<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
( MARK ONE )
/X/ Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended September 30, 1999.
OR
/ / Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from___________to ________.
Commission File No. 0-16469
INTER PARFUMS, INC.
( Exact name of registrant as specified in its charter )
Delaware 13-3275609
( State or other jurisdiction of ( I.R.S. Employer
incorporation or organization ) Identification No.)
551 Fifth Avenue, New York, New York 10176
(Address of Principal Executive Offices) (Zip Code)
(212) 983-2640
(Registrants telephone number, including area code:)
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 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 / /
Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the latest practicable date.
At October 29, 1999 there were 7,555,781 shares of common stock, par value $.001
per share, outstanding.
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
INDEX
Page Number
Part I. Financial Information
Item 1. Financial Statements 1
Consolidated Balance Sheets as
of September 30, 1999 (unaudited)
and December 31, 1998 (audited) 2
Consolidated Statements of
Income for the Three Month and
Nine Month Periods Ended
September 30, 1999 (unaudited) and
September 30, 1998 (unaudited) 3
Consolidated Statements of
Cash Flows for the Nine
Month Periods Ended
September 30, 1999 (unaudited) and
September 30, 1998 (unaudited) 4
Notes to Unaudited Financial
Statements 5
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations 7
Part II. Other Information
Item 1. Litigation 12
Item 2. Changes in Securities and Use of Proceeds 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 13
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Part I. Financial Information
Item 1. Financial Statements
In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting only of
normal recurring adjustments) necessary to present fairly the financial position
of the Company and its results of operations and cash flows for the interim
periods presented. Such financial statements have been condensed in accordance
with the rules and regulations of the Securities and Exchange Commission and
therefore, do not include all disclosures required by generally accepted
accounting principles. These financial statements should be read in conjunction
with the Company's audited financial statements for the year ended December 31,
1998 included in the Company's annual report filed on Form 10-K.
The results of operations for the nine months ended September 30, 1999 are
not necessarily indicative of the results to be expected for the entire fiscal
year.
Page 1
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
------------ ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 18,063,219 $ 23,355,915
Accounts receivable, net 30,240,638 28,013,811
Inventories 18,698,394 21,938,972
Receivables, other 1,286,008 617,110
Other 1,069,170 1,084,512
Deferred tax benefit 834,017 1,107,285
------------ ------------
Total current assets 70,191,446 76,117,605
Equipment and leasehold improvements, net 2,691,984 2,988,365
Other assets 716,989 921,849
Intangible assets, net 7,030,770 7,710,910
------------ ------------
$ 80,631,189 $ 87,738,729
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Loans payable, banks $ 4,934,408 $ 4,171,558
Accounts payable 18,129,644 18,192,388
Income taxes payable 2,519,159 4,155,305
------------ ------------
Total current liabilities 25,583,211 26,519,251
------------ ------------
Long-term debt, less current portion 60,710 199,929
------------ ------------
Minority interests 7,634,277 7,339,559
------------ ------------
Shareholders' equity:
Common stock, $.001 par; authorized 30,000,000
shares; outstanding 7,368,581 and 8,462,781
shares at September 30, 1999 and
December 31, 1998, respectively 7,369 8,463
Additional paid-in capital 21,038,972 20,729,692
Retained earnings 50,695,763 47,342,754
Foreign currency translation adjustment (3,065,965) (811,884)
Treasury stock, at cost, 3,528,403
and 2,383,203 shares at September 30, 1999
and December 31, 1998, respectively (21,323,148) (13,589,035)
------------ ------------
47,352,991 53,679,990
------------ ------------
$ 80,631,189 $ 87,738,729
============ ============
</TABLE>
See notes to financial statements.
