FORT LAUDERDALE, Fla., Aug. 8 /PRNewswire-FirstCall/ -- Parlux Fragrances,
Inc (Nasdaq: PARL) announced today its results for the first quarter ended
June 30, 2005. Net sales increased 47% to $33,817,329, as compared to
$22,961,203 in the prior year period. The increase was attributable to the
continued rollout of Paris Hilton fragrances and the initial shipments of the
GUESS? for women fragrance introduction, coupled with an increase in core
business.
Net income for the period increased 72%, from $2,189,842 to $3,811,623.
Fully diluted earnings per share increased from $0.21 per share to $0.36 per
share.
Commenting on the results, Mr. Ilia Lekach, Chairman and Chief Executive
Officer, said, "Our Paris Hilton product introductions continue to be very
well received, and our new GUESS? product has surpassed our expectations. We
have effectively achieved our guidance for the first quarter of fiscal 2006,
and remain optimistic that we will achieve our full fiscal year guidance of
$190-$210 million in sales, and $2.00-$2.20 in earnings per share, assuming
the continued acceptance of our new product launches and stable economic
conditions."
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, Paris Hilton, GUESS?, XOXO, Ocean
Pacific (OP), Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly
Hills. Parlux also recently signed licenses to manufacture and distribute
Paris Hilton watches, cosmetics and handbags and other small leather
accessories.
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.
PARLUX FRAGRANCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30,
2005 2004
Net sales:
Unrelated customers $19,402,059 $ 9,105,652
Related parties 14,415,270 13,855,551
33,817,329 22,961,203
Cost of goods sold:
Unrelated customers 7,995,412 4,818,403
Related parties 6,398,070 6,872,063
14,393,482 11,690,466
Gross margin 19,423,847 11,270,737
Operating expenses:
Advertising and
promotional 7,417,042 3,405,295
Selling and distribution 2,256,101 1,692,625
General and administrative 1,617,124 1,566,221
Depreciation and
amortization 488,909 249,049
Royalties 1,546,516 861,792
Total operating expenses 13,325,692 7,774,982
Operating income 6,098,155 3,495,755
Interest income, net (49,626) (36,248)
Income before income taxes 6,147,781 3,532,003
Income taxes provision 2,336,158 1,342,161
Net income $ 3,811,623 $ 2,189,842
Income per common share:
Basic $0.42 $0.24
Diluted $0.36 $0.21
Weighted average shares
outstanding basic 9,003,385 9,036,409
Weighted average shares
outstanding diluted 10,569,081 10,564,804
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, +1-954-316-9008
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