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Inter Parfums, Inc. Reports Record Third Quarter Results

Stocks in this article: IPAR

Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2010 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.

   

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share data)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
 
Net sales $ 171,706 $ 120,853 $ 426,132 $ 347,991
 
Cost of sales   63,123     49,578     155,973     140,271  
 
Gross margin 108,583 71,275 270,159 207,720
 
Selling, general and administrative expenses   87,038     54,692     212,226     163,630  
 
Income from operations   21,545     16,583     57,933     44,090  
 
Other expenses (income):
Interest expense 687 529 1,517 1,627
(Gain) loss on foreign currency (1,239 ) (461 ) (1,091 ) 2,435
Interest income   (241 )   (382 )   (947 )   (977 )
 
  (793 )   (314 )   (521 )   3,085  
 
Income before income taxes 22,338 16,897 58,454 41,005
 
Income taxes   9,054     5,488     21,402     13,663  
 
Net income 13,284 11,409 37,052 27,342
 
Less: Net income attributable to the noncontrolling interest  

2,851

   

2,961

   

8,867

   

6,988

 
 

Net income attributable to Inter Parfums, Inc.

$

10,433

 

$

8,448

 

$

28,185

 

$

20,354

 
 
 
Earnings per share:
 
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic $ 0.34 $ 0.28 $ 0.92 $ 0.67
Diluted $ 0.34   $ 0.28   $ 0.92   $ 0.67  
 
Weighted average number of shares outstanding:
Basic 30,539 30,443 30,506 30,332
Diluted   30,698     30,564     30,676     30,441  
 
 
Dividends declared per share $ 0.08   $ 0.065   $ 0.24   $ 0.195  
 

 

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)

 
ASSETS
  September 30,   December 31,
2011 2010
Current assets:
Cash and cash equivalents $ 23,185 $ 37,548
Short-term investments 6,752 49,391
Accounts receivable, net 167,630 97,593
Inventories 182,300 109,840
Receivables, other 2,300 3,688
Other current assets 2,036 4,635
Deferred tax assets   7,421     7,230  
 
Total current assets 391,624 309,925
 
Equipment and leasehold improvements, net 14,485 11,207
 
Goodwill 3,691 3,654
 
Trademarks, licenses and other intangible assets, net 110,760 111,402
 
Other assets   1,505     1,917  
 
Total assets $ 522,065   $ 438,105  
 
LIABILITIES AND EQUITY
Current liabilities:
Loans payable – banks $ 20,377 $ 5,250
Current portion of long-term debt 7,578 11,090
Accounts payable - trade 94,112 52,694
Accrued expenses 54,932 47,413
Income taxes payable 3,658 7,905
Dividends payable   2,443     1,979  
 
Total current liabilities   183,100     126,331  
 
Long-term debt, less current portion   -     5,039  
 
Deferred tax liability   6,315     6,789  
 
Equity:
Inter Parfums, Inc. shareholders’ equity:

Preferred stock, $.001 par; authorized 1,000,000 shares; none issued

Common stock, $.001 par; authorized 100,000,000 shares; outstanding 30,539,381 and 30,445,881 shares at September 30, 2011 and December 31, 2010, respectively

 

31

 

30

Additional paid-in capital 50,566 48,887
Retained earnings 226,450 205,453
Accumulated other comprehensive income 16,742 14,757
Treasury stock, at cost, 10,009,492 common shares at September 30, 2011 and December 31, 2010  

(34,151

)

 

(34,151

)

 
Total Inter Parfums, Inc. shareholders’ equity 259,638 234,976
 
Noncontrolling interest   73,012     64,970  
 
Total equity   332,650     299,946  
 
Total liabilities and equity $ 522,065   $ 438,105  
 




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