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Inter Parfums reports record Q4 sales
31 Jan '08
3 min read
Separately, the Company announced that between late December 2007 and early January 2008, it purchased 350,000 shares of its majority-owned consolidated subsidiary, Inter Parfums S.A, for an average purchase price of €30 (Euros) per share.
The shares purchased represent approximately 2.9% of the approximately 12 million outstanding shares. The Company utilized approximately $10.5 million of cash on hand to finance the share purchase.
According to Russell Greenberg, Executive Vice President & Chief Financial Officer of Inter Parfums Inc, “Our Board of Directors approved this action because we determined that the fair value of our subsidiary's stock was significantly greater than its market value, making it what we believe to be a good long-term investment.
The stock purchases were made in open market transactions on the Euronext market and additional purchases may be made if our Board of Directors deems that the market price of our subsidiary's stock is undervalued.”
The shares purchased represent approximately 2.9% of the approximately 12 million outstanding shares. The Company utilized approximately $10.5 million of cash on hand to finance the share purchase.
According to Russell Greenberg, Executive Vice President & Chief Financial Officer of Inter Parfums Inc, “Our Board of Directors approved this action because we determined that the fair value of our subsidiary's stock was significantly greater than its market value, making it what we believe to be a good long-term investment.
The stock purchases were made in open market transactions on the Euronext market and additional purchases may be made if our Board of Directors deems that the market price of our subsidiary's stock is undervalued.”
Inter Parfums Inc
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