Elizabeth Arden: Priority uses for excess cash include acquisitions

By Lisa Kerner

Charlotte, N.C., Aug. 11 - Elizabeth Arden, Inc. ended the year with a strong balance sheet that included $59 million of cash and an undrawn $325 million revolving credit facility, said chairman, president and chief executive officer E. Scott Beattie during the company's earnings call on Thursday.

The company reported $98 million of cash flow from operations for the 2011 fiscal year ended June 30.

Elizabeth Arden's priorities for the use of free cash will be for share repurchases, working capital and acquisitions.

Net sales for the fiscal fourth quarter were $253.8 million, up 11.2% from the prior-year period. For the full year, net sales were $1.18 billion, an increase of 6.5% from the prior fiscal year.

Beattie noted that for fiscal 2011, the company's gross margins increased by 240 basis points and EBITDA margins on an adjusted basis grew by 190 basis points.

Looking ahead, the Miramar, Fla.-based beauty products company expects net sales for fiscal 2012 to increase by 5% to 6%.

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