True Religion Apparel Inc. [NASDAQ-TRLG]

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True Religion Apparel, Inc. designs, markets, sells, and distributes apparel under the True Religion Brand Jeans name worldwide. It operates through U.S. Consumer Direct, U.S. Wholesale, and International segments. The company offers denim jeans and related sportswear apparel for men, women, and kids. Its sportswear apparel includes corduroy pants and jackets; cotton, twill, linen, and velvet pants and jackets; fleece sweat suits and hooded sweatshirts; sweaters; skirts; knit shirts; T-shirts; and shorts. True Religion Apparel, Inc. also licenses its trademarks to third parties for the manufacture and sale of various products. In addition, the company operates full-price retail stores, outlet stores, and retail Internet site truereligionbrandjeans.com. As of December 31, 2012, it had 86 full-price retail stores and 36 outlet stores in the United States; and 20 full-price retail stores and 10 outlet stores in Canada, Germany, the United Kingdom, Japan, Austria, the Netherlands, and Ireland. The company also sells its products through upscale retailers, special stores, wholesale sales teams, distributors, sales agents, department stores, boutiques, and off-price retailers. True Religion Apparel, Inc. was founded in 2002 and is headquartered in Vernon, California.

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Valuation Measures
Market Cap (intraday)5: 674.32M
Enterprise Value (Apr 19, 2013)3: 499.33M
Trailing P/E (ttm, intraday): 14.63
Forward P/E (fye Dec 31, 2014)1: 12.44
PEG Ratio (5 yr expected)1: 2.15
Price/Sales (ttm): 1.40
Price/Book (mrq): 1.97
Enterprise Value/Revenue (ttm)3: 1.07
Enterprise Value/EBITDA (ttm)6: 5.39
Financial Highlights
Fiscal Year
Fiscal Year Ends: Dec 30
Most Recent Quarter (mrq): Dec 31, 2012
Profitability
Profit Margin (ttm): 9.85%
Operating Margin (ttm): 16.97%
Management Effectiveness
Return on Assets (ttm): 12.94%
Return on Equity (ttm): 14.62%
Income Statement
Revenue (ttm): 467.29M
Revenue Per Share (ttm): 18.60
Qtrly Revenue Growth (yoy): 14.80%
Gross Profit (ttm): 299.52M
EBITDA (ttm)6: 92.66M
Net Income Avl to Common (ttm): 46.01M
Diluted EPS (ttm): 1.82
Qtrly Earnings Growth (yoy): -6.80%
Balance Sheet
Total Cash (mrq): 186.15M
Total Cash Per Share (mrq): 7.35
Total Debt (mrq): 0.00
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 6.47
Book Value Per Share (mrq): 13.15
Cash Flow Statement
Operating Cash Flow (ttm): 64.10M
Levered Free Cash Flow (ttm): 38.57M
Trading Information
Stock Price History
Beta: 1.24
52-Week Change3: -0.92%
S&P500 52-Week Change3: 12.58%
52-Week High (May 2, 2012)3: 30.66
52-Week Low (Aug 2, 2012)3: 20.22
50-Day Moving Average3: 26.70
200-Day Moving Average3: 25.54
Share Statistics
Avg Vol (3 month)3: 297,218
Avg Vol (10 day)3: 185,450
Shares Outstanding5: 25.32M
Float: 23.87M
% Held by Insiders1: 5.45%
% Held by Institutions1: 90.40%
Shares Short (as of Mar 28, 2013)3: 1.47M
Short Ratio (as of Mar 28, 2013)3: 6.20
Short % of Float (as of Mar 28, 2013)3: N/A
Shares Short (prior month)3: 1.47M
Dividends & Splits
Forward Annual Dividend Rate4: 0.80
Forward Annual Dividend Yield4: 3.00%
Trailing Annual Dividend Yield3: 1.00
Trailing Annual Dividend Yield3: 3.90%
5 Year Average Dividend Yield4: N/A
Payout Ratio4: 44.00%
Dividend Date3: Dec 26, 2012
Ex-Dividend Date4: Dec 19, 2012
Last Split Factor (new per old)2: N/A
Last Split Date3: N/A


26.63 0.77(2.98%) 4:00PM EDT|After Hours : 26.63 0.00 (0.00%) 4:00PM EDT - Nasdaq Real Time Price

 

[cervellofine]

True Religion Apparel Announces First Quarter 2013 Results
Q1 2013 net sales increased 13.1% to $120.8 million
Q1 2013 U.S. Consumer Direct net sales increased 12.1%; same-store sales increased 0.7%
Q1 2013 GAAP diluted earnings per share were $0.02 versus $0.41 in Q1 2012
Q1 2013 adjusted diluted earnings per share to exclude separation pay and costs of the Company’s review of strategic alternatives was $0.22
Company to be Acquired by TowerBrook Capital Partners; Suspends Earnings Conference Calls
Press Release: True Religion Apparel, Inc. – 2 hours 41 minutes ago
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TRLG 31.63 2.19

