FORT LAUDERDALE, Fla., Feb. 13 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today results for its third quarter
ended December 31, 2003.
Net sales for the quarter were $25,763,661 compared to $19,780,626 for the
same quarter of the prior year, an increase of 30%, which is attributable to
new product launches during the holiday period and the strengthening of sell-
through in all distribution channels. Net income for the quarter was
$1,687,246 ($0.18 per share), compared to a net income of $106,820 ($0.01 per
share), for the comparable prior year period, due to higher sales coupled with
controlled spending.
For the nine-month period ended December 31, 2003, net sales were
$60,957,182, compared to $57,613,990, an increase of 6%. Net income of
$3,806,439 ($0.40 per share) compared to net income of $4,333,235 ($0.43 per
share) for the comparable prior year period. The prior year included pre-tax
income of $4,000,564 relating to a one-time settlement of a lawsuit against a
supplier. Excluding the effect of this settlement, net income for the prior
period would have been $1,852,885 ($0.18 per share).
Commenting on the results, Mr. Ilia Lekach, Chairman and Chief Executive
Officer said, "Our business has strengthened and our new product launches have
contributed to our growth. We trimmed operating expenses, and have achieved
profitability as planned. We are optimistic that the agreement we reached
with GUESS?, Inc. for a new fragrance to be launched on a worldwide basis will
help contribute to Parlux's future success."
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, Ocean Pacific (OP), Fred Hayman
Beverly Hills, and GUESS?, Inc.
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.
(See following table)
PARLUX FRAGRANCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended December 31, 2003 2002
Net sales
Unrelated customers $12,009,892 $14,734,673
Related customers 13,753,769 5,045,953
25,763,661 19,780,626
Cost of goods sold, including
$1,082,352 and $1,219,060 of
promotional items for the
three months ended December 31,
2003 and 2002, respectively. 12,954,375 9,676,379
Gross margin 12,809,286 10,104,247
Operating expenses 10,008,656 9,754,360
Operating income 2,800,630 349,887
Interest expense and bank charges, net 79,266 177,598
Income before taxes 2,721,364 172,289
Income tax provision 1,034,118 65,469
Net income $1,687,246 $106,820
Fully diluted earnings per share $0.18 $0.01
Weighted average shares outstanding 9,467,609 10,261,826
Nine Months Ended December 31, 2003 2002
Net sales
Unrelated customers $30,243,016 $40,418,550
Related customers 30,714,166 17,195,440
60,957,182 57,613,990
Cost of goods sold, including
$2,512,939 and $2,892,509 of promotional
items for the nine months ended
December 31, 2003 and 2002,
respectively. 31,309,902 29,088,982
Gross margin 29,647,280 28,525,008
Operating expenses 23,313,194 24,465,562
Operating income 6,334,086 4,059,446
Interest expense and bank charges, net 194,668 612,441
Litigation settlement, net of expenses 0 (3,542,083)
Income before taxes 6,139,418 6,989,088
Income tax provision 2,332,979 2,655,853
Net income $3,806,439 $4,333,235
Fully diluted earnings per share $0.40 $0.43(1)
Weighted average shares outstanding 9,497,239 10,168,102
(1) Excluding the effect of the proceeds from the settlement of the
litigation with a supplier in the amount of $4,000,564 (which is presented net
of related expenses above), diluted earnings per share would have been $0.18
for the nine-month period ended December 31, 2002.
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.
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