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, 2000.
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
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INTER PARFUMS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3275609
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
551 FIFTH AVENUE, NEW YORK, NEW YORK 10176
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(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 30, 2000 there were 11,667,752 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, 2000 (unaudited)
and December 31, 1999 (audited) 2
Consolidated Statements of
Income for the Three Month and
Nine Month Periods Ended
September 30, 2000 (unaudited)
and September 30, 1999 (unaudited) 3
Consolidated Statements of
Cash Flows for the Nine
Month Periods Ended
September 30, 2000 (unaudited) and
September 30, 1999 (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 13
Item 2. Changes in Securities 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,
1999 included in the Company's annual report filed on Form 10-K.
The results of operations for the nine months ended September 30, 2000 are
not necessarily indicative of the results to be expected for the entire fiscal
year.
Page 1
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INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2000 1999
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $22,398,695 $24,936,361
Marketable securities 2,357,047 4,424,043
Accounts receivable, net 30,159,389 26,032,673
Inventories 27,001,443 19,450,212
Receivables, other 477,406 874,829
Other 1,757,752 1,168,480
Deferred tax benefit 973,054 858,035
----------- -----------
Total current assets 85,124,786 77,744,633
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,188,246 3,126,162
OTHER ASSETS 440,761 508,184
INTANGIBLE ASSETS, NET 4,799,025 5,843,720
----------- -----------
$93,552,818 $87,222,699
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Loans payable, banks $ 4,543,893 $ 786,217
Accounts payable 19,332,837 18,449,190
Accrued expenses 7,105,493 4,351,536
Income taxes payable 995,385 768,940
Deferred taxes payable 877,718 987,654
----------- -----------
Total current liabilities 32,855,326 25,343,537
----------- -----------
LONG-TERM DEBT, LESS CURRENT PORTION 1,342,282 1,531,394
----------- -----------
MINORITY INTERESTS 7,660,403 7,988,208
----------- -----------
SHAREHOLDERS' EQUITY:
Common stock, $.001 par; authorized
30,000,000 shares; outstanding
11,667,752 and 11,832,721 shares
at September 30, 2000 and
December 31, 1999, respectively 11,668 11,833
Additional paid-in capital 26,654,336 26,518,082
Retained earnings 56,643,386 52,078,296
Accumulated other comprehensive income (8,154,096) (4,289,854)
Treasury stock, at cost, 5,593,805 and
5,392,805 shares at September 30, 2000
and December 31, 1999, respectively (23,460,487) (21,958,797)
----------- -----------
51,694,807 52,359,560
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$93,552,818 $87,222,699
=========== ===========
SEE NOTES TO FINANCIAL STATEMENTS.
Page 2
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INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
NET SALES $25,940,175 $21,651,858 $72,385,779 $63,427,706
COST OF SALES 13,923,380 11,648,556 38,709,157 33,488,426
----------- ----------- ----------- -----------
GROSS MARGIN 12,016,795 10,003,302 33,676,622 29,939,280
SELLING, GENERAL
AND ADMINISTRATIVE 8,749,909 7,620,437 25,415,844 23,014,326
LITIGATION EXPENSE 556,043
----------- ----------- ----------- -----------
INCOME FROM OPERATIONS 3,266,886 2,382,865 7,704,735 6,924,954
----------- ----------- ----------- -----------
OTHER CHARGES (INCOME):
Interest 61,942 133,444 224,328 322,916
(Gain) loss on
foreign currency (1,550) 51,478 18,936 168,284
Interest and dividend
(income) (236,390) (198,719) (748,172) (543,979)
Loss (gain) on sale
of stock of
subsidiary, net 6,828 (325) 17,071 25,889
Realized (gain) on
sale of investments (3,859) (1,581,121)
----------- ----------- ----------- -----------
(173,029) (14,122) (2,068,958) (26,890)
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAXES 3,439,915 2,396,987 9,773,693 6,951,844
INCOME TAXES 1,502,613 938,088 4,309,162 2,761,748
----------- ----------- ----------- -----------
NET INCOME BEFORE
MINORITY INTEREST 1,937,302 1,458,899 5,464,531 4,190,096
MINORITY INTEREST IN NET
INCOME OF CONSOLIDATED
SUBSIDIARY 302,426 254,439 899,441 744,716
----------- ----------- ----------- -----------
NET INCOME $1,634,877 $1,204,460 $4,565,090 $3,445,380
=========== =========== =========== ==========
NET INCOME PER COMMON
SHARE:
BASIC $0.14 $0.11 $0.39 $0.30
DILUTED $0.13 $0.10 $0.35 $0.29
=========== =========== =========== ===========
NUMBER OF COMMON SHARES
OUTSTANDING:
BASIC 11,726,616 11,096,134 11,749,397 11,356,474
DILUTED 13,013,615 12,317,569 12,988,386 12,021,478
=========== =========== =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS.
