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Inter Parfums, Inc. Reports 2011 Fourth Quarter And Record Full Year Results

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, 2011 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)
 
  Three Months EndedDecember 31,   Year EndedDecember 31,
2011   2010 2011   2010
 
Net sales $ 189,088 $ 112,420 $ 615,220 $ 460,411
 
Cost of sales   72,473  

 
  46,130     228,446     186,401  
 
Gross margin 116,615 66,290 386,774 274,010
 
Selling, general and administrative expenses 106,772 53,944 318,998 217,574
Impairment of goodwill   837     --     837     --  
 
Income from operations   9,006     12,346     66,939     56,436  
 
Other expenses (income):
Interest expense 681 489 2,197 2,116
(Gain) loss on foreign currency (456 ) (303 ) (1,546 ) 2,132
Interest income   (158 )   (675 )   (1,105 )   (1,652 )
 
  67     (489 )   (454 )   2,596  
 
Income before income taxes 8,939 12,835 67,393 53,840
 
Income taxes   3,042     4,502     24,444     18,165  
 
Net income 5,897 8,333 42,949 35,675
 
Less: Net income attributable to the noncontrolling interest  

1,779
   

2,094
   

10,646
   

9,082
 
 

Net income attributable to Inter Parfums, Inc.

$

4,118
 

$

6,239
   

32,303
 

$

26,593
 
 
 
Earnings per share:
 
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic $ 0.13 $ 0.20 $ 1.06 $ 0.88
Diluted $ 0.13   $ 0.20   $ 1.05   $ 0.87  
 
Weighted average number of shares outstanding:
Basic 30,540 30,446 30,515 30,361
Diluted   30,685     30,605     30,678     30,482  
 
INTER PARFUMS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
December 31, 2011 and 2010
(In thousands except share and per share data)
Assets   2011     2010
Current assets:
Cash and cash equivalents $ 35,856 $ 37,548
Short-term investments -- 49,391
Accounts receivable, net 175,223 97,593
Inventories 164,077 109,840
Receivables, other 3,258 3,688
Other current assets 4,258 4,635
Income taxes receivable 1,404 --
Deferred tax assets 7,270 7,230
Total current assets 391,346 309,925
Equipment and leasehold improvements, net 14,525 11,207
Trademarks, licenses and other intangible assets, net 105,750 111,402
Goodwill 2,763 3,654
Other assets 1,650 1,917
Total assets $ 516,034 $ 438,105
Liabilities and Equity
Current liabilities:
Loans payable – banks $ 11,826 $ 5,250
Current portion of long-term debt 4,480 11,090
Accounts payable - trade 112,726 52,694
Accrued expenses 52,042 47,413
Income taxes payable 2,099 7,905
Dividends payable 2,443 1,979
Total current liabilities 185,616 126,331
Deferred tax liability 6,068 6,789
Long-term debt, less current portion -- 5,039
Commitments and contingencies
Equity:
Inter Parfums, Inc. shareholders’ equity:

Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued

Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,541,506 and 30,445,881 shares at December 31, 2011 and 2010, respectively
31 30
Additional paid-in capital 50,883 48,887
Retained earnings 228,164 205,453
Accumulated other comprehensive income 7,747 14,757

Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010
(34,151) (34,151)
Total Inter Parfums, Inc. shareholders’ equity 252,674 234,976
Noncontrolling interest 71,676 64,970
Total equity 324,350 299,946
Total liabilities and equity $ 516,034 $ 438,105

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