FORT LAUDERDALE, Fla., July 25 /PRNewswire/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) reported today that it had
substantially completed the latest phase of its common stock open market
buyback program involving 2.5 million shares, resulting in the reduction in
total outstanding shares to approximately 9,969,000.
The Company's Board of Directors believes the Company's common stock
continues to be undervalued and an additional buyback at current prices will
further increase the Company's book value per share. Accordingly, the Board
authorized a new program to purchase, from time to time, up to an additional
2.5 million shares of common stock. Any purchase made pursuant to this
program shall be effected in accordance with applicable securities laws and
subject to the restrictions and covenants in the Company's financing
agreements.
Ilia Lekach, Chairman and CEO, indicated, "This is just another step in
our continuing effort to achieve a market price for our shares with a multiple
of earnings more in line with our peer group."
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.
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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 of Parlux Fragrances, Inc.,
+1-954-316-9008, ext. 116
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