x
|
Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of
1934 for the quarterly period ended March 31,
2009.
|
¨
|
Transition
Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
for the transition period from ___________to
________.
|
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)
|
Large
accelerated Filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
(Do not check if a smaller reporting company)
|
Smaller
reporting company ¨
|
Page Number
|
||||
Part
I. Financial Information
|
1
|
|||
Item
1. Financial Statements
|
||||
Consolidated
Balance Sheets as of March 31, 2009 (unaudited) and December 31,
2008
|
2
|
|||
Consolidated
Statements of Income for the Three Months Ended March 31, 2009
(unaudited) and March 31, 2008 (unaudited)
|
3
|
|||
Consolidated
Statements of Changes in Equity for the Three Months
Ended March 31, 2009 (unaudited) and March 31, 2008
(unaudited)
|
4
|
|||
Consolidated
Statements of Cash Flows for the Three Months
Ended March 31, 2009 (unaudited) and March 31, 2008
(unaudited)
|
5
|
|||
Notes
to Consolidated Financial Statements
|
6
|
|||
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
14
|
|||
Item
3. Quantitative and Qualitative Disclosures About Market
Risk
|
25
|
|||
Item
4. Controls and Procedures
|
26
|
|||
Part
II. Other Information
|
26
|
|||
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
27
|
|||
Item
6. Exhibits
|
27
|
|||
Signatures
|
28
|
March
31,
2009
|
December
31,
2008
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 33,853 | $ | 42,404 | ||||
Accounts receivable,
net
|
113,942 | 120,507 | ||||||
Inventories
|
121,215 | 123,633 | ||||||
Receivables,
other
|
2,086 | 2,904 | ||||||
Other current
assets
|
6,906 | 10,034 | ||||||
Income tax
receivable
|
1,346 | 1,631 | ||||||
Deferred tax
assets
|
3,574 | 3,388 | ||||||
Total current
assets
|
282,922 | 304,501 | ||||||
Equipment
and leasehold improvements, net
|
8,037 | 7,670 | ||||||
Goodwill
|
5,238 | 5,470 | ||||||
Trademarks,
licenses and other intangible assets, net
|
99,144 | 104,922 | ||||||
Other
assets
|
896 | 2,574 | ||||||
Total
assets
|
$ | 396,237 | $ | 425,137 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Loans payable –
banks
|
$ | 11,994 | $ | 13,981 | ||||
Current portion of long-term
debt
|
11,752 | 13,352 | ||||||
Accounts payable -
trade
|
60,128 | 66,236 | ||||||
Accrued expenses
|
29,074 | 35,368 | ||||||
Income taxes
payable
|
557 | 442 | ||||||
Dividends payable
|
996 | 996 | ||||||
Total current
liabilities
|
114,501 | 130,375 | ||||||
Long-term
debt, less current portion
|
23,751 | 27,691 | ||||||
Deferred
tax liability
|
9,568 | 11,562 | ||||||
Equity:
|
||||||||
Inter
Parfums, Inc. shareholders’ equity:
|
||||||||
Preferred
stock, $.001 par; authorized 1,000,000
shares; none issued
|
||||||||
Common
stock, $.001 par; authorized 100,000,000 shares; outstanding
30,108,939 and 30,168,939 shares at March
31, 2009 and December 31, 2008, respectively
|
30 | 30 | ||||||
Additional
paid-in capital
|
42,070 | 41,950 | ||||||
Retained
earnings
|
172,518 | 168,025 | ||||||
Accumulated
other comprehensive income
|
13,205 | 25,515 | ||||||
Treasury
stock, at cost, 10,026,379 and 9,966,379 common shares
at March 31, 2009 and December 31, 2008, respectively
|
(31,668 | ) | (31,319 | ) | ||||
Total Inter Parfums, Inc.
