UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ( MARK ONE ) /X/ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2000. OR / / Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from___________to ________. Commission File No. 0-16469 ------- 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 the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date. At October 30, 2000 there were 11,667,752 shares of common stock, par value $.001 per share, outstanding.
INTER PARFUMS, INC. AND SUBSIDIARIES INDEX Page Number Part I. Financial Information Item 1. Financial Statements 1 Consolidated Balance Sheets as of September 30, 2000 (unaudited) and December 31, 1999 (audited) 2 Consolidated Statements of Income for the Three Month and Nine Month Periods Ended September 30, 2000 (unaudited) and September 30, 1999 (unaudited) 3 Consolidated Statements of Cash Flows for the Nine Month Periods Ended September 30, 2000 (unaudited) and September 30, 1999 (unaudited) 4 Notes to Unaudited Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Part II. Other Information 13 Item 2. Changes in Securities 13 Signatures 13
INTER PARFUMS, INC. AND SUBSIDIARIES PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Such financial statements have been condensed in accordance with the rules and regulations of the Securities and Exchange Commission and therefore, do not include all disclosures required by generally accepted accounting principles. These financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 1999 included in the Company's annual report filed on Form 10-K. The results of operations for the nine months ended September 30, 2000 are not necessarily indicative of the results to be expected for the entire fiscal year. Page 1
INTER PARFUMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS September 30, December 31, 2000 1999 ----------- ----------- CURRENT ASSETS: Cash and cash equivalents $22,398,695 $24,936,361 Marketable securities 2,357,047 4,424,043 Accounts receivable, net 30,159,389 26,032,673 Inventories 27,001,443 19,450,212 Receivables, other 477,406 874,829 Other 1,757,752 1,168,480 Deferred tax benefit 973,054 858,035 ----------- ----------- Total current assets 85,124,786 77,744,633 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,188,246 3,126,162 OTHER ASSETS 440,761 508,184 INTANGIBLE ASSETS, NET 4,799,025 5,843,720 ----------- ----------- $93,552,818 $87,222,699 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Loans payable, banks $ 4,543,893 $ 786,217 Accounts payable 19,332,837 18,449,190 Accrued expenses 7,105,493 4,351,536 Income taxes payable 995,385 768,940 Deferred taxes payable 877,718 987,654 ----------- ----------- Total current liabilities 32,855,326 25,343,537 ----------- ----------- LONG-TERM DEBT, LESS CURRENT PORTION 1,342,282 1,531,394 ----------- ----------- MINORITY INTERESTS 7,660,403 7,988,208 ----------- ----------- SHAREHOLDERS' EQUITY: Common stock, $.001 par; authorized 30,000,000 shares; outstanding 11,667,752 and 11,832,721 shares at September 30, 2000 and December 31, 1999, respectively 11,668 11,833 Additional paid-in capital 26,654,336 26,518,082 Retained earnings 56,643,386 52,078,296 Accumulated other comprehensive income (8,154,096) (4,289,854) Treasury stock, at cost, 5,593,805 and 5,392,805 shares at September 30, 2000 and December 31, 1999, respectively (23,460,487) (21,958,797) ----------- ----------- 51,694,807 52,359,560 ----------- ----------- $93,552,818 $87,222,699 =========== =========== SEE NOTES TO FINANCIAL STATEMENTS. Page 2
INTER PARFUMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 ----------- ----------- ----------- ----------- NET SALES $25,940,175 $21,651,858 $72,385,779 $63,427,706 COST OF SALES 13,923,380 11,648,556 38,709,157 33,488,426 ----------- ----------- ----------- ----------- GROSS MARGIN 12,016,795 10,003,302 33,676,622 29,939,280 SELLING, GENERAL AND ADMINISTRATIVE 8,749,909 7,620,437 25,415,844 23,014,326 LITIGATION EXPENSE 556,043 ----------- ----------- ----------- ----------- INCOME FROM OPERATIONS 3,266,886 2,382,865 7,704,735 6,924,954 ----------- ----------- ----------- ----------- OTHER CHARGES (INCOME): Interest 61,942 133,444 224,328 322,916 (Gain) loss on foreign currency (1,550) 51,478 18,936 168,284 Interest and dividend (income) (236,390) (198,719) (748,172) (543,979) Loss (gain) on sale of stock of subsidiary, net 6,828 (325) 17,071 25,889 Realized (gain) on sale of investments (3,859) (1,581,121) ----------- ----------- ----------- ----------- (173,029) (14,122) (2,068,958) (26,890) ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 3,439,915 2,396,987 9,773,693 6,951,844 INCOME TAXES 1,502,613 938,088 4,309,162 2,761,748 ----------- ----------- ----------- ----------- NET INCOME BEFORE MINORITY INTEREST 1,937,302 1,458,899 5,464,531 4,190,096 MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARY 302,426 254,439 899,441 744,716 ----------- ----------- ----------- ----------- NET INCOME $1,634,877 $1,204,460 $4,565,090 $3,445,380 =========== =========== =========== ========== NET INCOME PER COMMON SHARE: BASIC $0.14 $0.11 $0.39 $0.30 DILUTED $0.13 $0.10 $0.35 $0.29 =========== =========== =========== =========== NUMBER OF COMMON SHARES OUTSTANDING: BASIC 11,726,616 11,096,134 11,749,397 11,356,474 DILUTED 13,013,615 12,317,569 12,988,386 12,021,478 =========== =========== =========== =========== SEE NOTES TO FINANCIAL STATEMENTS. Page 3
INTER PARFUMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended September 30, 2000 1999 ----------- ----------- OPERATING ACTIVITIES: Net income $4,565,090 $3,445,380 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,494,745 1,238,149 Realized (gain) on sale of marketable securities (1,581,122) Loss on sale of stock of subsidiary 17,071 25,889 Minority interest in net income 899,441 744,716 Increase (decrease) in cash from changes in: Accounts receivable (6,841,938) (3,899,845) Inventories (9,903,451) 2,003,161 Other assets (392,557) (515,184) Accounts payable and accrued expenses 6,442,992 1,023,583 Income taxes payable 489,633 (1,118,699) ----------- ----------- Net cash provided by (used in) operating activites (4,810,096) 2,947,150 ----------- ----------- INVESTING ACTIVITIES: Purchase of equipment and leasehold improvements (1,321,174) (580,700) Trademark and license acquisitions (950) (334,288) Purchase of marketable securities (3,773,490) Proceeds from sale of marketable securities 6,095,395 ----------- ----------- Net cash provided by (used in) investing activities 999,781 (914,988) ----------- ----------- FINANCING ACTIVITIES: Increase in loan payable, bank 4,092,153 1,105,071 Proceeds from sale of stock of subsidiary 42,031 30,805 Proceeds from exercise of stock options 136,250 309,331 Dividends paid (134,543) (92,371) Purchase of treasury stock (1,501,852) (7,735,258) ----------- ----------- Net cash provided by (used in) financing activities 2,634,039 (6,382,422) ----------- ----------- EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,361,390) (942,436) ----------- ----------- DECREASE IN CASH AND CASH EQUIVALENTS (2,537,666) (5,292,696) Cash and cash equivalents at beginning of period 24,936,361 23,355,915 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $22,398,695 $18,063,219 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: Cash paid during the period for: Interest $245,000 $364,000 Income taxes 2,503,000 3,666,000 SEE NOTES TO FINANCIAL STATEMENTS. Page 4
INTER PARFUMS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES: The accounting policies followed by the Company are set forth in the notes to the Company's financial statements included in its Form 10-K which was filed with the Securities and Exchange Commission for the year ended December 31, 1999. 2. COMPREHENSIVE INCOME: Nine months Nine months ended ended September 30, September 30, 2000 1999 ----------- ----------- Comprehensive income: Net income $4,565,090 $3,445,380 Other comprehensive income, net of tax: Foreign currency translation adjustment (3,433,088) (2,254,081) Unrealized gains on securities: Unrealized holding gains arising during period 306,914 Less: reclassification adjustment for gains realized in net income (738,068) ---------- ---------- Comprehensive income $ 700,848 $1,191,299 ========== ========== 3. GEOGRAPHIC AREAS: Segment information related to domestic and foreign operations is as follows: Nine months Nine months ended ended September 30, September 30, 2000 1999 ----------- ----------- Net sales: United States $23,537,320 $19,835,657 Europe 48,938,459 43,667,049 Eliminations (90,000) (75,000) ----------- ----------- $72,385,779 $63,427,706 =========== =========== Net Income: United States $ 1,419,173 $ 815 605 Europe 3,150,050 2,727,839 South America (4,133) (98,064) ----------- ----------- $ 4,565,090 $ 3,445,380 =========== =========== Page 5