Page 2
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net sales $21,651,858 $22,504,625 $63,427,706 $67,403,931
Cost of sales 11,648,556 12,420,087 33,488,426 36,162,149
----------- ----------- ----------- -----------
Gross margin 10,003,302 10,084,538 29,939,280 31,241,782
Selling, general and administrative 7,620,437 8,029,956 23,014,326 24,419,462
----------- ----------- ----------- -----------
Income from operations 2,382,865 2,054,582 6,924,954 6,822,320
----------- ----------- ----------- -----------
Other charges (income):
Interest 133,444 113,474 322,916 350,730
Loss on foreign currency 51,478 13,980 168,284 110,907
Interest and dividend (income) (198,719) (157,100) (543,979) (583,263)
Loss (gain) on sale of stock of subsidiary, net (325) 281 25,889 36,119
----------- ----------- ----------- -----------
(14,122) (29,365) (26,890) (85,507)
----------- ----------- ----------- -----------
Income before income taxes 2,396,987 2,083,947 6,951,844 6,907,827
Income taxes 938,088 776,112 2,761,748 2,751,518
----------- ----------- ----------- -----------
Net income before minority interest 1,458,899 1,307,835 4,190,096 4,156,309
Minority interest in net income
of consolidated subsidiary 254,439 235,688 744,716 704,061
----------- ----------- ----------- -----------
Net income $ 1,204,460 $ 1,072,147 $ 3,445,380 $ 3,452,248
=========== =========== =========== ===========
Net income per common share:
Basic $ 0.16 $ 0.12 $ 0.45 $ 0.39
Diluted $ 0.15 $ 0.12 $ 0.43 $ 0.38
=========== =========== =========== ===========
Number of common shares outstanding:
Basic 7,397,423 8,724,076 7,572,983 8,784,828
Diluted 8,211,713 8,946,954 8,014,319 9,040,959
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
Page 3
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine months ended
September 30,
1999 1998
----------- -----------
<S> <C> <C>
Operating activities:
Net income $ 3,445,380 $ 3,452,248
Adjustments to reconcile net income to
net cash provided by (used in) operating activities:
Depreciation and amortization 1,238,149 984,351
Loss on sale of stock of subsidiary 25,889 36,119
Minority interest in net income 744,716 704,061
Increase (decrease) in cash from changes in:
Accounts receivable (3,899,845) (4,157,911)
Inventories 2,003,161 (1,416,995)
Other assets (515,184) 52,568
Deferred tax benefit 246,492 (244,005)
Accounts payable 1,023,583 (339,640)
Income taxes payable (1,365,191) 477,348
----------- -----------
Net cash provided by (used in) operating activites 2,947,150 (451,856)
----------- -----------
Investing activities:
Purchase of equipment and leasehold improvements (580,700) (1,164,001)
Trademark and license acquisitions (334,288) (22,788)
----------- -----------
Net cash (used in) investing activities (914,988) (1,186,789)
----------- -----------
Financing activities:
Increase in loan payable, bank 1,105,071 3,167,976
Proceeds from sale of stock of subsidiary 30,805 58,589
Proceeds from exercise of stock options 309,331 43,827
Dividends paid (92,371)
Purchase of treasury stock (7,735,258) (2,260,716)
----------- -----------
Net cash provided by (used in) financing activities (6,382,422) 1,009,676
----------- -----------
Effect of exchange rate changes on cash (942,436) 521,971
----------- -----------
(Decrease) in cash and cash equivalents (5,292,696) (106,998)
Cash and cash equivalents at beginning of period 23,355,915 18,721,525
----------- -----------
Cash and cash equivalents at end of period $18,063,219 $18,614,527
=========== ===========
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest $ 364,000 $ 255,000
Income taxes 3,666,000 1,552,000
</TABLE>
See notes to financial statements.
Page 4
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Notes to Unaudited Financial Statements
1. Significant Accounting Policies:
The accounting policies followed by the Company are set forth in the notes
to the Company's financial statements included in its Form 10-K which was
filed with the Securities and Exchange Commission for the year ended
December 31, 1998.
2. Comprehensive Income:
Comprehensive income aggregated $1,191,299 and $5,025,334 for the nine
months ended September 30, 1999 and 1998, respectively, as a result of
foreign currency translation adjustments.
