Form 10-Q INTER PARFUMS INC For: Mar 31

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May 10, 2016 4:51 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2016.

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 by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act).

Large accelerated Filer ¨	Accelerated filer x
Non-accelerated filer ¨(Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

At May 6, 2016, there were 31,055,605 shares of common stock, par value $.001 per share, outstanding.

INTER PARFUMS, INC. AND SUBSIDIARIES

INDEX

			Page Number
Part I.	Financial Information		1

	Item 1.	Financial Statements	1

		Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015	2

		Consolidated Statements of Income for the Three Months Ended March 31, 2016 and March 31, 2015	3

		Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2016 and March 31, 2015	4

		Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2016 and March 31, 2015	5

		Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2016 and March 31, 2015	6

		Notes to Consolidated Financial Statements	7

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	14

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

	Item 4.	Controls and Procedures	27

Part II.	Other Information		27

	Item 6.	Exhibits	28

Signatures			28

INTER PARFUMS, INC. AND SUBSIDIARIES

Part I. Financial Information

Item 1. Financial Statements

In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. We have condensed such financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, such financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued by filing with the SEC. These financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2015 included in our annual report filed on Form 10-K.

The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year.

Page 1

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)

	March 31, 2016			December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	151,462		$	176,967
Short-term investments		95,755			82,847
Accounts receivable, net		107,607			95,082
Inventories		112,889			98,346
Receivables, other		2,185			2,422
Other current assets		6,475			5,811
Income taxes receivable		116			100
Deferred tax assets		8,135			7,182

Total current assets		484,624			468,757

Equipment and leasehold improvements, net		10,235			9,333

Trademarks, licenses and other intangible assets, net		208,643			201,335

Other assets		8,575			8,234

Total assets	$	712,077		$	687,659

LIABILITIES AND EQUITY

Current liabilities:
Current portion of long-term debt	$	23,246		$	22,163
Accounts payable – trade		58,911			50,636
Accrued expenses		33,868			46,890
Income taxes payable		12,425			7,359
Dividends payable		4,656			4,035

Total current liabilities		133,106			131,083

Long–term debt, less current portion		74,551			76,443

Deferred tax liability		3,862			3,746

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 31,045,065 and 31,037,915 shares at March 31, 2016 and December 31, 2015, respectively		31			31
Additional paid-in capital		62,361			62,030
Retained earnings		391,112			388,434
Accumulated other comprehensive loss		(34,448	)		(48,091	)
Treasury stock, at cost, 9,880,058 shares at March 31, 2016 and December 31, 2015, respectively		(36,817	)		(36,817	)

Total Inter Parfums, Inc. shareholders’ equity		382,239			365,587

Noncontrolling interest		118,319			110,800

Total equity		500,558			476,387

Total liabilities and equity	$	712,077		$	687,659

See notes to consolidated financial statements.

Page 2

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share data)

(Unaudited)

	Three months ended March 31,
	2016			2015

Net sales	$	111,522		$	109,249

Cost of sales		40,205			41,639

Gross margin		71,317			67,610

Selling, general and administrative expenses		53,786			46,544

Income from operations		17,531			21,066

Other expenses (income):
Interest expense		973			158
Loss on foreign currency		714			2,006
Interest and dividend income		(1,354	)		(1,196	)

		333			968

Income before income taxes		17,198			20,098

Income taxes		7,750			6,793

Net income		9,448			13,305

Less: Net income attributable to the noncontrolling interest		2,114			3,298

Net income attributable to Inter Parfums, Inc.	$	7,334		$	10,007

Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.24		$	0.32
Diluted	$	0.24		$	0.32

Weighted average number of shares outstanding:
Basic		31,039			30,979
Diluted		31,104			31,072


Dividends declared per share	$	0.15		$	0.13

See notes to consolidated financial statements.

Page 3

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

	Three months ended March 31,
	2016		2015
Comprehensive income (loss):

Net income	$	9,448	$	13,305

Other comprehensive income (loss):

Net derivative instrument loss, net of tax		—		(608	)

Translation adjustments, net of tax		18,892		(47,868	)

Comprehensive income (loss)		28,340		(35,171	)

Comprehensive income (loss) attributable to the noncontrolling interests:

Net income		2,114		3,298

Other comprehensive income (loss):

Net derivative instrument loss, net of tax		—		(165	)

Translation adjustments, net of tax		5,249		(13,075	)

Comprehensive income (loss) attributable to the noncontrolling interests		7,363		(9,942	)

Comprehensive income (loss) attributable to Inter Parfums, Inc.	$	20,977	$	(25,229	)

See notes to consolidated financial statements.

Page 4

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands)

(Unaudited)

	Three months ended March 31,
	2016			2015

Common stock, beginning and end of period	$	31		$	31

Additional paid-in capital, beginning of period		62,030			60,200
Shares issued upon exercise of stock options		132			82
Stock-based compensation		212			194
Sale of subsidiary shares to noncontrolling interest		(13	)		(6	)
Additional paid-in capital, end of period		62,361			60,470

Retained earnings, beginning of period		388,434			374,121
Net income		7,334			10,007
Dividends		(4,656	)		(4,028	)
Retained earnings, end of period		391,112			380,100

Accumulated other comprehensive loss, beginning of period		(48,091	)		(15,823	)
Foreign currency translation adjustment, net of tax		13,643			(34,793	)
Net derivative instrument loss, net of tax		—			(443	)
Accumulated other comprehensive loss, end of period		(34,448	)		(51,059	)

Treasury stock, beginning and end of period		(36,817	)		(36,464	)

Noncontrolling interest, beginning of period		110,800			116,659
Net income		2,114			3,298
Foreign currency translation adjustment, net of tax		5,249			(13,075	)
Net derivative instrument loss, net of tax		—			(165	)
Sale of subsidiary shares to noncontrolling interest		156			104
Noncontrolling interest, end of period		118,319			106,821

Total equity	$	500,558		$	459,899

See notes to consolidated financial statements.

Page 5

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three months ended March 31,
	2016			2015
Cash flows from operating activities:
Net income	$	9,448		$	13,305
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		2,338			2,228
Provision for doubtful accounts		15			47
Noncash stock compensation		212			194
Deferred tax benefit		(674	)		(503	)
Change in fair value of derivatives		(87	)		—
Changes in:
Accounts receivable		(8,694	)		(14,397	)
Inventories		(10,763	)		(11,679	)
Other assets		340			(1,564	)
Accounts payable and accrued expenses		(9,109	)		8,480
Income taxes, net		4,581			2,578

Net cash used in operating activities		(12,393	)		(1,311	)

Cash flows from investing activities:
Purchases of short-term investments		(14,336	)		(56,437	)
Proceeds from sale of short-term investments		5,510			69,593
Purchases of equipment and leasehold improvements		(1,422	)		(687	)
Payment for intangible assets acquired		(111	)		(774	)

Net cash provided by (used in) investing activities		(10,359	)		11,695

Cash flows from financing activities:
Proceeds from loans payable – banks, net		—			168
Repayment of long-term debt		(5,479	)		—
Proceeds from exercise of options		132			82
Proceeds from sale of stock of subsidiary		143			98
Dividends paid		(4,035	)		(3,717	)

Net cash used in financing activities		(9,239	)		(3,369	)

Effect of exchange rate changes on cash		6,486			(9,911	)

Net decrease in cash and cash equivalents		(25,505	)		(2,896	)

Cash and cash equivalents - beginning of period		176,967			90,138

Cash and cash equivalents - end of period	$	151,462		$	87,242

Supplemental disclosure of cash flow information:
Cash paid for:
Interest	$	560		$	168
Income taxes		3,782			7,365

See notes to consolidated financial statements.

Page 6

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Significant Accounting Policies:

The accounting policies we follow are set forth in the notes to our financial statements included in our Form 10-K, which was filed with the Securities and Exchange Commission for the year ended December 31, 2015. We also discuss such policies in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q.

Settlement with French Tax Authorities:

As disclosed in the Company’s financial statements included in our Form 10-K for the year ended December 31, 2015, the French Tax Authorities examined the 2012 tax return of Interparfums SA, and in August 2015 issued a $6.9 million tax adjustment. It is the Company’s position that the French Tax Authorities are incorrect in their assessments and the Company believes that it has strong arguments to support its tax positions. The main issues challenged by the French Tax Authorities related to the commission rate and Lanvin royalty rate paid to Interparfums Singapore Pte. and Interparfums (Suisse) SARL, respectively. Interparfums Singapore Pte. and Interparfums (Suisse) SARL are wholly-owned subsidiaries of Interparfums SA. Due to the subjective nature of the issues involved, in April 2016, Interparfums SA reached an agreement in principle to settle the entire matter with the French Tax Authorities. The settlement requires Interparfums SA to pay a tax assessment of $1.9 million covering the issues for not only the 2012 tax year, but also covering the issues for the tax years ended 2013 through 2015. The settlement also includes an agreement as to future acceptable commission and royalty rates, which is not expected to have a significant impact on cash flow. The settlement, which is subject to formal documentation with the French Tax Authorities, was accrued as of March 31, 2016 and income tax expense for the three months ended March 31, 2016 includes the $1.9 million settlement.

Recent Accounting Pronouncements:

In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplifies several aspects of the accounting for share based payments, including the income tax consequences and classification on the statement of cash flows. Under the new standard, all excess tax benefits and deficiencies will be recognized as income tax expense or benefit in the income statement. Additionally, excess tax benefits will be classified as an operating activity on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement must be applied prospectively, and entities are allowed to elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective or retrospective transition method. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements.

In February 2016, the FASB issued an ASU which requires lessees to recognize lease assets and lease liabilities arising from operating leases on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements.

Page 7

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

In November 2015, the FASB issued an ASU that requires all deferred tax liabilities and assets to be classified as noncurrent on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption permitted. In addition, this guidance can be applied either prospectively or retrospectively to all periods presented. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements.

In July 2015, the FASB issued an ASU modifying the accounting for inventory. Under this ASU, the measurement principle for inventory will change from lower of cost or market value to lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU is applicable to inventory that is accounted for under the first-in, first-out method and is effective for reporting periods after December 15, 2016, with early adoption permitted. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements.

In May 2014, the FASB issued an ASU which supersedes the most current revenue recognition requirements. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted for annual periods after December 31, 2016. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements.

There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

Inventories:

Inventories consist of the following:

(In thousands)	March 31, 2016		December 31, 2015

Raw materials and component parts	$	35,699	$	30,569
Finished goods		77,190		67,777

	$	112,889	$	98,346

Fair Value Measurement:

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

Page 8

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

			Fair Value Measurements at March 31, 2016
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	95,755	$	—	$	95,755	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		431		—		431		—

	$	96,186	$	—	$	96,186	$	—
Liabilities:
Interest rate swaps	$	1,395	$	—	$	1,395	$	—

			Fair Value Measurements at December 31, 2015
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	82,847	$	—	$	82,847	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		123		—		123		—

	$	82,970	$	—	$	82,970	$	—
Liabilities:
Interest rate swaps	$	1,026	$	—	$	1,026	$	—

The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates.

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes from financial institutions.

Derivative Financial Instruments:

The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. In connection with the 2015 Rochas brand acquisition, $108 million of the purchase price was paid in cash on the closing date and was financed entirely through a 5-year term loan. As the payment at closing was due in dollars and we had planned to finance it with debt in euro, the Company entered into foreign currency forward contracts to secure the exchange rate for the $108 million purchase price at $1.067 per 1 euro.

Page 9

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

This derivative was designated and qualified as a cash flow hedge. The Company did not have any other derivatives under hedge accounting during the three months ended March 31, 2016 and 2015.

Gains and losses in derivatives not designated as hedges are included in loss on foreign currency on the accompanying income statement and were immaterial for the three months ended March 31, 2016 and 2015. For the three months ended March 31, 2016, interest expense includes a loss of $0.3 million relating to an interest rate swap.

All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting resulted in an asset and is included in other current assets on the accompanying balance sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is recorded as a separate component of shareholders’ equity.

Share-Based Payments:

The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested during both the three months ended March 31, 2016 and 2015 aggregated $0.05 million and $0.03 million, respectively. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. It is generally our policy to issue new shares upon exercise of stock options. The following table sets forth information with respect to nonvested options for the three month period ended March 31, 2016:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		414,850		$	6.86
Nonvested options granted		5,000		$	6.50
Nonvested options vested or forfeited		(13,370	)	$	6.76
Nonvested options – end of period		406,480		$	6.86

Share-based payment expense decreased income before income taxes by $0.21 million and $0.19 million for the three months ended March 31, 2016 and 2015, respectively, and decreased net income attributable to Inter Parfums, Inc. by $0.13 million and $0.12 million for the three months ended March 31, 2016 and 2015, respectively.

Page 10

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

The following table summarizes stock option information as of March 31, 2016:

	Shares			Weighted Average Exercise Price

Outstanding at January 1, 2016		709,300		$	24.34
Options granted		5,000			26.40
Options cancelled		(7,120	)		26.97
Options exercised		(7,150	)		18.41

Outstanding at March 31, 2016		700,030		$	24.39

Options exercisable		293,550		$	22.04
Options available for future grants		180,165

As of March 31, 2016, the weighted average remaining contractual life of options outstanding is 3.59 years (2.32 years for options exercisable), the aggregate intrinsic value of options outstanding and options exercisable is $5.2 million and $2.8 million, respectively, and unrecognized compensation cost related to stock options outstanding aggregated $2.5 million.

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2016 and March 31, 2015 were as follows:

(In thousands)	March 31, 2016		March 31, 2015

Cash proceeds from stock options exercised	$	132	$	82
Tax benefits		—		—
Intrinsic value of stock options exercised		80		66

The weighted average fair values of the options granted by Inter Parfums, Inc. during the three months ended March 31, 2016 and 2015 were $6.50 and $6.73 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted.

The assumptions used in the Black-Scholes pricing model for the periods ended March 31, 2016 and 2015 are set forth in the following table:

	March 31, 2016			March 31, 2015

Weighted average expected stock-price volatility		33	%		34	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		1.42	%		1.28	%
Weighted average dividend yield		2.2	%		1.8	%

Page 11

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase.

Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net earnings attributable to Inter Parfums, Inc. by the weighted average number of shares outstanding. Net earnings attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method.

