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Parlux ponders sale

This article was originally published in The Rose Sheet

Executive Summary

Fragrance marketer Parlux reveals in July 11 press release it will consider a sale of the company as part of initiative to explore "various strategic alternatives to enhance shareholder value." Firm has retained Citigroup Global Markets and Oppenheimer & Co. to assist in the effort. However, "there could be no assurance that this process will result in any specific transaction," Parlux notes. Fort Lauderdale, Fla.-based company markets fragrances under the Paris Hilton, Guess and Perry Ellis brands...

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CEO Ilia Lekach has made an unsolicited offer to take the fragrance company private for $29 per share, Parlux announces June 14. In light of the offer, the company has cancelled its annual investors day scheduled for June 23, firm notes. Parlux revealed in July 2005 that it was considering a sale of the company as part of an initiative to explore "various strategic alternatives to enhance shareholder value" (1"The Rose Sheet" July 18, 2005, In Brief). Separately, company released unaudited fiscal 2006 (ended March 31) results on June 13. Parlux reports net sales increased 82% to $182.2 mil., while net income advanced 109% to $22.5 mil., in line with preliminary results reported in May (2"The Rose Sheet" May 15, 2006, In Brief). On June 9, Parlux filed an extension for its annual report for the fiscal year, because it was unable to complete certain new requirements by the initial filing date. Firm noted "certain internal controls were not operating effectively as of and during the year" and that it is taking "immediate action to address and remediate" the issues...

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