Page 3
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INTER PARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended
September 30,
2000 1999
----------- -----------
OPERATING ACTIVITIES:
Net income $4,565,090 $3,445,380
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,494,745 1,238,149
Realized (gain) on sale of
marketable securities (1,581,122)
Loss on sale of stock of subsidiary 17,071 25,889
Minority interest in net income 899,441 744,716
Increase (decrease) in cash from changes in:
Accounts receivable (6,841,938) (3,899,845)
Inventories (9,903,451) 2,003,161
Other assets (392,557) (515,184)
Accounts payable and accrued expenses 6,442,992 1,023,583
Income taxes payable 489,633 (1,118,699)
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Net cash provided by (used in)
operating activites (4,810,096) 2,947,150
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INVESTING ACTIVITIES:
Purchase of equipment and leasehold improvements (1,321,174) (580,700)
Trademark and license acquisitions (950) (334,288)
Purchase of marketable securities (3,773,490)
Proceeds from sale of marketable securities 6,095,395
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Net cash provided by (used in)
investing activities 999,781 (914,988)
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FINANCING ACTIVITIES:
Increase in loan payable, bank 4,092,153 1,105,071
Proceeds from sale of stock of subsidiary 42,031 30,805
Proceeds from exercise of stock options 136,250 309,331
Dividends paid (134,543) (92,371)
Purchase of treasury stock (1,501,852) (7,735,258)
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Net cash provided by (used in)
financing activities 2,634,039 (6,382,422)
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EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,361,390) (942,436)
----------- -----------
DECREASE IN CASH AND CASH EQUIVALENTS (2,537,666) (5,292,696)
Cash and cash equivalents at beginning
of period 24,936,361 23,355,915
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CASH AND CASH EQUIVALENTS AT END OF PERIOD $22,398,695 $18,063,219
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid during the period for:
Interest $245,000 $364,000
Income taxes 2,503,000 3,666,000
SEE NOTES TO FINANCIAL STATEMENTS.
Page 4
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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, 1999.
2. COMPREHENSIVE INCOME:
Nine months Nine months
ended ended
September 30, September 30,
2000 1999
----------- -----------
Comprehensive income:
Net income $4,565,090 $3,445,380
Other comprehensive income, net of tax:
Foreign currency translation adjustment (3,433,088) (2,254,081)
Unrealized gains on securities:
Unrealized holding gains arising
during period 306,914
Less: reclassification adjustment for
gains realized in net income (738,068)
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Comprehensive income $ 700,848 $1,191,299
========== ==========
3. GEOGRAPHIC AREAS:
Segment information related to domestic and foreign operations is as
follows:
Nine months Nine months
ended ended
September 30, September 30,
2000 1999
----------- -----------
Net sales:
United States $23,537,320 $19,835,657
Europe 48,938,459 43,667,049
Eliminations (90,000) (75,000)
----------- -----------
$72,385,779 $63,427,706
=========== ===========
Net Income:
United States $ 1,419,173 $ 815 605
Europe 3,150,050 2,727,839
South America (4,133) (98,064)
----------- -----------
$ 4,565,090 $ 3,445,380
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Page 5
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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, December 31,
2000 1999
----------- -----------
Raw materials and component parts $11,609,787 $ 8,239,528
Finished goods 15,391,656 11,210,684
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$27,001,443 $19,450,212
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6. SHAREHOLDERS' EQUITY:
In May 2000, the Company's Board of Directors authorized a 3 for 2 stock
split for shareholders of record on June 1, 2000, payable June 15, 2000.
