FORT LAUDERDALE, Fla., Nov. 8 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (Nasdaq: PARL) announced today its results for the three
months ended September 30, 2004. Net sales were $22,723,357 compared to
$18,251,732 in the same period of the prior year, an increase of 24%. Net
income was $2,375,971 ($0.23 per share) compared to $1,401,849 ($0.15 per
share) in the same period of the prior year, an increase of 69%.
For the six-month period ended September 30, 2004, net sales were
$45,684,560 compared to $35,193,521 in the prior period, an increase of
30%. Net income was $4,565,813 ($0.43 per share) compared to $2,119,193
($0.22 per share) in the same period of the prior year, an increase of
115%.
Commenting on the results, Ilia Lekach, Chairman and CEO, said, "I am
delighted with our record performance and I'm optimistic regarding results
through the end of our fiscal year. We have recently commenced shipments
of our Paris Hilton fragrance which has surpassed our expectations. We are
grateful to our Perry Ellis licensor for their innovative marketing
efforts and the continued support of their brand." Mr. Lekach continued,
"We have no short- or long-term debt, a positive cash balance and a
$20 million line of credit. We believe that the introduction of other new
products, including GUESS? and Maria Sharapova, should strengthen our
future performance."
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, GUESS?, Paris
Hilton, Ocean Pacific (OP), Fred Hayman Beverly Hills and, its recent
addition, Maria Sharapova.
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.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended September 30, 2004 2003
Net sales:
Unrelated customers $7,931,474 7,391,521
Related customers 14,791,883 10,860,211
22,723,357 18,251,732
Cost of goods sold:
Unrelated customers 3,923,798 3,993,303
Related customers 7,395,645 5,466,195
11,319,443 9,459,498
Gross margin 11,403,914 8,792,234
Operating expenses 7,600,417 6,481,407
Operating income 3,803,497 2,310,827
Interest (income) expense, net (28,715) 49,780
Income before taxes 3,832,212 2,261,047
Income tax provision 1,456,241 859,198
Net income $2,375,971 $ 1,401,849
Fully diluted earnings per share $0.23 $0.15
Weighted average shares outstanding 10,516,151 9,588,585
Six Months Ended September 30, 2004 2003
Net sales:
Unrelated customers $17,037,126 $18,233,124
Related customers 28,647,434 16,960,397
45,684,560 35,193,521
Cost of goods sold:
Unrelated customers 8,742,201 9,534,172
Related customers 14,267,708 8,821,355
23,009,909 18,355,527
Gross margin 22,674,651 16,837,994
Operating expenses 15,375,399 13,304,538
Operating income 7,299,252 3,533,456
Interest (income) expense, net (64,963) 115,402
Income before taxes 7,364,215 3,418,054
Income tax provision 2,798,402 1,298,861
Net income $ 4,565,813 $ 2,119,193
Fully diluted earnings per share $0.43 $0.22
Weighted average shares outstanding 10,540,420 9,498,405
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 of Parlux Fragrances, Inc.,
+1-954-316-9008, ext. 116
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