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Parlux fragrances announces Q3 results

18 Feb '08
3 min read

Neil Katz, Chairman and CEO, said: "Our focus on restructuring and strengthening the Company has provided a major turnaround, resulting in an operating income improvement from continuing operations of nearly $33 million in the nine month period. During this period, we significantly reduced operating expenses, while strengthening our organization.

Notably, we have fully paid down our credit line and have generated cash on hand, significantly strengthened our working capital position and continued to reduce inventory levels. Concurrently, we remediated four internal control weaknesses previously reported."

"Additionally," Mr. Katz continued, "we completed centralizing all warehousing/shipping in our 200,000 sq. ft. New Jersey location and are moving this month into a new 20,000 sq. ft. headquarters office building, all of which will provide continuing savings for the future with a structural framework that will accommodate growth.

Our core brands, Paris Hilton and GUESS?, led the way to strong sales increases in a very difficult retail environment. The introduction of our two new brands, Jessica Simpson and Nicole Miller, are on track for launch in the summer and fall of our next fiscal year, respectively. I am encouraged by our performance, and gratified by the support of our management team, suppliers and our customers."

Parlux Fragrances Inc

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