-----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, Vp7CVka4d73Zr/hohA+3iyejc6AVdb/rGZ6W530iYLyBn6vkm2SkE+vjOAao12hU R0WcJbSXhYZM/tkoX2rxUQ== 0000950144-97-013422.txt : 19971217 0000950144-97-013422.hdr.sgml : 19971217 ACCESSION NUMBER: 0000950144-97-013422 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971101 FILED AS OF DATE: 19971216 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERFUMANIA INC CENTRAL INDEX KEY: 0000880460 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 650026340 STATE OF INCORPORATION: FL FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19714 FILM NUMBER: 97739296 BUSINESS ADDRESS: STREET 1: 11701 N W 101 RD CITY: MIAMI STATE: FL ZIP: 33178 BUSINESS PHONE: 3058891600 MAIL ADDRESS: STREET 1: 11701 N W 101 RD CITY: MIAMI STATE: FL ZIP: 33178 10-Q 1 PERFUMANIA, INC. FORM 10-Q DATED 11/01/97 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 1, 1997 COMMISSION FILE NUMBER 0-19714 PERFUMANIA, INC. STATE OF FLORIDA I.R.S. NO. 65-0026340 11701 N.W. 101ST ROAD MIAMI, FLORIDA 33178 TELEPHONE NUMBER: (305) 889-1600 INDICATE BY CHECK MARK WHETHER THE REGISTRANT, (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING TWELVE (12) MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS) AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST NINETY (90) DAYS. YES X NO ---- ---- COMMON STOCK $.01 PAR VALUE OUTSTANDING SHARES AT NOVEMBER 1, 1997 - 7,807,791 2 TABLE OF CONTENTS PERFUMANIA, INC. PART I FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS Consolidated Balance Sheets............................................. 2 Consolidated Statements of Operations................................... 3 Consolidated Statements of Cash Flows................................... 4 Notes to Condensed Consolidated Financial Statements.................... 5 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS.................................................. 8
PART II OTHER INFORMATION ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.................................................... 11
1 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PERFUMANIA, INC. CONSOLIDATED BALANCE SHEETS
NOVEMBER 1, 1997 FEBRUARY 1, 1997 ---------------- ---------------- ASSETS Current assets: Cash and cash equivalents $ 1,612,171 $ 1,641,527 Trade receivables, less allowance for doubtful accounts of $818,386 and $248,386 11,247,210 12,928,816 Advances to suppliers 7,536,075 5,023,718 Inventories, net of reserve of $940,000 87,545,147 85,110,423 Prepaid expenses and other current assets 2,258,931 1,899,320 Net deferred tax asset 3,176,133 873,472 Due from related parties 85,613 85,613 ------------- ------------- Total current assets 113,461,280 107,562,889 Property and equipment, net 19,360,159 17,709,758 Leased equipment under capital leases, net 1,806,199 2,013,857 Other assets 2,427,636 2,203,442 Due from related parties 457,243 417,763 ------------- ------------- $ 137,512,517 $ 129,907,709 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank line of credit and current portion of notes payable $ 36,284,039 $ 31,372,171 Accounts payable 43,023,456 36,128,515 Accrued expenses and other liabilities 4,107,346 3,940,440 Income taxes payable 308,509 1,321,203 Current portion of obligations under capital leases 873,425 873,425 Due to related parties 786,483 770,000 ------------- ------------- Total current liabilities 85,383,258 74,405,754 Long term portion of loans payable 5,480,755 4,519,859 Long-term portion of obligations under capital leases 701,157 1,187,516 ------------- ------------- Total liabilities 91,565,170 80,113,129 ------------- ------------- Excess of fair value of assets acquired over cost 616,169 470,000 ------------- ------------- Stockholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued -- -- Common stock, $.01 par value, 25,000,000 shares authorized, 7,807,791 shares issued and outstanding 78,078 78,078 Capital in excess of par 51,900,229 51,900,229 Treasury stock (3,233,766) (2,655,110) Retained earnings (accumulated deficit) (3,413,363) 1,383 ------------- ------------- Total stockholders' equity 45,331,178 49,324,580 ------------- ------------- $ 137,512,517 $ 129,907,709 ============= =============