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

	Three months ended
(In thousands, except per share data)	March 31,
	2016		2015
Numerator:
Net income attributable to Inter Parfums, Inc.	$	7,334	$	10,007
Denominator:
Weighted average shares		31,039		30,979
Effect of dilutive securities:
Stock options		65		93
Denominator for diluted earnings per share		31,104		31,072

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.24	$	0.32
Diluted		0.24		0.32

Not included in the above computations is the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.42 million and 0.27 million shares of common stock for the three months ended March 31, 2016 and 2015, respectively.

Segment and Geographic Areas:

The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sale of prestige brand name fragrances and United States operations primarily represent the sale of prestige brand name and specialty retail fragrance.

Page 12

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended March 31,
	2016			2015
Net sales:
United States	$	19,385		$	22,479
Europe		92,156			86,787
Eliminations		(19	)		(17	)
	$	111,522		$	109,249

Net income attributable to Inter Parfums, Inc.:
United States	$	397		$	1,109
Europe		6,937			8,898
	$	7,334		$	10,007

	March 31,			December 31,
	2016			2015
Total Assets:
United States	$	80,120		$	80,761
Europe		641,186			616,199
Eliminations of investment in subsidiary		(9,229	)		(9,301	)
	$	712,077		$	687,659

10.

Accrued Expenses:

Accrued expenses include approximately $8.2 million and $15.2 million in advertising liabilities as of March 31, 2016 and December 31, 2015, respectively.

Page 13

INTER PARFUMS, INC. AND SUBSIDIARIES

Item 2:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Information

Statements in this report which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2015 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this report.

Regulation S-K Item 10(e)

Regulation S-K Item 10(e), “Use of Non-GAAP Financial Measures in commission filings,” prescribes the conditions for use of non-GAAP financial information in commission filings. We believe that our presentation of the non-GAAP financial information beginning on page 24 of this Form 10-Q is important supplemental measures of operating performance to investors. We believe that certain investors consider adjusted net income attributable to Inter Parfums, Inc. a useful means of evaluating our financial performance.

Overview

We operate in the fragrance business, and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European operations through our 73% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 27% of Interparfums SA shares trade on the NYSE Euronext.

We produce and distribute our European based fragrance products primarily under license agreements with brand owners, and European based fragrance product sales represented approximately 83% and 79% of net sales for the three months ended March 31, 2016 and 2015, respectively. We have built a portfolio of prestige brands, which include Balmain, Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Lanvin, Montblanc, Paul Smith, S.T. Dupont, Repetto, Rochas and Van Cleef & Arpels, whose products are distributed in over 100 countries around the world. With respect to our largest brands, we own the Lanvin brand name for its class of trade, and license the Montblanc and Jimmy Choo brand names; for the three months ended March 31, 2016, sales of product for these brands represented 11%, 31%, and 19% of net sales, respectively.

Through our United States operations we also market fragrance and fragrance related products. United States operations represented 17% and 21% of net sales for the three months ended March 31, 2016 and 2015, respectively. These fragrance products are sold primarily pursuant to license or other agreements with the owners of the Abercrombie & Fitch, Agent Provocateur, Anna Sui, Banana Republic, bebe, Dunhill, Hollister, Oscar de la Renta, and Shanghai Tang brands.

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Quarterly sales fluctuations are influenced by the timing of new product launches as well as the third and fourth quarter holiday season. In certain markets where we sell directly to retailers, seasonality is more evident. We sell directly to retailers in France as well as through our distribution subsidiaries in Italy, Germany, Spain and the United States.

We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, either through new licenses or other arrangements or out-right acquisitions of brands. Second, we grow through the introduction of new products and supporting new and established products through advertising, merchandising and sampling as well as phasing out existing products that no longer meet the needs of our consumers. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year. Our introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning.

Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers, which manufacture the finished product for us and then deliver them to one of our distribution centers.

As with any global business, many aspects of our operations are subject to influences outside our control. We believe we have a strong brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share.

During the three months ended March 31, 2016, the economic and political uncertainty and financial market volatility taking place in Eastern Europe, the Middle East and China had a small negative impact on our business, and at this time we do not believe it will significantly affect our overall business for the foreseeable future. However, if the degree of uncertainty or volatility worsens or is prolonged, then there will likely be a negative effect on ongoing consumer confidence, demand and spending and as a result, our business. Currently, we believe general economic and other uncertainties still exist in select markets in which we do business, and we continue to monitor global economic uncertainties and other risks that may affect our business.

Our reported net sales are impacted by changes in foreign currency exchange rates. A strong U.S. dollar has a negative impact on our net sales. However, earnings are positively affected by a strong dollar, because over 40% of net sales of our European operations are denominated in U.S. dollars, while almost all costs of our European operations are incurred in euro. Our Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates.

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Recent Important Event

Settlement with French Tax Authorities

Discussion of Critical Accounting Policies

We make estimates and assumptions in the preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ significantly from those estimates under different assumptions and conditions. We believe the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations. These accounting policies generally require our management’s most difficult and subjective judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management of the Company has discussed the selection of significant accounting policies and the effect of estimates with the Audit Committee of the Board of Directors.

Revenue Recognition

We sell our products to department stores, perfumeries, specialty retailers, mass market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. We recognize revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances.

Accounts Receivable

Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer’s financial position as well as previously established buying patterns.

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Sales Returns

Generally, we do not permit customers to return their unsold products. However, for U.S. distribution of our prestige products, we allow returns if properly requested, authorized and approved. We regularly review and revise, as deemed necessary, our estimate of reserves for future sales returns based primarily upon historic trends and relevant current data, including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. We record estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.

Inventories

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. We record adjustments to the cost of inventories based upon our sales forecast and the physical condition of the inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions or competitive conditions differ from our expectations.

Equipment and Other Long-Lived Assets

Equipment, which includes tools and molds, is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets. Changes in circumstances such as technological advances, changes to our business model or changes in our capital spending strategy can result in the actual useful lives differing from our estimates. In those cases where we determine that the useful life of equipment should be shortened, we would depreciate the net book value in excess of the salvage value, over its revised remaining useful life, thereby increasing depreciation expense. Factors such as changes in the planned use of equipment, or market acceptance of products, could result in shortened useful lives.

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We evaluate indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. When testing indefinite-lived intangible assets for impairment, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 8.02%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded.

We believe that the assumptions we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived intangible assets. However, if future actual results do not meet our expectations, we may be required to record an impairment charge, the amount of which could be material to our results of operations.

At March 31, 2016 and December 31, 2015 indefinite-lived intangible assets aggregated $119.5 million. The following table presents the impact a change in the following significant assumptions would have had on the calculated fair value in 2015 assuming all other assumptions remained constant:

				Increase (decrease)
In millions	Change			to fair value

Weighted average cost of capital		+10	%	$	(12.3	)
Weighted average cost of capital		-10	%	$	15.1
Future sales levels		+10	%	$	12.4
Future sales levels		-10	%	$	(12.4	)

Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. The cash flow projections are based upon a number of assumptions, including future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. We believe that the assumptions we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our intangible assets subject to amortization. In those cases where we determine that the useful life of long-lived assets should be shortened, we would amortize the net book value in excess of the salvage value (after testing for impairment as described above), over the revised remaining useful life of such asset thereby increasing amortization expense.

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In determining the useful life of our Lanvin brand names and trademarks, we applied the provisions of ASC topic 350-30-35-3. The only factor that prevented us from determining that the Lanvin brand names and trademarks were indefinite life intangible assets was Item c. “Any legal, regulatory, or contractual provisions that may limit the useful life.” The existence of a repurchase option in 2025 may limit the useful life of the Lanvin brand names and trademarks to the Company. However, this limitation would only take effect if the repurchase option were to be exercised and the repurchase price was paid. If the repurchase option is not exercised, then the Lanvin brand names and trademarks are expected to continue to contribute directly to the future cash flows of our Company and their useful life would be considered to be indefinite.

With respect to the application of ASC topic 350-30-35-8, the Lanvin brand names and trademarks would only have a finite life to our Company if the repurchase option were exercised, and in applying ASC topic 350-30-35-8, we assumed that the repurchase option is exercised. When exercised, Lanvin has an obligation to pay the exercise price and the Company would be required to convey the Lanvin brand names and trademarks back to Lanvin. The exercise price to be received (Residual Value) is well in excess of the carrying value of the Lanvin brand names and trademarks, therefore no amortization is required.

Derivatives

We account for derivative financial instruments in accordance with ASC topic 815, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. This topic also requires the recognition of all derivative instruments as either assets or liabilities on the balance sheet and that they are measured at fair value.

We currently use derivative financial instruments to hedge certain anticipated transactions and interest rates, as well as receivables denominated in foreign currencies. We do not utilize derivatives for trading or speculative purposes. Hedge effectiveness is documented, assessed and monitored by employees who are qualified to make such assessments and monitor the instruments. Variables that are external to us such as social, political and economic risks may have an impact on our hedging program and the results thereof.

Income Taxes

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net income at that time. In addition, the Company follows the provisions of uncertain tax positions as addressed in ASC topic 740-10-65-1.

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Results of Operations

Three Months Ended March 31, 2016 as Compared to the Three Months Ended March 31, 2015

Net Sales	Three months ended March 31,
(in millions)	2016		% Change			2015

European based product sales	$	92.1		6	%	$	86.7
United States based product sales		19.4		(14	)%		22.5
Total net sales	$	111.5		2	%	$	109.2

Net sales for the three months ended March 31, 2016 increased 2% to $111.5 million, as compared to $109.2 for the corresponding period of the prior year. At comparable foreign currency exchange rates, net sales increased 3%. For the 2016 first quarter, the average U.S. dollar/euro exchange rate was 1.10 compared to 1.13 in the first quarter of 2015.

European based product sales increased 6% to $92.1 million for the three months ended March 31, 2016, as compared to $86.7 million for the corresponding period of the prior year. For the three months ended March 31, 2016, Montblanc, our largest brand, generated sales of $35.0 million, up 29%, as compared to the corresponding period of the prior year. The promising launch of Montblanc Legend Spirit was an important contributor to brand sales. Our second largest brand, Jimmy Choo, achieved first quarter brand sales of $21.4 million, down 1% from the same period last year, with both periods aided by recent launches. While the 2016 first quarter benefitted from the continuing roll-out of the Jimmy Choo Illicit line, the 2015 first quarter reflected strong sales from the introductions of the Jimmy Choo Man and the Jimmy Choo Blossom lines. Lanvin fragrances sales decreased to $12.2 million, or 25%, due primarily to the economic slowdowns in its two flagship markets of Russia and China. We hope to counter this trend with new flankers (brand offshoots), and seasonal scents debuting this year, as well as a new Lanvin women's line planned for early next year. Rochas fragrances generated $6.4 million in incremental sales, primarily due to sales in the brand’s foundational markets of Spain and France.

We maintain confidence in our future as we have strengthened advertising and promotional investments supporting all portfolio brands and accelerated brand development. Our expectations reflect plans to continue to build upon the strength of our brands and our worldwide distribution network. For 2016, we expect most of the growth for our European operations to come from our newest brands, Coach and Rochas. Our first Coach women’s line is set to launch in September 2016, and we have already ramped up our distribution network for our current Rochas product lines while we prepare for a new Rochas product line for 2017. Of our other European based brands, only Van Cleef & Arpels will see a launch of a new scent family. For our other brands, line extensions and/or flankers are in the works. Lastly, we hope to benefit from our strong financial position to potentially acquire one or more brands, either on a proprietary basis or as a licensee.

United States based product sales decreased 14% to $19.4 million for the three months ended March 31, 2016, as compared to $22.5 million for the corresponding period of the prior year. The decline in first quarter sales is best understood in the context of difficult comparisons with the prior year’s first quarter, when Extraordinary by Oscar de la Renta and Icon by Dunhill were launched. With our first ever fragrance launches for Abercrombie & Fitch and Hollister, along with several other new product introductions within our U.S. operations brand portfolio, we expect better quarterly comparisons later in the year.

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Net Sales to Customers by Region	Three months ended March 31,
(in millions)	2016		2015

North America	$	29.7	$	30.2
Western Europe		31.1		24.5
Eastern Europe		4.4		6.4
Central and South America		12.2		12.7
Middle East		11.0		12.7
Asia		20.7		20.1
Other		2.4		2.6
	$	111.5	$	109.2

For the three months ended March 31, 2016, we continued to feel the effect of negative market conditions in Eastern Europe, the Middle East and China, while in constant dollars, Western Europe and North America continue to perform well.

Gross Profit Margin	Three months ended March 31,
(in millions)	2016			2015

Net sales	$	111.5		$	109.2
Cost of sales		40.2			41.6
Gross margin	$	71.3		$	67.6

Gross margin as a % of net sales		63.9	%		61.9	%

Gross profit margin was 63.9% of net sales for the three months ended March 31, 2016, as compared to 61.9% for the corresponding period of the prior year. For European operations, gross profit margin was 67.3% and 64.7% in the first quarters of 2016 and 2015, respectively. Approximately 40% of the gross profit margin increase for European operations is related to currency fluctuation, while the balance is the result of product mix, with our Rochas brand being a major contributor generating gross profit margins in excess of 75%. We carefully monitor movements in foreign currency exchange rates as over 40% of our European based operations net sales are denominated in U.S. dollars, while most of our costs are incurred in euro. From a margin standpoint, a strong U.S. dollar has a positive effect on our gross profit margin while a weak U.S. dollar has a negative effect. The average dollar/euro exchange rate for the three months ended March 31, 2016 was 1.10, as compared to 1.13 for the 2015 period.

For U.S. operations, gross profit margin was 48.2% and 51.1% in the first quarters of 2016 and 2015, respectively. The decrease is primarily the result of a shift in product mix during the period as the 2015 first quarter, included the initial launches of Extraordinary by Oscar de la Renta and Icon by Dunhill. The Oscar de la Renta and Dunhill brands generate some of the highest gross profit margins for our U.S. operations.

Generally, we do not bill customers for shipping and handling costs and such costs, which aggregated $1.1 million for both the three months ended March 31, 2016 and 2015, are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company’s gross profit may not be comparable to other companies which may include these expenses as a component of cost of goods sold.

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Selling, General and Administrative Expenses	Three months ended March 31,
(in millions)	2016			2015

Selling, general and administrative expenses	$	53.8		$	46.5
Selling, general and administrative expenses as a % of net sales		48	%		43	%

Selling, general and administrative expenses increased 15% for the three months ended March 31, 2016, as compared to the corresponding period of the prior year. As a percentage of sales, selling, general and administrative expenses were 48% and 43% for the three months ended March 31, 2016 and 2015, respectively. For European operations, selling, general and administrative expenses increased 22% in 2016, as compared to 2015 and represented 49% of sales in 2016, as compared to 43% of sales in 2015. For U.S. operations, while sales decreased 14% for the three months ended March 31, 2016, as compared to the corresponding period of the prior year, selling, general and administrative expenses decreased 10% for the same period and represented 45% of sales in 2016, as compared to 43% of sales in 2015.

