Fifth & Pacific Companies, Inc. approved the amendments to the company's certificate of incorporation and bylaws to allow the holders of 35% of common stock to act by written consent.

2013 Annual Shareholders Meeting

Fifth & Pacific Companies, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $52.17 million or $0.44 per basic and diluted share on net sales of $371.80 million compared to net loss of $60.64 million or $0.60 per basic and diluted share on net sales of $317.15 million a year ago. Operating loss was $23.16 million compared to $32.94 million a year ago. Loss before provision for income taxes was $38.48 million compared to $50.47 million a year ago. Loss from continuing operations was $39.49 million or $0.33 per basic and diluted share compared to loss from continuing operations of $51.73 million or $0.51 per basic and diluted share a year ago. Net cash used in operating activities was $66.09 million compared to $37.09 million a year ago. Purchases of property and equipment were $20.65 million compared to $13.42 million a year ago. Adjusted loss from continuing operations was $18.64 million or $0.16 per basic and diluted share compared to adjusted loss from continuing operations of $22.20 million or $0.22 per basic and diluted share a year ago. Adjusted operating loss was $15.94 million compared to $21.86 million a year ago. CapEx for the quarter increased to $21 million. The company provided earnings guidance for the fiscal 2013. For fiscal 2013, the company continues to forecast adjusted EBITDA, net of foreign currency transaction adjustments, in the range of $120 to $150 million. Second quarter and third quarter adjusted EBITDA are also planned down to LY but to a lesser extent, with third quarter improving sequentially relative to second quarter. For the fourth quarter, the company expects to see a modest improvement in adjusted EBITDA relative to LY. The company is still targeting $66 million to $68 million; depreciation and amortization, $75 million to $80 million. Annual CapEx is targeted at approximately $115 million. The company expects interest to be approximately $45 million to $50 million for the year. Normalized tax rate for 2013 applied to adjusted earnings will be between 38% and 40%. The brand is on target to open 30 to 35 new total domestic full-price stores and 10 to 12 new outlet doors in 2013, including first outlet in Canada. The company plans to open an additional 4 locations during second quarter, and the company is working to open very 2 visible flagships during the second half of 2013.