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Parlux S&E

This article was originally published in The Rose Sheet

Executive Summary

Net sales for fiscal 2003 (ended March 31) increased 3.2% to $72.3 mil. and net income was $5.5 mil. Com-pared to a net loss of $5.7 mil. the prior year, Parlux Fragrances announces June 27. Results include pre-tax income of $4 mil. relating to the proceeds from the settlement of a lawsuit against a supplier filed in 2001, company states, noting prior-year loss was due primarily to non-cash charge of $7.4 mil. related to the impairment of intangibles in connection with sale of two brands and a $2.9 mil. non-cash charge for an unrealized loss on investment. Current borrowings are at historic low of approximately $4.9 mil. compared to $11.5 mil. a year ago, Perry Ellis, Jockey and Ocean Pacific fragrance marketer adds...
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