shareholders’ equity
|
196,155 | 204,201 | ||||||
Noncontrolling
interest
|
52,262 | 51,308 | ||||||
Total equity
|
248,417 | 255,509 | ||||||
Total
liabilities and equity
|
$ | 396,237 | $ | 425,137 |
Three
months ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Net
sales
|
$ | 90,409 | $ | 123,163 | ||||
Cost
of sales
|
36,844 | 49,075 | ||||||
Gross
margin
|
53,565 | 74,088 | ||||||
Selling,
general and administrative expenses
|
43,263 | 54,943 | ||||||
Income
from operations
|
10,302 | 19,145 | ||||||
Other
expenses (income):
|
||||||||
Interest expense
|
1,312 | 1,071 | ||||||
(Gain) loss on foreign
currency
|
(1,379 | ) | 367 | |||||
Interest income
|
(508 | ) | (613 | ) | ||||
(575 | ) | 825 | ||||||
Income
before income taxes
|
10,877 | 18,320 | ||||||
Income
taxes
|
3,621 | 7,184 | ||||||
Net
income
|
7,256 | 11,136 | ||||||
Less:
Net income attributable to the noncontrolling interest
|
1,828 | 2,428 | ||||||
Net
income attributable to Inter Parfums, Inc.
|
$ | 5,428 | $ | 8,708 | ||||
Earnings
per share:
|
||||||||
Net
income attributable to Inter Parfums, Inc. common
shareholders:
|
||||||||
Basic
|
$ | 0.18 | $ | 0.28 | ||||
Diluted
|
$ | 0.18 | $ | 0.28 | ||||
Weighted
average number of shares outstanding:
|
||||||||
Basic
|
30,166 | 30,721 | ||||||
Diluted
|
30,166 | 30,808 | ||||||
Dividends
declared per share
|
$ | 0.033 | $ | 0.033 |
Inter
Parfums, Inc. shareholders
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
other
|
|||||||||||||||||||||||||||
Common
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
Noncontrolling
|
|||||||||||||||||||||||
stock
|
Capital
|
earnings
|
income
|
stock
|
interest
|
Total
|
||||||||||||||||||||||
Balance
– January 1, 2008
|
$ | 31 | $ | 40,023 | $ | 147,995 | $ | 30,955 | $ | (26,344 | ) | $ | 53,925 | $ | 246,585 | |||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
— | — | 8,708 | — | — | 2,428 | 11,136 | |||||||||||||||||||||
Foreign
currency translation adjustment
|
— | — | — | 12,305 | — | — | 12,305 | |||||||||||||||||||||
Net
derivative instrument gain, net of tax
|
— | — | — | (140 | ) | — | (46 | ) | (186 | ) | ||||||||||||||||||
Purchase
of subsidiary shares from noncontrolling interests
|
— | — | — | — | — | (7,758 | ) | (7,758 | ) | |||||||||||||||||||
Sale
of subsidiary shares to noncontrolling interests
|
— | 24 | — | — | — | 103 | 127 | |||||||||||||||||||||
Foreign
currency translation adjustment
|
— | — | — | — | — | 3,711 | 3,711 | |||||||||||||||||||||
Dividends
|
— | — | (1,027 | ) | — | — | — | (1,027 | ) | |||||||||||||||||||
Purchased
treasury stock
|
— | — | — | — | (2,207 | ) | — | (2,207 | ) | |||||||||||||||||||
Shares
issued upon exercise of stock options
|
— | 111 | — | — | — | — | 111 | |||||||||||||||||||||
Stock
compensation
|
— | 100 | 100 | — | — | 42 | 242 | |||||||||||||||||||||
Balance
– March 31, 2008
|
$ | 31 | $ | 40,258 | $ | 155,776 | $ | 43,120 | $ | (28,551 | ) | $ | 52,405 | $ | 263,039 | |||||||||||||
Balance
– January 1, 2009
|
$ | 30 | $ | 41,950 | $ | 168,025 | $ | 25,515 | $ | (31,319 | ) | $ | 51,308 | $ | 255,509 | |||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
— | — | 5,428 | — | — | 1,828 | 7,256 | |||||||||||||||||||||