See accompanying notes to consolidated financial statements. 2 4 PERFUMANIA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
THIRTEEN THIRTEEN THIRTY-NINE THIRTY-NINE WEEKS ENDED WEEKS ENDED WEEKS ENDED WEEKS ENDED NOVEMBER 1, 1997 NOVEMBER 2, 1996 NOVEMBER 1, 1997 NOVEMBER 2, 1996 ---------------- ---------------- ---------------- --------------- Net sales: Unaffiliated customers $ 38,753,773 $ 34,576,849 $ 103,796,306 $ 86,668,286 Affiliates 21,257 -- 2,251,978 -- ------------- ------------- ------------- ------------- 38,775,030 34,576,849 106,048,284 86,668,286 ------------- ------------- ------------- ------------- Cost of goods sold: Unaffiliated customers 22,846,084 19,536,336 59,782,336 48,894,635 Affiliates 15,921 -- 1,818,644 -- ------------- ------------- ------------- ------------- 22,862,005 19,536,336 61,600,980 48,894,635 ------------- ------------- ------------- ------------- Gross profit 15,913,025 15,040,513 44,447,304 37,773,651 ------------- ------------- ------------- ------------- Operating Expenses: Selling, general and administrative 15,217,720 11,899,577 43,466,117 33,088,856 Depreciation and amortization 1,418,770 917,141 4,078,775 2,627,568 ------------- ------------- ------------- ------------- Total operating expenses 16,636,490 12,816,718 47,544,892 35,716,424 ------------- ------------- ------------- ------------- Income (loss) from operations before other expense (723,465) 2,223,795 (3,097,588) 2,057,227 Other expense (740,067) (774,772) (2,593,656) (2,228,782) ------------- ------------- ------------- ------------- Income (loss) before income taxes (1,463,532) 1,449,023 (5,691,244) (171,555) (Provision) benefit for income taxes 585,413 (564,017) 2,276,498 66,906 ------------- ------------- ------------- ------------- Net income (loss) $ (878,119) $ 885,006 $ (3,414,746) $ (104,649) ============= ============= ============= ============= Earnings (loss) per common share $ (0.12) $ 0.10 $ (0.48) $ (0.01) ============= ============= ============= =============
See accompanying notes to consolidated financial statements. 3 5 PERFUMANIA, INC CONSOLIDATED STATEMENTS OF CASH FLOWS
THIRTY-NINE THIRTY-NINE WEEKS ENDED WEEKS ENDED NOVEMBER 1, 1997 NOVEMBER 2, 1996 ---------------- ---------------- Cash flows from operating activities: Net loss $ (3,414,746) $ (104,649) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Capitalized preopening costs (329,339) (623,346) Provision for doubtful accounts 570,000 340,000 Benefit for income taxes (2,276,498) (66,906) Depreciation and amortization 4,078,775 2,627,568 Loss on disposition 239,970 39,179 Change in assets and liabilities, (Increase) decrease in: Trade receivables 1,111,606 247,342 Advances to suppliers (2,512,357) (3,159,450) Inventories (2,434,724) (17,736,444) Other current assets (399,091) (443,370) Other assets (481,069) (164,492) Increase (decrease) in: Accounts payable 6,894,941 14,469,588 Other current liabilities 171,912 861,857 Income taxes payable (1,012,694) -- ------------ ------------ Total adjustments 3,621,432 (3,608,474) ------------ ------------ Net cash provided by (used in) operating activities 