Promotion and advertising included in selling, general and administrative expenses aggregated approximately $16.1 million (14.5% of net sales) for the 2016 period, as compared to $12.6 million (11.5% of net sales) for the 2015 period. The increase in 2016 is primarily the result of advertising and promotional expenditures incurred in connection with the launch of Montblanc Legend Spirit and the continued geographic rollout of Jimmy Choo Illicit. As Montblanc and Jimmy Choo are our largest brands, the launch of a new flanker or fragrance family will typically result in higher advertising and promotional expenditures.

Royalty expense included in selling, general and administrative expenses aggregated $8.2 million (7.3% of net sales) for the 2016 period, as compared to $8.6 million (7.8% of net sales), in 2015. The 2015 period includes $0.6 million that had been accrued as part of the settlement of our royalty liability with Burberry. Service fees paid to third parties relating to the activities of our distribution subsidiaries, aggregated $2.5 million (2.3% of net sales) for both the three month ended March 31, 2016 and 2015.

As a result of the above analysis regarding margins and selling, general and administrative expenses, income from operations decreased 17% to $17.5 million for the three months ended March 31, 2016, as compared to $21.1 million for the corresponding period of the prior year. Operating margins were 15.7% of net sales in the current period as compared to 19.3% for the corresponding period of the prior year.

Other Income and Expense

Interest expense aggregated $1.0 million and $0.2 million for the three months ended March 31, 2016 and 2015, respectively. The increase in 2016 is primarily related to the financing of the Rochas brand acquisition and includes a $0.3 million loss relating to the interest rate swap. We use the credit lines available to us, as needed, to finance our working capital needs as well as our financing needs for acquisitions. Loans payable – banks and long-term debt including current maturities aggregated $97.8 million and $0.4 million as of March 31, 2016 and 2015, respectively.

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Foreign currency losses aggregated $0.7 million and $2.0 million for the three months ended March 31, 2016 and 2015, respectively. Extreme volatility in currency exchange rates was experienced in late 2014 and early 2015 with the dollar gaining significant strength against the euro within a relatively short period of time. The loss incurred for the three months ended March 31, 2015, primarily represents losses from intercompany accounts between our subsidiary, Interparfums SA, and its other foreign subsidiaries, which were not hedged by the use of foreign currency forward exchange contracts. We typically enter into foreign currency forward exchange contracts to manage exposure related to receivables from unaffiliated third parties denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Over 40% of net sales of our European operations are denominated in U.S. dollars.

Interest income aggregated $1.4 million and $1.2 million for the three months ended March 31, 2016 and 2015, respectively. Cash and cash equivalents and short-term investments are primarily invested in certificates of deposit with varying maturities.

Income Taxes

Excluding the settlement, our effective income tax rate was 34% for both the three months ended March 31, 2016 and 2015. Our effective tax rates differ from statutory rates due to the effect of state and local taxes and tax rates in foreign jurisdictions. We did not experience any significant changes in tax rates during the period, and none were expected in jurisdictions where we operate.

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*Net Income and Earnings per Share* (in thousands except per share data)	Three months ended March 31,
	2016		2015

Net income attributable to European operations	$	9,052	$	12,197
Net income attributable to United States operations		396		1,108
Net Income		9,448		13,305
Less: Net income attributable to the noncontrolling interest		2,114		3,298

Net income attributable to Inter Parfums, Inc.	$	7,334	$	10,007

Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.24	$	0.32
Diluted	$	0.24	$	0.32

Weighted average number of shares outstanding:
Basic		31,039		30,979
Diluted		31,104		31,072

Net income was $9.4 million for the three months ended March 31, 2016, as compared to $13.3 million for the corresponding period of the prior year. The reasons for significant fluctuations in net income for both European operations and United States operations are directly related to the previous discussions relating to changes in sales, gross margin, selling, general and administrative expenses and the pending settlement with the French Tax Authorities. As previously discussed, improved gross profit margins within our European operations were more than offset by increased advertising and promotional expenditures in connection with the launch of Montblanc Legend Spirit and the continued rollout of Jimmy Choo Illicit. In addition, for our European operations, net income for the first quarter of 2016 includes the effect of the $1.9 million pending income tax settlement with the French Tax Authorities. For United States operations, in summary, 2016 sales, gross margin and selling, general and administrative expenses decreased 14%, 19% and 10% respectively, as compared to the corresponding period of the prior year.

The noncontrolling interest arises primarily from our 73% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 27% of Interparfums SA shares trade on the NYSE Euronext. The noncontrolling interest is also affected by the profitability of Interparfums SA’s 51% owned distribution subsidiaries in Germany and Spain. Net income attributable to the noncontrolling interest is directly related to the profitability of our European operations and aggregated 23% and 27% of European operations net income in the first quarters of 2016 and 2015, respectively. Net income attributable to Inter Parfums, Inc. was $7.3 million in the first quarter of 2016, as compared to $10.0 million in the first quarter of 2015.

Adjusted Net Income Attributable to Inter Parfums, Inc.

Adjusted Net Income Attributable to Inter Parfums, Inc., is deemed a “non-GAAP financial measure” under the rules of the Securities and Exchange Commission. This non-GAAP measure is calculated using GAAP amounts derived from our consolidated financial statements. Adjusted net income attributable to Inter Parfums, Inc. has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of adjusted income may not be comparable to a similarly titled measure of other companies.

Adjusted Net Income Attributable to Inter Parfums, Inc. Reconciliation

Adjusted net income attributable to Inter Parfums, Inc. is defined as net income attributable to Inter Parfums, Inc., plus the pending nonrecurring tax settlement, net of the portion of the settlement attributable to the noncontrolling interest. We believe that certain investors consider adjusted net income attributable to Inter Parfums, Inc. a useful means of evaluating our financial performance. The following table provides a reconciliation of net income attributable to Inter Parfums, Inc. to adjusted net income attributable to Inter Parfums, Inc. for the period indicated.

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INTER PARFUMS, INC. AND SUBSIDIARIES

(in thousands except per share data)	Three Months Ended March 31,
	2016		2015

Net income attributable to Inter Parfums, Inc.	$	7,334	$	10,007
Pending nonrecurring tax settlement (net of portion attributable to the noncontrolling interest of $500)		1,400		--
Adjusted net income attributable to Inter Parfums, Inc.	$	8,734	$	10,007

Adjusted net income attributable to Inter Parfums, Inc. common stockholders:
Basic	$	0.28	$	0.32
Diluted	$	0.28	$	0.32

Weighted average number of shares outstanding:
Basic		31,039		30,979
Diluted		31,104		31,072

Liquidity and Capital Resources

The Company’s financial position remains strong. At March 31, 2016, working capital aggregated $352 million and we had a working capital ratio of over 3.6 to 1. Cash and cash equivalents and short-term investments aggregated $247 million, most of which is held in euro by our European operations and is readily convertible into U.S. dollars. We have not had any liquidity issues to date, and do not expect any liquidity issues relating to such cash and cash equivalents and short-term investments held by our European operations. Approximately 90% of the Company’s total assets are held by European operations and approximately $198 million of trademarks, licenses and other intangible assets are held by European operations.

The Company hopes to benefit from its strong financial position to potentially acquire one or more brands, either on a proprietary basis or as a licensee. Opportunities for external growth continue to be examined, with the priority of maintaining the quality and homogeneous nature of our portfolio. However, we cannot assure you that any new license or acquisition agreements will be consummated.

Cash used in operating activities aggregated $12.4 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2016, working capital items used $23.6 million in cash from operating activities, as compared to $16.6 million in the 2015 period. Although accounts receivable is up 9% from year end, the balance is reasonable based on first quarter 2016 sales levels and reflects continued strong collection activity as day’s sales outstanding is 88 days, as compared to the 79 days for the corresponding period of the prior year. Due to difficult economic conditions in certain territories some customers have needed additional time to pay. We continue to monitor collection activities actively and adjust customer credit limits as needed. Inventory levels are up approximately 11% from year end and reflect levels needed to support upcoming new product launches. The decline in accrued expenses primarily reflects the payments of advertising liabilities from 2015.

Cash flows used in investing activities in 2016 reflect the purchase and sales, in our European operations, of short-term investments. These investments are primarily certificates of deposit with maturities greater than three months. Approximately $94 million of such certificates of deposit contain penalties where we would forfeit a portion of the interest earned in the event of early withdrawal. Our business is not capital intensive as we do not own any manufacturing facilities. However, on a full year basis, we spend approximately $4.0 million on tools and molds, depending on our new product development calendar. Capital expenditures also include amounts for office fixtures, computer equipment and industrial equipment needed at our distribution centers.

In connection with the 2015 acquisition of the Rochas brand, we entered into a 5-year term loan payable in equal quarterly installments of €5.0 million ($5.5 million) plus interest. In order to reduce exposure to rising variable interest rates, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of approximately 1.2%. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Our short-term financing requirements are expected to be met by available cash on hand at March 31, 2016, cash generated by operations and short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2016 consist of a $20.0 million unsecured revolving line of credit provided by a domestic commercial bank and approximately $28.0 million in credit lines provided by a consortium of international financial institutions. There were no short-term borrowings outstanding as of both March 31, 2016 and 2015.

In January 2016, the Board of Directors authorized a 15% increase in the annual dividend to $0.60 per share. The next quarterly cash dividend of $0.15 per share is payable on July 15, 2016 to shareholders of record on June 30, 2016. The annual cash dividend for 2016 represents a small part of our cash position and is not expected to have any significant impact on our financial position.

We believe that funds provided by or used in operations can be supplemented by our present cash position and available credit facilities, so that they will provide us with sufficient resources to meet all present and reasonably foreseeable future operating needs.

Inflation rates in the U.S. and foreign countries in which we operate did not have a significant impact on operating results for the three month period ended March 31, 2016.

Item 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

General

We address certain financial exposures through a controlled program of risk management that primarily consists of the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign currency exchange rates. We do not engage in the trading of foreign currency forward exchange contracts or interest rate swaps.

Foreign Exchange Risk Management

We periodically enter into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related to future sales expected to be denominated in a currency other than our functional currency. We enter into these exchange contracts for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the receivables and cash flows of Interparfums SA, our French subsidiary, whose functional currency is the euro. All foreign currency contracts are denominated in currencies of major industrial countries and are with large financial institutions, which are rated as strong investment grade.

All derivative instruments are required to be reflected as either assets or liabilities in the balance sheet measured at fair value. Generally, increases or decreases in fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative is designated and qualifies as a cash flow hedge, then the changes in fair value of the derivative instrument will be recorded in other comprehensive income.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Before entering into a derivative transaction for hedging purposes, we determine that the change in the value of the derivative will effectively offset the change in the fair value of the hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of each hedge throughout the hedged period. Any hedge ineffectiveness is recognized in the income statement.

At March 31, 2016, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $7.8 million, GB £1.7 million and JPY ¥125.1 million which all have maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such financial institutions is remote.

Interest Rate Risk Management

We mitigate interest rate risk by monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate debt should be swapped for fixed rate debt. We entered into an interest rate swap in June 2015 on €100 million of debt, effectively exchanging the variable interest rate to a fixed rate of approximately 1.2%. This derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Item 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule 13a-15(e)) as of the end of the period covered by this quarterly report on Form 10-Q (the “Evaluation Date”). Based on their review and evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of the Evaluation Date, our Company's disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during the quarterly period covered by this report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

Part II. Other Information

Items 1. Legal Proceedings, 1A. Risk Factors, 2. Unregistered Sales of Equity Securities and Use of Proceeds, 3. Defaults Upon Senior Securities, 4. Mine Safety Disclosures and 5. Other Information, are omitted as they are either not applicable or have been included in Part I.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Item 6. Exhibits.

The following documents are filed herewith:

Exhibit No.	Description	Page Number

3.8	Articles of Association of Parfums Rochas Spain, Limited Liability Company (Spanish with English translation)*	31

31.1	Certifications required by Rule 13a-14(a) of Chief Executive Officer	49

31.2	Certifications required by Rule 13a-14(a) of Chief Financial Officer and Principal Accounting Officer	50

32.1	Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Executive Officer	51

32.2	Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Financial Officer and Principal Accounting Officer	52

101	Interactive data files

______

*Replaces version of exhibit with the same exhibit number filed with the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2015.

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 May 2016.

		INTER PARFUMS, INC.

	By:	/s/ Russell Greenberg
		Executive Vice President and
		Chief Financial Officer

Page 28

EXHIBIT 3.8

ESTATUTOS SOCIALES DE PARFUMS ROCHAS SPAIN, SOCIEDAD LIMITADA.			ARTICLES OF ASSOCIATION OF PARFUMS ROCHAS SPAIN, LIMITED LIABILITY COMPANY.

TÍTULO I.- DENOMINACIÓN, OBJETO, DOMICILIO Y DURACIÓN			TITLE I.- NAME, PURPOSE, REGISTERED OFFICE AND TERM OF EXISTANCE

Artículo 1.- Denominación. La Sociedad se denomina PARFUMS ROCHAS SPAIN, SOCIEDAD LIMITADA.			Article 1.- Name. The name of the Company is PARFUMS ROCHAS SPAIN, LIMITED LIABILITY COMPANY.

Esta Sociedad es de carácter mercantil y adopta la forma de Sociedad de Responsabilidad Limitada, que se regirá por las normas contenidas en los presentes Estatutos Sociales, por el Real Decreto Legislativo 1/2010 de 2 de julio por el que se aprueba el texto refundido de la Ley de Sociedades de Capital (“LSC”), por el Real Decreto 1784/1996 de 19 de julio por el que se aprueba el Reglamento del Registro Mercantil (“RRM”) y por las demás normas legales vigentes en cada momento que le sean aplicables.			This Company is of mercantile nature and has adopted a Limited Liability Form. It will be governed by the present Articles of Association, as well as by the Royal Legislative Decree 1/2010 dated the 2^nd of July, by which the law regarding the Capital Companies Law is approved (“LSC”), and by Royal Decree 1784/1996 dated the 19^th of July by which the Rules of the Companies House is approved (“RRM”) and by any other applicable legal disposition.

