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Inter Parfums, Inc. Reports Record Second Quarter Results

Dividend

The Company’s regular quarterly cash dividend of $0.08 per share will be payable on October 15, 2012 to shareholders of record on September 28, 2012.

Conference Call

Management will conduct a conference call to discuss financial results and business developments at 11:00 AM EDT on Thursday, August 9, 2012. Interested parties may participate in the call by dialing (201) 493-6749; 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)

(Unaudited)

 
 

Three Months Ended

   

Six Months Ended

June 30,

June 30,

2012   2011 2012   2011
 
Net sales $ 145,555 $ 121,063 $ 310,923 $ 254,426
 
Cost of sales   57,099     46,477     116,389     93,850  
 
Gross margin 88,456 74,586 194,534 160,576
 
Selling, general and administrative expenses   75,828     63,739     150,152     124,188  
 
Income from operations   12,628     10,847     44,382     36,388  
 
Other expenses (income):
Interest expense 442 390 805 830
Loss on foreign currency 931 567 1,178 148
Interest income   (311 )   (389 )   (835 )   (706 )
 
  1,062     568     1,148     272  
 
Income before income taxes 11,566 10,279 43,234 36,116
 
Income taxes   4,085     3,851     15,499     12,348  
 
Net income 7,481 6,428 27,735 23,768
 
Less: Net income attributable to the noncontrolling interest  

1,473

   

1,435

   

6,230

   

6,016

 
 

Net income attributable to Inter Parfums, Inc.

$

6,008

 

$

4,993

 

$

21,505

 

$

17,752

 
 
 
Earnings per share:
 
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic $ 0.20 $ 0.16 $ 0.70 $ 0.58
Diluted $ 0.20   $ 0.16   $ 0.70   $ 0.58  
 
Weighted average number of shares outstanding:
Basic 30,563 30,506 30,557 30,490
Diluted   30,688     30,695     30,687     30,664  
 
 
Dividends declared per share $ 0.08   $ 0.08   $ 0.16   $ 0.16  
 

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)

 
ASSETS
 

June 30,

 

December 31,

2012

2011

Current assets:
Cash and cash equivalents $ 23,130 $ 35,856
Accounts receivable, net 139,327 175,223
Inventories 175,753 164,077
Receivables, other 1,287 3,258
Other current assets 5,847 4,258
Income tax receivable 1,967 1,404
Deferred tax assets   8,162     7,270  
 
Total current assets 355,473 391,346
 
Equipment and leasehold improvements, net 16,102 14,525
 
Goodwill 2,693 2,763
 
Trademarks, licenses and other intangible assets, net 101,969 105,750
 
Other assets   2,024     1,650  
 
Total assets $ 478,261   $ 516,034  
 
LIABILITIES AND EQUITY
Current liabilities:
Loans payable – banks $ 4,448 $ 11,826
Current portion of long-term debt 1,528 4,480
Accounts payable, trade 74,931 112,726
Accrued expenses 43,200 52,042
Income taxes payable 6,355 2,099
Dividends payable   2,445     2,443  
 
Total current liabilities   132,907     185,616  
 
Deferred tax liability   5,653     6,068  
 
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 30,567,181 and 30,541,506 shares at June 30, 2012 and December 31, 2011, respectively

31

31

Additional paid-in capital 52,184 50,883
Retained earnings 244,860 228,164
Accumulated other comprehensive income 1,782 7,747
Treasury stock, at cost, 10,009,492 common shares at June 30, 2012 and December 31, 2011  

(34,151

)

 

(34,151

)

 
Total Inter Parfums, Inc. shareholders’ equity 264,706 252,674
 
Noncontrolling interest   74,995     71,676  
 
Total equity   339,701     324,350  
 
Total liabilities and equity $ 478,261   $ 516,034  




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