206,686 (3,713,123) ------------ ------------ Cash flows from investing activities: Additions to property and equipment (4,701,006) (4,722,114) ------------ ------------ Net cash used in investing activities (4,701,006) (4,722,114) ------------ ------------ Cash flows from financing activities: Borrowings & repayments under loan payable 5,872,764 9,159,786 Borrowings & repayments from related parties 16,483 107,764 Principal payments under capital lease obligations (845,627) (308,235) Proceeds from issuance of common stock -- 964,500 Purchases of treasury stock (578,656) (933,824) ------------ ------------ Net cash provided by financing activities 4,464,964 8,989,991 ------------ ------------ Increase (decrease) in cash and cash equivalents (29,356) 554,754 Cash and cash equivalents at beginning of period 1,641,527 331,028 ------------ ------------ Cash and cash equivalents at end of period $ 1,612,171 $ 885,782 ============ ============ Supplemental disclosure of cash flow information: Cash paid for: Interest $ 3,421,770 $ 2,458,821 Income taxes $ 1,012,694 $ 106,138
See accompanying notes to consolidated financial statements. 4 6 PERFUMANIA, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (1). SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Perfumania and subsidiaries (the Company). All material intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. The financial information presented herein, which is not necessarily indicative of results to be expected for the current fiscal year, reflects all adjustments which, in the opinion of the Company, are necessary for a fair statement of the results for the periods indicated. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 1997. (2). STOCKHOLDERS' EQUITY
RETAINED COMMON STOCK CAPITAL IN TREASURY STOCK EARNINGS ---------------------------- EXCESS ---------------------------- (ACCUMULATED SHARES AMOUNT OF PAR SHARES AMOUNT DEFICIT) TOTAL ------------ ------------ ------------ ------------ ------------- ------------ ------------ Balance at February 1, 1997 7,807,791 $ 78,078 $ 51,900,229 667,000 $ (2,655,110) $ 1,383 $ 49,324,580 Purchases of treasury stock -- -- -- 187,600 (578,656) -- (578,656) Net loss for the thirty-nine weeks ended Nov. 1, 1997 -- -- -- -- -- (3,414,746) (3,414,746) ------------ ------------ ------------ ------------ ------------ ------------ ------------ Balance at November 1, 1997 7,807,791 $ 78,078 $ 51,900,229 854,600 $ (3,233,766) $ (3,413,363) $ 45,331,178 ------------ ------------ ------------ ------------ ------------ ------------ ------------
5 7 (3). EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share are computed by dividing net income (loss) by the weighted average number of common shares outstanding. If the Company were required to calculate earnings per share under Statement of Financial Accounting Standards No. 128, which is effective for periods after December 15, 1997, basic and diluted earnings per share for the first three quarters of 1997 and 1996, respectively, would not have been materially different than the earnings per share reported in the accompanying consolidated statements of income. The weighted average numbers of common shares for the thirteen and thirty-nine weeks ended November 1, 1997 was 7,121,259 and 7,159,261, respectively. The weighted average number of common shares for the thirteen and thirty-nine weeks ended November 2, 1996 was 8,447,436 and 7,858,334, respectively. (4). SEGMENT INFORMATION The Company operates in two industry segments, specialty retail sale and wholesale distribution of fragrances and related products. Financial information for these segments is summarized in the following table.