Artículo 2.- Objeto. El objeto social de la Sociedad es:			Article 2.- Purpose. The purpose of the Company is

- La fabricación, venta, comercialización y representación de productos de perfumería y cosmética y objetos de lujo ya sean nacionales o extranjeros.			- The manufacture, sale, marketing and representation of perfumes and cosmetics and luxury items whether national or foreign

La Sociedad puede igualmente, desarrollar, en general, cualquier otra actividad de licito comercio que sea antecedente, complemento o accesoria, o consecuencia de las anteriormente citadas o principales.			The Company may also develop, in general, any other lawful activity of trade that is complement or accessory, or a result of the above.

Las actividades integrantes del objeto social pueden ser desarrolladas por la Sociedad total o parcialmente de modo directo o indirecto, mediante la titularidad de acciones o participaciones en sociedad.			The above activities can be performed by the Company partially or in full, by means of owning shares or stocks of any company with an identical or similar purpose.

El código que mejor describe su actividad principal, por referencia al CNAE, es el 4645 (Comercio al por mayor de productos de perfumería y droguería).			The Tax Code (CNAE) that best describes the corporate purpose is the 4645 (Wholesale of perfume and drugstore).

Artículo 3.- Domicilio. La Sociedad tendrá su domicilio en Madrid (España), Isla de Java, 28034 Madrid.			Article 3.- Registered Address. The registered office of the Company shall be in Madrid (Spain), Isla de Java, 33, 28034 Madrid.

El órgano de administración de la Sociedad es el competente para cambiar el domicilio social dentro del mismo término municipal, así como para acordar la creación, supresión o el traslado de sucursales, delegaciones y agencias en cualquier lugar del territorio nacional o del extranjero.			The administration body is authorized to change the Registered Office within the same municipality, as well as to create, eliminate or transfer branches, local offices and agencies in Spain or abroad.

Artículo 4.- Duración e inicio de operaciones. La duración de la Sociedad se establece por tiempo indefinido y dará comienzo en sus operaciones sociales el día del otorgamiento de la escritura fundacional.			Article 4.- Term of existence and starting of activities. The Company shall exist for an indefinite period and it will start its corporate activities from the day in which the incorporation Public Deed is granted.

TÍTULO II.- CAPITAL - PARTICIPACIONES SOCIALES			TITLE II.- SHARE Capital - shares of the Company

Artículo 5.- Capital Social. El capital social de la Sociedad es de QUINIENTOS MIL EUROS (500.000 €).			Article 5.- Share Capital. The share capital of the Company shall amount to FIVE HUNDRED THOUSAND EURO (Eur. 500,000).

Dicho capital estará representado por QUINCIENTOS MIL (500.000) participaciones sociales, de UN EURO (1 €) de valor nominal cada una de ellas, indivisibles y acumulables, numeradas correlativamente para su debida identificación de la UNO (1) a la QUINIENTOS MIL (500.000), ambas inclusive. Las participaciones sociales están totalmente asumidas y desembolsadas.			The Company's share capital shall be divided into FIVE HUNDRED THOUSAND (500,000) shares of ONE EURO (1 €) of nominal value each, numbered ONE (1) to FIVE HUNDRED THOUSAND (500,000), both inclusive. These shares are cumulative and non divisible and the share capital is fully subscribed and disbursed.

Artículo 6.- Participaciones sociales. Las participaciones sociales no tendrán el carácter de valores, no podrán estar representadas por medio de títulos o de anotaciones en cuenta, ni denominarse acciones.			Article 6.- Shares. Company’ shares shall not be considered securities and may not be represented by certificates or book entries and they cannot be called stocks.

Tampoco podrán emitirse resguardos provisionales acreditativos de la propiedad de una o varias participaciones sociales. El único título de propiedad está constituido por la escritura de constitución y, en su caso, por las escrituras de modificación del capital social y por los demás documentos públicos que pudieran otorgarse. En caso de adquisición por transmisión “inter vivos” o “mortis causa”, por el documento público correspondiente.			No temporary shares voucher shall be issued. The incorporation Public Deed shall be the only property deed and, if applicable, the public deed of modification of the share capital or by other public documents that could be granted. In case of “inter vivos” or “mortis causa” share transfer, this shall be registered into a public document.

Las participaciones atribuyen a los socios los mismos derechos, con las excepciones estatutarias y legales.			Shares shall grant the same rights to all members, with exceptions expressly set forth in these Articles of Association and in the Law.

En ningún caso podrán ser objeto de aportación el trabajo o los servicios.			In any case the Shareholder’s contribution to the Company may consist in rendering labour or services.

Artículo 7.- Libro Registro de socios. La Sociedad llevará un Libro Registro de socios, en el que se hará constar la titularidad originaria y las sucesivas transmisiones, voluntarias o forzosas, de las participaciones sociales, así como la constitución de derechos reales y otros gravámenes sobre las mismas.			Article 7.- Shareholders’ Registry Book. The Company shall have a Shareholders’ Registry Book, which will contain the original ownership and consecutive transfers of the shares, whether voluntary or forced, as well as the incorporation of real property rights and other encumbrances on the shares.

La Sociedad sólo reputará socio a quien se halle inscrito en dicho libro.			The Company will only consider as Shareholder whoever is registered in referred Book.

En cada anotación se indicará la identidad y domicilio del titular de la participación o del derecho o gravamen constituido sobre aquella.			In each annotation the identity and the address of the titleholder of the share or the titleholder of the right or encumbrance will be indicated.

La Sociedad sólo podrá rectificar el contenido del Libro Registro de socios si los interesados no se hubieran opuesto a la rectificación en el plazo de un (1) mes desde la notificación fehaciente del propósito de proceder a la misma.			The Company may only modify the contents of the Shareholders Registry Book if the interested parties do not oppose the modification within one (1) month after receiving due notification of the intention to modify the registry.

Cualquier socio podrá examinar el Libro Registro de socios, cuya llevanza y custodia corresponde al órgano de administración.			Any Shareholder will be able to revise the Shareholders Registry Book, which will be kept by the Administrative Body.

El socio y los titulares de derechos reales o gravámenes sobre las participaciones sociales, tienen derecho a obtener certificación de las participaciones, derechos y gravámenes registrados a su nombre.			The Shareholder or the titleholders of real property rights will be able to obtain certificates containing the rights and encumbrances registered in their name.

Los datos personales de los socios podrán modificarse a su instancia, no surtiendo entre tanto efectos frente a la Sociedad.			Personal details of the Shareholders will be modified upon Shareholders’ request, not taking effect before the Company prior the request.

Artículo 8.- Copropiedad de participaciones. En caso de copropiedad sobre una o varias participaciones sociales los copropietarios habrán de designar una sola persona para el ejercicio de los derechos de socio, y responderán solidariamente frente a la Sociedad de cuantas obligaciones se deriven de esta condición. La misma regla se aplicará a los demás supuestos de cotitularidad de derechos sobre las participaciones.			Article 8.- Joint ownership of shares. Joint owners of the Company shares shall appoint one person to exercise the Shareholder’s rights and both shall be jointly and severally liable to the Company for any obligation derived from their condition of Shareholders. The same rule shall apply to any other case of joint ownership of rights over the shares.

Artículo 9.- Usufructo de participaciones. En caso de usufructo de participaciones la cualidad de socio reside en el nudo propietario, pero el usufructuario tendrá derecho en todo caso a los dividendos acordados por la Sociedad durante el usufructo. El ejercicio de los demás derechos del socio corresponde al nudo propietario.			Article 9.- Rights of usufruct over Company shares. In cases of usufruct, the legal owner of the share shall be considered Shareholder. However, the usufruct holder shall have the right, in all cases, to receive any dividends declared by the Company during the term of the usufruct. The exercise of all other rights shall correspond to the legal owner.

El usufructuario queda obligado a facilitar al nudo propietario el ejercicio de estos derechos.			The usufruct holder is subject to facilitate to the legal owner of the shares the execution of its rights.

En las relaciones entre el usufructuario y el nudo propietario regirá lo que determine el título constitutivo del usufructo y, en su defecto, lo previsto en esta Ley y, supletoriamente, lo dispuesto en el Código Civil.			The title establishing the usufruct and in its default the law provisions and additionally the Civil Code shall govern the relationship between the usufruct holder and the legal owner of the shares.

Artículo 10.- Prenda y embargo de participaciones. En caso de prenda de participaciones sociales corresponderá al propietario de éstas el ejercicio de los derechos de socio.			Article 10.- Pledge and seizure of Company Shares. The owner of the shares which have been subject to pledge shall exercise the rights of the Shareholder.

El acreedor pignoraticio queda obligado a facilitar el ejercicio de estos derechos.			The pledge creditor is subject to facilitate to the owner of the shares the executions of its rights.

En caso de ejecución de la prenda de participaciones se aplicarán las reglas previstas para el caso de transmisión forzosa por el artículo 109 de la LSC.			In the event of execution of the pledge, provisions on forced transfer contained in the article 109 of the LSC will be applicable.

El derecho real de prenda deberá constar siempre en documento público.			Pledge of shares shall be executed into public document.

En caso de embargo de participaciones, se observarán las mismas reglas siempre que sean compatibles con el régimen específico del embargo.			In the event of the seizure of the Company’s shares, the rules established for the pledge shall govern, provided that they are compatible with the specific nature of the seizure.

Artículo 11.- Régimen general de transmisión de participaciones. Será libre la transmisión voluntaria de participaciones por actos inter vivos entre socios, así como la realizada a favor del cónyuge, ascendiente del socio o en a favor de sociedades pertenecientes al mismo grupo que la transmitente. En otros casos, cualquier transmisión de participaciones sociales se realizará de conformidad con lo previsto en el artículo 107.2 de la LSC.			Article 11.- General transfer rules of shares. The transfer of shares shall be limited to other shareholders, its spouses, ascendants and descendents, or in favour of companies in the same group as the transferor, and subject to limitations according to the Spanish Law regulations (LSC) in the remaining cases. Any transfer of shares shall be carried out pursuant to provisions of article 107.2 of the LSC.

Artículo 12.- Transmisión forzosa de participaciones sociales. En el caso de embargo de participaciones sociales en cualquier procedimiento de apremio, y en tanto no adquieran firmeza, los socios y, en su defecto, la Sociedad, podrán subrogarse en lugar del rematante o, en su caso, del acreedor, siendo aplicable lo dispuesto en el artículo 109 y concordantes de la LSC.			Article 12.- Forced transfer rules. Should there be a seizure of Company’s shares, in any type of judicial collection proceedings, during the execution or when the adjudication is not finalized, the Shareholders and, if applicable, the Company, may substitute the creditors being applicable what is established in article 109 and following articles of the LSC.

Artículo 13.- Transmisión mortis causa de participaciones sociales. El mismo derecho de adquisición preferente de participaciones de la Sociedad tendrá lugar en el caso de transmisión mortis causa o a título gratuito o lucrativo de las participaciones. Los herederos o legatarios y, en su caso, los donatarios, comunicarán la adquisición al órgano de administración, aplicándose a partir de ese momento las reglas del anterior artículo 11º en cuanto a plazos de ejercicio del derecho.			*Article 13.- Rules regarding mortis causa* transfers.** The Shareholders will have the same preferential acquisition right in cases of “mortis causa” or free transfer of shares. Heirs, beneficiaries and donors shall notify the acquisition to the Administrative Body and the rules established in Article 11 will be applicable regarding the terms applicable to execute this right.

TÍTULO III.- ÓRGANOS DE LA SOCIEDAD			TITLE III.- COMPANY ORGANIZATION

Artículo 14.- Órganos de la Sociedad. Los órganos sociales de la Sociedad son los siguientes:			Article 14.- Company organization. The Company is made of the following governing bodies:

A) La Junta General.			A) The General Shareholders’ Meeting.

B) El órgano de administración (o “Administradores”).			B) The Administrative Body (also referred to as “Directors”).

A. JUNTA GENERAL DE SOCIOS			A. GENERAL SHAREHOLDERS MEETING

Artículo 15.- Junta General de socios. Los socios, reunidos en Junta General debidamente convocada y constituida, decidirán por la mayoría legal establecida en estos Estatutos, en los asuntos propios de la competencia de la Junta.			Article 15.- General Shareholders’ Meeting. The Shareholders, assembled at a duly called general Shareholders’ Meeting, shall decide, by a majority vote as determined by these Articles of Association, those matters that fall within the competence of the Meeting.

Las Juntas Generales podrán ser Ordinarias o Extraordinarias.			General Shareholders’ Meeting can be either Ordinary or Extraordinary.

Junta Ordinaria es la que debe reunirse dentro de los seis (6) primeros meses de cada ejercicio para censurar la gestión social, aprobar, en su caso, las cuentas del ejercicio anterior y resolver sobre la aplicación del resultado. Junta Extraordinaria es cualquier otra que no sea la ordinaria anual.			Ordinary Shareholders’ Meeting must take place within the first six (6) months of each financial year in order to review the Company’s management, approve in its case, the annual accounts of the previous financial year and decide regarding the allocation of the results. Extraordinary Shareholders’ Meeting is any other Meeting besides de Ordinary Meeting.

Todos los socios, incluso los disidentes y los que no hayan participado en la reunión, quedan sometidos a los acuerdos de la Junta General.			All members, including dissenting and non-attending members, shall be bound by the resolutions passed at General Meetings.

No se permite la adopción de acuerdos fuera de Junta General de socios.			Resolutions adopted outside the General Shareholder’s Meeting shall not be binding.

Es competencia de la Junta General deliberar y acordar los asuntos referidos en el artículo 160 de la LSC.			The scope of powers to the General Shareholders’ Meeting shall be those referred in article 160 of LSC.

Artículo 16.- Emisión de votos. Cada participación da derecho a un (1) voto.			Article 16.- Right to vote. Each share in the Company shall give the holder a right to one (1) vote.

Artículo 17.- Adopción de acuerdos en Junta General. Los acuerdos sociales se adoptarán por mayoría de los votos válidamente emitidos, siempre que representen al menos un tercio (1/3) de los votos correspondientes a las participaciones sociales en que se divide el capital social. No se computarán los votos en blanco.			Article 17.- Resolutions of the Company. Resolutions of the Company shall be approved by a majority of votes validly issued, provided that such votes represent at least one third (1/3) of Company’s shares. Abstentions shall not be counted.

