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TRLG > SEC Filings for TRLG > Form 8-K on 19-Jul-2013All Recent SEC Filings

Show all filings for TRUE RELIGION APPAREL INC



Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure

Beginning July 19, 2013, management of True Religion Apparel, Inc. (the "Company") will provide the preliminary information below to potential lenders in connection with the acquisition of the Company by TowerBrook Capital Partners:

Second Quarter 2013
- Total net sales increased 11.1% to $116.6 million compared to $104.9 million in the second quarter of 2012.

- EBITDA increased 2.5% to $18.9 million compared to $18.5 million in the second quarter of 2012.

- Adjusted EBITDA increased 2.9% to $23.4 million compared to $22.7 million in the second quarter of 2012.

EBITDA Reconciliaton
(Dollar amounts in thousands)
                                       Quarter Ended June 30,
                                         2013          2012
Net Income                            $     8,426    $    9,838
 Depreciation and amortization              3,484         3,086
 Income tax expense                         7,138         5,603
 Interest income                            (110)          (58)
EBITDA (a)                            $    18,938    $   18,469

Stock-based compensation expense (b)        1,030         3,030
Foreign currency loss (c)                      14         1,246
Strategic review costs (d)                  3,295             -
Severance                                     124             -
Adjusted EBITDA (e)                   $    23,401    $   22,745

(a) EBITDA is defined as net income before interest, income tax expense and depreciation and amortization.

(b) Represents non-cash compensation expense.

(c) Foreign exchange losses.

(d) Expenses recorded in the second quarter of 2013 in connection with the Company's review of strategic alternatives and the proposed merger with TowerBrook Capital Partners.

(e) Adjusted EBITDA is defined as EBITDA plus stock-based compensation expense, foreign currency losses (gains), strategic review costs and certain other adjustments that management believes are not representative of its core operating performance.

The information contained in this Item 7.01 is furnished and shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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