THIRTEEN THIRTEEN THIRTY-NINE THIRTY-NINE WEEKS ENDED WEEKS ENDED WEEKS ENDED WEEKS ENDED NOV. 1, 1997 NOV. 2, 1996 NOV. 1, 1997 NOV. 2, 1996 ------------ ------------ ------------ ------------ Sales Wholesale $ 8,590,382 $ 8,565,178 $ 23,464,369 $ 19,709,774 Retail 30,184,648 26,011,671 82,583,915 66,958,512 ------------ ------------ ------------ ------------ Total net sales $ 38,775,030 $ 34,576,849 $106,048,284 $ 86,668,286 ------------ ------------ ------------ ------------ Cost of goods sold Wholesale $ 6,519,325 $ 5,983,724 $ 17,772,556 $ 14,222,691 Retail 16,342,680 13,552,612 43,828,424 34,671,944 ------------ ------------ ------------ ------------ Total cost of goods sold $ 22,862,005 $ 19,536,336 $ 61,600,980 $ 48,894,635 ------------ ------------ ------------ ------------ Gross profit Wholesale $ 2,071,057 $ 2,581,454 $ 5,691,813 $ 5,487,083 Retail 13,841,968 12,459,059 38,755,491 32,286,568 ------------ ------------ ------------ ------------ Total gross profit $ 15,913,025 $ 15,040,513 $ 44,447,304 $ 37,773,651 ------------ ------------ ------------ ------------ Number of stores 283 207 November 1, February 1, 1997 1997 ----------- ----------- INVENTORY Wholesale $28,713,893 $32,051,346 Retail 58,831,254 53,059,077 ----------- ----------- $87,545,147 $85,110,423 ----------- -----------
An unaffiliated customer of the wholesale segment accounted for approximately 7% and 10% of the consolidated net sales for the thirty-nine weeks ended November 1, 1997 and November 2, 1996, respectively, and 47% and 57% of the consolidated net trade accounts receivable balance at November 1, 1997 and November 2, 1996, respectively. 6 8 (5). OTHER In August 1997, one of the Company's wholesale customers who is affiliated by common ownership filed for relief under Chapter 11 of the United States Bankruptcy Code. The Company is an unsecured creditor of the customer and as of November 1, 1997, had outstanding receivables net of accounts payable from the customer of approximately $1.4 million. Depending on the resolution of the customer's bankruptcy case, the Company may not be paid the full amount due from the customer. Due to the above, the Company recorded a bad debt reserve of $500,000 during the second quarter of 1997, increasing the allowance for doubtful accounts to approximately $0.8 million as of November 1, 1997. (6). SUBSEQUENT EVENT Subsequent to November 1, 1997, the Company repurchased an additional 191,000 shares of its common stock for approximately $690,000. This repurchase was previously authorized by the Company's Board of Directors. 7 9 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS SEASONALITY The Company's operations have historically been seasonal, with generally higher retail sales in the third and fourth fiscal quarters than in the first and second fiscal quarters. Significantly higher fourth fiscal quarter retail sales result from increased purchases of fragrances as gift items during the Christmas holiday season. Wholesale sales also vary by fiscal quarter as a result of the selection of merchandise available for sale as well as the need for the Company to stock its retail stores for the Christmas holiday season. Therefore, the results of any interim period are not necessarily indicative of the results that might be expected during a full fiscal year. LIQUIDITY AND CAPITAL RESOURCES At November 1, 1997 working capital was $28.1 million compared to $33.2 million at February 1, 1997. Net cash provided by operating activities during the thirty-nine weeks ended November 1, 1997 was approximately $0.2 million, principally as a result of the net change in the Company's trade receivables, advances to suppliers, inventory, and accounts payable. At November 1, 1997, approximately $2.8 million of the Company's trade receivables were considered past due compared to $0.2 million at February 1, 1997. Of the $9.8 million in trade receivables due from unaffiliated customers at November 1, 1997, $5.3 million was due from one customer which also accounted for 35.1% of the Company's wholesale sales during the thirteen weeks ended November 1, 1997. The Company's sales to this customer are made on an open account terms and since late 1991 the Company has extended credit terms to this customer of up to one year. The Company has not experienced any write-offs of accounts receivable from this customer due