FORT LAUDERDALE, Fla., July 17 /PRNewswire/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) filed its Form 10-K for the year ended
March 31, 2001, confirming that sales for the year were $68.9 million compared
to $66.4 million in the prior year, an increase of 4%. Fully diluted earnings
per share increased from 31 cents per share to 38 cents, an increase of 23%.
On June 28, 2001, the Company requested an extension to file its Form 10-K
to include information on a new loan agreement that would replace its current
$14 million credit line with a $20 million credit facility.
To meet its SEC reporting deadline, the Company filed its Form 10-K
yesterday. Solely because the new financing agreement was not yet concluded,
the Company's auditors were required to issue a qualified opinion for
inclusion in the Form 10-K. As soon as the new financing arrangement is in
place, the Company will file a Form 8-K with respect to the effectiveness of
the new lending agreement. Although not yet executed, the Company anticipates
concluding the new agreement within the next ten days.
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.
SOURCE Parlux Fragrances, Inc.
 back to top
Related links:
http://www.parlux.com
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
|
