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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