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Parlux achieves a $51 mn improvement in income

Jun '08
Parlux Fragrances Inc announced its results for the fiscal year ended March 31, 2008. Sales from continuing operations were $153,696,374 compared to $134,365,094 in the prior year, an increase of 14%.

Income from continuing operations was $5,010,751 compared to a loss of ($27,864,295) in the prior year. Net income including discontinued operations was $5,036,101, or $0.24 per diluted share compared to $2,882,232 or $0.16 per diluted share in the prior year.

Mr. Neil Katz, Chairman and CEO, noted that, "The Company achieved a $51 million improvement in income from continuing operations before income taxes, on a year to year basis, which underscores our success in restructuring our operations and refocusing our business.

We have reduced our operating costs by 33% by centralizing warehousing/distribution in New Jersey, and moving all corporate management and administrative activities into new office facilities in South Florida.

We have reduced inventories by 35%, reduced G&A by 39% (excluding non-cash share-based compensation charges of $244,662 in 2008 and $18,946,950 in 2007), and reduced advertising by 22%, while concurrently increasing sales by 14%."

"Most significantly," Mr. Katz continued, "the Company had over $21 million in cash on hand at year end, and our $35 million bank line was not utilized.

These funds will be available to support the launch of new licenses which we have signed, specifically Jessica Simpson, Nicole Miller, Natori and Queen Latifah, and to fully support our ongoing base business of Paris Hilton and GUESS?.

Additionally, we will be launching a new Paris Hilton fragrance this Fall, as well as a new GUESS? men's fragrance in the Spring of 2009."

"We are optimistic about the growth and profit potential of the Company in Fiscal 2009 and the future," Mr. Katz concluded.

The financial results for fiscal 2008 are attached. The Company will file its Annual Report on Form 10-K for the fiscal year ended March 31, 2008 as soon as possible.

Parlux Fragrances Inc

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