UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
July 23, 2013
Inter Parfums, Inc.
(Exact name of Registrant as specified in its charter)
| Delaware | 0-16469 | 13-3275609 |
| (State
or other jurisdiction of incorporation or organization) |
Commission File Number |
(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)
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
Certain portions of our press release dated July 23, 2013, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference herein, and are filed pursuant to this Item 2.02. They are as follows:
Item 7.01. Regulation FD Disclosure.
Certain portions of our press release dated July 23, 2013, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference herein, and are filed pursuant to this Item 7.01 and Regulation FD. They are as follows:
Item 9.01 Financial Statements and Exhibits.
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: July 24, 2013
| Inter Parfums, Inc. By:
/s/
Russell Greenberg |
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Three months ended |
Six Months Ended |
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|
2013 |
2012 |
% Change |
2013 |
2012 |
% Change |
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|
($ in millions) |
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| European-based product sales | $92.7 | $125.6 | -26.2% | $287.8 | $270.8 | 6.3% | |
| United States-based product sales.. |
24.8 |
20.0 |
24.4% |
43.5 |
40.1 |
8.3% |
|
|
$117.5 |
$145.6 |
-19.3% |
$331.3 |
$310.9 |
6.6% |
||
Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, "Excluding Burberry sales from both the current and prior year's second quarter, European-based product sales increased 15.0% to $72.0 million in the current period versus $62.8 million in last year's second quarter. Our major ongoing brands continued to exhibit solid growth in the second quarter. Once again, Jimmy Choo delivered an impressive performance, posting sales growth of more than 40% compared to the prior year period, driven by increasing momentum for Flash, a new women's scent which we launched in January. Montblanc sales rose more than 20% compared to the second quarter of 2012 propelled by the ongoing success of Legend fragrances. The spring launch of Lanvin Me and the continued growth of Eclat d'Arpège combined to boost Lanvin sales by over 14% versus the prior year period. Van Cleef & Arpels sales rose modestly during the second quarter, boosted by the recent launch of RÊVE."
Regarding our U.S.-based operations, Mr. Madar noted, "Sales benefited from strong consumer demand and expanded retail distribution for Anna Sui fragrances, and we expect this brand to gain energy following the launch of La Vie de Bohème during the third quarter. Additionally, in April 2013, our U.S.-based operations took over the manufacture and distribution of legacy Alfred Dunhill fragrances which provided an incremental contribution to second quarter 2013 growth for our U.S. business."
Raises 2013 Guidance
Based upon the strong first half performance of its ongoing brands and expectations for the remainder of the year, the Company is raising its 2013 guidance and currently expects net sales to reach approximately $525 million resulting in net income attributable to Inter Parfums, Inc. of approximately $1.14 per diluted share. Previous guidance called for net sales of $510 million with resulting net income attributable to Inter Parfums, Inc. in the range of $1.10 and $1.12 per diluted share. As noted in the Company's report of first quarter results, profitability has well exceeded our initial targets. As such, for the remainder of the year, we plan to invest heavily in promotion and advertising to bolster support for the Repetto and Boucheron launches, and the continued worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. Our investments in these brands are expected to yield accelerated sales growth for Inter Parfums, Inc. in the coming years. Guidance assumes the dollar remains at current levels.
In the nearly 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of brands that include Lanvin, Jimmy Choo, Montblanc, Boucheron, Van Cleef & Arpels, Karl Lagerfeld, Paul Smith, S.T. Dupont, Balmain, Repetto, Alfred Dunhill, Shanghai Tang, Anna Sui, Gap, Banana Republic, Brooks Brothers, bebe, Betsey Johnson, and Nine West. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in over 100 countries worldwide.
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would," or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings "Forward Looking Statements" and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2012 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
Regulation G, "Conditions for Use of Non-GAAP Financial Measures," prescribes the conditions for use of non-GAAP financial information in public disclosures. The Company believes that our presentation of the non-GAAP financial information included in this release is important supplemental measures of operating performance to investors.
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Contact at Inter Parfums, Inc. Russell Greenberg, Exec. VP & CFO (212) 983-2640 rgreenberg@interparfumsinc.com www.interparfumsinc.com |
-or - |
Investor Relations Counsel The Equity Group Inc. Fred Buonocore (212)836-9607/fbuonocore@equityny.com Linda Latman (212) 836-9609/llatman@equityny.com www.theequitygroup.com |