Foreign
currency translation adjustment
|
— | — | — | (9,651 | ) | — | — | (9,651 | ) | |||||||||||||||||||
Net
derivative instrument gain, net of tax
|
— | — | — | (2,659 | ) | — | (791 | ) | (3,450 | ) | ||||||||||||||||||
Purchase
of subsidiary shares from noncontrolling interests
|
— | — | — | — | — | (142 | ) | (142 | ) | |||||||||||||||||||
Sale
of subsidiary shares to noncontrolling interests
|
(7 | ) | 30 | 23 | ||||||||||||||||||||||||
Dividends
|
— | — | (996 | ) | — | — | — | (996 | ) | |||||||||||||||||||
Purchased
treasury stock
|
— | — | — | — | (349 | ) | — | (349 | ) | |||||||||||||||||||
Stock
compensation
|
— | 127 | 61 | — | — | 29 | 217 | |||||||||||||||||||||
Balance
– March 31, 2009
|
$ | 30 | $ | 42,070 | $ | 172,518 | $ | 13,205 | $ | (31,668 | ) | $ | 52,262 | $ | 248,417 |
Three
months ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net income
|
$ | 7,256 | $ | 11,136 | ||||
Adjustments to reconcile net
income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation and
amortization
|
2,336 | 2,460 | ||||||
Provision for doubtful
accounts
|
15 | 24 | ||||||
Noncash
stock compensation
|
263 | 310 | ||||||
Deferred tax expense
(benefit)
|
(1,767 | ) | 222 | |||||
Change in fair value of
derivatives
|
(796 | ) | — | |||||
Changes in:
|
||||||||
Accounts
receivable
|
1,860 | (13,121 | ) | |||||
Inventories
|
(1,859 | ) | (5,372 | ) | ||||
Other assets
|
807 | 412 | ||||||
Accounts payable and accrued
expenses
|
(8,233 | ) | (17,966 | ) | ||||
Income taxes payable,
net
|
1,982 | 3,011 | ||||||
Net cash provided by (used in)
operating activities
|
1,864 | (18,884 | ) | |||||
Cash
flows from investing activities:
|
||||||||
Purchases of equipment and
leasehold improvements
|
(1,414 | ) | (938 | ) | ||||
Payment for intangible assets
acquired
|
(168 | ) | (237 | ) | ||||
Payment for purchase of
subsidiary shares from noncontrolling interest
|
(142 | ) | (16,799 | ) | ||||
Proceeds from sale of subsidiary
shares to noncontrolling interest
|
23 | 127 | ||||||
Net cash used in investing
activities
|
(1,701 | ) | (17,847 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds (repayments) of loans
payable – bank, net
|
(1,719 | ) | 4,083 | |||||
Repayment of long-term
debt
|
(3,665 | ) | (4,108 | ) | ||||
Proceeds from exercise of
options
|
— | 111 | ||||||
Dividends paid
|
(996 | ) | (1,027 | ) | ||||
Purchase of treasury
stock
|
(349 | ) | (2,206 | ) | ||||
Net cash used in financing
activities
|
(6,729 | ) | (3,147 | ) | ||||
Effect
of exchange rate changes on cash
|
(1,985 | ) | 4,425 | |||||
Net
decrease in cash and cash equivalents
|
(8,551 | ) | (35,453 | ) | ||||
Cash
and cash equivalents - beginning of period
|
42,404 | 90,034 | ||||||
Cash
and cash equivalents - end of period
|
$ | 33,853 | $ | 54,581 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$ | 749 | $ | 1,097 | ||||
Income taxes
|
4,266 | 3,924 |
1.
|
Significant Accounting
Policies:
|
2.
|
New Accounting
Pronouncements - adopted:
|
3.
|
Inventories:
|
(In
thousands)
|
March
31,
2009
|
December
31,
2008
|
||||||
Raw
materials and component parts
|
$ | 34,022 | $ | 37,248 | ||||
Finished
goods
|
87,193 | 86,385 | ||||||
$ | 121,215 | $ | 123,633 |
4.
