FORT LAUDERDALE, Fla., June 20 /PRNewswire/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today its results for the
fourth quarter and fiscal year ended March 31, 2001.
Net sales for fiscal 2001 were $68,875,110 compared to $66,385,151 in the
prior year, an increase of 4%. Sales to unrelated customers increased 29% to
$46,512,816 from $35,958,199 while sales to related parties decreased 27% to
$22,362,294 compared to $30,426,952 last fiscal year.
Operating income increased 12% to $7,380,319 in the current fiscal year
compared to $6,599,304 in the prior period with net income increasing to
$3,925,659 compared to $3,872,611 last fiscal year.
Diluted earnings per share increased 23% for the fiscal year to $0.38 per
share compared to $0.31 per share in the prior fiscal year.
Actual shares outstanding were reduced to 9,969,434 at March 31, 2001
compared to 10,268,305 at March 31, 2000, a further decrease of 3%. Since the
inception of the Company common stock buyback program, 8,017,131 shares have
been repurchased, representing 45% of total issued shares at that time.
Ilia Lekach, Chairman and Chief Executive Officer said, "The increase in
our sales to unrelated customers confirms the acceptance of our products in
both domestic and international markets. Sales to related companies were
reduced as planned and the increase in operating income is tangible evidence
of the effectiveness of our strategy. The reduction of our outstanding
shares, combined with an improvement in operations has allowed us to report
earnings of $0.38 per share, a double-digit improvement in earnings, which
should distinguish us in the market place. At $2.40 per common share, the
current price of our stock is less than seven times earnings, a fraction of
what other companies in our industry command. We continue to direct our
efforts to warrant our shareholders' confidence and believe that now is the
time to place more emphasis on our communications with Wall Street in order to
take notice of the progress we have achieved."
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, Fred Hayman Beverly Hills, Ocean
Pacific (OP), and JOCKEY. The Company also owns, manufactures and distributes
its own fragrance brand, Animale Parfums.
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 table that follows)
PARLUX FRAGRANCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEAR ENDED MARCH 31, 2001 2000
Net sales $68,875,110 $66,385,151
Operating income 7,380,319 6,599,304
Net income 3,925,659 3,872,611
Basic earnings per share $0.39 $0.32
Diluted earnings per share $0.38 $0.31
Weighted average shares
outstanding basic 10,068,422 11,965,713
Weighted average shares
outstanding diluted 10,389,052 12,512,973
THREE MONTHS ENDED MARCH 31, 2001 2000
Net sales $14,814,677 $15,122,386
Operating income 1,196,196 1,609,248
Net income 620,176 950,909
Basic earnings per share $0.06 $0.09
Diluted earnings per share $0.06 $0.08
Weighted average shares outstanding basic 9,969,434 10,702,008
Weighted average shares outstanding diluted 10,050,203 11,761,611
SOURCE Parlux Fragrances, Inc.
 back to top
Related links:
http://www.parlux.com
Company News On-Call:
http://www.prnewswire.com/comp/674987.html or fax,
800-758-5804, ext. 674987
CONTACT:
Ilia Lekach of Parlux Fragrances, Inc.,
316-9008, ext. 116
|