Por excepción a lo dispuesto en el apartado anterior:			The following exceptions to the above rule shall be applicable:

a) El aumento o reducción de capital y cualquier otra modificación de los Estatutos Sociales para la que no se exija mayoría cualificada, y la opción por cualesquiera de las formas de administración que en su caso se fijen en los Estatutos, requerirá el voto favorable de al menos dos tercios (2/3) de los votos correspondientes a las participaciones en que se haya dividido el capital social.			a) An increase or decrease of the Company’s capital or any other modification of the Articles of Association not requiring a qualified majority, and the change of the structure of the Administrative Body shall require the favourable vote of more than 2/3 of the votes corresponding to the shares in which the capital of the Company is divided.

b) La transformación, la fusión, la escisión y la cesión global de activo y pasivo de la Sociedad, así como el traslado del domicilio al extranjero y la supresión del derecho de preferencia en los aumentos de capital, la exclusión de socios y la autorización para que los Administradores puedan dedicarse por cuenta propia o ajena al mismo, análogo o complementario género de actividad que constituya el objeto social, requerirá el voto favorable de al menos dos tercios (2/3) de los votos correspondientes a las participaciones en que se divida el capital social.			b) Reorganization, merger or split-off and the global transfer of the assets and liabilities of the Company, as well as transfer of the Registered Office to a foreign country, waiver of pre-emptive rights in capital increases, exclusion of Shareholders from the Company and the authorization for the Directors to act on their own behalf or on third parties behalf in activities similar or complementary to the corporate purpose, will require a favourable vote of at least two thirds (2/3) of the votes of the corresponding shares in which the Share capital of the Company is divided.

No obstante, cuando la legislación exija cualesquiera otros requisitos para la convocatoria (su forma y contenido), modo de deliberar y adoptar acuerdos, mayorías, derechos de los socios, constitución de la Junta y de su mesa, conflicto de intereses y documentación de los acuerdos para casos especiales y concretos, se estará a lo que dicha legislación establezca, como en el caso del traslado del domicilio al extranjero.			However, when the legislation requires any other requirements for the call (form and content), deliberations and adopt resolutions, majorities rights of members, constitution of Shareholders’ Meeting, conflict of interest and documentation for special and specific cases, it will be to what that legislation provides, as in the case of transfer of residence abroad.

Para el cómputo de la mayoría de votos que en cada caso sea necesaria se deducirán del capital social las participaciones del socio que se encuentre en las situaciones de conflicto de intereses previstas en el artículo 190 de la LSC.			When applicable, the shares of Shareholders in a conflict of interest situation, foreseen in article 190 of LSC, shall be subtracted from the Company’s capital for the determination of the majority of votes’ purposes.

De conformidad con lo dispuesto en el artículo 197 bis LSC, en la Junta General, deberán votarse separadamente aquellos asuntos que sean sustancialmente independientes. En todo caso, aunque figuren en el mismo punto del orden del día, deberán votarse de forma separada:			In accordance with article 197 bis LSC, the General Shareholders’ Meeting must vote separately on matters that are substantially independent. In any case, even appearing at the same point on the agenda, should be voted on separately:

a) el nombramiento, la ratificación, la reelección o la separación de cada administrador.			a) appointment, ratification, re-election or removal of each administrator.

b) en la modificación de estatutos sociales, la de cada artículo o grupo de artículos que tengan autonomía propia.			b) modifying bylaws.

Artículo 18.- Adopción de acuerdos en Junta General por unanimidad. Quedan a salvo de la norma establecida en el artículo anterior los supuestos en los que la LSC exija el consentimiento de todos los socios.			Article 18.- General Meeting with unanimous consent. The abovementioned rules shall not be applicable in those cases where the applicable LSC require an unanimous consent on the resolution of a matter.

Artículo 19.- Régimen general de convocatoria de Junta General. La Junta General Ordinaria o Extraordinaria será convocada por el órgano de administración y, en su caso, por los Liquidadores de la Sociedad, sin perjuicio de lo mencionado en los párrafos siguientes.			Article 19.- Rules for calling of the General Meeting. The Ordinary or Extraordinary General Shareholders’ Meeting shall be announced by the Administrative Body, or, when the Company is in liquidation, by the Company’s liquidators.

El órgano de administración convocará la Junta General Ordinaria para su celebración dentro de los seis (6) primeros meses de cada ejercicio, con el fin de censurar la gestión social, aprobar, en su caso, las cuentas del ejercicio anterior y resolver sobre la aplicación del resultado. En este anuncio de convocatoria se hará constar expresamente que cualquier socio puede obtener de la Sociedad, de forma inmediata y gratuita, los documentos que han de ser sometidos a la aprobación de la misma, así como, en su caso, el informe de Gestión y el informe de los Auditores de Cuentas. Si estas Juntas no fueran convocadas dentro del plazo legal, podrán serlo por el Juez de lo mercantil del domicilio social, a solicitud de cualquier socio y previa audiencia del órgano de administración.			Likewise, the Administrative Body shall call the General Ordinary Meeting within the first six (6) months of each financial year for the purpose of reviewing the Company’s management, approving the Company’s annual accounts, financial statements and applications of the results. In the announcement it will be detailed that all Shareholders have the right to obtain immediately, and without cost, the documents that will be subject to the Shareholders’ approval, as well as if applicable, the Management Report and the Auditors’ Report. Should the Meeting not be called in the abovementioned time the Mercantile Court corresponding to the Company’s Registered Office shall call the Meeting upon the request of any of the Shareholders, having already informed the Administrative Body.

El órgano de administración convocará asimismo la Junta General Extraordinaria cuando lo considere necesario o conveniente y cuando lo soliciten uno o varios socios que representen al menos el cinco (5) por ciento del capital social, expresando en la solicitud los asuntos a tratar en la Junta. En este último caso, la Junta General deberá ser convocada para su celebración dentro de los dos meses siguientes a la fecha en que se hubiera requerido notarialmente al órgano de administración para convocarla, debiendo incluirse necesariamente en el Orden del Día los asuntos que hubiesen sido objeto de la solicitud.			The Administrative Body shall call an Extraordinary General Meeting any time they deem it necessary or advisable, or when requested by one or more Shareholders, representing at least five (5) percent of the Company’s capital, who shall state in their request the matters to be placed on the Meeting’s agenda. In the latter case, the General Meeting must be called within two (2) months after receipt of Notary's notification requiring them to call the Meeting. The notice calling for the Meeting must include the agenda for the Meeting, including the matters specified in the request for the Meeting.

Si el órgano de administración no atiende oportunamente a la solicitud mencionada, podrá realizarse la convocatoria por el Juez de lo mercantil del domicilio social, si lo solicita el porcentaje del capital social a que se refiere el párrafo anterior y previa audiencia del órgano de administración.			If the Administrative Body do not properly respond to the request, the call of a Meeting may be made by the Mercantile Court corresponding to where the Company has its Registered Office, who may call a Meeting at the request of Shareholders holding the shares percentage referred to in the previous paragraph, and after having already informed the Administrative Body.

Igualmente, en caso de muerte o de cese del administrador único, de todos los administradores solidarios, de alguno de los administradores mancomunados, o de la mayoría de los miembros del órgano de administración, sin que existan suplentes, cualquier socio podrá solicitar del Juez de lo mercantil del domicilio social la convocatoria de Junta General para el nombramiento de los Administradores. Además, cualquiera de los Administradores que permanezca en el ejercicio del cargo podrá convocar la Junta General con este único objeto.			In the event of death or resignation of the Sole Director, all of the joint and several directors, any of the joint directors or the majority of the members of the Board of Directors, any Shareholder may request to the Mercantile Court corresponding to the Company’s Registered Office to call the General Meeting for the purpose of appointing new Directors. Also, any remaining Director may call a General Meeting for this sole purpose.

Artículo 20.- Forma de la convocatoria. La convocatoria se realizará por carta certificada o telegrama con acuse de recibo dirigido personalmente a cada socio al domicilio designado que conste al efecto en el Libro Registro de socios. Con carácter adicional, la convocatoria también podrá publicarse en uno de los diarios de mayor circulación en la provincia en que esté situado el domicilio social.			Article 20.- Contents of the notice of the Meeting. The Meeting will be called through notification send by certified letter, with acknowledgement of receipt, personally addressed to all Shareholders to their domicile contained in the Shareholders’ Registration Book. Furthermore, the meeting can also be notified by means of its publication in a high-circulation newspaper of the province in which the Company has its registered office.

Artículo 21.- Plazos y contenido de la convocatoria. Derecho de información. Entre la convocatoria y la fecha prevista para la celebración de la reunión, deberá existir un plazo de, al menos, quince (15) días, que se computará, en los casos de convocatoria individual, a partir de la fecha en que hubiera sido remitido el anuncio al último de los socios. En los casos de fusión y escisión, la antelación deberá ser de al menos un (1) mes.			Article 21.- Periods and contents of the notice of the Meeting. Information right. A period of at least fifteen (15) days must pass from the calling of the Meeting to the date of the Meeting. In the event of individual notification to each Shareholder, the period shall be calculated from the time the last Shareholder receives the notification. In merger and split off of the Company the period will be of at least one (1) month.

En todo caso, la convocatoria expresará el nombre de la Sociedad, la fecha y hora de la reunión y el Orden del Día en el que figurarán los asuntos a tratar, así como el nombre de la persona o personas que realicen la comunicación. En todo caso se harán constar las menciones obligatorias que en cada caso exija la LSC en relación con los temas a tratar.			In any case, the notice of the Meeting shall include the name of the Company, the date and time for the Meeting, and the agenda of the matters to be discussed, as well as the name of the person or people who make the communication. In any case it will be necessary to include those obligatory mentions required by the LSC regarding the matters to be discussed.

Los socios podrán solicitar por escrito, con anterioridad a la reunión de la Junta General o verbalmente durante la misma, los informes o aclaraciones que estimen precisos acerca de los asuntos comprendidos en el Orden del Día. El órgano de administración estará obligado a proporcionárselos en la forma prevista en la LSC, salvo en los casos en que, a juicio del propio órgano, la publicidad de ésta perjudique los intereses sociales. Esta excepción no procederá cuando la solicitud esté apoyada por socios que representen, al menos, el veinticinco por ciento (25%) del capital social.			If the Shareholders deem it necessary, they may require in writing before the Meeting or verbally during the Meeting information or clarifications of the matters included on the agenda. The Administrative Body shall provide such information in the form established in LSC, except in those cases where the Administrative Body deems that the disclosure of the information requested may be harmful to the Company’s interests. This exception shall not be applicable if the request is supported by Shareholders representing at least twenty-five (25%) percent of the Company’s capital.

Artículo 22.- Junta universal. La Junta General quedará válidamente constituida para tratar cualquier asunto, sin necesidad de previa convocatoria, siempre que esté presente o representado la totalidad del capital social y los concurrentes acepten por unanimidad la celebración de la reunión y el Orden del Día de la misma.			Article 22.- Universal Meetings. The General Meeting shall be validly held to consider any matter and without prior calling when Shareholders representing the entire capital or their representatives are present at the Meeting and those present unanimously agree to hold the Meeting and agree on its agenda.

Artículo 23.- Lugar de celebración de la Junta General. La Junta General se celebrará en cualquier lugar del término municipal del domicilio social. Si en la convocatoria no figurase el lugar de celebración, se entenderá que la Junta ha sido convocada para su celebración en el domicilio social. Por excepción, la Junta Universal a la que se ha hecho mención en el artículo 22º anterior, podrá reunirse en cualquier lugar del territorio nacional o del extranjero.			Article 23.- Place of the Meeting. The General Meeting shall be held in the municipality corresponding to the Company’s Registered Office. If the notice of the Meeting does not state the place where it is to be held, it shall be understood that the Meeting is to be held at the Company’s Registered Office. A Universal Meeting, as described in the aforementioned Article 22, may take place at any place either in national or foreign territory.

Artículo 24.- Mesa de la Junta General. Las Juntas Generales de socios serán presididas y ejercerá de Secretario las personas que designe la propia Junta en el mismo acto. En el supuesto de que exista un Consejo de Administración, la Junta será presidida por el Presidente del Consejo de Administración o, en su caso, por el Vicepresidente del mismo y actuará de Secretario el que lo sea del Consejo de Administración o, en su caso, el Vicesecretario del mismo. Lo anterior se entiende sin perjuicio de las facultades que asisten a la propia Junta General para designar el socio que haya de presidirlas y la persona, sea o no socio, que haya de actuar como Secretario.			Article 24.- Chairing of the General Meeting. General Shareholders’ Meetings will be chaired by a Chairman and the Secretary will be appointed by the own Meeting at the same occasion. Should there exist a Board of Directors, the General Shareholders’ Meeting will be chaired by the Chairman, or the Vicechairman of the Board of Directors, and the Secretary, or the Vicesecretary of the Board of Directors will hold the same position in the General Meeting. Notwithstanding the abovementioned, the General Meeting will be able to appoint the Chairman or the Secretary (even in cases where the latter is not a Shareholder) for the purposes of the Meeting.

Artículo 25.- Dirección de la Junta y constancia en acta de los acuerdos. Corresponde al Presidente de la Junta dirigir las sesiones, conceder la palabra a los socios y organizar los debates así como comprobar la realidad de la adopción de los acuerdos.			Article 25.- Minutes of the Meetings. Meetings will be chaired by the Chairman who will have the faculty to give the right to speak, to moderate and to check the fulfilment of the adopted agreements.

Todos los acuerdos sociales deberán constar en acta. El acta incluirá necesariamente la lista de asistentes y deberá ser aprobada por la propia Junta al final de la reunión o, en su defecto, y dentro del plazo de quince (15) días, por el Presidente de la Junta General y dos (2) socios interventores, uno en representación de la mayoría y otro en representación de la minoría. El acta tendrá fuerza ejecutiva a partir de la fecha de su aprobación.			All resolutions of the Company must be reflected in the Minutes of the Meeting. The Minutes shall include a list of attendees and must be approved by the attendees at the end of the Meeting, or in its default, it has to be approved within fifteen (15) days by the Chairman and two (2) supervising Shareholders, one representing the majority and the other the minority. The Minutes shall have legal effect from the date of their approval.