The effect of the stock split has been retroactively reflected in the
accompanying financial statements.
Page 6
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INTER PARFUMS, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Our Company is a leading manufacturer and distributor of fragrances, cosmetics
and personal care products. Innovation and creativity are combined to produce
quality products for our customers around the world.
We specialize in the production of prestige fragrances and mass market
fragrances and cosmetics:
o Prestige products -- For each prestige brand, owned or licensed, we create
an original concept for the perfume consistent with world market trends;
o Mass market products -- We design, market and distribute inexpensive
fragrances and personal care products including alternative designer
fragrances and mass market cosmetics.
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AS COMPARED TO THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999
Net sales for the three months ended September 30, 2000 increased 20% to a
record $25.9 million, as compared to $21.7 million for the corresponding period
of the prior year. At comparable foreign currency exchange rates, net sales
increased 32% for the period.
Net sales for the nine months ended September 30, 2000 increased 14% to a record
$72.4 million, as compared to $63.4 million for the corresponding period of the
prior year. At comparable foreign currency exchange rates, net sales increased
25% for the period.
These sales results are the highest ever reported for a three and nine month
period ended September 30, and represents the fourth consecutive quarter of
solid revenue growth. Such growth is attributable to across-the-board increases
in both our prestige and mass market product lines. The precipitous rise of the
US dollar relative to the French franc masks the reality of our revenue growth
rate.
Growth in net sales of prestige products, which was up approximately 45% in
constant dollars for the three months ended September 30, 2000, was fueled in
part by the tremendous success of the recent launches of our Paul Smith and
Burberry "Touch" fragrance lines. Paul Smith premiered in the United Kingdom in
July and is presently being sold in over 450 U.K. doors. A worldwide rollout is
in process and a launch in Japan, where Paul Smith has over 200 free standing
doors, is planned for March 2001. Burberry "Touch", our newest Burberry
fragrance, was launched worldwide in late September. Initial consumer reaction
has been very positive.
Page 7
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INTER PARFUMS, INC. AND SUBSIDIARIES
New prestige product launches throughout the year 2000 have contributed to the
25% constant dollar growth rate that prestige products achieved for the nine
months ended September 30, 2000. Our S.T. Dupont "Signature" line, which was
launched in March 2000, continues to perform very strongly in all major markets
and, "Modern Quartz" by Molyneux, which was launched in January 2000, has been
very successful in France and South America.
A new line for Christian Lacroix and our first Celine and FUBU lines are in the
development stage for launches in 2001.
Net sales of mass market products are up 19% for the nine months ended September
30, 2000 (9% for the three month period) as compared to the corresponding
periods of the prior year. This represents the fourth straight quarter in which
we have been able to capitalize on the economic recoveries of certain Latin
American countries. In addition, sales growth from our wide selection of mass
market fragrances continue to exceed our expectations.
Our new Aziza line of eye shadow kits, mascaras, colorful lip gloss products and
pencils has also achieved widespread acceptance and reorders with distribution
in over 12,000 doors. As a result, we have expanded our product offerings to
include liquid eyeliners, liquid lipsticks, as well as a coordinating lipstick
and nail polish duo. These new products, which have also been created primarily
for the "Discount Store" market, are presently on retailers shelves for the
Christmas selling season.
Growing sales within existing product lines, new product launches and an active
new business development program are how we plan to continue to grow our
business. The recent signing of exclusive worldwide license agreements with
Celine, a division of LVMH Moet Hennessy Louis Vuitton S.A., and with FUBU
should enable us to continue our growth trend into 2001 and beyond. We are
actively pursuing new business opportunities. However, we cannot assure you that
any new license or acquisitions will be consummated.
