Tuesday, January 26, 2010

And yet more turmoil for Parlux...(PARL)

Parlux Fragrances (PARL) just announced that the CEO is leaving and that they had to "erase" some revenue.  Nice.

FORT LAUDERDALE, Fla., Jan. 26, 2010 (GLOBE NEWSWIRE) -- Parlux Fragrances, Inc. (Nasdaq:PARL - News) announced today that Mr. Neil J. Katz has resigned from his position as Chairman and Chief Executive Officer of the Company due to philosophical differences regarding the future direction of the Company.  Mr. Katz had held this position since July 2007, and has been instrumental in acquiring a number of new licenses during this period. Mr. Katz, who is expected to remain with the Company as a Director and consultant, stated, "A number of opportunities have arisen which require my attention.  Parlux is a fine company, and I anticipate being able to assist the Company during this transition and in the future." 

The Company also anticipates reporting its earnings for the three and nine months ended December 31, 2009 on February 3rd, 2010. The Company notes larger than expected product returns from U.S. department store customers have reduced the Company's net sales for the third quarter ended December 31, 2009 to approximately $50 million from the previously announced estimate of $52 million, and it expects to report a net loss for that quarter of approximately $5 million."

They're also seeing the end of their GUESS? license, which will hit revenue:

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