FORT LAUDERDALE, Fla., Jan. 11 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today that it had concluded an
agreement to increase its credit line with GMAC Commercial Finance (GMACC)
from $20 million to $30 million, with a further increase to $35 million at the
Company's option. The line, with improved terms, was extended through July
2008. The interest rate was reduced from prime to 0.25% under prime.
Mr. Frank A. Buttacavoli, Chief Operating and Chief Financial Officer,
said, "We are pleased to continue to partner with GMACC to finance our growth.
They have been with us for a number of years and have always been responsive
to our needs. This new agreement reflects their confidence in us, the
improvement in our earnings, and the strength of our balance sheet. We
prudently requested the line increase to support our growth objective of
exceeding $300 million in sales for our next fiscal year ending March 31,
2007."
Parlux Fragrances, Inc. is a manufacturer and international distributor of
prestige products. It holds licenses for Paris Hilton fragrances, watches,
cosmetics, handbags and other small leather accessories in addition to
licenses to manufacture and distribute the designer fragrance brands of Perry
Ellis, GUESS?, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick,
babyGund, and Fred Hayman Beverly Hills.
The Company may periodically release forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company or its industry to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include, among
others, future trends in sales and the Company's ability to introduce new
products in a cost-effective manner. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
thereof. The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
SOURCE Parlux Fragrances, Inc.
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Related links:
http://www.parlux.com
Company News On-Call:
http://www.prnewswire.com/comp/674987.html
CONTACT:
Frank A. Buttacavoli, Parlux Fragrances,
+1-954-316-9008, ext. 117
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