3. Geographic areas:
Segment information related to domestic and foreign operations is as
follows:
Nine months ended Nine months ended
September 30, 1999 September 30, 1999
------------------ ------------------
Net sales:
United States $ 19,835,657 $ 23,452,612
Europe 43,667,049 43,669,940
South America 622,523
Eliminations (75,000) (341,144)
------------ ------------
$ 63,427,706 $ 67,403,931
============ ============
Net Income:
United States $ 815,605 $ 1,158,730
Europe 2,727,839 2,705,393
South America (98,064) (495,531)
Eliminations 83,656
------------ ------------
$ 3,445,380 $ 3,452,248
============ ============
Page 5
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Notes to Unaudited Financial Statements
4. Earnings Per Share:
Basic earnings per share are computed using the weighted average number of
shares outstanding during each period. Diluted earnings per share are
computed using the weighted average number of shares outstanding during
each period, plus the incremental shares outstanding assuming the exercise
of dilutive stock options.
5. Inventories:
Inventories consist of the following:
September 30, 1999 December 31, 1998
------------------ -----------------
Raw materials and component parts $ 7,256,141 $ 7,570,613
Finished goods 11,442,253 14,368,359
------------ ------------
$ 18,698,394 $ 21,938,972
============ ============
6. Litigation:
As previously reported, Inter Parfums S.A., the Company's majority owned
French subsidiary ("IP France"), is a party to litigation with Jean
Charles Brosseau, S.A. ("Brosseau"), the licensor of the Ombre Rose
trademark. The licensor has claimed damages of approximately $7.0 million
and is seeking termination of the license agreement.
In October 1999, IP France received notice of a judgement in favor of
Brosseau, which awarded damages of approximately $600,000, and which
directed IP France to turn over its license to Brosseau within six months.
IP France is appealing the judgment as it vigorously and categorically
denies the claims of Brosseau, and believes that it has meritorious
defenses to such claims. The payment of the judgement has been stayed, and
IP France can continue to operate under the license agreement during the
appeal process. The Company has been advised by its special litigation
counsel that, in its opinion, it is unlikely that the monetary judgment
will be sustained on appeal, or that any final, substantial monetary
judgement will be entered against IP France. Management does not believe
that such litigation will have any material adverse effect on the
financial condition or operations of the Company.
Page 6
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Company is a leading manufacturer and distributor of fragrances, cosmetics
and personal care products, where innovation and creativity are combined to
produce quality products for our customers around the world.
The Company specializes in prestige fragrances (62% of net sales for the nine
months ended September 30, 1999) and consumer fragrances and cosmetics:
o Prestige products -- For each prestige brand, owned or licensed, the
Company creates an original concept for the perfume consistent with world
market trends;
o Consumer products -- The Company designs, markets and distributes
inexpensive fragrances and personal care products including alternative
designer fragrances and mass market cosmetics. The Company also designs,
markets and distributes a broad range of inexpensive fragrances,
highlighting the "Made in France" label.
Three and Nine Months Ended September 30, 1999 as Compared to the Three
and Nine Months Ended September 30, 1998
Net sales for the three months ended September 30, 1999 were $21.7 million, as
compared to $22.5 million for the corresponding period of the prior year. Net
sales for the nine months ended September 30, 1999 were $63.4 million, as
compared to $67.4 million for the corresponding period of the prior year. At
comparable foreign currency exchange rates, net sales for the three months ended
September 30, 1999 were virtually unchanged from that of the corresponding
period of the prior year.
For the three months ended September 30, 1999, net sales within the Company's
prestige fragrance lines declined 3.5%, as compared to the corresponding period
of the prior year. Theses results were in line with management's expectations as
no new product launches were scheduled for the period. While several new
prestige fragrance projects are on the drawing board, with the exception of the
Company's Christian Lacroix product line which was launched in October 1999, all
have target launch dates in the year 2000. These projects include, the launch of
the Company's Paul Smith fragrance line, two new perfume lines under the
Burberry name, as well as two new perfume lines under the S.T. Dupont name.