El órgano de administración podrá requerir la presencia de un Notario para que levante acta de la Junta y estará obligado a hacerlo siempre que con cinco (5) días de antelación al previsto para la celebración de la Junta, lo soliciten socios que representen, al menos, el cinco (5) por ciento del capital social. En este último caso, los acuerdos sólo serán eficaces si constan en acta notarial. El acta notarial no se someterá a trámite de aprobación, tendrá la consideración de acta de la Junta y fuerza ejecutiva desde la fecha de su cierre, siendo sus honorarios de cargo de la Sociedad.			The Administrative Body may require the presence of a Public Notary to draw up the minutes. The Administrative Body will be obliged to do so when Shareholders representing at least five (5) percent of the Company shares require the Notary’s presence with at least five (5) days notice before the scheduled Meeting. In this case, resolutions shall only be valid if reflected in the Minutes drawn up by the Notary. Minutes drawn up by a Notary shall not be subject to approval and shall be considered as the correct Minutes and shall have legal effect from the date of execution. The Notary’s fees shall be charged to the Company.

Artículo 26.- Asistencia y representación en Junta General. Todos los socios tienen derecho a asistir personalmente a la Junta General o hacerse representar en dichas reuniones por medio de otro socio, su cónyuge, ascendientes o descendientes, o persona que ostente poder general conferido en documento público con facultades para administrar todo el patrimonio que el representado tuviera en territorio nacional.			Article 26.- Attendance and representation. All Shareholders shall have the right to attend the General Meeting. Shareholders may be represented at General Meetings by other Shareholders, spouse, ascendants, descendants or any other person with general powers of attorney executed in a public document with the faculties to administer all the property of the represented person within the national territory.

La representación comprenderá la totalidad de las participaciones de las que sea titular el socio representado y si no constara en documento público, deberá ser escrita y con carácter especial para cada Junta.			Representation by proxy shall include all shares held by represented Shareholders and must be issued in writing for each Meeting unless the proxy is contained in a document executed before a Notary.

B. ÓRGANO DE ADMINISTRACIÓN			B. The ADMINiSTRATIVE Body

Artículo 27.- Órgano de administración. La Sociedad estará regida y administrada por un Administrador único, dos (2) mancomunados, varios solidarios, con un mínimo de dos (2) y un máximo de cuatro (4), o un Consejo de Administración.			Article 27.- Administrative Body. The management of the Company may be entrusted to a sole Director, to two (2) joint Directors or to several joint and several Directors with a minimum of two (2) and a maximum of four (4), or to a Board of Directors.

En el supuesto de Consejo de Administración, éste estará integrado por un mínimo de tres (3) y un máximo de doce (12) miembros. Al Consejo de Administración, en forma colegiada, le corresponden todas las facultades del órgano de administración que resultan de la LSC y de estos Estatutos, sin perjuicio de la posibilidad de poder delegar todas o algunas de dichas facultades en una Comisión Ejecutiva o en uno o varios Consejeros Delegados. También le corresponde la representación de la Sociedad, en juicio y fuera de él, en forma colegiada.			Board of Directors shall be made up of a minimum of three (3) and a maximum of twelve (12) Directors. The Board of Directors acting jointly will have all the powers established in the LSC and in these Articles of Association. It will also have the power to grant any of its powers to an executive committee or to several Managing Directors. The Board of Directors will also hold the representation of the Company inside or outside trials.

Artículo 28.- Competencia para el nombramiento y separación de los miembros del órgano de administración. La Competencia para el nombramiento y separación de los miembros del órgano de administración corresponde exclusivamente a la Junta General, la cual determinará también el número concreto de miembros dentro de los mínimos y máximos señalados en estos Estatutos Sociales. Los Administradores nombrados podrán ser separados de su cargo por la Junta General, aun cuando la separación no conste en el Orden del Día.			Article 28.- Appointment and removal of members of the Administrative Body. The General Meeting shall have the exclusive power to appoint and remove the members from the Administrative Body and to establish the number of members, within the minimum and maximum numbers established in the Articles of Association of the Company. Directors may be removed from office by the General Meeting, even if the removal is not on the agenda.

Artículo 29.- Ámbito de representación. La representación del órgano de administración se extiende a todos los actos comprendidos en el objeto social, sin más excepción que la de aquellos asuntos que legalmente sean competencia de la Junta General.			Article 29.- Scope of representation. The scope of representation shall extend to all the activities included in the purpose of the Company, except those matters belonging to the scope of Competence of the General Shareholders Meeting.

Cualquier limitación de las facultades representativas del órgano de administración, tanto si viene impuesta por los Estatutos como por decisiones de la Junta General, serán ineficaces frente a terceros, sin perjuicio de su validez y de la responsabilidad en que incurren los Administradores frente a la Sociedad en caso de extralimitación o abuso de facultades o por la realización de actos no comprendidos en el objeto social que obliguen a la Sociedad en virtud de lo dispuesto en la LSC.			Any limitation to the representation powers of the Administrative Body, whether imposed by the Articles of Association or by the decisions of the Shareholders’ Meeting, will be ineffective before third parties, notwithstanding its validity and the responsibility in which the Directors may incur before the Company due to the extra limitation or abuse of their powers or by taking actions in matters which are not part of the corporate purpose of the Company by virtue of what is established in the LSC.

Artículo 30.- Condiciones para ser nombrado Administrador. Para ser nombrado Administrador no se requiere la condición de socio.			Article 30.- Conditions for being appointed Director. It shall not be necessary to be a Shareholder in the Company in order to be appointed Director.

No podrán ser Administradores ni ocupar cargos en la Sociedad los menores de edad no emancipados, los judicialmente incapacitados, las personas inhabilitadas conforme a la Ley Concursal mientras no haya concluido el período de inhabilitación fijado en la sentencia de calificación del concurso y los condenados por delitos contra la libertad, contra el patrimonio o contra el orden socioeconómico, contra la seguridad colectiva, contra la Administración de Justicia o por cualquier clase de falsedad, así como aquéllos que por razón de su cargo no puedan ejercer el comercio.			People who cannot be appointed Directors include minors, any individual without legal capacity, those who have been declared bankrupt or insolvent but not discharged, and those convicted of crimes with sentences prohibiting the exercise of public office, those who have been convicted of serious breaches of labour laws or regulations, and those who, due to their position, cannot engage in business activities.

Tampoco pueden serlo los funcionarios al servicio de la Administración con funciones a su cargo que se relacionen con las actividades propias de la Sociedad, ni quienes se hallen incursos en causa legal de incompatibilidad, en la medida y condiciones que en cada caso se establezcan.			Neither public servants working for the administration with duties in their charge linked with the activities of the Company nor those people incurring in a cause of incompatibility.

El nombramiento de los Administradores surtirá efecto desde el momento de su aceptación.			The appointment of the Directors will be effective from the date of its acceptance.

Artículo 31.- Administradores suplentes. La Junta General está facultada para nombrar Administradores suplentes para el caso de que cesen por cualquier causa uno o varios de ellos. El nombramiento y aceptación de los suplentes como administradores se inscribirá en el Registro Mercantil una vez producido en cese del anterior. El nombramiento del suplente se entenderá efectuado por el periodo pendiente de cumplir por la persona cuya vacante se cubra.			Article 31.- Substitute Directors. Substitute Directors may be appointed by the General Meeting to take office in the event of the removal of a Director for whatever reason. The appointment and acceptance of substitute Directors shall be registered at the Companies House upon removal of the prior Director. The appointment of a substitute Director shall be understood to be subject to the term of the replaced Director.

El nombramiento de los Administradores suplentes surtirá efecto desde el momento de su aceptación.			The appointment of substitute Directors shall have effect upon acceptance.

Artículo 32.- Duración del cargo de Administrador. Los Administradores ejercerán su cargo por tiempo indefinido.			Article 32.- Term of the office. Directors shall serve for an indefinite period.

Artículo 33.- Responsabilidad de los Administradores. En todo lo relativo a la responsabilidad de los Administradores, acciones de responsabilidad y de impugnación de acuerdos adoptados por ellos, se estará a lo dispuesto en la LSC, con excepción del acuerdo de Junta General que decida sobre el ejercicio de la acción de responsabilidad que se podrá adoptar por mayoría ordinaria por imperativo legal.			Article 33.- Liability of Directors. Liability of Directors as well as the challenging of their decisions will be governed by the applicable LSC, with exception of the General Meeting Agreement which decides over the responsibility action against the Directors which will have to be adopted by ordinary majority as established in Law.

Artículo 34.- Retribución de los Administradores. El cargo de Administrador será gratuito.			Article 34.- Payment of Directors. The position of Director shall not be remunerated.

Si alguno de los Administradores prestase a la Sociedad servicios por cargos para los que hubiese sido nombrado, como Director General, Director Gerente o por trabajos profesionales o de cualquier índole que para la misma realice, la remuneración que por este concepto reciba lo será en función del trabajo que desarrolle y no por su carácter de Administrador, que es totalmente independiente.			Should any Director render services to the Company due to a post of General Director, General Manager or to any professional service contract, the remuneration for this concept will be considered according to the services rendered. This remuneration shall be considered independent from the post held by the individual as Director.

Artículo 35.- Nombramiento de Presidente y Vicepresidente y Secretario y Vicesecretario del Consejo de Administración. En el caso de que exista, el Consejo de Administración nombrará de su seno un Presidente y, si lo considera oportuno, un Vicepresidente. Asimismo nombrará libremente a la persona que haya de desempeñar el cargo de Secretario y, si lo estima conveniente, un Vicesecretario. El Secretario y el Vicesecretario podrán no ser Consejeros.			Article 35.- Chairman, Vicechairman, Secretary and Vicesecretary appointment. Should there be a Board of Directors, the Board shall appoint a Chairman and if necessary a Vicechairman, as well as a Secretary and if necessary a Vicesecretary. Neither Secretary nor Vicesecretary has to be members of the Board of Directors.

El Vicepresidente y Vicesecretario actuarán en los casos de imposibilidad física o jurídica de los cargos que suplan.			The Vicechairman and Vicesecretary will act in case of physical or legal impossibility of the Director or Secretary to attend the meeting.

Artículo 36.- Convocatoria y modo de celebración de reuniones por el Consejo de Administración. Votación por escrito y sin sesión. En el caso de que exista Consejo de Administración, la convocatoria del mismo se hará por el Presidente, o a falta de éste, por el Vicepresidente, por medio de carta certificada o por telegrama, con acuse de recibo, o por e-mail dirigido personalmente a cada Consejero, con una antelación mínima de siete (7) días y quedará válidamente constituido cuando concurran a la reunión, presentes o representados, un número de éstos que superen la mitad aritmética del número de miembros que lo integran. La representación y voto para las reuniones del Consejo podrá conferirse a favor de cualquier otro Consejero, comunicándolo por carta dirigida al Presidente o a falta de éste, al Vicepresidente. Esta representación, además de escrita, habrá de ser especial para cada sesión.			Article 36.- Notice and holding of the Meeting. Written vote with no Meeting. Should the Administrative Body be a Board of Directors, the Meeting of the Board will be announced by its Chairman or, when applicable, the Vicechairman, by way of a certified letter or telegram with acknowledgment of receipt, or by email, sent to all Directors individually at least seven (7) days in advance. The Meeting will be validly called when members or their representatives representing at least half of the members of the Board of Directors are present. Representation and voting rights for the Meetings can be conferred to another Board member through a letter addressed to the Chairman or Vicechairman. This proxy will have to be put into writing and in a separate document for each Meeting.

El Presidente, o a falta de éste, el Vicepresidente, dirigirá las sesiones, concederá la palabra a los Consejeros y ordenará los debates, fijará el orden de las intervenciones y las propuestas de resolución.			The Chairman or the Vicechairman, in its case, shall lead the Meetings, will give the right to speak to the Directors and will establish the participation order and the proposals for the resolution of matters.

El Consejo de Administración deberá reunirse, al menos, una vez al trimestre. Así mismo, el Consejo de Administración se reunirá en los días que el mismo acuerde y siempre que lo disponga su Presidente, o a falta de éste, el Vicepresidente o lo pidan dos (2) de sus componentes, en cuyo caso se convocará por aquél para reunirse dentro de los quince (15) días siguientes a la petición.			Board of Directors shall be held, at least, once a quarter. Additionally, Board of Directors shall be held for the dates established by the Chairman or, when applicable, by the Vicechairman or the date requested by two (2) members. The Meeting will be held fifteen (15) days after the request.

Se permitirá la participación por medio de teléfono o videoconferencia, siempre que todos los consejeros puedan oír y ser oídos por los demás			Participation by means of telephone or videoconference will be allowed, provided all Directors can hear and be heard by each other.

Será válida la reunión del Consejo sin necesidad de previa convocatoria, cuando, estando reunidos todos sus miembros, decidan por unanimidad celebrar la sesión.			The Board of Directors shall be validly called without a prior call when members representing all the Board of Directors unanimously agree to hold the Meeting.

La votación por escrito y sin sesión sólo será admitida cuando ningún Consejero se oponga a este procedimiento. El Presidente, o a falta de éste, el Vicepresidente o el Secretario o a falta de éste, el Vicesecretario del Consejo de Administración, deberán dirigirse por carta certificada o telegrama, con acuse de recibo, a todos los Consejeros, comunicándoles el contenido de los acuerdos que se proponen al Consejo para su deliberación. Los Consejeros, por escrito y bajo su firma, otorgarán su voto a la propuesta de acuerdos dentro de los diez (10) días siguientes a la fecha en que se hubiere remitido la comunicación al último Consejero. Dicha comunicación previa no será necesaria cuando conste, por escrito y bajo su firma, el voto de todos los Consejeros.			The agreements taken in a written form and without holding a meeting will only be valid when no Directors object the procedure. Chairman or, when applicable, Vicechairman, or Secretary or, when applicable, Vicesecretary shall communicate to all members of the Board of Directors by certified letter or telegram, with acknowledgement of receipt, informing them about the contents of the agreements subject to consideration by the Board of Directors. The vote shall be issued in a written and signed form by all the Directors within ten (10) days after the last notification has been sent to the last Director. This procedure shall not be necessary when there is a written and signed vote of all the Directors.

Artículo 37.- Adopción de acuerdos por el Consejo de Administración y delegación de facultades.			Article 37.- Board of Directors agreements and delegations of powers.

En el caso de existir Consejo de Administración, los acuerdos se adoptarán por mayoría absoluta de los Consejeros presentes y representados en la sesión.			Should there be a Board of Directors, all the agreements will be adopted by all the present and represented Directors following the majority rules.

El Consejo de Administración, mediante acuerdo con el voto favorable de las dos terceras (2/3) partes de sus componentes, podrá delegar permanentemente alguna o todas sus facultades en una Comisión Ejecutiva o en uno o varios Consejeros Delegados, indicando en el nombramiento el régimen de actuación y fijando sus facultades con cumplimiento de los límites legales.			The Board of Directors will be able to delegate permanently some of its Powers to the Executive Committee or to one or more Managing Directors establishing the rules and content of the delegation. For this delegation the agreement of two thirds (2/3) of the members of the Board will be necessary.

