0001144204-14-024704.txt : 20140425 0001144204-14-024704.hdr.sgml : 20140425 20140424182529 ACCESSION NUMBER: 0001144204-14-024704 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140425 DATE AS OF CHANGE: 20140424 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: 14782691 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 v375871_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):

April 24, 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 April 24, 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 relating to consolidated net sales for the first quarter ended March 31, 2014
  
·Portions of the 1st paragraph and the entire 2nd paragraph (table) relating to net sales of continuing brands for the first quarter ended March 31, 2014
  
·Portions of the 3rd paragraph relating to net sales of European operations for the first quarter ended March 31, 2014
  
·Portions of the 4th paragraph relating to net sales of United States operations for the first quarter ended March 31, 2014.

 

Item 7.01 Regulation FD Disclosure.

 

Certain portions of our press release dated April 24, 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:

 

·Portions of the 1st paragraph relating to plans to release results
  
·Portions of the 3rd paragraph relating anticipated product launches of European operations
  
·Portions of the 4th paragraph relating to anticipated product launches of United States operations
  
·The 5th paragraph relating to 2014 guidance
  
·The 7th paragraph relating to forward looking information
  
·The following paragraphs (or portions thereof) relating to Regulation G, Conditions of Use of Non-GAAP Financial Measures –
  

·1st paragraph relating to net sales of ongoing bands
  
·Entire 2nd paragraph (table) relating to net sales of ongoing bands for the first quarter ended March 31, 2014
  
·Entire eighth paragraph relating to Regulation G disclosures

  
·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 April 24, 2014.

 

2
 

 

 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: April 24, 2014 Inter Parfums, Inc.
     
  By: /s/ Russell Greenberg
    Russell Greenberg, Executive Vice President

  

3

EX-99.1 2 v375871_ex99-1.htm EXHIBIT 99.1

 

 

FOR IMMEDIATE RELEASE

 

INTER PARFUMS, INC. REPORTS 17% INCREASE IN FIRST QUARTER SALES FROM ONGOING BRANDS

 

New York, New York, April 24, 2014: Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that for the three months ended March 31, 2014, net sales of the Company’s ongoing brands (excluding Burberry brand sales) increased 17% to $121.7 million, as compared to $104.1 million for the corresponding period of the prior year. At comparable foreign currency exchange rates, consolidated first quarter net sales from ongoing brands increased 16%. Consolidated 2014 first quarter net sales declined 43% as Burberry brand sales were included in the prior year period. Inter Parfums plans to issue results for the 2014 first quarter on or about May 7, 2014.

 

 

Ongoing Brand Sales:    
   Three months ended
March 31,
 
(in millions)  2014   2013   % Change 
     
European-based product sales  $102.3   $85.4    19.8%
United States-based product sales   19.4    18.7    3.9%
   $121.7   $104.1    16.9%

 

Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, “New product launches were the primary catalyst for the strong start in 2014, with sales of ongoing brands increasing 19.8%. That includes signature scents for both men and women for the Karl Lagerfeld brand, which yielded more than $13 million in incremental sales. Montblanc sales rose 37% as a result of steady gains from Legend fragrances along with the recent launch of Emblem, the second men’s scent created for the brand. Boucheron and Van Cleef & Arpels performed well during the quarter due, in part, to increasing momentum from the 2013 introductions of Place Vendôme and Rêve, respectively. Balmain fragrances got off to a good start for the year following higher than expected initial in-store sales for the Extatic line launched in January. In last year’s first quarter, Jimmy Choo brand sales rose 50% driven by the launch of Flash, which helps to explain why Jimmy Choo sales declined 25% in the current first quarter when no new products were introduced. However, based on higher than expected backorders for Jimmy Choo Man to be launched in the fall, more robust sales are anticipated for the second half. Lanvin also had a challenging comparison to the prior year period, which benefited from the launch of Lanvin Me and the exceptional performance of Eclat d’Arpège, resulting in a reduction in sales of 16% in the first quarter of 2014. With the introduction of Lanvin Me L’Eau later in the year, Lanvin brand sales are expected to pick up.”

 

Mr. Madar further noted, “We have significantly expanded the brand portfolio of our U.S.-based operations over the past 18 months and will be aggressively building on this platform throughout 2014 with new products. Most recently, in March we launched Fatale and Fatale Pink for Agent Provocateur and the initial response has been very favorable. Later in the year, we plan to debut our inaugural fragrances for Shanghai Tang, Alfred Dunhill and Oscar de la Renta. In the first quarter of 2014, the growth for our U.S.-based operations was largely attributable to incremental sales of Alfred Dunhill legacy scents, which began in April of 2013.”

 

2014 Guidance

Russell Greenberg, Executive Vice President & Chief Financial Officer stated, “With respect to our 2014 outlook, we are maintaining our guidance for net sales of approximately $495 million, which represents nearly 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.

 

 
 

 

Inter Parfums, Inc. News Release Page 2
April 24, 2014  

  

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, 2013 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, because it provides readers with more complete disclosure and facilitates a more accurate comparison of current results to historic results.

 

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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