Page 7
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
In October 1999, the Company launched its first Christian Lacroix product line,
pursuant to an exclusive license agreement entered into with the Christian
Lacroix Company, a division of LVMH Moet Hennessy Louis Vuitton S.A. ("LVMH").
In addition, as previously reported LVMH has taken a significant equity position
in the Company. This new association, with the worlds largest luxury goods
manufacturer is expected to further strengthen the Company's position in
prestige fragrance distribution. (See "Liquidity and Capital Resources" for
further discussion of the contemplated transaction with LVMH).
Management is also actively pursuing new license agreements to build upon the
strength of its existing portfolio.
Net sales within the Company's consumer products lines declined only 4.2% for
the three months ended September 30, 1999, as compared to the corresponding
period of the prior year. This result is a significant improvement from the
decline of 23% reported for the six months ended June 30, 1999. As previously
reported, the downward trend resulted from the economic situation in Eastern
Europe, Brazil and other Latin American countries. Further, the market for the
Company's consumer products has been very price sensitive and the consolidation
of customers through numerous announced mergers of mass market customers also
affected sales as customers reduced inventory levels and eliminated duplicate
vendors. This trend appears to be leveling off, and we may see a gradual
reversal of this trend over the next several quarters.
Gross profit margins increased to 46% and 47% of net sales for the three and
nine month periods ended September 30, 1999, respectively, as compared to 45%
and 46% for the three and nine month periods ended September 30, 1998,
respectively. Gross profit margins have remained relatively constant for the
past two years. However, the Company has seen some gross profit margin
improvement as a result of the strength of the US dollar relative to the French
franc, as certain European sales are denominated in US dollars. The Company's
prestige fragrance lines continue to generate a slightly higher gross profit
margin than the Company's consumer product lines and these gross profit margin
benefits have offset the negative affect of lower margin consumer product sales
and closeout sales.
Selling, general and administrative expenses declined to $7.6 million for the
three months ended September 30, 1999, as compared to $8.0 million for the
corresponding period of the prior year and declined to 35% of sales in the 1999
period, as compared to 36% in the 1998 period. Selling, general and
administrative expenses declined to $23.0 million for the nine months ended
September 30, 1999, as compared to $24.4 million for the corresponding period of
the prior year and aggregated 36% of sales in both periods.
Page 8
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Domestic selling, general and administrative expenses declined to $2.3 million
for the three months ended September 30, 1999, as compared to $2.9 million for
the corresponding period of the prior year. Selling, general and administrative
expenses declined to 30% of net sales for the three months ended September 30,
1999, as compared to 38% of net sales for the corresponding period of the prior
year. As a result of weak domestic consumer product sales, management has
instituted extraordinarily tight controls in an effort to keep spending in line
with sales.
Selling, general and administrative expenses incurred by IP France were $5.3
million for the three months ended September 30, 1999, as compared to $5.2
million for the corresponding period of the prior year. Some savings have been
achieved in distribution and freight costs. However, a reasonable level of
advertising is necessary to support the Company's growing portfolio of prestige
fragrance brands and to build upon each brand's awareness.
Interest expense was $0.1 million and $0.3 million for the three and nine month
periods ended September 30, 1999, respectively, which is consistent with that
incurred in the corresponding 1998 periods. The Company uses its credit lines,
as needed, to finance its working capital needs.
On occasion, the Company enters into foreign currency forward exchange contracts
as a hedge for short-term inter company borrowings, and for receivables to be
collected in a foreign currency. Such investments did not have any material
effect on the Company's results of operations for the three and nine month
periods ended September 30, 1999 and 1998.
The Company's effective income tax rate was 39% and 40% for the three and nine
month periods ended September 30, 1999, respectively, as compared to 37% and 40%
for the corresponding periods of the prior year. The effective tax rate for the
three months ended September 30, 1998 reflects the tax benefit to be realized as
a result of the Company's decision to close its Brazilian subsidiary.
Net income increased 12% to $1.2 million for the three months ended September
30, 1999, as compared to $1.1 million for the corresponding period of the prior
year. Earnings per diluted share increased 25% to $0.15 for the three months
ended September 30, 1999, as compared to $0.12 for the corresponding period of
the prior year.