Gross profit margins were 46% and 47% of net sales for the three and nine month
periods ended September 30, 2000 and September 30, 1999. Gross profit margins
have remained relatively constant for the past two and a half years and
fluctuate only mildly as a result of sales mix. The Company has experienced 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.
Page 8
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INTER PARFUMS, INC. AND SUBSIDIARIES
Selling, general and administrative expenses aggregated $8.7 million for the
three months ended September 30, 2000, as compared to $7.6 million for the
corresponding period of the prior year. As a percentage of sales, selling,
general and administrative expenses improved to 34% for the three months ended
September 30, 2000, as compared to 35% for the corresponding period of the prior
year. Selling, general and administrative expenses aggregated $25.4 million for
the nine months ended September 30, 2000, as compared to $23.0 million for the
corresponding period of the prior year. As a percentage of sales, selling,
general and administrative expenses improved to 35% for the nine months ended
September 30, 2000, as compared to 36% for the corresponding period of the prior
year.
In the United States, selling, general and administrative expenses, which
primarily relate to our mass market lines, represented 30% of United States net
sales for both the three months ended September 30, 2000 and September 30, 1999.
Selling, general and administrative expenses incurred by our French subsidiary
Inter Parfums, S.A., which primarily relate to our prestige lines, represented
35% of France net sales for the three months ended September 30, 2000, as
compared 38% for the corresponding period of the prior year. Existing prestige
product lines and new product launches require a reasonable level of advertising
to support their growth and to build upon the awareness of each brand.
As previously reported, Inter Parfums, S.A., 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, Inter Parfums, S.A. received notice of a judgment in favor of
Brosseau, which awarded damages of approximately $600,000 and which directed
Inter Parfums, S.A. to turn over its license to Brosseau within six months.
Inter Parfums, S.A. is appealing the judgment as it vigorously and categorically
denies the claims of Brosseau. The payment of the judgment has been stayed, and
Inter Parfums, S.A. can continue to operate under the license agreement during
the appeal process.
In June 2000, the president of the Court of Appeal granted a petition filed by
Brosseau regarding ongoing payments for minimum royalties due to Brosseau. In
the same intermediary judgment, the president of the Court of Appeal rejected
Inter Parfums, S.A.'s request for the appointment of a new judicial expert. Such
request was made by Inter Parfums, S.A. to refute the findings of the judicial
expert originally appointed by the Commercial Court which resulted in the
$600,000 judgement against the Inter Parfums, S.A.
Page 9
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INTER PARFUMS, INC. AND SUBSIDIARIES
As a result of these further developments, Inter Parfums, S.A. and its special
litigation counsel consider it likely that the judgment will be sustained and
had therefor taken a charge against earnings in the second quarter of 2000 for
$600,000 ($260,000 after taxes and minority interest), the full amount of the
judgment. Inter Parfums, S.A. will continue its appeal as it still denies the
claims of Brosseau as well as the findings of the judicial expert originally
appointed by the Commercial Court.
Management does not believe that such litigation will have any further material
adverse effect on the financial condition or operations of the Company. In 1999
the Company had set up a reserve of approximately $275,000 against the
unamortized portion of the license agreement. After such reserve the remaining
unamortized portion of the license agreement is approximately $180,000 as of
September 30, 2000.
During the nine month period ended September 30, 2000 we sold a portion of our
investment in marketable securities and recorded a gain of $1.6 million ($0.7
million after taxes and minority interest). Gains recorded for the three month
period ended September 30, 2000 were immaterial. On occasion, we invest excess
cash in marketable securities which are classified as available-for-sale. These
funds are available to support current operations or to take advantage of other
investment opportunities.
Our effective income tax rate was 44% for the nine months ended September 30,
2000, as compared to 40% for the corresponding period of the prior year. The
effective tax rate for the nine month period ended September 30, 2000 includes a
$480,000 ($370,000 after minority interest) addition to an accrual, originally
established in 1999, to cover the potential exposure related to tax audits of
Inter Parfums, S.A. commenced by the French Tax Authorities. Management believes
that the present accrual will cover its exposure based on assessments issued by
the French Tax Authorities.
