-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NhYnnXetyC8F+gOy5aTNRs2aPTjaNBalk1+T4MNsZpgjUh1zD3IxBSciT8TVB+Mk PB+fqkQVAim/YNbYrOX4AA== 0001116502-04-000306.txt : 20040219 0001116502-04-000306.hdr.sgml : 20040219 20040219140805 ACCESSION NUMBER: 0001116502-04-000306 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040213 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARLUX FRAGRANCES INC CENTRAL INDEX KEY: 0000802356 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 222562955 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15491 FILM NUMBER: 04615628 BUSINESS ADDRESS: STREET 1: 3725 S W 30TH AVE CITY: FT LAUDERDALE STATE: FL ZIP: 33312 BUSINESS PHONE: 9543169008 MAIL ADDRESS: STREET 1: 3725 S W 30TH AVENUE CITY: FT LAUDERDALE STATE: FL ZIP: 33312 8-K 1 parlux8k.txt PARLUX FRAGRANCES, INC. CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): February 13, 2004 PARLUX FRAGRANCES, INC. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 0-15491 22-2562955 (Commission File Number) (IRS Employer Identification No.) 3725 S.W. 30th Avenue, Fort Lauderdale, Florida 33312 (Address of principal executive offices) (Zip Code) (Registrant's telephone Number, including area code): 954-316-9008 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 99 Press Release dated February 13, 2004 (furnished herewith). -2- ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 13, 2004, Parlux Fragrances, Inc. (NASDAQ: PARL) ("Parlux") issued a press release setting forth Parlux's third-quarter 2003 earnings. A copy of Parlux's press release is attached hereto as Exhibit 99. -3- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PARLUX FRAGRANCES, INC. Date: February 19, 2004 /s/ Frank A. Buttacavoli ------------------------------------ Frank A. Buttacavoli, Executive Vice President, Chief Operating Officer, Chief Financial Officer and Director -4- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99 Press Release dated February 13, 2004 (furnished herewith). -5- EX-99 3 pressrelease99.txt PRESS RELEASE PRESS RELEASE EXHIBIT 99 FOR IMMEDIATE RELEASE PARLUX REPORTS THIRD QUARTER RESULTS FORT LAUDERDALE, FLORIDA February 13, 2004. Parlux Fragrances, Inc. (NASDAQ:PARL) announced today results for its third quarter ended December 31, 2003. Net sales for the quarter were $25,763,661 compared to $19,780,626 for the same quarter of the prior year, an increase of 30%, which is attributable to new product launches during the holiday period and the strengthening of sell-through in all distribution channels. Net income for the quarter was $1,687,246 ($0.18 per share), compared to a net income of $106,820 ($0.01 per share), for the comparable prior year period, due to higher sales coupled with controlled spending. For the nine-month period ended December 31, 2003, net sales were $60,957,182, compared to $57,613,990, an increase of 6%. Net income of $3,806,439 ($0.40 per share) compared to net income of $4,333,235 ($0.43 per share) for the comparable prior year period. The prior year included pre-tax income of $4,000,564 relating to a one-time settlement of a lawsuit against a supplier. Excluding the effect of this settlement, net income for the prior period would have been $1,852,885 ($0.18 per share). Commenting on the results, Mr. Ilia Lekach, Chairman and Chief Executive Officer said, "Our business has strengthened and our new product launches have contributed to our growth. We trimmed operating expenses, and have achieved profitability as planned. We are optimistic that the agreement we reached with GUESS?, Inc. for a new fragrance to be launched on a worldwide basis will help contribute to Parlux's future success." 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, Ocean Pacific (OP), Fred Hayman Beverly Hills, and GUESS?, Inc. 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. (See table attached) FOR: PARLUX FRAGRANCES, INC. CONTACT: Ilia Lekach 954-316-9008 Ext. 116 Frank A. Buttacavoli Ext. 117 PR NEWSWIRE: COMPANY NEWS ON-CALL: (800) 758-5804 Parlux code 674987 COMPANY NEWS ON-INTERNET: http://www.prnewswire.com PARLUX FRAGRANCES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) THREE MONTHS ENDED DECEMBER 31, 2003 2002 - ------------------------------- ------------ ------------ Net sales Unrelated customers $ 12,009,892 $ 14,734,673 Related customers 13,753,769 5,045,953 ------------ ------------ 25,763,661 19,780,626 Cost of goods sold, including $1,082,352 and $1,219,060 of promotional items for the three months ended December 31, 2003 and 2002, respectively 12,954,375 9,676,379 ------------ ------------ Gross margin 12,809,286 10,104,247 Operating expenses 10,008,656 9,754,360 ------------ ------------ Operating income 2,800,630 349,887 Interest expense and bank charges, net 79,266 177,598 ------------ ------------ Income before taxes 2,721,364 172,289 ------------ ------------ Income tax provision 1,034,118 65,469 ------------ ------------ Net income $ 1,687,246 $ 106,820 ============ ============ Fully diluted earnings per share $ 0.18 $ 0.01 ============ ============ Weighted average shares outstanding 9,467,609 10,261,826 NINE MONTHS ENDED DECEMBER 31, 2003 2002 - ------------------------------ ------------ ------------ Net sales Unrelated customers $ 30,243,016 $ 40,418,550 Related customers 30,714,166 17,195,440 ------------ ------------ 60,957,182 57,613,990 Cost of goods sold, including $2,512,939 and $2,892,509 of promotional items for the nine months ended December 31, 2003 and 2002, respectively 31,309,902 29,088,982 ------------ ------------ Gross margin 29,647,280 28,525,008 Operating expenses 23,313,194 24,465,562 ------------ ------------ Operating income 6,334,086 4,059,446 Interest expense and bank charges, net 194,668 612,441 Litigation settlement, net of expenses 0 (3,542,083) ------------ ------------ Income before taxes 6,139,418 6,989,088 Income tax provision 2,332,979 2,655,853 ------------ ------------ Net income $ 3,806,439 $ 4,333,235 ============ ============ Fully diluted earnings per share $ 0.40 $ 0.43(1) ============ ============ Weighted average shares outstanding 9,497,239 10,168,102 - ---------- (1) Excluding the effect of the proceeds from the settlement of the litigation with a supplier in the amount of $4,000,564 (which is presented net of related expenses above), diluted earnings per share would have been $0.18 for the nine-month period ended December 31, 2002. # # # # # # -----END PRIVACY-ENHANCED MESSAGE-----