Net income was $3.45 million for both the nine months ended September 30, 1999
and the corresponding period of the prior year. Earnings per diluted share
increased 13% to $0.43 for the nine months ended September 30, 1999, as compared
to $0.38 for the corresponding period of the prior year.
Page 9
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Weighted average shares outstanding aggregated 7.4 million and 7.6 million for
the three and nine month periods ended September 30, 1999, respectively, as
compared to 8.7 million and 8.8 million for the three and nine month periods
ended September 30, 1998, respectively. On a diluted basis, average shares
outstanding were 8.2 million and 8.0 million for the three and nine month
periods ended September 30, 1999, respectively, as compared to 8.9 million and
9.0 million for the three and nine month periods ended September 30, 1998,
respectively. Such decline is the result of the Company's ongoing stock
repurchase program.
Liquidity and Capital Resources
As a result of continued profitable operating results, the Company's financial
position remains very strong. At September 30, 1999, working capital aggregated
$45 million with a working capital ratio of almost 3 to 1. The Company had cash
and cash equivalents on hand of $18 million, and its net book value aggregated
$6.43 per outstanding share as of September 30, 1999. Furthermore, the Company
had virtually no long-term debt.
In addition, and as previously reported, LV Capital USA, Inc. ('LV Capital"), a
wholly-owned subsidiary of LVMH, and the two principal shareholders of the
Company, reached an agreement in principle for LV Capital to increase its equity
ownership of the Company to approximately 20% of the outstanding shares at
$12.00 per share, by purchasing outstanding shares held by the principal
shareholders, and shares underlying outstanding options. LV Capital has already
purchased, in the open market, approximately 10.5% of the outstanding shares of
the Company. At closing, which is expected to occur prior to December 31, 1999,
the Company is to receive proceeds of approximately $4.0 million, as a result of
the exercise of stock options.
The agreement in principle, is subject to the execution and delivery of formal,
written agreements, and routine closing conditions, including regulatory
compliance.
The contemplated agreements acknowledge that the Company has become a successful
player and competitor in the prestige fragrance industry, which has been
evidenced in large part by its success in the upscale fragrance market with
Burberry and ST Dupont, and the recent licenses signed with the British
designer, Paul Smith and the French couture designer Christian Lacroix. The
Company is hopeful that this strategic alliance with LVMH will bring further
opportunities to the Company in licensing and distribution.
Page 10
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
The Company is confident in the long-term growth potential of its business. As
such, it has consistently used its common stock repurchase program in an effort
to increase shareholder value. During the nine month period ended September 30,
1999, the Company continued to repurchase its shares. During such period the
Company repurchased 1,145,200 shares of its common stock at an average purchase
price of $6.76.
The Company's short-term financing requirements are expected to be met by
available cash at September 30, 1999, cash generated by operations and
short-term credit lines provided by domestic and foreign banks. The principal
credit facilities for 1999 are a $12.0 million unsecured revolving line of
credit provided by a domestic commercial bank and approximately $12.0 million in
credit lines provided by a consortium of international financial institutions.
Cash provided by operating activities aggregated $2.9 million for the nine
months ended September 30, 1999 as compared to a use of cash for operating
activities of $0.5 million for the corresponding period of the prior year. Cash
provided by operating activities continues to be the primary source of funds to
finance operating needs, investments in new ventures, as well as to finance the
Company's stock repurchase program.
Management of the Company believes that funds generated from operations,
supplemented by its present cash position and available credit facilities, will
provide it with sufficient resources to meet all present and reasonably
foreseeable future operating needs.
The Company has substantially completed all projects to address "Year 2000"
compliance with respect to its internal information systems. As such, management
believes that "Year 2000" transition will not have a material adverse effect on
future results.
In January 1999, certain member countries of the European Union established
permanent fixed rates between their existing currencies and the European Union's
common currency ("the Euro"). The transition period for the introduction of the
Euro is scheduled to phase in over a period ending January 1, 2002. The
introduction of the Euro and the phasing out of the other currencies should not
have a material impact on the Company's consolidated financial statements.