Net income increased 36% to $1.6 million for the three months ended September
30, 2000, as compared to $1.2 million for the corresponding period of the prior
year.
Net income increased 32% to $4.6 million for the nine months ended September 30,
2000, as compared to $3.4 million for the corresponding period of the prior
year. Net income for the nine months ended September 30, 2000 includes charges
of $630,000 and a gain of $725,000, all after taxes and minority interest. The
charges represent an accrual for exposure relating to the Brosseau litigation of
$260,000 and a potential tax assessment of $370,000. The gain represents a
realized gain on sale of marketable securities. Excluding the effects of these
charges and the gain, net income increased 30% to $4.5 million for the nine
months ended September 30, 2000.
Page 10
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INTER PARFUMS, INC. AND SUBSIDIARIES
Diluted earnings per share increased 30% to $0.13 for the three months ended
September 30, 2000, as compared to $0.10 for the corresponding period of the
prior year.
Diluted earnings per share increased 21% to $0.35 for the nine months ended
September 30, 2000, as compared to $0.29 for the corresponding period of the
prior year. Excluding the effects of the charges and the gain, referred to
above, diluted earnings per share aggregated $0.34 for the nine months ended
September 30, 2000.
After giving effect to the recent 3 for 2 stock split, weighted average shares
outstanding aggregated 11.7 million for both the three and nine month periods
ended September 30, 2000, as compared to 11.1 million and 11.4 million for the
three and nine month periods ended September 30, 1999, respectively. On a
diluted basis, average shares outstanding were 13.0 million for both the three
and nine month periods ended September 30, 2000, as compared to 12.3 million and
12.0 million for the three and nine month periods ended September 30, 1999,
respectively.
LIQUIDITY AND CAPITAL RESOURCES
Our financial position remains very strong as a result of continued profitable
operating results. At September 30, 2000, working capital aggregated $52 million
and we had a working capital ratio of almost 3 to 1. Cash and marketable
securities on hand aggregated $25 million and our net book value was $4.43 per
outstanding share as of September 30, 2000. Furthermore, we had only $1.3
million in long-term debt.
We recently used a portion of our cash to make an investment in marketable
equity securities which are classified as available-for-sale. These funds are
available to support current operations or to take advantage of other investment
opportunities. This investment was made to maximize our return on cash.
During the nine months ended September 30, 2000, we continued our stock
repurchase program by acquiring 201,000 of our common shares at an average cost
of $7.47 per share. Our 78% owned publicly traded French subsidiary, Inter
Parfums, S.A., has a current market cap in excess of $130 million, which exceeds
that of the Company. Considering the market cap of Inter Parfums, S.A. and the
Company's recent sales and earnings growth trends, management is of the opinion
that the current market price of the Company's common shares understates its
real value.
Page 11
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INTER PARFUMS, INC. AND SUBSIDIARIES
The Company's short-term financing requirements are expected to be met by
available cash at September 30, 2000, cash generated by operations and
short-term credit lines provided by domestic and foreign banks. The principal
credit facilities for 2000 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.
During the nine month period ended September 30, 2000 the Company used $4.8
million in cash for operating activities, as compared to $2.9 million which was
provided by operating activities during the nine month period ended September
30, 1999. An increase in accounts receivable reflects the 20% sales growth
achieved during the current quarter ended September 30, 2000. In addition,
inventories have been built up to support all of the recent new product launches
and in preparation for a continuation of revenue growth.
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.
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, 2000.
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,
currency fluctuations and competition. Given these uncertainties, persons are
cautioned not to place undue reliance on the forward looking statements.
Page 12
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INTER PARFUMS, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Items 1, 3, 4, 5 and 6 are omitted as they are either not applicable or
have been included in Part I.
Item 2: Changes in Securities
The Company issued the following shares of Common Stock upon exercise of a
stock option to one employee of the Company. This issuance was 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 21, 2000 750 $ 2,875
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 3rd day of November 2000.
INTER PARFUMS, INC.
By: /s/ RUSSELL GREENBERG
-----------------------------
Russell Greenberg,
Executive Vice President and
Chief Financial Officer
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