Parlux Announces Its Third Quarter Results
02 Febbraio 2011 - 10:30PM
Parlux Fragrances, Inc. (Nasdaq:PARL) announced today unaudited net
sales for the third quarter and the nine-month period ended
December 31, 2010. Net sales for the quarter were $31.4 million,
compared to $50.3 million in the prior year period. The prior year
period contained approximately $15.3 million of GUESS net sales,
which are no longer distributed by the Company. If we exclude
GUESS sales, comparable prior year sales would have been $35.0
million. Net loss for the quarter was $273 thousand or ($0.01)
per share, compared to a loss of $5.4 million, or ($0.27) per share
for the same prior year period.
For the nine-month period ended December 31, 2010, net sales
were $94.1 million, compared to $130.4 million, (which contained
$43.4 million of GUESS net sales) in the prior year
period. Excluding GUESS, our comparable prior year net sales
would have been $87.0 million, an increase of 8% for the current
nine-month period. Net profits were $1.1 million, or $0.05 per
share, compared to a loss of $4.9 million, or ($0.24) per share in
the same prior year period.
Mr. Frederick E. Purches, Chairman and Chief Executive Officer,
commented, "For the nine-month period we were profitable compared
to a significant loss in the comparable prior year period.
Operating income improved by approximately $10 million. These
results have been achieved by revising our selling strategy and
significantly reducing operating expenses. I am pleased that
our balance sheet at December 31, 2010 continues to strengthen
showing a strong cash position, no long-term debt, and a net book
value of $4.94 per share."
Mr. Purches continued, "Regarding the immediate future, based
upon our expectations for the new Rihanna launch and a new Paris
Hilton entry, PASSPORT, net sales for the fourth quarter ending
March 31, 2011, are expected to be higher than the comparable prior
year quarter. However, you will recall that in our fourth
quarter last year, we reported a net loss of $9.8 million. We
are not in a position to forecast earnings for the fourth quarter
but expect that the changes we have introduced in our sales and
spending strategy will result in reporting a profit for our fiscal
year ending March 31, 2011 compared to the loss reported in the
prior year. We are cautiously optimistic that we will end the
fiscal year with net sales in the range of $120 to $125 million,
and a sales target for fiscal year 2012 of between $145 and $150
million, with continued profitability."
CONFERENCE CALL
The Company will hold a conference call on Thursday,
February 3, 2011, at 9:00 a.m. (ET) to discuss the
Company's 3rd quarter results and to provide additional outlook for
the fiscal year. To participate, please call Toll Free:
800-895-1549 or International:
785-424-1057. Conference ID:
7PARLUX. A replay of the conference call will
be available following the conference call, until 11:59PM (ET)
February 17, 2011. To access the replay, please go to our website
www.parlux.com.
ABOUT PARLUX FRAGRANCES, INC.
Parlux Fragrances, Inc. is a manufacturer and international
distributor of prestige fragrances and beauty related products. It
holds licenses or sublicenses to manufacture and distribute
the designer fragrance brands of Paris Hilton, Jessica Simpson,
Nicole Miller, Josie Natori, Queen Latifah, Marc Ecko, Rihanna,
Kanye West, Vince Camuto and Fred Hayman Beverly Hills, as well as
Paris Hilton sunglasses.
Certain Information Regarding Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, 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 are
discussed 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 update forward-looking statements that may be made
herein or otherwise 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
number of shares and per share data) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Nine Months
Ended December 31, |
|
2010 |
2009 |
2010 |
2009 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net sales: |
|
|
|
|
Unrelated customers |
$ 19,336 |
$ 31,244 |
$ 51,159 |
$ 86,342 |
Related parties |
11,864 |
15,546 |
41,508 |
40,553 |
Sales - expired license |
197 |
3,490 |
1,423 |
3,490 |
|
31,397 |
50,280 |
94,090 |
130,385 |
|
|
|
|
|
Cost of goods sold: |
|
|
|
|
Unrelated customers |
7,795 |
15,937 |
21,785 |
39,853 |
Related parties |
5,171 |
10,736 |
19,495 |
23,815 |
Cost of sales - expired license |
197 |
4,922 |
1,422 |
4,922 |
|
13,163 |
31,595 |
42,702 |
68,590 |
|
|
|
|
|
Operating expenses |
18,479 |
27,306 |
49,283 |
69,453 |
|
|
|
|
|
Operating (loss) income |
(245) |
(8,621) |
2,105 |
(7,658) |
|
|
|
|
|
Interest (expense) income, net |
(197) |
(131) |
(400) |
(283) |
Foreign exchange gain (loss) |
1 |
-- |
1 |
(1) |
(Loss) income before income
taxes |
(441) |
(8,752) |
1,706 |
(7,942) |
|
|
|
|
|
Income tax (benefit) provision |
(168) |
(3,326) |
648 |
(3,018) |
|
|
|
|
|
Net (loss) income |
$ (273) |
$ (5,426) |
$ 1,058 |
$ (4,924) |
|
|
|
|
|
|
|
|
|
|
(Loss) income per common share: |
|
|
|
|
Basic |
$ (0.01) |
$ (0.27) |
$ 0.05 |
$ (0.24) |
|
|
|
|
|
Diluted |
$ (0.01) |
$ (0.27) |
$ 0.05 |
$ (0.24) |
|
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
|
Basic |
20,496,334 |
20,324,812 |
20,487,316 |
20,324,812 |
|
|
|
|
|
Diluted |
20,496,334 |
20,324,812 |
20,574,513 |
20,324,812 |
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEET DATA |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
December 31,
2010 |
March 31, 2010 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ 20,303 |
$ 17,579 |
|
|
Trade receivables, net |
23,207 |
14,245 |
|
|
Inventories |
38,795 |
41,846 |
|
|
Other current assets |
19,507 |
29,703 |
|
|
Current Assets |
101,812 |
103,373 |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and leasehold improvements,
net |
1,910 |
2,679 |
|
|
Trademarks and licenses, net |
4,350 |
4,654 |
|
|
Other assets |
3,650 |
3,626 |
|
|
Total Assets |
$ 111,722 |
$ 114,332 |
|
|
|
|
|
|
|
Other current liabilities and income taxes
payable |
$ 10,458 |
$ 14,532 |
|
|
Current Liabilities |
10,458 |
14,532 |
|
|
|
|
|
|
|
Total Liabilities |
10,458 |
14,532 |
|
|
|
|
|
|
|
Stockholders' Equity |
101,264 |
99,800 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 111,722 |
$ 114,332 |
|
|
CONTACT: Parlux Fragrances, Inc. (954) 316-9008
Frederick E. Purches, Ext. 8116
Raymond J. Balsys, Ext. 8106
Web site: http://www.parlux.com
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