|
Fair Value
Measurement:
|
Fair
Value Measurements at March 31, 2009
|
||||||||||||||||
Quoted
Prices in
|
Significant Other
|
Significant
|
||||||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Total
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Money
market funds
|
$ | 18,949 | $ | 18,949 | $ | — | $ | — | ||||||||
Foreign
currency forward exchange contracts accounted for using hedge
accounting
|
3,600 | 3,600 | ||||||||||||||
Foreign
currency forward exchange contracts not accounted for using hedge
accounting
|
81 | — | 81 | — | ||||||||||||
$ | 22,630 | $ | 18,949 | $ | 3,681 | $ | — | |||||||||
Liabilities:
|
||||||||||||||||
Interest
rate swaps
|
$ | 1,007 | $ | — | $ | 1,007 | $ | — |
Fair Value Measurements at December 31, 2008
|
||||||||||||||||
Quoted
Prices in
|
Significant
Other
|
Significant
|
||||||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Total
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Money
market funds
|
$ | 19,816 | $ | 19,816 | $ | — | $ | — | ||||||||
Foreign
currency forward exchange contracts accounted for using hedge
accounting
|
8,162 | — | 8,162 | — | ||||||||||||
$ | 27,978 | $ | 19,816 | $ | 8,162 | $ | — | |||||||||
Liabilities
|
||||||||||||||||
Foreign
currency forward exchange contracts not accounted for using hedge
accounting
|
$ | 1,429 | $ | — | $ | 1,429 | $ | — | ||||||||
Interest
rate swaps
|
811 | — | 811 | — | ||||||||||||
$ | 2,240 | $ | — | $ | 2,240 | $ | — |
Derivatives
in
Statement
133 Net
Investment
Hedging
Relationship
|
Amount
of Gain
(Loss) Recognized in
OCI on Derivative
(Effective Portion)
|
Location
of Gain
(Loss) reclassified
from Accumulated
OCI
into Income
(Effective Portion)
|
Amount of Gain (Loss)
Reclassified
from
Accumulated OCI into
Income
(Effective
Portion)
|
Location
of Gain
(Loss) recognized in
income
on Derivative
(Effective
Portion)
|
Amount of Gain (Loss)
Recognized
in Income
on
Derivative (Effective
Portion)
(A)
|
|||||||||||||||||||||
March
31,
|
March
31,
|
March
31,
|
||||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||||
Foreign
exchange contracts
|
$ | (3,855 | ) | — |
Gain
(loss) on foreign currency
|
$ | 1,062 | — |
Gain
(loss) on foreign currency
|
$ | 796 | — |
Derivatives
not Designated
as
Hedging Instruments
under
Statement 133
|
Location
of Gain (Loss)
recognized
in Income on
Derivative
|
March 31, 2009
|
March 31, 2008
|
|||||||
Interest
rate swaps
|
Interest
expense
|
$ | (227 | ) | $ | (258 | ) | |||
Foreign
exchange contracts
|
Gain
(loss) on foreign currency
|
$ | (360 | ) | $ | 452 |
5.
|
Goodwill and Other
Intangible Assets:
|
Fair
Value Measurements at March 31, 2009
|
||||||||||||||||
Quoted
Prices in
|
Significant Other
|
Significant
|
||||||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||||||
(In thousands) |
Identical
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Total
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
Description
|
||||||||||||||||
Goodwill
|
$
|
5,238
|
$
|
—
|
$
|
—
|
$
|
5,238
|
6.
|
Shareholders’
Equity:
|
7.
|
Share-Based
Payments:
|
Number of Shares
|
Weighted Average
Grant Date Fair Value
|
|||||||
Nonvested options
– beginning of year
|
490,263 | $ | 3.81 | |||||
Nonvested
options granted
|
4,000 | $ | 1.92 | |||||
Nonvested
options vested or forfeited
|
(16,780 | ) | $ | 3.68 | ||||
Nonvested
options – end of year
|
477,483 | $ | 3.79 |
Shares
|
Weighted Average
Exercise Price
|
|||||||
Outstanding
at January 1, 2009
|
1,138,375 | $ | 11.23 | |||||
Granted
|
4,000 | 6.15 | ||||||
Forfeited
or expired
|
(55,900 | ) | 15.10 | |||||
Outstanding
at March 31, 2009
|
1,086,475 | $ | 11.01 | |||||
Options
exercisable at March 31, 2009
|
608,992 | $ | 10.74 | |||||
Options
available for future grants
|
1,265,269 |
(In
thousands)
|
March 31,
2009
|
March 31,
2008
|
||||||
Cash
proceeds from stock options exercised
|
$ | — | $ | 111 | ||||
Tax
benefits
|
— | — | ||||||
Intrinsic
value of stock options exercised
|
— | 88 |
March 31,
2009
|
March 31,
2008
|
|||||||
Weighted-average
expected stock-price volatility
|
46 | % | 39 | % | ||||
Weighted-average
expected option life
|
3.75
years
|
4.5
years
|
||||||
Weighted-average
risk-free interest rate
|
1.74 | % | 2.7 | % | ||||
Weighted-average
dividend yield
|
2.2 | % | 1.20 | % |
8.
