FORT LAUDERDALE, Fla., Aug. 14 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc. (Nasdaq: PARL) announced today its results for the
quarter ended June 30, 2002.
Net sales for the quarter were $19,825,736 compared to $18,013,373, an
increase of 10% over the prior year period. Operating income increased 8% to
$1,993,415 from $1,838,066 for the comparable prior year. Net income was
$1,116,042 or $0.11 per share compared to a loss of $1,717,238 or ($0.17) per
share in the comparable prior year period. The prior year was negatively
impacted by a non-cash charge for an unrealized loss on an investment of
$2,858,447.
Commenting on the results, Ilia Lekach, Chairman and Chief Executive
Officer, said, "Our business continues to rebound following the difficult
holiday season and we look forward to a major new Perry Ellis(R) product,
'Perry' which is launching over the next few months." Mr. Lekach added, "The
increase in sales and improvement in our sales mix is gratifying. Excluding
the other than temporary decline in market value of our investment reported
last year, our net income per share increased 22% from $0.09 to $0.11 per
share."
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-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 table below)
PARLUX FRAGRANCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
2002 2001
Net sales:
Unrelated customers $14,275,667 $11,665,256
Related parties 5,550,069 6,348,117
19,825,736 18,013,373
Cost of goods sold, including
$1,214,429 and $941,821 of
promotional items in 2002
and 2001, respectively 10,192,272 8,458,514
Gross margin 9,633,464 9,554,859
Operating expenses:
Advertising and promotional 3,273,356 3,846,888
Selling and distribution 1,711,454 1,722,191
General and administrative,
net of licensing fees of
$162,500 in 2001 1,481,302 1,060,167
Depreciation and amortization 348,991 521,427
Royalties 824,946 566,120
Total operating expenses 7,640,049 7,716,793
Operating income 1,993,415 1,838,066
Interest expense, net 193,348 331,858
Other-than-temporary decline in value of
investment in affiliate --- 2,858,447
Income (loss) before income taxes 1,800,067 (1,352,239)
Income taxes provision 684,025 364,999
Net income (loss) $1,116,042 ($1,717,238)
Income (loss) per common share:
Basic $0.11 ($0.17) (1)
Diluted $0.11 ($0.17) (1)
Weighted average shares outstanding
basic 9,976,276 9,969,434
Weighted average shares outstanding
diluted 10,101,628 10,087,164
(1) Excluding the charge for the other-than-temporary decline in market
value of investments, net income would have been $933,849; both basic
and diluted earnings per share would have been $0.09.
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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