Parlux Fragrances (PARL) Announces Resignation of Chairman/CEO; Sees Reduction in Q3 Sales
Parlux Fragrances, Inc. (Nasdaq: PARL) announced 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.
The Board announced that Mr. Frederick E. Purches, founder of the Company, and previous Chairman, has assumed the position of Chairman and Chief Executive Officer.
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, subject to any additional adjustments that might be required as part of the Company's quarterly review process.
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