Dicha delegación y nombramiento no producirán efecto alguno hasta su inscripción en el Registro Mercantil.			This delegation shall not be effective until recorded in the Trade Register.

Cuando un miembro del consejo de administración sea nombrado consejero delegado o se le atribuyan funciones ejecutivas en virtud de otro título, será necesario que se celebre un contrato entre este y la sociedad que deberá ser aprobado previamente por el consejo de administración con el voto favorable de las dos terceras partes de sus miembros. El consejero afectado deberá abstenerse de asistir a la deliberación y de participar en la votación. El contrato deberá incorporarse como anejo al acta de la sesión.			When a member of the Board of Directors is appointed CEO or executive functions assigned to him under another title, it will require a contract between him and the company which must be approved by the Board of Directors with the favorable vote of two-thirds of its members. The director shall not attend the discussion and participate in the vote. The contract shall be incorporated as an annex to the minutes of the session.

Artículo 38.- Constancia en acta de los acuerdos del Consejo de Administración. En el supuesto de existir Consejo de Administración, las discusiones y acuerdos del mismo se llevarán a un Libro de Actas en el que constarán los acuerdos adoptados con expresión de los datos relativos a la convocatoria y a la constitución del Consejo, un resumen de los asuntos debatidos, las intervenciones de los que se haya solicitado constancia y los resultados de las votaciones. Dicho Libro de Actas será firmado por el Secretario o, en su caso, el Vicesecretario, con el visto bueno del Presidente o, en su caso, el Vicepresidente.			Article 38.- Minutes of the Board of Directors. The agreements taken by the Board of Directors will be included in a Minutes Book. The Minutes Book will contain all the details regarding the calling of the Meeting, agreements adopted, the incorporation of the Board, the summary of the discussed issues, the participation of the attendants, the recording of the matters requested by attendants and the results of the voting process and it will be signed by the Secretary or by the Vicesecretary with the Chairman’s or Vicechairman’s approval.

TÍTULO IV.- EJERCICIO SOCIAL			TITLE IV.- FINANCIAL YEAR

Artículo 39.- Ejercicio social. El ejercicio social empieza el 1 de enero y termina el 31 de diciembre.			Article 39.- Financial year. The financial year shall begin on 1 January and end on 31^st of December.

Artículo 40.- Formulación de las Cuentas Anuales. Los Administradores están obligados a formular en el plazo máximo de tres (3) meses, contados a partir del cierre del ejercicio social, las Cuentas Anuales, el Informe de Gestión y la propuesta de aplicación del resultado, así como, en su caso, las Cuentas y el Informe de Gestión consolidados. Las Cuentas Anuales comprenderán el Balance, la Cuenta de Pérdidas y Ganancias, la Memoria, el estado que refleje los cambios en el patrimonio neto del ejercicio y en su caso el estado de flujo de efectivo. Estos documentos, que forman una unidad, deberán ser redactados con claridad y mostrar la imagen fiel del patrimonio, de la situación financiera y de los resultados de la Sociedad, de acuerdo con lo establecido en la legislación aplicable.			Article 40.- Preparation of Annual Accounts. Directors shall prepare the Annual Accounts, financial statements, the management report, the proposed distribution of income or loss, and, where applicable, the consolidated financial statements and consolidated management report within a maximum period of three (3) months counted from the close of the financial year. The financial statements shall consist of a balance sheet, profit and loss statements, notes on the financial statements, the state which reflects the changes in the net equity of the financial year, and in its case the state of effective flow. These documents, will be considered as a single report, must be clearly presented and give a true and correct view of the Company’s net equity, financial position and income or loss, in accordance with the Law and any other applicable provision.

Las Cuentas Anuales y el Informe de Gestión deberán estar firmadas por todos los Administradores. Si faltare la firma de alguno de ellos se señalará en cada uno de los documentos que falte, con expresa indicación de la causa.			The financial statements and the management report must be signed by all the Directors. Where a Director’s signature is missing, this fact together with the reason for its absence shall be expressly pointed out on each document where such signature is lacking.

En materia de auditoría de cuentas se aplicará lo previsto en la legislación vigente.			Regarding the auditing of the accounts it will be enforceable the applicable legislation.

Artículo 41.- Derecho de información y examen de contabilidad. A partir de la convocatoria de la Junta General, cualquier socio podrá obtener de la Sociedad, de forma inmediata y gratuita los documentos que han de ser sometidos a la aprobación de la misma, así como, en su caso, el Informe de Gestión y el Informe de los Auditores de Cuentas. En la propia convocatoria se deberá hacer mención de este derecho.			Article 41.- Right to access to information and examination of accounts. From the date of the calling of the Shareholders’ General Meeting, any Shareholder has the right to obtain from the Company, immediately and free of charge, the documents that are to be approved during the Meeting. This includes the Management Report and Auditors’ Report, if applicable. This right must be mentioned in the calling of the Meeting.

Durante el mismo plazo, el socio o socios que representen el cinco (5) por ciento del capital podrán examinar en el domicilio social, por sí o en unión de experto contable, los documentos que sirvan de soporte y de antecedente de las Cuentas Anuales, sin que ello impida el derecho de la minoría a que se nombre un auditor de cuentas con cargo a la Sociedad.			During the same period, the Shareholder/s who represent a five (5) percent or more of the Share Capital, may consult, in the Registered Office of the Company, independently or accompanied by an accounting expert, the documents which serve as a support and background for the preparation of the Annual Accounts. This does not have any effect on the fact that the minority has a right to elect an independent Auditor of the Annual Accounts, whose cost will be charged to the Company.

Artículo 42.- Distribución de dividendos. La distribución de dividendos a los socios, se realizará en proporción a su participación en el capital social.			Article 42.- Distribution of dividends. The payment of dividends on ordinary shares shall be made in proportion to the capital paid-in on those shares.

TÍTULO V.- DISOLUCIÓN Y LIQUIDACIÓN			TITLE V.- WINDING UP AND LIQUIDATION

Artículo 43.- Causas de disolución. La Sociedad se disolverá por las causas previstas en la LSC.			Article 43.- Causes of dissolution. The Company shall be wound up for any of the reasons set forth in the LSC.

Artículo 44.- Cese de Administradores y nombramiento de Liquidadores. Con la apertura del periodo de liquidación cesarán en sus cargos los Administradores quienes de forma automática quedarán convertidos en Liquidadores.			Article 44.- Resignation of Directors and appointment of Liquidators. The Company’s Directors’ posts shall terminate when the liquidation process starts. Directors at the time of dissolution shall become liquidators.

La Sociedad disuelta conservará su personalidad jurídica mientras la liquidación se realiza. Durante ese tiempo deberá añadir a su denominación la expresión “en liquidación”.			The dissolved Company shall maintain its status as legal entity during the liquidation process. During this time it shall add to its Company name the words “in liquidation”.

Artículo 45.- Duración del cargo de Liquidador. Los Liquidadores ejercerán su cargo por tiempo indefinido.			Article 45.- Term of office of Liquidators. Liquidators shall serve for an undetermined period of time.

Artículo 46.- Ámbito de representación. El poder de representación de los Liquidadores será ejercido de forma individual. La representación de los Liquidadores se extiende a todas aquellas operaciones que sean necesarias para la liquidación de la Sociedad.			Article 46.- Representative authority. Each liquidator shall have individual representative authority. The liquidators’ representative authority shall extend to all transactions necessary for the liquidation.

Artículo 47.- Cálculo de la cuota de liquidación. La cuota de liquidación que corresponde a cada socio será proporcional a su participación en el capital social.			Article 47.- Distribution of the liquidation payout. The payout distributed between the Shareholders shall be in proportion to their participation in the Company’s share capital.

Los Liquidadores no podrán satisfacer la cuota de liquidación sin la previa satisfacción a los acreedores de sus créditos o sin consignarlos en una entidad de crédito del término municipal del domicilio social.			The Liquidators may not satisfy liquidation payout until all creditors have been fully paid or the amounts of their credits have been deposited in escrow in a financial institution within the municipal limits of the Company’s Registered Office.

Artículo 48.- Forma de pago de la cuota de liquidación. Los socios tendrán derecho a percibir en dinero la cuota resultante de la liquidación, salvo que por acuerdo unánime se acuerde otra cosa.			Article 48.- Payment of liquidation payout. Unless all Shareholders unanimously agree otherwise, the Shareholders shall have the right to receive the liquidation payout in cash.

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 31.1

CERTIFICATIONS

I, Jean Madar, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Inter Parfums, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2016

/s/ Jean Madar
Jean Madar,
Chief Executive Officer

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 31.2

I, Russell Greenberg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Inter Parfums, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2016

/s/ Russell Greenberg
Russell Greenberg
Chief Financial Officer and
Principal Accounting Officer

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 32.1

CERTIFICATION

The undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter Parfums, Inc., that the Quarterly Report of Inter Parfums, Inc. on Form 10-Q for the period ended March 31, 2016, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.

Date: May 10, 2016	By:	/s/ Jean Madar
		Jean Madar,
		Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 32.2

CERTIFICATION

Date: May 10, 2016	By:	/s/ Russell Greenberg
		Russell Greenberg
		Chief Financial Officer and
		Principal Accounting Officer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2016	May. 06, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	INTER PARFUMS INC
Entity Central Index Key	0000822663
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	IPAR
Entity Common Stock, Shares Outstanding		31,055,605

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 151,462	$ 176,967
Short-term investments	95,755	82,847
Accounts receivable, net	107,607	95,082
Inventories	112,889	98,346
Receivables, other	2,185	2,422
Other current assets	6,475	5,811
Income taxes receivable	116	100
Deferred tax assets	8,135	7,182
Total current assets	484,624	468,757
Equipment and leasehold improvements, net	10,235	9,333
Trademarks, licenses and other intangible assets, net	208,643	201,335
Other assets	8,575	8,234
Total assets	712,077	687,659
Current liabilities:
Current portion of long-term debt	23,246	22,163
Accounts payable - trade	58,911	50,636
Accrued expenses	33,868	46,890
Income taxes payable	12,425	7,359
Dividends payable	4,656	4,035
Total current liabilities	133,106	131,083
Long-term debt, less current portion	74,551	76,443
Deferred tax liability	3,862	3,746
Inter Parfums, Inc. shareholders’ equity:
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued	0	0
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,045,065 and 31,037,915 shares at March 31, 2016 and December 31, 2015, respectively	31	31
Additional paid-in capital	62,361	62,030
Retained earnings	391,112	388,434
Accumulated other comprehensive loss	(34,448)	(48,091)
Treasury stock, at cost, 9,880,058 shares at March 31, 2016 and December 31, 2015, respectively	(36,817)	(36,817)
Total Inter Parfums, Inc. shareholders’ equity	382,239	365,587
Noncontrolling interest	118,319	110,800
Total equity	500,558	476,387
Total liabilities and equity	$ 712,077	$ 687,659

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	31,045,065	31,037,915
Treasury shares, shares	9,880,058	9,880,058

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 111,522	$ 109,249
Cost of sales	40,205	41,639
Gross margin	71,317	67,610
Selling, general and administrative expenses	53,786	46,544
Income from operations	17,531	21,066
Other expenses (income):
Interest expense	973	158
Loss on foreign currency	714	2,006
Interest and dividend income	(1,354)	(1,196)
Other expenses (income)	333	968
Income before income taxes	17,198	20,098
Income taxes	7,750	6,793
Net income	9,448	13,305
Less: Net income attributable to the noncontrolling interest	2,114	3,298
Net income attributable to Inter Parfums, Inc.	$ 7,334	$ 10,007
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 0.24	$ 0.32
Diluted	$ 0.24	$ 0.32
Weighted average number of shares outstanding:
Basic	31,039	30,979
Diluted	31,104	31,072
Dividends declared per share	$ 0.15	$ 0.13

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive income (loss):
Net income	$ 9,448	$ 13,305
Other comprehensive income (loss):
Net derivative instrument loss, net of tax	0	(608)
Translation adjustments, net of tax	18,892	(47,868)
Comprehensive income (loss)	28,340	(35,171)
Comprehensive income (loss) attributable to the noncontrolling interests:
Net income	2,114	3,298
Net derivative instrument loss, net of tax	0	(165)
Translation adjustments, net of tax	5,249	(13,075)
Comprehensive income (loss) attributable to the noncontrolling interests	7,363	(9,942)
Comprehensive income (loss) attributable to Inter Parfums, Inc.	$ 20,977	$ (25,229)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Treasury stock [Member]	Noncontrolling interest [Member]
Balance at Dec. 31, 2014			$ 60,200	$ 374,121	$ (15,823)		$ 116,659
Net income	$ 13,305			10,007			3,298
Foreign currency translation adjustment, net of tax					(34,793)		(13,075)
Net derivative instrument loss, net of tax					(443)		(165)
Shares issued upon exercise of stock options			82
Stock-based compensation			194
Sale of subsidiary shares to noncontrolling interest			(6)				104
Dividends				(4,028)
Balance at Mar. 31, 2015	459,899	$ 31	60,470	380,100	(51,059)	$ (36,464)	106,821
Balance at Dec. 31, 2015	476,387		62,030	388,434	(48,091)		110,800
Net income	9,448			7,334			2,114
Foreign currency translation adjustment, net of tax					13,643		5,249
Net derivative instrument loss, net of tax					0		0
Shares issued upon exercise of stock options			132
Stock-based compensation			212
Sale of subsidiary shares to noncontrolling interest			(13)				156
Dividends				(4,656)
Balance at Mar. 31, 2016	$ 500,558	$ 31	$ 62,361	$ 391,112	$ (34,448)	$ (36,817)	$ 118,319

