Parlux
This article was originally published in The Rose Sheet
Executive Summary
Fragrance company will request a hearing before the Nasdaq Listing Qualifications Panel after Nasdaq informed the company that its stock is subject to delisting due to the firm's delay in filing Form 10-K for the period ended March 31, Parlux reports July 5. A possible delisting of the stock will be deferred pending the panel's review and determination, company notes. Until that time, Parlux' common stock will continue to be traded on the Nasdaq market, but the firm's trading symbol will be changed from PARL to PARLE. 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 (1"The Rose Sheet" June 19, 2006, In Brief). Shortly thereafter, Parlux CEO Ilia Lekach made an unsolicited offer to take the fragrance company private for $29 per share. However, an independent committee of the firm's board of directors responded it was not "prudent" to move forward in accepting the offer due to "significant financial and other contingencies contained in the proposal" (2"The Rose Sheet" July 3, 2006, In Brief)...
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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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