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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE REQUIRED)
For Fiscal Year Ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
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Commission File Number 0-15491
Parlux Fragrances, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 22-2562955
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3725 SW 30th Avenue, Ft. Lauderdale, FL 33312
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(Address of principal executive offices) (zip code)
(Registrant's telephone number, including area code) (954) 316-9008
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Securities registered pursuant to Section 12(b) of the Act:
Title of Class Name of Exchange on which registered
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None None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock ( par value $ .01 per share)
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Title of Class
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Indicate the number of shares outstanding of each of the registrant's classes of
stock as of the latest practicable date.
Class Outstanding at June 25, 1997
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Common Stock, $ .01 par value 16,814,423
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The aggregate market value of the Registrant's common stock held by
non-affiliates of the Registrant was approximately $28,393,527 based on a
closing price of $2.125 for the Common Stock as of June 25, 1997 as reported on
the National Association of Securities Dealers Automated Quotation System on
such date. For purposes of the foregoing calculation, only the Directors and
beneficial owners of the registrant are deemed to be affiliates.
Documents incorporated by Reference: The information required by Part III (Items
10, 11, 12 & 13) is incorporated by reference from the registrant's definitive
proxy statement (to be filed pursuant to Regulation 14A).
1
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PARLUX FRAGRANCES, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF INCOME
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<TABLE>
<CAPTION>
Year ended March 31,
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1997 1996 1995
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<S> <C> <C> <C>
Net sales:
Unrelated customers $ 59,799,669 $ 41,539,466 $ 22,978,956
Related parties 27,840,337 26,187,460 15,230,143
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87,640,006 67,726,926 38,209,099
Cost of goods sold 39,183,165 28,439,789 14,957,475
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Gross profit 48,456,841 39,287,137 23,251,624
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Operating expenses:
Advertising and promotional 24,245,502 12,942,647 7,248,839
Selling and distribution 9,553,192 5,130,099 3,530,133
General and administrative 8,926,499 5,524,416 4,648,899
Royalties 2,413,113 1,502,132 823,223
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Total operating expenses 45,138,306 25,099,294 16,251,094
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Operating income 3,318,535 14,187,843 7,000,530
Interest expense and bank charges 2,175,628 1,885,412 1,189,658
Exchange (gains) losses (595,045) (234,074) 300,661
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Income before extraordinary item and income taxes 1,737,952 12,536,505 5,510,211
Income taxes 660,081 4,763,814 1,279,000
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Income before extraordinary item 1,077,871 7,772,691 4,231,211
Extraordinary item - loss on conversion of debt 901,648 -- --
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Net income $ 176,223 $ 7,772,691 $ 4,231,211
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Earnings per common and common
equivalent share:
Primary:
Income before extraordinary item $ 0.07 $ 0.74 $ 0.50
Extraordinary item - loss on
conversion of debt $ (0.05) -- --
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Net income $ 0.02 $ 0.74 $ 0.50
============ ============ ============
Fully diluted:
Income before extraordinary item $ 0.07 $ 0.72 $ 0.48
Extraordinary item - loss on
conversion of debt $ (0.05) -- --
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Net income $ 0.02 $ 0.72 $ 0.48
============ ============ ============
</TABLE>
See notes to consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
PARLUX FRAGRANCES, INC.
/s/ Ilia Lekach
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Ilia Lekach, Chief Executive Officer and Chairman
Dated: August 1, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the date indicated:
/s/ Zalman Lekach
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Zalman Lekach, President, Chief Operating Officer
and Director
/s/ Frank A. Buttacavoli
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Frank A. Buttacavoli, Executive Vice President,
Chief Financial Officer and Director
/s/ Frederick E. Purches
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Frederick E. Purches, Vice Chairman and Director
/s/ Albert F. Vercillo
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Albert F. Vercillo, Director
/s/ Mayi de la Vega
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Mayi de la Vega, Director
/s/ Glenn Gopman
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Glenn Gopman, Director
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