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 9,448	$ 13,305
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,338	2,228
Provision for doubtful accounts	15	47
Noncash stock compensation	212	194
Deferred tax benefit	(674)	(503)
Change in fair value of derivatives	(87)	0
Changes in:
Accounts receivable	(8,694)	(14,397)
Inventories	(10,763)	(11,679)
Other assets	340	(1,564)
Accounts payable and accrued expenses	(9,109)	8,480
Income taxes, net	4,581	2,578
Net cash used in operating activities	(12,393)	(1,311)
Cash flows from investing activities:
Purchases of short-term investments	(14,336)	(56,437)
Proceeds from sale of short-term investments	5,510	69,593
Purchases of equipment and leasehold improvements	(1,422)	(687)
Payment for intangible assets acquired	(111)	(774)
Net cash provided by (used in) investing activities	(10,359)	11,695
Cash flows from financing activities:
Proceeds from loans payable - banks, net	0	168
Repayment of long-term debt	(5,479)	0
Proceeds from exercise of options	132	82
Proceeds from sale of stock of subsidiary	143	98
Dividends paid	(4,035)	(3,717)
Net cash used in financing activities	(9,239)	(3,369)
Effect of exchange rate changes on cash	6,486	(9,911)
Net decrease in cash and cash equivalents	(25,505)	(2,896)
Cash and cash equivalents - beginning of period	176,967	90,138
Cash and cash equivalents - end of period	151,462	87,242
Cash paid for:
Interest	560	168
Income taxes	$ 3,782	$ 7,365

Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

1.	Significant Accounting Policies:

Settlement with French Tax Authorities

3 Months Ended

Mar. 31, 2016

Settlement with Tax Authority [Abstract]

Settlement with Tax Authority [Text Block]

2.	Settlement with French Tax Authorities:

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2016

Recent Accounting Pronouncements [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

3.	Recent Accounting Pronouncements:

There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

Inventories

3 Months Ended

Mar. 31, 2016

Inventories [Abstract]

Inventory Disclosure [Text Block]

4.	Inventories:

Inventories consist of the following:

(In thousands)	March 31, 2016		December 31, 2015

Raw materials and component parts	$	35,699	$	30,569
Finished goods		77,190		67,777

	$	112,889	$	98,346

Fair Value Measurement

3 Months Ended

Mar. 31, 2016

Fair Value of Financial Instruments [Abstract]

Fair Value Disclosures [Text Block]

5.	Fair Value Measurement:

			Fair Value Measurements at March 31, 2016
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	95,755	$	—	$	95,755	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		431		—		431		—

	$	96,186	$	—	$	96,186	$	—
Liabilities:
Interest rate swaps	$	1,395	$	—	$	1,395	$	—

			Fair Value Measurements at December 31, 2015
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	82,847	$	—	$	82,847	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		123		—		123		—

	$	82,970	$	—	$	82,970	$	—
Liabilities:
Interest rate swaps	$	1,026	$	—	$	1,026	$	—

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Derivative Financial Instruments [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

6.	Derivative Financial Instruments:

This derivative was designated and qualified as a cash flow hedge. The Company did not have any other derivatives under hedge accounting during the three months ended March 31, 2016 and 2015.

Share-Based Payments

3 Months Ended

Mar. 31, 2016

Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

7.	Share-Based Payments:

	Number of Shares		Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		414,850	$	6.86
Nonvested options granted		5,000	$	6.50
Nonvested options vested or forfeited		(13,370)	$	6.76
Nonvested options – end of period		406,480	$	6.86

The following table summarizes stock option information as of March 31, 2016:

	Shares		Weighted Average Exercise Price

Outstanding at January 1, 2016		709,300	$	24.34
Options granted		5,000		26.40
Options cancelled		(7,120)		26.97
Options exercised		(7,150)		18.41

Outstanding at March 31, 2016		700,030	$	24.39

Options exercisable		293,550	$	22.04
Options available for future grants		180,165

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2016 and March 31, 2015 were as follows:

(In thousands)	March 31, 2016		March 31, 2015

Cash proceeds from stock options exercised	$	132	$	82
Tax benefits		—		—
Intrinsic value of stock options exercised		80		66

The assumptions used in the Black-Scholes pricing model for the periods ended March 31, 2016 and 2015 are set forth in the following table:

	March 31, 2016			March 31, 2015

Weighted average expected stock-price volatility		33	%		34	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		1.42	%		1.28	%
Weighted average dividend yield		2.2	%		1.8	%

Net Income Attributable to Inter Parfums, Inc. Common Shareholders

3 Months Ended

Mar. 31, 2016

Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract]

Earnings Per Share [Text Block]

8.	Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

	Three months ended
(In thousands, except per share data)	March 31,
	2016		2015
Numerator:
Net income attributable to Inter Parfums, Inc.	$	7,334	$	10,007
Denominator:
Weighted average shares		31,039		30,979
Effect of dilutive securities:
Stock options		65		93
Denominator for diluted earnings per share		31,104		31,072

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.24	$	0.32
Diluted		0.24		0.32

Segment and Geographic Areas

3 Months Ended

Mar. 31, 2016

Segments and Geographic Areas [Abstract]

Segment Reporting Disclosure [Text Block]

9.	Segment and Geographic Areas:

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended March 31,
	2016		2015
Net sales:
United States	$	19,385	$	22,479
Europe		92,156		86,787
Eliminations		(19)		(17)
	$	111,522	$	109,249

Net income attributable to Inter Parfums, Inc.:
United States	$	397	$	1,109
Europe		6,937		8,898
	$	7,334	$	10,007

	March 31,		December 31,
	2016		2015
Total Assets:
United States	$	80,120	$	80,761
Europe		641,186		616,199
Eliminations of investment in subsidiary		(9,229)		(9,301)
	$	712,077	$	687,659

Accrued Expenses

3 Months Ended

Mar. 31, 2016

Accrued Expenses [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

10.

Accrued Expenses:

Accrued expenses include approximately $8.2 million and $15.2 million in advertising liabilities as of March 31, 2016 and December 31, 2015, respectively.

Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventories [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of the following:

(In thousands)	March 31, 2016		December 31, 2015

Raw materials and component parts	$	35,699	$	30,569
Finished goods		77,190		67,777

	$	112,889	$	98,346

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value of Financial Instruments [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

			Fair Value Measurements at March 31, 2016
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	95,755	$	—	$	95,755	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		431		—		431		—

	$	96,186	$	—	$	96,186	$	—
Liabilities:
Interest rate swaps	$	1,395	$	—	$	1,395	$	—

			Fair Value Measurements at December 31, 2015
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	82,847	$	—	$	82,847	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		123		—		123		—

	$	82,970	$	—	$	82,970	$	—
Liabilities:
Interest rate swaps	$	1,026	$	—	$	1,026	$	—

Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Schedule of Nonvested Share Activity [Table Text Block]

The following table sets forth information with respect to nonvested options for the three month period ended March 31, 2016:

	Number of Shares		Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		414,850	$	6.86
Nonvested options granted		5,000	$	6.50
Nonvested options vested or forfeited		(13,370)	$	6.76
Nonvested options – end of period		406,480	$	6.86

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes stock option information as of March 31, 2016:

	Shares		Weighted Average Exercise Price

Outstanding at January 1, 2016		709,300	$	24.34
Options granted		5,000		26.40
Options cancelled		(7,120)		26.97
Options exercised		(7,150)		18.41

Outstanding at March 31, 2016		700,030	$	24.39

Options exercisable		293,550	$	22.04
Options available for future grants		180,165

Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2016 and March 31, 2015 were as follows:

(In thousands)	March 31, 2016		March 31, 2015

Cash proceeds from stock options exercised	$	132	$	82
Tax benefits		—		—
Intrinsic value of stock options exercised		80		66

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The assumptions used in the Black-Scholes pricing model for the periods ended March 31, 2016 and 2015 are set forth in the following table:

	March 31, 2016			March 31, 2015

Weighted average expected stock-price volatility		33	%		34	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		1.42	%		1.28	%
Weighted average dividend yield		2.2	%		1.8	%

Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Tables)

3 Months Ended

Mar. 31, 2016

Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

	Three months ended
(In thousands, except per share data)	March 31,
	2016		2015
Numerator:
Net income attributable to Inter Parfums, Inc.	$	7,334	$	10,007
Denominator:
Weighted average shares		31,039		30,979
Effect of dilutive securities:
Stock options		65		93
Denominator for diluted earnings per share		31,104		31,072

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.24	$	0.32
Diluted		0.24		0.32

Segment and Geographic Areas (Tables)

3 Months Ended

Mar. 31, 2016

Segments and Geographic Areas [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended March 31,
	2016		2015
Net sales:
United States	$	19,385	$	22,479
Europe		92,156		86,787
Eliminations		(19)		(17)
	$	111,522	$	109,249

Net income attributable to Inter Parfums, Inc.:
United States	$	397	$	1,109
Europe		6,937		8,898
	$	7,334	$	10,007

	March 31,		December 31,
	2016		2015
Total Assets:
United States	$	80,120	$	80,761
Europe		641,186		616,199
Eliminations of investment in subsidiary		(9,229)		(9,301)
	$	712,077	$	687,659

Settlement with French Tax Authorities (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accrued Income Taxes, Current		$ 12,425		$ 7,359
Income Tax Expense (Benefit)		7,750	$ 6,793
Scenario, Forecast [Member]
Tax Adjustments, Settlements, and Unusual Provisions	$ 6,900
Settlement with Taxing Authority [Member]
Accrued Income Taxes, Current		1,900
Income Tax Expense (Benefit)		$ 1,900

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Raw materials and component parts	$ 35,699	$ 30,569
Finished goods	77,190	67,777
Inventories	$ 112,889	$ 98,346

Fair Value Measurement (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Short-term investments	$ 95,755	$ 82,847
Foreign currency forward exchange contracts not accounted for using hedge accounting	431	123
Total assets	96,186	82,970
Liabilities:
Interest rate swaps	1,395	1,026
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets:
Short-term investments	0	0
Foreign currency forward exchange contracts not accounted for using hedge accounting	0	0
Total assets	0	0
Liabilities:
Interest rate swaps	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Short-term investments	95,755	82,847
Foreign currency forward exchange contracts not accounted for using hedge accounting	431	123
Total assets	96,186	82,970
Liabilities:
Interest rate swaps	1,395	1,026
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Short-term investments	0	0
Foreign currency forward exchange contracts not accounted for using hedge accounting	0	0
Total assets	0	0
Liabilities:
Interest rate swaps	$ 0	$ 0

Derivative Financial Instruments (Details Textual) ¥ in Millions, £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2016 GBP (£)	Mar. 31, 2016 JPY (¥)
Foreign Exchange Contract [Member]
Derivative Financial Instruments [Line Items]
Maximum maturity period	1 year	1 year	1 year
Derivative, Gain (Loss) on Derivative, Net, Total	$ 7.8	£ 1.7	¥ 125.1
Interest Rate Swap [Member]
Derivative Financial Instruments [Line Items]
Derivative, Gain (Loss) on Derivative, Net, Total	$ 0.3
Rochas brand [Member] \| Term Loan [Member]
Derivative Financial Instruments [Line Items]
Cash paid for acquisition and financed by loan, term	5 years	5 years	5 years
Rochas brand [Member] \| Trademarks [Member] \| Term Loan [Member]
Derivative Financial Instruments [Line Items]
Cash paid for acquisition and financed by loan, amount	$ 108.0
Rochas brand [Member] \| Trademarks [Member] \| Term Loan [Member] \| Foreign Exchange Contract [Member]
Derivative Financial Instruments [Line Items]
Notional amount	$ 108.0
Exchange rate (dollar per euro)	1.067

Share-Based Payments (Details) - $ / shares	3 Months Ended
Share-Based Payments (Details) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Nonvested Options, Number of Shares
Beginning of period	414,850
Granted	5,000
Vested or forfeited	(13,370)
End of period	406,480
Weighted Average Grant Date Fair Value
Beginning of period	$ 6.86
Granted	6.5	$ 6.73
Vested or forfeited	6.76
End of period	$ 6.86

Share-Based Payments (Details 1)	3 Months Ended
Share-Based Payments (Details 1)	Mar. 31, 2016 $ / shares shares
Shares
Outstanding, beginning balance	709,300
Options granted	5,000
Options cancelled	(7,120)
Options exercised	(7,150)
Outstanding, ending balance	700,030
Options exercisable	293,550
Options available for future grants	180,165
Weighted Average Exercise Price
Outstanding, beginning balance \| $ / shares	$ 24.34
Options granted \| $ / shares	26.40
Options cancelled \| $ / shares	26.97
Options exercised \| $ / shares	18.41
Outstanding, ending balance \| $ / shares	24.39
Options exercisable \| $ / shares	$ 22.04

Share-Based Payments (Details 2) - USD ($) $ in Thousands	3 Months Ended
Share-Based Payments (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash proceeds from stock options exercised	$ 132	$ 82
Tax benefits	0	0
Intrinsic value of stock options exercised	$ 80	$ 66

Share-Based Payments (Details 3)	3 Months Ended
Share-Based Payments (Details 3)	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected stock-price volatility	33.00%	34.00%
Weighted average expected option life	5 years	5 years
Weighted average risk-free interest rate	1.42%	1.28%
Weighted average dividend yield	2.20%	1.80%

Share-Based Payments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of employee stock options	6 years
Employee stock options, fair value of shares vested	$ 50	$ 30
Decrease in income before income tax due to share-based payment expense	210	190
Decrease in income attributable to Inter Parfums, Inc due to share-based payment expense	$ 130	$ 120
Weighted average remaining contractual life of options outstanding	3 years 7 months 2 days
Weighted average remaining contractual life of options exercisable	2 years 3 months 25 days
Aggregate intrinsic value of options outstanding	$ 5,200
Aggregate intrinsic value of options exercisable	2,800
Unrecognized compensation cost related to stock options	$ 2,500
Weighted average grant date fair value	$ 6.5	$ 6.73
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income attributable to Inter Parfums, Inc.	$ 7,334	$ 10,007
Denominator:
Weighted average shares	31,039	30,979
Effect of dilutive securities: Stock options	65	93
Denominator for diluted earnings per share	31,104	31,072
Earnings per share:
Basic	$ 0.24	$ 0.32
Diluted	$ 0.24	$ 0.32

Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details Textual) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	420	270

Segment and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 111,522	$ 109,249
Net income attributable to Inter Parfums, Inc.	7,334	10,007
Total assets	712,077		$ 687,659
Eliminations [Member]
Segment Reporting Information [Line Items]
Net income attributable to Inter Parfums, Inc.	(19)	(17)
Total assets	(9,229)		(9,301)
United States [Member]
Segment Reporting Information [Line Items]
Net sales	19,385	22,479
Net income attributable to Inter Parfums, Inc.	397	1,109
Total assets	80,120		80,761
Europe [Member]
Segment Reporting Information [Line Items]
Net sales	92,156	86,787
Net income attributable to Inter Parfums, Inc.	6,937	$ 8,898
Total assets	$ 641,186		$ 616,199

Accrued Expenses (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accrued Advertising, Current	$ 8.2	$ 15.2

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