0001144204-14-004239.txt : 20140127 0001144204-14-004239.hdr.sgml : 20140127 20140127165407 ACCESSION NUMBER: 0001144204-14-004239 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140127 DATE AS OF CHANGE: 20140127 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: 14549438 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 v366407_8k.htm FORM 8-K

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):
January 27, 2014 

 

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 January 27, 2014, 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:

 

Portions of the 1st paragraph and the entire 2nd paragraph (consisting of a table) relating to net sales for the fourth quarter and the full fiscal year ended December 31, 2013

 

The 3rd paragraph relating to European operations

 

The 4th paragraph relating to United States operations.

 

Item 7.01 Regulation FD Disclosure

     

Certain portions of our press release dated January 27, 2014, 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:

 

The last sentence of the 1st paragraph relating to our plans to release operating results for 2013

 

The 5th paragraph relating to product launches for 2014

 

The 6th paragraph relating to 2013 guidance

 

The 7th paragraph relating to 2014 guidance

 

The 9th paragraph relating to forward looking information

 

The entire 10th paragraph and portions of the 1st and 7th paragraphs and relating to Regulation G, Conditions of Use of Non-GAAP Financial Measures

 

The balance of such press release not otherwise incorporated by reference in Item 2.02.

 

Item 9.01 Financial Statements and Exhibits. 

 

        99.1 Our press release dated January 27, 2014.

 

 
 

 

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: January 27, 2014

Inter Parfums, Inc.

 

By: /s/ Russell Greenberg
Russell Greenberg, 

Executive Vice President and Chief Financial Officer

 

 

 

EX-99.1 2 v366407_ex99-1.htm EXHIBIT 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

INTER PARFUMS, INC. REPORTS 19% INCREASE IN FOURTH QUARTER SALES FROM ONGOING BRANDS

 

New York, New York, January 27, 2014: Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that for the three months ended December 31, 2013, net sales of the Company’s ongoing brands (excluding Burberry brand sales) increased 19% to $105.5 million, as compared to $88.8 million for the corresponding period of the prior year. Consolidated 2013 fourth quarter net sales declined 40% when Burberry sales are included in the prior year period. At comparable foreign currency exchange rates, consolidated fourth quarter net sales also declined 40%. Total net sales for 2013 (excluding Burberry) increased nearly 23% to $433.0 million from 2012’s $352.7 million. Inter Parfums plans to issue results for the 2013 fourth quarter and full year on or about March 11, 2014.

 

   Three Months Ended
December 31,
   Twelve Months Ended
December 31,
 
   2013   2012   % Change   2013   2012   % Change 
   ($ in millions) 
         
European-based product sales  $78.4   $152.4    (48)%  $464.3   $571.8    (19)%
United States-based product sales   27.1    24.5    11%   99.2    82.3    21%
   $105.5   $176.9    (40)%  $563.5   $654.1    (14)%

 

Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, “The year closed on a very strong note as our ongoing brands delivered robust growth of 21% in the fourth quarter. For the final quarter of 2013, Montblanc brand sales rose more than 42% driven by the exceptional success of Legend fragrances. Jimmy Choo sales rose 11%, propelled by strong demand for the brand’s signature fragrance, as well as Flash, a new women’s scent launched early in the year. Lanvin sales remained on a growth trajectory reflecting the spring 2013 launch of Lanvin Me and the ongoing appeal of Eclat d’Arpège, after more than a decade on the market. Additionally, the performances of the Repetto signature scent introduced in May and Place Vendôme from Boucheron launched in the fall have exceeded our expectations. We are also pleased with the upturn in Van Cleef & Arpels fragrance sales, thanks in great part to the promising start for the new Rêve line and steady performances by the First and Collection Extraordinaire lines.”

 

Mr. Madar further noted, “Our U.S.-based operations continue to become a more significant portion of our overall sales as we are enlarging our portfolio of brands, expanding distribution of the brands, and adding value to existing brands with new scents. During the fourth quarter, in the absence of major launches for U.S.-based products, we achieved 11% sales growth. The increase was due to a number of factors, including the successful rollout of La Vie de Bohème by Anna Sui in the fall, taking over Alfred Dunhill legacy fragrances in April and Agent Provocateur legacy scents in the fall, as well as from the third quarter launch of new scents for Banana Republic and bebe.”

 

Mr. Madar concluded, “We are very enthusiastic about 2014 which is shaping up to be one our largest new product launch years in our history on both sides of the Atlantic with new scents rolling out for Balmain, Karl Lagerfeld, Jimmy Choo, Montblanc, S.T. Dupont, Alfred Dunhill, Shanghai Tang and Agent Provocateur.”

 

 
Inter Parfums, Inc. News Release
January 27, 2014
Page 2

 

2013/2014 Guidance

Russell Greenberg, Executive Vice President & Chief Financial Officer stated, “Our 2013 net sales were in line with the guidance we provided in November and therefore we see no reason to change current earnings guidance of income attributable to Inter Parfums, Inc. of $1.23 per diluted share, as we followed through with our previously announced plans to make significant fourth quarter investments in advertising and promotion in support of new product launches and the worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. We look forward to reaping the returns on these investments throughout 2014 and beyond.”

 

Mr. Greenberg continued, “With respect to our 2014 outlook, we are maintaining our guidance for net sales of approximately $495 million, which represents approximately 15% growth of our ongoing brands. Our expectations for net income attributable to Inter Parfums, Inc. remain in the range of $0.93 to $0.98 per diluted share. As in the past, we will update our guidance as appropriate as the year progresses and our visibility improves.” Guidance assumes the dollar remains at current levels.

 

In the 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, Montblanc, Jimmy Choo, Boucheron, Van Cleef & Arpels, Karl Lagerfeld, Paul Smith, S.T. Dupont, Balmain, Repetto, Agent Provocateur, Alfred Dunhill, Anna Sui, Shanghai Tang, Oscar de la Renta, Gap, Banana Republic, Brooks Brothers, bebe, and Betsey Johnson. 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.

 

Contact at Inter Parfums, Inc. -or- Investor Relations Counsel
Russell Greenberg, Exec. VP & CFO   The Equity Group Inc.
(212) 983-2640   Fred Buonocore (212) 836-9607/fbuonocore@equityny.com
rgreenberg@interparfumsinc.com   Linda Latman (212) 836-9609/llatman@equityny.com
www.interparfumsinc.com   www.theequitygroup.com

 

 

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