|
Earnings Per
Share:
|
(In
thousands)
|
Three
months ended
March
31,
|
|||||||
2009
|
2008
|
|||||||
Numerator:
|
||||||||
Net income attributable to
Inter Parfums, Inc.
|
$ | 5,428 | $ | 8,708 | ||||
Effect of dilutive securities
of consolidated subsidiary
|
(10 | ) | (77 | ) | ||||
$ | 5,418 | $ | 8,631 | |||||
Denominator:
|
||||||||
Weighted average
shares
|
30,166 | 30,721 | ||||||
Effect of dilutive
securities:
|
||||||||
Stock options and
warrants
|
— | 87 | ||||||
30,166 | 30,808 |
9.
|
Comprehensive Income
(Loss):
|
(In
thousands)
|
Three
months ended
March
31,
|
|||||||
2009
|
2008
|
|||||||
Comprehensive
income (loss):
|
||||||||
Net income
|
$ | 7,256 | $ | 11,136 | ||||
Other comprehensive income, net
of tax:
|
||||||||
Foreign
currency translation adjustment
|
(9,651 | ) | 12,305 | |||||
Change
in fair value of derivatives
|
(2,926 | ) | (186 | ) | ||||
Net
gains reclassified into earnings from equity
|
(524 | ) | — | |||||
Comprehensive
income (loss)
|
(5,845 | ) | 23,255 | |||||
Less comprehensive income
attributable to the noncontrolling interest
|
1,037 | 2,382 | ||||||
Comprehensive
income (loss) attributable to Inter Parfums, Inc.
|
$ | (6,882 | ) | $ | 20,873 |
10.
|
Net Income
Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling
Interest:
|
(In
thousands)
|
Three
months ended
March
31,
|
|||||||
2009
|
2008
|
|||||||
Net
income attributable to Inter Parfums, Inc.
|
$ | 5,428 | $ | 8,708 | ||||
Increase
(decrease) in Inter Parfums, Inc.’s additional paid-in capital for
subsidiary share transactions
|
(7 | ) | 24 | |||||
Change
from net income attributable to Inter Parfums, Inc. and transfers from
noncontrolling interest
|
$ | 5,421 | $ | 8,732 |
11.
|
Segment and Geographic
Areas:
|
(In
thousands)
|
Three
months ended
March
31,
|
|||||||
2009
|
2008
|
|||||||
Net
sales:
|
||||||||
United States
|
$ | 8,373 | $ | 12,535 | ||||
Europe
|
82,036 | 110,628 | ||||||
$ | 90,409 | $ | 123,163 | |||||
Net
income (loss) attributable to Inter Parfums, Inc.:
|
||||||||
United States
|
$ | (767 | ) | $ | (446 | ) | ||
Europe
|
6,180 | 9,129 | ||||||
Eliminations
|
15 | 25 | ||||||
$ | 5,428 | $ | 8,708 |
Item
2:
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OFFINANCIAL
CONDITION AND RESULTS OF OPERATIONS
|
Three
months ended March 31,
|
||||||||||||||||||||
2009
|
%
Change
|
2008
|
%
Change
|
2007
|
||||||||||||||||
(in
millions)
|
||||||||||||||||||||
European
based product sales
|
$ | 82.0 | (26 | )% | $ | 110.6 | 46 | % | $ | 75.6 | ||||||||||
United
States based product sales
|
8.4 | (33 | )% | 12.6 | 31 | % | 9.5 | |||||||||||||
Total
net sales
|
$ | 90.4 | (27 | )% | $ | 123.2 | 45 | % | $ | 85.1 |
Gross
margins
|
Three months ended March 31,
|
|||||||
(in
millions)
|
2009
|
2008
|
||||||
Net
sales
|
$ | 90.4 | $ | 123.2 | ||||
Cost
of sales
|
36.8 | 49.1 | ||||||
Gross
margin
|
$ | 53.6 | $ | 74.1 | ||||
Gross
margin as a % of net sales
|
59 | % | 60 | % |
Selling,
general & administrative expenses
|
||||||||
(in
millions)
|
Three months ended March 31,
|
|||||||
2009
|
2008
|
|||||||
Selling,
general & administrative expenses
|
$ | 43.3 | $ | 54.9 | ||||
Selling,
general & administrative expenses as
a % of net sales
|
48 | % | 45 | % |
(in
millions)
|
Three
months ended
March
31,
|
|||||||
2009
|
2008
|
|||||||
Net
income
|
$ | 7,256 | $ | 11,136 | ||||
Less:
Net income attributable to the noncontrolling interest
|
1,828 | 2,428 | ||||||
Net
income attributable to Inter Parfums, Inc.
