R), Munsingwear(R), Savane(R), Original Penguin(R) by Munsingwear(R), Grand Slam(R), Natural Issue(R), Pro Player(R), the Havanera Co.(R), Axis(R), Tricots St. Raphael(R), Gotcha(R), Girl Star(R), MCD(R), John Henry(R), Mondo di Marco(R), Redsand(R), Manhattan(R), Axist(R), Farah(R), Anchor Blue(R) and Miller's Outpost(R). The Company enhances its roster of brands by licensing trademarks from third parties, including: Pierre Cardin(R) for men's sportswear, Nike(R) and Jag(R) for swimwear, and Callaway(R), TOP-FLITE(R), PGA TOUR(R) and Champions Tour(R) for golf apparel. Additional information on the Company is available at http://www.pery.com.

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf apparel, footwear and accessories, under the Callaway Golf®, Odyssey®, and Top-Flite® brands in more than 110 countries worldwide. For more information please visit www.callawaygolf.com or shop.callawaygolf.com.

Safe Harbor Statement

We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "proforma," "project," "seek," "should," "target," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, recent and future economic conditions, including turmoil in the financial and credit markets, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to protect our trademarks, our ability to integrate acquired businesses, trademarks, trade names and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, the termination or non-renewal of any material license agreements to which we are a party, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies including expansion in international and direct to consumer retail markets, the level of consumer spending for apparel and other merchandise, our ability to compete, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International's filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis' filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.

Perry Ellis International, Inc.
Miguel Garcia, 305-873-1830
or
Callaway Golf Company
Tim Buckman, 760-931-1771


© Business Wire 2012
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Financials ($)
Sales 2018 1 133 M
EBIT 2018 102 M
Net income 2018 67,9 M
Finance 2018 58,2 M
Yield 2018 0,24%
P/E ratio 2018 23,41
P/E ratio 2019 21,05
EV / Sales 2018 1,33x
EV / Sales 2019 1,23x
Capitalization 1 568 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 18,0 $
Spread / Average Target 10%
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NameTitle
Oliver G. Brewer President, Chief Executive Officer & Director
Ronald S. Beard Chairman
Mark F. Leposky Senior Vice President-Global Operations
Brian P. Lynch CFO, Secretary, Senior VP & General Counsel
Alan Hocknell Senior Vice President-Research & Development
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