Parlux Fragrances Inc (NASDAQ: PARL) announced its unaudited results for the quarter and audited results for the year ended March 31, 2010 after market close yesterday. Parlux swung into a quarterly loss as the company said it saw significantly higher-than-expected negative impact from the expiration of its license with Guess Inc (NYSE: GES). Parlux is currently trading at $1.78, up $0.05 or 2.89%.
Financial Highlights from the report include:
- Revenue for the company, which holds licenses for brands including Paris Hilton and Jessica Simpson, fell 37 percent to $17.7 million from $28.2 million in the prior year quarter.
- Net loss for the quarter was $9.8 million, or ($0.48) per share, compared to net income of $1.5 million, or $0.07 per share, for the prior year quarter.
- Net sales for the fiscal year 2010 were $148.1 million, compared to $151.2 million in the prior year, an approximate 2% reduction.
- Net loss for the fiscal year 2010 was $14.8 million, or ($0.73) per share, compared to a net loss of $4.3 million, or ($0.21) per share for the prior year.
Mr. Frederick E. Purches, Chairman and CEO, commented, "On the positive side, our balance sheet as of March 31, 2010 remained solid, with $17.6 million of cash, no debt, and working capital of $88.8 million. Our recently concluded $20 million credit facility with GE Capital, Corporate Finance further strengthens our ability to focus on the Company's growth and profitability. Most of our losses in fiscal year 2010 were related to the write-down of GUESS? inventory and excess holiday returns. The Company's focus and structure has been re-aligned to provide positive results for our shareholders for the future. I believe we are positioned to do just that."
You can read more about the $20 million credit facility story with GE Capital here.
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