|
$ | 5,428 | $ | 8,708 | ||||
Earnings
per share:
|
||||||||
Net
income attributable to Inter Parfums, Inc. common
shareholders:
|
||||||||
Basic
|
$ | 0.18 | $ | 0.28 | ||||
Diluted
|
$ | 0.18 | $ | 0.28 | ||||
Weighted
average number of shares outstanding:
|
||||||||
Basic
|
30,166 | 30,721 | ||||||
Diluted
|
30,166 | 30,808 |
Payments
due by period
|
||||||||||||||||||||
Contractual
Obligations
|
Total
|
Less
than
1
year
|
Years
2-3
|
Years
4-5
|
More
than
5
years
|
|||||||||||||||
Long-Term
Debt (2)
|
$ | 41,000 | $ | 13,400 | $ | 23,000 | $ | 4,600 | ||||||||||||
Capital
Lease Obligations
|
||||||||||||||||||||
Operating
Leases
|
$ | 27,100 | $ | 7,100 | $ | 13,000 | $ | 4,300 | $ | 2,700 | ||||||||||
Purchase
obligations(1)
|
$ | 1,306,500 | $ | 137,700 | $ | 293,400 | $ | 313,900 | $ | 561,500 | ||||||||||
Other
Long-Term Liabilities Reflected on the Registrant's Balance Sheet under
GAAP
|
||||||||||||||||||||
Total
|
$ | 1,374,600 | $ | 158,200 | $ | 329,400 | $ | 322,800 | $ | 564,200 |
(1)
|
Consists of purchase
commitments for advertising and promotional items, minimum royalty
guarantees, including fixed or minimum obligations, and estimates of such
obligations subject to variable price provisions. Future advertising
commitments were estimated based on planned future sales for the license
terms that were in effect at December 31, 2008, without consideration for
potential renewal periods and do not reflect the fact that our
distributors share our advertising
obligations.
|
(2)
|
Interest
due on the Company’s long-term debt is payable $1.10 million, $0.70
million, $0.40 million and $0.07 million in 2009, 2010, 2011 and 2012,
respectively.
|
Item
3:
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
Item
4.
|
CONTROLS
AND PROCEDURES
|
Period
|
(a)
Total number
of shares
purchased
|
(b)
Average
price paid
per share
|
(c)
Total number of shares
purchased as part of
publicly announced plans
or programs
|
(d)
Maximum number of
shares that may yet be
purchased under the plans
or programs
|
||||||||||||
January
2009
|
-0- |
NA
|
-0- | 1 | 1,031,863 | |||||||||||
February
2009
|
-0- |
NA
|
-0- | 1,031,863 | ||||||||||||
March
2009
|
60,000 | $ | 5.82 | 60,000 | 971,863 | |||||||||||
Total
|
60,000 | $ | 5.82 | 60,000 | 971,863 |
Exhibit
No.
|
Description
|
|
31.1
|
Certifications
required by Rule 13a-14(a) of Chief Executive Officer
|
|
31.2
|
Certifications
required by Rule 13a-14(a) of Chief Financial Officer
|
|
32.1
|
Certification
required by Section 906 of the Sarbanes-Oxley Act of Chief Executive
Officer
|
|
32.1
|
Certification
required by Section 906 of the Sarbanes-Oxley Act of Chief Financial
Officer
|
INTER
PARFUMS, INC.
|
|
By:
|
/s/ Russell Greenberg
|
Executive
Vice President and
|
|
Chief
Financial Officer
|