VERNON, Calif.--(BUSINESS WIRE)--
True Religion Apparel, Inc. (TRLG) today announced financial results for the quarter ended March 31, 2013.
First Quarter 2013 Financial Results
Total net sales increased to $120.8 million, a 13.1% increase compared to the same period in 2012.
Net sales for the Company’s U.S. Consumer Direct segment, which includes the Company’s branded stores and e-commerce business, increased 12.1% to $73.3 million, compared with the prior year quarter. First quarter same-store sales for the 108 stores in our same-store base and e-commerce increased 0.7% compared to the same period in 2012. The Company operated a total of 124 branded stores in the United States as of March 31, 2013, compared to 109 as of March 31, 2012.
Net sales for the Company’s U.S. Wholesale segment increased 19.1% to $25.5 million compared to the prior year quarter driven by growth in the Off-Price and Specialty Store channels.
Net sales for the International segment totaled $21.3 million, an 11.6% increase as compared to the prior year quarter. The segment’s increase was driven by a $3.4 million increase in international retail sales primarily as a result of an increase in store count from 18 at March 31, 2012 to 31 at March 31, 2013. The Company opened two international stores and closed one in the first quarter of 2013.
Gross profit increased 6.9% to $73.7 million, driven primarily by overall sales growth. The gross margin rate decreased 350 basis points from the rate in the prior year quarter to 61.0%, due to increased discounts to sell excess merchandise.
Selling, general and administrative (“SG&A”) expenses increased 36.7% to $70.6 million from $51.7 million in the prior year quarter, and as a percentage of net sales increased to 58.5% from 48.4% in the same quarter a year ago. The increase in SG&A expenses was primarily attributable to executive separation costs of $7.5 million and costs associated with the Company’s review of strategic alternatives of $0.8 million. In addition, costs to operate our expanded retail footprint increased by $2.8 million in our U.S. Consumer Direct segment and $2.3 million in our International segment.
Operating income totaled $3.1 million, down 82.2% from the same quarter in the prior year, as the sales increase was offset by the former executive separation costs, higher discounts to sell excess merchandise, and the costs associated with the Company’s review of strategic alternatives.
The effective tax rate for the quarter was 86.6% as compared to 40.8% in the first quarter of 2012. The first quarter 2013 effective tax rate increased primarily because the ratio of foreign losses to our overall pre-tax income was higher than in the same quarter in the prior year. The separation costs and review of strategic alternative costs reduced our taxable income, which also negatively impacted the effective tax rate.
Net income attributable to True Religion Apparel, Inc. decreased to $0.5 million, or $0.02 per diluted share based on weighted average shares outstanding of 25.6 million, as compared to $10.4 million, or $0.41 per diluted share based on weighted average shares outstanding of 25.4 million in 2012.
Excluding the separation costs and the review of strategic alternatives costs, adjusted net income attributable to True Religion Apparel, Inc. was $5.7 million, or $0.22 per diluted share for the first quarter of 2013.
Balance Sheet and Liquidity
As of March 31, 2013, the Company had $71.3 million of cash and cash equivalents and $149.6 million of short and long-term investments, which totals $220.9 million. As of March 31, 2012, the Company had $204.2 million of cash and cash equivalents. The Company paid a portion of the previously discussed separation costs of approximately $5.1 million in March 2013, which impacted cash balances at March 31, 2013. The Company ended the quarter with no long-term borrowings. The inventory balance as of March 31, 2013 was $64.2 million, an 11.4% increase from March 31, 2012. This increase is primarily the result of an expanded retail store count from 127 retail stores at March 31, 2012 to 155 retail stores at March 31, 2013.
Net cash provided by operating activities for the first quarter of 2013 was $12.4 million compared to $12.5 million in the first quarter of 2012. This decrease in net cash provided by operating activities is linked to the decrease in 2013 net income offset by a decrease in inventory purchases compared to the first quarter 2013 compared to the first quarter of 2012 and a reduction in the payment of performance based compensation in 2013 because a portion of the 2012 performance compensation was paid at the end of December 2012.
Store Openings
During the 2013 first quarter, True Religion Apparel opened two stores in the U.S., one store in Hong Kong and one store in Canada and closed one store in the U.K. As of March 31, 2013, the Company operated 124 stores in the U.S. and 31 international stores.
Merger Agreement and Quarterly Dividend
Today we announced that we have entered into a definitive merger agreement with an affiliate of funds managed by TowerBrook Capital Partners L.P. (“TowerBrook”), the New York and London-based investment management firm, in a take-private transaction valued at approximately $835 million. Under the terms of the merger agreement, TowerBrook will acquire all of the outstanding shares of True Religion common stock for $32.00 per share in cash. The merger is subject to approval from our stockholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the third quarter of 2013. Pursuant to the Merger Agreement, we have suspended our regular quarterly dividend through the earlier to occur of the closing of the merger or expiration of the Merger Agreement.
Earnings Conference Call
We will not be conducting our quarterly conference calls addressing earnings during the pendency of our merger agreement. The call previously scheduled for 11:00 a.m. ET today will not be held.
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based jeans and jeans-related sportswear brand. The Company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high-quality, distinctive styling and fit in denim, sportswear, and licensed products, may be found in the Company’s branded retail and outlet stores as well as contemporary department stores and boutiques in 50 countries on six continents. As of March 31, 2013, the Company owned and operated 124 branded retail and outlet stores in the United States and 31 international stores. For more information, please visit True Religion Brand Jeans - Men's & Women's Denim & Fashion Clothing.

True Religion Apparel Announces First Quarter 2013 Results - Yahoo! Finance
True Religion Apparel agrees to $826M buyout offer - Yahoo! Finance

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