FORT LAUDERDALE, Fla., June 25 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today that net sales in the
fourth quarter of its fiscal year ended March 31, 2002 were $16,665,825
compared to $14,814,677 in the prior year, an increase of 13%. Net income for
the period was $803,505, an increase of 30% compared to $620,176 in the prior
year. Earnings per share were $0.08, an increase of 33%, compared to $0.06 in
the prior year.
For the full fiscal year, net sales were $70,001,063 compared to
$68,875,110 in the prior year, an increase of 2%. Net loss for the period was
$5,655,401 compared to a net profit of $3,925,659 in the prior year. The loss
was entirely attributable to a $7,441,554 non-cash charge to operating income
for the impairment of intangibles in connection with the subsequent cash sale
of two brands, and a non-cash charge for an unrealized loss on an investment
of $2,858,447.
Commenting on the results, Ilia Lekach, Chairman and CEO said, "Excluding
non-cash charges, the Company earned approximately $1.6 million in a year
which has been extremely challenging. After experiencing a significant decline
in the holiday period following the September 11th tragedy, our overall
business improved in the final quarter of the year and continues strong. We
expect first quarter performance to exceed prior year results."
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 below)
PARLUX FRAGRANCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, 2002 2001
Net sales $ 16,665,825 $ 14,814,677
Cost of goods sold 7,024,450 6,396,077
Gross margin 9,641,375 8,418,600
Operating expenses
Advertising and promotional 3,561,085 3,449,600
Selling and distribution 1,614,873 1,616,574
General and administrative, net of
licensing fees of $162,500 in 2000 1,731,075 1,154,127
Depreciation and amortization 411,138 599,156
Royalties 666,946 402,947
Impairment loss on intangibles 168,431 ------
Total operating expenses 8,153,548 7,222,404
Operating income 1,487,827 1,196,196
Interest expense and exchange gains, net 233,185 242,804
Income before taxes 1,254,642 953,392
Income taxes provision 451,137 333,216
Net income $803,505 $620,176
Fully diluted earnings per share $0.08 $0.06
Weighted average shares outstanding 9,976,146 10,050,203
Year Ended March 31, 2002 2001
Net sales $70,001,063 $68,875,110
Cost of goods sold 32,149,943 27,726,446
Gross margin 37,851,120 41,148,664
Operating expenses
Advertising and promotional 18,209,190 17,484,616
Selling and distribution 6,644,561 6,534,583
General and administrative,
net of licensing fees
of $487,500 in 2002 and
$650,000 in 2001 5,181,473 5,415,061
Depreciation and amortization 1,995,096 2,308,793
Royalties 2,245,786 2,025,292
Impairment loss on intangibles 7,441,554 -----
Total operating expenses 41,717,660 33,768,345
Operating income (loss) (3,866,540) 7,380,319
Interest expense and exchange gains, net 1,020,462 1,095,503
Other-than-temporary decline in value
of investment in affiliate 2,858,447 -----
Income (loss) before taxes (7,745,449) 6,284,816
Income taxes provision (benefit) (2,090,048) 2,359,157
Net income (loss) ($5,655,401) $3,925,659
Fully diluted earnings (loss) per share ($0.57) $0.38
Weighted average shares outstanding 9,973,046 10,389,052
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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