-----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, OMSWa3Zg1vVG/27BYvAScvQSGj+s6eIPTVSLgiBHLZO0LRNAipQA82UgIGOI1I4V Q1xYaaWHVKvawNmx4s05ZQ== 0000822663-03-000005.txt : 20030508 0000822663-03-000005.hdr.sgml : 20030508 20030508140800 ACCESSION NUMBER: 0000822663-03-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030508 ITEM INFORMATION: Other events FILED AS OF DATE: 20030508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTER PARFUMS INC CENTRAL INDEX KEY: 0000822663 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 133275609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16469 FILM NUMBER: 03687793 BUSINESS ADDRESS: STREET 1: 551 FIFTH AVE STREET 2: STE 1500 CITY: NEW YORK STATE: NY ZIP: 10176 BUSINESS PHONE: 2129832640 MAIL ADDRESS: STREET 1: 551 FIFTH AVENUE STREET 2: STE 1500 CITY: NEW YORK STATE: NY ZIP: 10176 FORMER COMPANY: FORMER CONFORMED NAME: JEAN PHILIPPE FRAGRANCES INC DATE OF NAME CHANGE: 19920703 8-K 1 f8k050603.txt FORM_8K_050603 Securities and Exchange Commission Washington, D.C. 20549 Current Report on 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): 6 May 2003 INTER PARFUMS, INC. (Exact name of Registrant as specified in its charter) Commission File Number 0-16469 Delaware (State or other jurisdiction of incorporation or organization) 13-3275609 (I.R.S. Employer Identification No.) 551 Fifth Avenue, New York, New York 10176 (Address of Principal Executive Offices) 212. 983.2640 (Registrant's Telephone number, including area code) Item 7. Exhibits. The following document is furnished herewith: 99.1 Press release of the Registrant dated 6 May 2003. Item 12. Results of Operations and Financial Condition. The press release of the Registrant dated 6 May 2003, a copy of which is annexed hereto as Exhibit no. 99.1, is incorporated by reference herein. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed on its behalf by the undersigned. Dated: 7 May 2003 Inter Parfums, Inc. By: /s/ Russell Greenberg Russell Greenberg, Executive Vice President Exhibit 99.1 FOR IMMEDIATE RELEASE INTER PARFUMS, INC. REPORTS RECORD FIRST QUARTER RESULTS Net Sales Up 32% and Net Income Increases 25% New York, NY - May 6, 2003 - Inter Parfums, Inc. (NASDAQ National Market: IPAR) today reported record results for the three months ended March 31, 2003. First Quarter 2003 Compared to First Quarter 2002: X Net sales increased 32% to $37.6 million from $28.4 million. In comparable foreign currency exchange rates, current first quarter net sales were 15% ahead of last year's first quarter; X Prestige product sales grew 37% (12% in constant dollars) and mass market sales were up 21%; X Gross margin was 47.8% compared to 48.2%. The modest drop was due to the declining rate of the dollar relative to the euro; X SG&A rose slightly to 35.2% of net sales versus 34.8%, which was attributable to higher insurance, rent and payroll costs; X Net income rose 25% to $2.5 million and diluted earnings per share increased 30% to $0.13, as compared to $2.0 million and $0.10 per diluted share in 2002. Commenting on the results, Jean Madar, Chairman & Chief Executive Officer, stated, "The new year started on a strong note with healthy gains in both prestige and mass market sales. We achieved double digit sales growth in each of our major prestige brands, highlighted by the continued roll out of the Christian Lacroix Bazar fragrance line, as well as our two fragrance line extensions, Essence Pure by S.T. Dupont and Paul Smith Extreme." Mr. Madar continued, "The launch of a Burberry Touch brand extension, Burberry Tender Touch, began this month. Other new product plans for the current quarter include seasonal, limited edition fragrances under the Celine and Christian Lacroix labels. Our major new prestige product launches are coming in the second half of 2003. We have our first ever Diane von Furstenberg brand products - both fragrance and color cosmetics - hitting high end specialty stores in October. In addition, an entirely new Burberry fragrance family will make its debut in the fourth quarter. "With respect to our mass market product