Inflation rates in the U.S. and foreign countries in which the Company operates
have not had a significant impact on operating results for the nine months ended
September 30, 1999.
Page 11
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Statements included herein which are not historical in nature are forward
looking statements. Forward looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results to be
materially different from projected results. Such factors include changes in
product acceptance by consumers, effectiveness of sales and marketing efforts
and competition. Given these uncertainties, persons are cautioned not to place
undue reliance on the forward looking statements.
Part II. Other Information
Items 3,4 and 5 are omitted as they are either not applicable or have been
included in Part I.
Item 1. Litigation
As previously reported, litigation was commenced against Inter Parfums S.A., the
Company's majority owned French subsidiary ("IP France"), regarding the Ombre
Rose fragrance license in the French Commercial Court of Paris in February 1997
by the licensor, Jean Charles Brosseau, S.A. ("Brosseau"). IP France asserted
claims against Brosseau for interference with its distributors. In response,
Brosseau then claimed damages of approximately $7 million against IP France,
allegedly for the decreased value of his fragrance brands.
In October 1999, IP France received notice of a judgement in favor of Brosseau,
which awarded damages of approximately $600,000, and which directed IP France to
turn over its license to Brosseau within six months.
IP France is appealing the judgment as it vigorously and categorically denies
the claims of Brosseau, and believes that it has meritorious defenses to such
claims. Payment of the judgement has been stayed, and IP France can continue to
operate under the license agreement during the appeal process. The Company has
been advised by its special litigation counsel that, in its opinion, it is
unlikely that the monetary judgment will be sustained on appeal, or that any
final, substantial monetary judgement will be entered against IP France.
Management does not believe that such litigation will have any material adverse
effect on the financial condition or operations of the Company.
Page 12
<PAGE>
INTER PARFUMS, INC. AND SUBSIDIARIES
Item 2. Changes in Securities and Use of Proceeds
The Company issued the following shares of Common Stock upon exercise of
stock options to employees of the Company. These issuances were exempt from the
registration requirements of Section 5 of the Securities Act of 1933, as amended
(the "Securities Act"), under Section 4(2) of the Securities Act.
Date Number of shares Proceeds received
September 2, 1999 500 $ 2,875
September 29, 1999 44,500 $ 283,456
Item 6. Exhibits and Reports on Form 8-K
(b) (i) A Current Report on Form 8-K, date of report, August 5, 1999 was
filed, reporting items 5 and 7 and, (ii) a Current Report on Form 8-K, date of
report, September 28, 1999 was filed, reporting item 5.
SIGNATURES
Pursuant to the requirements 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 on the 10th day of November 1999.
INTER PARFUMS, INC.
By: /s/ Russell Greenberg
--------------------------------
Russell Greenberg,
Executive Vice President and
Chief Financial Officer
Page 13
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 18,063,219
<SECURITIES> 0
<RECEIVABLES> 30,240,638
<ALLOWANCES> 0
<INVENTORY> 18,698,394
<CURRENT-ASSETS> 70,191,446
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 80,631,189
<CURRENT-LIABILITIES> 25,583,211
<BONDS> 0
0
0
<COMMON> 50,418,956
<OTHER-SE> (3,065,965)
<TOTAL-LIABILITY-AND-EQUITY> 80,631,189
<SALES> 63,427,706
<TOTAL-REVENUES> 63,427,706
<CGS> 33,488,426
<TOTAL-COSTS> 33,488,426
<OTHER-EXPENSES> 23,014,326
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 322,916
<INCOME-PRETAX> 6,951,844
<INCOME-TAX> 2,761,748
<INCOME-CONTINUING> 4,190,096
<DISCONTINUED> 0
<EXTRAORDINARY> 744,716
<CHANGES> 0
<NET-INCOME> 3,445,380
<EPS-BASIC> 0.45
<EPS-DILUTED> 0.43
</TABLE>