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Inter Parfums, Inc. Reports Third Quarter 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)

(Unaudited)
 
        Three Months EndedSeptember 30,         Nine Months EndedSeptember 30,
2012         2011 2012         2011
 
Net sales $ 166,264 $ 171,706 $ 477,187 $ 426,132
 
Cost of sales   65,146     64,323     181,535     158,173  
 
Gross margin 101,118 107,383 295,652 267,959
 
Selling, general and administrative expenses   79,039     85,838     229,190     210,026  
 
Income from operations   22,079     21,545     66,462     57,933  
 
Other expenses (income):
Interest expense 391 687 1,195 1,517
(Gain) loss on foreign currency 1,405 (1,239 ) 2,584 (1,091 )
Interest income   (52 )   (241 )   (887 )   (947 )
 
  1,744     (793 )   2,892     (521 )
 
Income before income taxes 20,335 22,338 63,570 58,454
 
Income taxes   7,158     9,054     22,658     21,402  
 
Net income 13,177 13,284 40,912 37,052
 
Less: Net income attributable to the noncontrolling interest  

3,159
   

2,851
   

9,389
   

8,867
 
 
Net income attributable to

Inter Parfums, Inc.

$

10,018
 

$

10,433
 

$

31,523
 

$

28,185
 
 
 
Earnings per share:
 
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic $ 0.33 $ 0.34 $ 1.03 $ 0.92
Diluted $ 0.33   $ 0.34   $ 1.03   $ 0.92  
 
Weighted average number of shares outstanding:
Basic 30,570 30,539 30,561 30,506
Diluted   30,717     30,698     30,697     30,676  
 
 
Dividends declared per share $ 0.08   $ 0.08   $ 0.24   $ 0.24  
 

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)
 
ASSETS
        September 30,

2012
       

December 31,

2011
Current assets:
Cash and cash equivalents $ 25,851 $ 35,856
Accounts receivable, net 167,207 175,223
Inventories 161,058 164,077
Receivables, other 1,726 3,258
Other current assets 6,376 4,258
Income tax receivable 677 1,404
Deferred tax assets   9,641   7,270
Total current assets 372,536 391,346
Equipment and leasehold improvements, net 15,911 14,525
Goodwill 2,761 2,763
Trademarks, licenses and other intangible assets, net 103,162 105,750
Other assets   2,176   1,650
Total assets $ 496,546 $ 516,034
 
LIABILITIES AND EQUITY
Current liabilities:
Loans payable – banks $ 1,385 $ 11,826
Current portion of long-term debt -- 4,480
Accounts payable, trade 69,644 112,726
Accrued expenses 49,860 52,042
Income taxes payable 8,670 2,099
Dividends payable   2,446   2,443
Total current liabilities   132,005   185,616
Deferred tax liability   5,605   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 30,576,426 and 30,541,506 shares at
September 30, 2012 and December 31, 2011,
respectively 31 31
Additional paid-in capital 52,408 50,883
Retained earnings 252,471 228,164
Accumulated other comprehensive income 7,854 7,747
Treasury stock, at cost, 10,009,492 common shares at
September 30, 2012 and December 31, 2011   (34,151)   (34,151)
Total Inter Parfums, Inc. shareholders’ equity 278,613 252,674
Noncontrolling interest   80,323   71,676
Total equity   358,936   324,350
Total liabilities and equity $ 496,546 $ 516,034
 

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