lines," Mr. Madar stated, "the Tristar brands acquisition continues to benefit our alternative designer fragrances lines and our new product development program for cosmetics and health and beauty aids is well underway. We plan to bring out new mass market products throughout 2003." Inter Parfums, Inc. News Release Page 2 May 6, 2003 Russell Greenberg, Executive Vice President & CFO, added, "Based on our 2003 sales and net income projection of $150 million and $11 million, respectively, we are quite confident about our prospects for the year. Profitable operations and the cash flow it generates continue to fortify our balance sheet. While growing the top line by 32% and remaining free of long-term debt, we closed the first quarter with: X working capital aggregating $88 million; X a working capital ratio of 3.3 to 1; X a net book value of $4.46 per outstanding share and X cash and cash equivalents totaling $40 million." Quarterly Dividend The Company's regular quarterly cash dividend of $.02 per share is payable on July 15, 2003 to shareholders of record on June 30, 2003. Conference Call Inter Parfums' management will host a conference call at 11:00 am EDT on Wednesday, May 7, 2003, to discuss first quarter results and other recent developments. Interested parties may participate by calling 973-582-2866 approximately 10 minutes before the start of the call. This conference call will also be distributed live over the Internet via the Investor Relations section of the Company's web site at www.interparfumsinc.com. To listen to the live call, please go to the web site in advance to register, and if needed, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days at the web site. Inter Parfums, Inc. develops, manufactures and distributes prestige perfumes such as Burberry, S.T. Dupont, Paul Smith, Christian Lacroix, Celine, FUBU and Diane von Furstenberg, as well as mass market fragrances, cosmetics and health and beauty aids in over 100 countries worldwide. Inter Parfums, Inc.'s common stock is included on the Russell 2000 and 3000 Indexes. Statements in this release which are not historical in nature are forward- looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from projected results. Such factors include effectiveness of sales and marketing efforts and product acceptance by consumers, dependence upon management, competition, currency fluctuation and international tariff and trade barriers, governmental regulation and possible liability for improper comparative advertising or "Trade Dress". Given these uncertainties, persons are cautioned not to place undue reliance on the forward-looking statements. Inter Parfums, Inc. News Release Page 3 May 6, 2003 Inter Parfums, Inc. Financial Highlights (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2003 2002 --------- --------- Net sales $ 37,564 $ 28,418 Cost of sales 19,615 14,712 --------- --------- Gross margin 17,949 13,706 Selling, general and administrative expenses 13,220 9,886 --------- --------- Income from operations 4,729 3,820 --------- --------- Other charges (income): Interest expense 137 80 (Gain) on foreign currency (55) (1) Interest and dividend (income) (175) (88) Loss on subsidiary's issuance of stock 11 --------- --------- (82) (9) --------- --------- Income before income taxes 4,811 3,829 Income taxes 1,711 1,386 --------- --------- Net income before minority interest 3,100 2,443 Minority interest in net income of consolidated subsidiary 597 433 --------- --------- Net income $ 2,503 $ 2,010 ========= ========= Net income per common share: Basic $ 0.13 $ 0.11 ========= ========= Diluted $ 0.13 $ 0.10 ========= ========= Average common shares outstanding: Basic 18,817 18,750 ========= ========= Diluted 19,908 19,961 ========= ========= Contact at Inter Parfums, Inc. or Investor Relations Counsel Russell Greenberg, Exec. VP & CFO The Equity Group Inc. (212) 983-2640 Linda Latman (212) 836-9609 rgreenberg@interparfumsinc.com llatman@equityny.com www.interparfumsinc.com Sarah Torres (212) 836-9611 storres@equityny.com www.theequitygroup.com -----END PRIVACY-ENHANCED MESSAGE-----