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Inter Parfums, Inc. Reports Record 2012 First Quarter Results

Stocks in this article: IPAR

Dividend

The Company’s regular quarterly cash dividend of $0.08 per share will be payable on July 13, 2012 to shareholders of record on June 29, 2012.

Conference Call

Management will conduct a conference call to discuss financial results and business developments at 11:00 am ET on Thursday, May 10, 2012. Interested parties may participate in the call by dialing 201 493-6739; please call in 10 minutes before the conference call is scheduled to begin and ask for the Inter Parfums call. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.interparfumsinc.com and click on the Investor Relations section. Please go to the website at least 15 minutes early to register, and download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days at Inter Parfums’ website. We suggest listeners use Microsoft Explorer as their browser.

In the nearly 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of prestige brands that include Burberry, Lanvin, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain and Repetto. Inter Parfums is also the fragrance and beauty partner for specialty retail and designer brands such as Gap, Banana Republic, Brooks Brothers, bebe, Betsey Johnson, Nine West and Anna Sui. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in over 120 countries worldwide.

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 ended

March 31,

2012   2011
 
 
Net sales $ 165,368 $ 133,363
 
Cost of sales   58,690     46,772  
 
Gross margin 106,678 86,591
 
Selling, general and administrative expenses   74,924     61,049  
 
Income from operations   31,754     25,542  
 
Other expenses (income):
Interest expense 362 440
(Gain) loss on foreign currency 248 (419 )
Interest income   (524 )   (317 )
 
  86     (296 )
 
Income before income taxes 31,668 25,838
 
Income taxes   11,414     8,498  
 
Net income 20,254 17,340
 
Less: Net income attributable to the noncontrolling interest   4,757     4,581  
 
Net income attributable to Inter Parfums, Inc. $ 15,497   $ 12,759  
 
Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic $ 0.51 $ 0. 42
Diluted $ 0.51   $ 0. 41  
 
Weighted average number of shares outstanding:
Basic 30,551 30,474
Diluted   30,686     30,634  
 
 
Dividends declared per share $ 0.08   $ 0. 08  
 

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)

 
ASSETS
 

March 31,

 

December 31,

2012

2011

Current assets:
Cash and cash equivalents $ 27,410 $ 35,856
Accounts receivable, net 164,030 175,223
Inventories 183,932 164,077
Receivables, other 2,009 3,258
Other current assets 5,807 4,258
Income taxes receivable 56 1,404
Deferred tax assets   7,338     7,270  
 
Total current assets 390,582 391,346
 
Equipment and leasehold improvements, net 17,002 14,525
 
Trademarks, licenses and other intangible assets, net 109,585 105,750
 
Goodwill 2,847 2,763
 
Other assets   2,161     1,650  
 
Total assets $ 522,177   $ 516,034  
 
 
LIABILITIES AND EQUITY
 
Current liabilities:
Loans payable – banks $ 13,599 $ 11,826
Current portion of long-term debt 3,148 4,480
Accounts payable - trade 96,936 112,726
Accrued expenses 43,265 52,042
Income taxes payable 4,255 2,099
Dividends payable   2,444     2,443  
 
Total current liabilities   163,647     185,616  
 
Long-term debt, less current portion   --     --  
 
Deferred tax liability   6,169     6,068  
 
Equity:
Inter Parfums, Inc. shareholders’ equity:
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued

Common stock, $0.001 par. Authorized 100,000,000 shares; outstanding 30,541,506 and 30,445,881 shares at March 31, 2012 and December 31, 2011, respectively

31

31

Additional paid-in capital 51,264 50,883
Retained earnings 241,259 228,164
Accumulated other comprehensive income 14,938 7,747
Treasury stock, at cost, 10,009,492 common shares at March 31, 2012 and December 31, 2011  

(34,151

)

 

(34,151

)

 
Total Inter Parfums, Inc. shareholders’ equity 273,341 252,674
 
Noncontrolling interest   79,020     71,676  
 
Total equity   352,361     324,350  
 
Total liabilities and equity $ 522,177   $ 516,034  




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