FORT LAUDERDALE, Fla., Aug. 5 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc (Nasdaq: PARL) announced today its results for the first
quarter ended June 30, 2004. Net sales increased 36% to $22,961,203 as
compared to $16,941,789 in the prior year period. Operating income
reached $3,495,755 or 15% of net sales compared to $1,222,629 or 7% in the
prior year. Due to its improved cash position, the Company earned net
interest income of $36,248 as compared to incurring net interest expense
of $65,622 in the prior year period. The Company had no outstanding bank
borrowings during the quarter.
Net income tripled to $2,189,842 as compared to $717,344 in the prior
year. Earnings per share on a fully diluted basis increased to $0.21 per
share as compared to $0.08 in the prior year.
Ilia Lekach, Chairman and Chief Executive Officer, said, "I am pleased
with our first quarter results and optimistic regarding our continuing
performance through the balance of our fiscal year. However, I do not
anticipate our sales and profit increasing at the same pace we experienced
this quarter. We continue to invest in the development of new and exciting
products for the launches of our Guess and Paris Hilton licenses to
broaden the base of our business for the future. We expect to initiate
advertising and promotion for these two new brands in the second half of
this fiscal year in anticipation of sales, some of which will not occur
until Fiscal 2006."
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, GUESS?, Inc. and Paris Hilton.
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-looking 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 following table)
PARLUX FRAGRANCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30,
2004 2003
Net sales:
Unrelated customers $ 9,105,652 $10,841,603
Related parties 13,855,551 6,100,186
22,961,203 16,941,789
Cost of goods sold:
Unrelated customers 4,818,403 5,540,869
Related parties 6,872,063 3,355,160
11,690,466 8,896,029
Gross margin 11,270,737 8,045,760
Operating expenses:
Advertising and promotional 3,405,295 2,730,019
Selling and distribution 1,692,625 1,538,424
General and administrative 1,566,221 1,518,774
Depreciation and amortization 249,049 344,711
Royalties 861,792 691,203
Total operating expenses 7,774,982 6,823,131
Operating income 3,495,755 1,222,629
Interest (income) expense, net (36,248) 65,622
Income before income taxes 3,532,003 1,157,007
Income taxes provision 1,342,161 439,663
Net income $2,189,842 717,344
Income per common share:
Basic $0.24 $0.08
Diluted $0.21 $0.08
Weighted average shares outstanding basic 9,036,409 8,553,284
Weighted average shares outstanding diluted 10,564,804 9,403,125
SOURCE Parlux Fragrances, Inc.
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Related links:
http://www.parlux.com
Company News On-Call:
http://www.prnewswire.com/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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