FORT LAUDERDALE, Fla., Feb. 8 /PRNewswire-FirstCall/ -- Parlux Fragrances,
Inc. (Nasdaq: PARL) announced today results for its third quarter ended
December 31, 2004.
Net sales for the quarter were $28,748,499 compared to $25,763,661 for the
same quarter of the prior year, an increase of 12%. Sales to unrelated
parties increased 25%; sales to related parties remained at prior year levels.
Net income for the quarter increased 70% reaching $2,867,746 ($0.27 per
share), compared to $1,687,246 ($0.18 per share) for the comparable prior year
period.
For the nine-month period ended December 31, 2004, net sales were
$74,433,059, compared to $60,957,182, an increase of 22%. Net income increased
95% to $7,433,559 ($0.70 per share) compared to net income of $3,806,439
($0.40 per share) for the comparable prior year period.
Commenting on the results, Mr. Ilia Lekach, Chairman and Chief Executive
Officer, said, "The introduction of our Paris Hilton fragrance in the United
States continues to be successful, and we are proceeding with an international
rollout, with a launch party and personal appearance scheduled for Mexico City
in mid-March. Our business will continue to expand next year with planned new
product launches under our GUESS? and Maria Sharapova licenses, and the recent
addition of the XOXO line of fragrances, which is shipping this quarter." Mr.
Lekach continued, "Assuming the consumer market accepts our new product
introductions as we anticipate, and the worldwide economic conditions remain
relatively stable, we believe that our revenues for the upcoming fiscal year
ending March 31, 2006 could double."
Parlux Fragrances, Inc. is a manufacturer and international distributor of
prestige fragrances and holds the licenses to manufacture and distribute the
designer fragrance brands of Perry Ellis, GUESS, Paris Hilton, Ocean Pacific
(OP), Maria Sharapova, Andy Roddick, and Fred Hayman Beverly Hills. Parlux
also recently signed a license to manufacture and distribute Paris Hilton
watches.
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 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.
PARLUX FRAGRANCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended December 31, 2004 2003
Net sales:
Unrelated customers $14,963,501 $12,009,892
Related customers 13,784,998 13,753,769
28,748,499 25,763,661
Cost of goods sold:
Unrelated customers 5,808,330 5,712,270
Related customers 6,887,508 7,242,105
12,695,838 12,954,375
Gross margin 16,052,661 12,809,286
Operating expenses 11,463,536 10,008,656
Operating income 4,589,125 2,800,630
Interest (income) expense and bank
charges, net (36,272) 79,266
Income before taxes 4,625,397 2,721,364
Income tax provision 1,757,651 1,034,118
Net income $2,867,746 $ 1,687,246
Fully diluted earnings per share $0.27 $0.18
Weighted average shares outstanding 10,614,655 9,467,609
Nine Months Ended December 31, 2004 2003
Net sales
Unrelated customers $32,000,627 $30,243,016
Related customers 42,432,432 30,714,166
74,433,059 60,957,182
Cost of goods sold:
Unrelated customers 14,550,531 15,246,441
Related customers 21,155,216 16,063,461
35,705,747 31,309,902
Gross margin 38,727,312 29,647,280
Operating expenses 26,838,935 23,313,194
Operating income 11,888,377 6,334,086
Interest (income) expense and bank
charges, net (101,235) 194,668
Income before taxes 11,989,612 6,139,418
Income tax provision 4,556,053 2,332,979
Net income $7,433,559 $ 3,806,439
Fully diluted earnings per share $0.70 $0.40
Weighted average shares outstanding 10,591,091 9,497,239
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:
Ilia Lekach, ext. 116, or Frank A.
Buttacavoli, ext. 117, both of Parlux Fragrances, Inc.,
+1-954-316-9008
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