Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the fourth quarter and year ended December 31, 2012.
Fourth Quarter 2012 Compared to Fourth Quarter 2011:
- Net sales decreased 6.4% to $176.9 million from $189.1 million; at comparable foreign currency exchange rates, net sales declined 7.7%;
- European-based operations generated sales of $152.4 million, down 10.1% from $169.6 million;
- Sales by U.S.-based operations were $24.5 million, up 25.9% from $19.5 million;
- Gross margin was 63.0% of net sales compared to 61.1%;
- S, G & A expense as a percentage of sales was 54.6% compared to 55.9%;
- Gain on termination of the Burberry license was $198.8 million and as a result, operating margin was 119.4% of net sales; after taxes using a 36.1% tax rate and after allocation to the noncontrolling interest (26.77%), the gain attributable to Inter Parfums, Inc. common shareholders aggregated $93.0 million. As a result, net income attributable to Inter Parfums, Inc. was $99.6 million and diluted earnings per share were $3.24.
Excluding the gain on the termination of the license, operating margin was 7.4% of net sales, compared to 4.8% of net sales in 2011; net income attributable to Inter Parfums, Inc. was $6.6 million, compared to $4.1 million and diluted earnings per share were $0.21, compared to $0.13.
Net sales for 2012 were a record $654.1 million or 6.3% ahead of $615.2 million in 2011. At comparable foreign currency exchange rates, net sales rose approximately 9.4%. As noted, reported results included a $198.8 million gain related to the termination of the Burberry license. After taxes and after allocation to the noncontrolling interest, the gain attributable to Inter Parfums, Inc. common shareholders aggregated $93.0 million. As a result, net income attributable to Inter Parfums, Inc. was $131.1 million or $4.26 per diluted share. Excluding the gain on the termination of license, net income attributable to Inter Parfums, Inc. in 2012 was $38.1 million or $1.24 per diluted share as compared to $32.3 million or $1.05 per diluted share in 2011.
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