Inter Parfums issues 2006 profit guidance

02 Dec '05
2 min read

Prestige perfumes distributor Inter Parfums Inc announced its guidance for 2006.

The Management decides to develop 2006 net sales of approximately $301 million, or a nearly 10 percent increase compared with 2005's estimated $274 million. Net income for 2006 is expected to approximate $16.9 million or $0.83 per diluted share.

This represents a 16 percent and 17 percent improvement over management's 2005 net income guidance of $14.6 million and $0.71 per diluted share, respectively. Inter Parfums also indicated that its guidance assumes the dollar remains at current levels which is 7 percent higher relative to the euro compared with the dollar's average value through the first nine months of 2005.

In addition, effective January 1, 2006, the Company plans to adopt SFAS 123(R) "Share-Based Payment," a new accounting pronouncement requiring the expensing of stock based compensation. Under this pronouncement, the Company plans to elect to apply this standard prospectively and therefore not restate prior year results. The earnings guidance for 2006 includes an after tax charge of approximately $0.6 million or $.03 per diluted share to reflect the impact of SFAS 123.

Jean Madar, Chairman and CEO of Inter Parfums noted that after a one year hiatus, they are looking for earnings to increase at a faster rate than sales and for 2006 to be a record year for profits as well as sales for Inter Parfums. As they have reported, they have the most ambitious prestige product launch schedule ahead of us.

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