to collectibility. Subsequent to November 1, 1997, the Company has collected $4.9 million of the $5.3 million due from the customer. Net cash used in investing activities during the current period was $4.7 million. This represents purchases of furniture, fixtures and equipment for new store openings and the renovation of existing stores during fiscal 1997. Net cash provided by financing activities during the thirty-nine weeks ended November 1, 1997 was approximately $4.5 million, which was primarily the result of an increase in the Company's use of its line of credit. The $35.0 million line of credit is used primarily for working capital to support seasonal inventory requirements and new store additions. The line of credit expires on April 30, 1999. During the thirty-nine weeks ended November 1, 1997, the Company closed nine stores and opened thirty stores. At November 1, 1997, the Company operated 283 stores. 8 10 RESULTS OF OPERATIONS COMPARISON OF THE THIRTEEN WEEKS ENDED NOVEMBER 1, 1997 WITH THE THIRTEEN WEEKS ENDED NOVEMBER 2, 1996. Net sales increased $4.2 million from $34.6 million in the thirteen weeks ended November 2, 1996 to $38.8 million in the thirteen weeks ended November 1, 1997. The increase in net sales was the result of a $4.2 million increase in retail sales (from $26.0 million to $30.2 million); wholesale sales were $8.6 million, unchanged from the prior year. The increase in retail sales was principally due to the increase in the number of stores operated during the thirteen weeks ended November 1, 1997. Comparable store sales during the current period decreased 4.3% when compared to last year. Gross profit increased 5.8% from $15.0 million in the thirteen weeks ended November 2, 1996 (41.0% of net sales) to $15.9 million in the thirteen weeks ended November 1, 1997 (43.5% of total net sales) due primarily to the increase in retail sales. Gross profit for the wholesale division decreased from $2.6 million in the thirteen weeks ended November 2, 1996 to $2.1 million in the thirteen weeks ended November 1, 1997 as a result of lower margin wholesale sales. As a percentage of net sales, gross profit for the wholesale division decreased from 30.1% in the thirteen weeks ended November 2, 1996 to 24.1% in the thirteen weeks ended November 1, 1997, as a result of lower margin sales. Gross profit for the retail division increased 11.1% from $12.5 million in the thirteen weeks ended November 2, 1996 to $13.8 million in the thirteen weeks ended November 1, 1997 as a result of higher retail sales. As a percentage of net sales, gross profit for the retail division decreased from 47.9% in the thirteen weeks ended November 2, 1996 to 45.9% in the thirteen weeks ended November 1, 1997 due primarily to increased promotional sales of merchandise at lower margins. Operating expenses, which include selling, general and administrative expenses as well as depreciation, increased 29.8% from $12.8 million in the thirteen weeks ended November 2, 1996 to $16.6 million in the thirteen weeks ended November 1, 1997. The increase was primarily due to costs associated with the operation of 76 additional stores. The Company had a pre-tax net loss of $1,463,532, or ($0.21) per share, in the thirteen weeks ended November 1, 1997 compared to a pre-tax net income of $1,449,023, or $0.17 per share, in the thirteen weeks ended November 2, 1996. On an after-tax basis, net loss was $878,119, or ($0.12) per share, in the thirteen weeks ended November 1, 1997 compared to net income of $885,006, or $0.10 per share in the thirteen weeks ended November 2, 1996. The weighted average common shares outstanding was 7,121,259 for the thirteen weeks ended November 1, 1997 and 8,447,436 for the thirteen weeks ended November 2, 1996. 