G-III Apparel Approves Two-for-one Stock Split - Quick Facts

(RTTNews) - G-III Apparel Group, Ltd. (GIII) said its board of directors has approved a two-for-one-stock split of the company's common stock to be paid as a stock dividend.

The company's stockholders of record as of the close of business on April 20, 2015 will receive one additional share of common stock for each share of common stock held by them on that date.

The new shares are expected to be issued on May 1, 2015. The company expects Nasdaq trading on a split-adjusted basis to begin on May 4, 2015.

G-III Apparel had outstanding about 22.5 million shares of its common stock as of April 6, 2015. After the stock split, it will have outstanding approximately 45.0 million shares of its common stock.

For the fiscal year ending January 31, 2016, G-III Apparel now expects net income to be between $2.53 and $2.63 per diluted share on a split-adjusted basis, compared to net income between $5.05 and $5.25 per diluted share on a pre-split basis.

On average, nine analysts polled by Thomson Reuters expect the company to report earnings of $5.23 per share for the quarter. Analysts' estimates typically exclude special items.