FORT LAUDERDALE, Fla., Feb. 14 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today that, following its
lender's approval, its Board of Directors approved a stock buyback of up to
2,500,000 shares, or approximately 25% of the current outstanding shares of
the Company, from time to time in the open market.
Mr. Ilia Lekach, Chairman and CEO noted, "The Company's shares are trading
at less than 50% of our book value, with a market capitalization of less than
one-third of our annual sales."
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 JOCKEY.
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.
SOURCE Parlux Fragrances, Inc.
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Related links:
http://www.parlux.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/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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