9 11 COMPARISON OF THE THIRTY-NINE WEEKS ENDED NOVEMBER 1, 1997 WITH THE THIRTY-NINE WEEKS ENDED NOVEMBER 2, 1996. Net sales increased 22.4% from $86.7 million in the thirty-nine weeks ended November 2, 1996 to $106.0 million in the thirty-nine weeks ended November 1, 1997. The increase in net sales was due to a 23.3% increase in retail sales (from $67.0 million to $82.6 million), and a 19.0% increase in wholesale sales (from $19.7 million to $23.5 million). The increase in retail sales was principally due to the increase in the number of stores operated during the thirty-nine weeks ended November 1, 1997 compared to the thirty-nine weeks ended November 2, 1996. Comparable store sales during the thirty-nine weeks ended November 1, 1997 increased 0.2% when compared to last year. Gross profit increased 17.7% from $37.8 million in the thirty-nine weeks ended November 2, 1996 (43.6% of net sales) to $44.5 million in the thirty-nine weeks ended November 1, 1997 (41.9% of net sales) primarily as a result of the increase in net sales. Gross profit for the wholesale division increased 3.7% from $5.5 million in the thirty-nine weeks ended November 2, 1996 to $5.7 million in the thirty-nine weeks ended November 1, 1997. As a percentage of net sales, gross profit for the wholesale division decreased from 27.8% in the thirty-nine weeks ended November 2, 1996 to 24.3% in the thirty-nine weeks ended November 1, 1997, primarily due to lower margin sales. Gross profit for the retail division increased 20.0% from $32.3 million in the thirty-nine weeks ended November 2, 1996 to $38.8 million in the thirty-nine weeks ended November 1, 1997. The retail division's gross margin decreased from 48.2% in the thirty-nine weeks ended November 2, 1996 to 46.9% in the thirty-nine weeks ended November 1, 1997 due primarily to increased promotional sales of merchandise at lower margins. Operating expenses increased $11.8 million in the thirty-nine weeks ended November 1, 1997 compared to the thirty-nine weeks ended November 2, 1996. The increase was primarily due to costs associated with the operation of 75 additional stores. During the thirty-nine weeks ended November 1, 1997 the Company had a pre-tax net loss of $5,691,244 or ($0.79) per share (based on 7,159,261 weighted average common shares outstanding), compared to a pre-tax net loss of $171,555 or ($0.02) per share, (based on 7,858,334 weighted average common shares outstanding) during the thirty-nine weeks ended November 2, 1996. On an after-tax basis, the Company had a net loss of $3,414,746 or ($0.48) per share (based on 7,159,261 weighted average common shares outstanding), compared to a net loss of $104,649 or ($0.01) per share, (based on 7,858,334 weighted average common shares outstanding. 10 12 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On September 30, 1997 the Company held its annual meeting of shareholders. At the annual meeting, the shareholders elected Simon Falic, Jerome Falic, Ron A. Friedman, Marc Finer, Robert Pliskin, Daniel J. Manella and Carole Ann Taylor to the Board of Directors and approved an increase from 1,900,000 to 2,500,000, in the number of shares of common stock reserved for issuance pursuant to the Company's 1991 Stock Option Plan. The number of votes for and against, abstentions and brokers non-votes with respect to each director's election and the increase in the number of shares reserved for issuance under the Company's 1991 Stock Option Plan were as follows:
TOTAL SHARES SHARES SHARES VOTED VOTED ABSTAIN/ NON- VOTED FOR AGAINST WITHHELD VOTES --------- --------- ------- -------- ----- Simon Falic 5,410,104 5,319,894 -- 90,210 -- Jerome Falic 5,410,104 5,317,894 -- 92,210 -- Marc Finer 5,410,104 5,319,894 -- 90,210 -- Ron A. Friedman 5,410,104 5,319,894 -- 90,210 -- Robert Pliskin 5,410,104 5,321,394 -- 88,710 -- Daniel J. Manella 5,408,604 5,319,894 -- 88,710 -- Carole Ann Taylor 5,410,104 5,321,394 -- 88,710 -- Increase to 2,500,000 in the number of shares of common stock reserved for issuance under the Company's 1991 Stock Option Plan 2,547,973 2,081,647 457,951 8,375 2,862,131
11 13 PERFUMANIA, INC. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized. PERFUMANIA, INC. -------------------------------------------- (Registrant) Date: December 12, 1997 By: /s/ SIMON FALIC -------------------------------------------- Simon Falic Chairman of the Board and Chief Executive Officer (Principal Executive Officer) By: /s/ RON A. FRIEDMAN -------------------------------------------- Ron A. Friedman President, Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer) 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS JAN-31-1998 AUG-03-1997 NOV-01-1997 1,612,171 0 11,247,210 0 87,545,147 113,461,280 19,360,159 0 137,512,517 85,383,258 0 0 0 78,078 45,253,100 137,512,517 106,048,284 106,048,284 61,600,980 61,600,980 0 0 0 (5,691,244) (2,276,498) (3,414,746) 0 0 0 (3,414,746) (0.48) (0.48)
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