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Parlux

This article was originally published in The Rose Sheet

Executive Summary

Chairman and CEO Ilia Lekach has withdrawn his offer to take the company private, fragrance company reports, noting it plans to file an 8-K with a copy of that notification. Following Lekach's unsolicited offer in June to pay $29 per share, an independent committee of the firm's board of directors responded it was not "prudent" to accept the offer due to "significant financial and other contingencies contained in the proposal" (1"The Rose Sheet" June 19, 2006, In Brief and 2"The Rose Sheet" July 3, 2006, In Brief). Parlux also confirms it has received offers for certain of its brands, and that the offers are being reviewed by the firm's board of directors. Company has not entered into definitive agreements regarding any of the offers, firm notes. Parlux holds the fragrance licenses to brands such as Paris Hilton, Perry Ellis, GUESS?, Maria Sharapova and Ocean Pacific...

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Parlux

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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