Parlux Reports Results for the Quarter Ended June 30, 2010
28 Luglio 2010 - 11:09PM
Parlux Fragrances, Inc. (Nasdaq:PARL) announced its unaudited
results for the quarter ended June 30, 2010. Net sales for the
quarter were $24.1 million, compared to $23.6 million for the prior
year quarter, an increase of 2%. Net income was $232 thousand
or $0.01 per share, compared to a net loss of $2.5 million, or
$(0.12) per share, for the same prior year period.
Mr. Frederick E. Purches, Chairman and CEO, commented, "We were
able to increase our sales in this quarter despite the inclusion of
$11.8 million of GUESS product sales in the prior year. Although we
expect total sales in the next two quarters will be negatively
impacted in comparison to the prior year (we ceased selling GUESS
in December 2009), we anticipate growth in existing brands in this
fiscal year. Of special significance was our return to
profitability. This was basically due to careful cost control, as
operating expenses were reduced by $3.6 million or 21% compared to
the same prior year period."
Mr. Purches added, "Our balance sheet at June 30, 2010 reflects
a cash position of $14.9 million and no bank debt. We have not
drawn on our $20 million line of credit available from GE Capital
Corporate Finance. Our equity now exceeds $100 million representing
a book value of $4.89 per share."
Mr. Purches concluded, "Although the retail environment has not
returned to previous levels, our management and staff are energized
by these achievements. We believe that the market value
of our stock is far below its intrinsic value and we expect
our new strategy will merit renewed shareholder confidence."
ABOUT PARLUX FRAGRANCES, INC.
Parlux Fragrances, Inc. is a manufacturer and international
distributor of prestige products. It holds licenses for Paris
Hilton, Jessica Simpson, Nicole Miller, Josie Natori, Queen
Latifah, Marc Ecko, Rihanna, Kanye West, babyGund, and Fred Hayman
Beverly Hills designer fragrances, as well as Paris Hilton watches,
cosmetics, sunglasses, handbags and other small leather
accessories, and the recently signed Vince Camuto.
Certain Information Regarding Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, our plans, strategies and
prospects, both business and financial. 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 net income, the
Company's ability to maintain its current brands and licenses, the
Company's ability to successfully introduce, acquire, or launch new
brands, licenses, or products in a cost-effective manner, general
economic conditions, Perfumania's ability to pay its balance due to
the Company, and compliance with the covenants in the Company's
credit facility. Additional risk factors are set forth in the
Company's periodic reports filed with the Securities and Exchange
Commission. 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.
PARLUX FRAGRANCES, INC.
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In thousands, except
per share data) |
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
2010 |
2009 |
|
(Unaudited) |
|
|
|
Net sales: |
|
|
Unrelated customers |
$ 14,320 |
$ 18,643 |
Related parties |
9,011 |
5,001 |
Sales - expired license |
783 |
-- |
|
24,114 |
23,644 |
|
|
|
Cost of goods sold: |
|
|
Unrelated customers |
5,769 |
8,254 |
Related parties |
3,860 |
2,419 |
Cost of sales - expired
license |
782 |
-- |
|
10,411 |
10,673 |
|
|
|
Operating expense |
13,335 |
16,894 |
|
|
|
Operating income (loss) |
368 |
(3,923) |
|
|
|
Interest income (expense),
net |
5 |
(55) |
Foreign exchange gain
(loss) |
2 |
(1) |
Income (loss) before income taxes |
375 |
(3,979) |
|
|
|
Income tax provision (benefit) |
143 |
(1,512) |
|
|
|
Net income (loss) |
$ 232 |
$ (2,467) |
|
|
|
|
|
|
Income (loss) per common share: |
|
|
Basic |
$ 0.01 |
$ (0.12) |
|
|
|
Diluted |
$ 0.01 |
$ (0.12) |
|
|
|
Weighted average number of shares
outstanding: |
|
|
Basic |
20,475,801 |
20,324,812 |
|
|
|
Diluted |
20,586.202 |
20,324,812 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEET DATA |
(In
thousands) |
|
June 30, 2010 |
March 31, 2010 |
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
$ 14,916 |
$ 17,579 |
Trade receivables, net |
13,628 |
14,245 |
Inventories |
45,002 |
41,846 |
Other current assets |
30,145 |
29,703 |
Current Assets |
103,691 |
103,373 |
|
|
|
|
|
|
Equipment and leasehold improvements,
net |
2,676 |
2,679 |
Trademarks and licenses, net |
4,470 |
4,654 |
Other assets |
3,626 |
3,626 |
Total Assets |
$ 114,463 |
$ 114,332 |
|
|
|
Other current liabilities and income taxes
payable |
$ 14,249 |
$ 14,532 |
Current Liabilities |
14,249 |
14,532 |
|
|
|
Total Liabilities |
14,249 |
14,532 |
|
|
|
Stockholders' Equity |
100,214 |
99,800 |
Total Liabilities and Stockholders'
Equity |
$ 114,463 |
$ 114,332 |
CONTACT: Parlux Fragrances, Inc.
Frederick E. Purches
(954) 316-9008, Ext. 8116
Raymond J. Balsys
(954) 316-9008, Ext. 8106
http://www.parlux.com
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