FORT LAUDERDALE, Fla., Aug. 23 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today that due to the delay in
filing its Form 10-Q for the period ended June 30, 2006, the Company has
received a letter from The Nasdaq Stock Market indicating that the
Company's common stock is subject to delisting pursuant to Nasdaq
Marketplace Rule 4310(c)(14). Nasdaq Marketplace Rule 4310(c)(14) requires
the Company to file all reports with the Securities and Exchange Commission
on a timely basis, as required by the Securities Exchange Act of 1934, as
amended.
Parlux will request a hearing before the Nasdaq Listing Qualifications
Panel, thereby automatically deferring the delisting of its common stock
pending the Panel's review and determination. Until the Panel issues a
determination and the expiration of any exception granted by the Panel,
Parlux's common stock will continue to be traded on The Nasdaq National
Market.
As announced on August 17, 2006, Parlux has delayed filing its
Quarterly Report on Form 10-Q pending determination of a non-cash charge to
be recorded in accordance with Statement of Financial Accounting Standards
No. 123R "Share Based Payment." This non-cash charge was due to the
modification of fully vested warrants, issued during the period from 1999
through 2002, to reflect the Company's stock split effected June 19, 2006.
The charge will have no effect on the stockholders' equity of the Company
since the same amount appearing as a share-based compensation charge will
be recorded as an increase to addition paid-in-capital, and the book value
per share will remain unchanged. Parlux intends to file the Form 10-Q as
soon as practicable.
Parlux Fragrances, Inc. is a manufacturer and international distributor
of prestige products. It holds licenses for Paris Hilton fragrances,
watches, cosmetics, sunglasses, handbags and other small leather
accessories in addition to licenses to manufacture and distribute the
designer fragrance brands of Perry Ellis, GUESS?, XOXO, Ocean Pacific (OP),
Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.
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.
SOURCE Parlux Fragrances, Inc.
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Related links:
http://www.parlux.com
http://www.prnewswire.com/comp/674987.html /
CONTACT:
Frank A. Buttacavoli, Executive Vice
President & COO, CFO, Parlux Fragrances, Inc., +1-954-316-9008,
ext. 8117
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