INTER PARFUMS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED FINANCIAL STATEMENTS 4. EARNINGS PER SHARE: Basic earnings per share are computed using the weighted average number of shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of shares outstanding during each period, plus the incremental shares outstanding assuming the exercise of dilutive stock options. 5. INVENTORIES: Inventories consist of the following: September 30, December 31, 2000 1999 ----------- ----------- Raw materials and component parts $11,609,787 $ 8,239,528 Finished goods 15,391,656 11,210,684 ----------- ----------- $27,001,443 $19,450,212 =========== =========== 6. SHAREHOLDERS' EQUITY: In May 2000, the Company's Board of Directors authorized a 3 for 2 stock split for shareholders of record on June 1, 2000, payable June 15, 2000. The effect of the stock split has been retroactively reflected in the accompanying financial statements. Page 6
INTER PARFUMS, INC. AND SUBSIDIARIES ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Company is a leading manufacturer and distributor of fragrances, cosmetics and personal care products. Innovation and creativity are combined to produce quality products for our customers around the world. We specialize in the production of prestige fragrances and mass market fragrances and cosmetics: o Prestige products -- For each prestige brand, owned or licensed, we create an original concept for the perfume consistent with world market trends; o Mass market products -- We design, market and distribute inexpensive fragrances and personal care products including alternative designer fragrances and mass market cosmetics. THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AS COMPARED TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 Net sales for the three months ended September 30, 2000 increased 20% to a record $25.9 million, as compared to $21.7 million for the corresponding period of the prior year. At comparable foreign currency exchange rates, net sales increased 32% for the period. Net sales for the nine months ended September 30, 2000 increased 14% to a record $72.4 million, as compared to $63.4 million for the corresponding period of the prior year. At comparable foreign currency exchange rates, net sales increased 25% for the period. These sales results are the highest ever reported for a three and nine month period ended September 30, and represents the fourth consecutive quarter of solid revenue growth. Such growth is attributable to across-the-board increases in both our prestige and mass market product lines. The precipitous rise of the US dollar relative to the French franc masks the reality of our revenue growth rate. Growth in net sales of prestige products, which was up approximately 45% in constant dollars for the three months ended September 30, 2000, was fueled in part by the tremendous success of the recent launches of our Paul Smith and Burberry "Touch" fragrance lines. Paul Smith premiered in the United Kingdom in July and is presently being sold in over 450 U.K. doors. A worldwide rollout is in process and a launch in Japan, where Paul Smith has over 200 free standing doors, is planned for March 2001. Burberry "Touch", our newest Burberry fragrance, was launched worldwide in late September. Initial consumer reaction has been very positive. Page 7
INTER PARFUMS, INC. AND SUBSIDIARIES New prestige product launches throughout the year 2000 have contributed to the 25% constant dollar growth rate that prestige products achieved for the nine months ended September 30, 2000. Our S.T. Dupont "Signature" line, which was launched in March 2000, continues to perform very strongly in all major markets and, "Modern Quartz" by Molyneux, which was launched in January 2000, has been very successful in France and South America. A new line for Christian Lacroix and our first Celine and FUBU lines are in the development stage for launches in 2001. Net sales of mass market products are up 19% for the nine months ended September 30, 2000 (9% for the three month period) as compared to the corresponding periods of the prior year. This represents the fourth straight quarter in which we have been able to capitalize on the economic recoveries of certain Latin American countries. In addition, sales growth from our wide selection of mass market fragrances continue to exceed our expectations. Our new Aziza line of eye shadow kits, mascaras, colorful lip gloss products and pencils has also achieved widespread acceptance and reorders with distribution in over 12,000 doors. As a result, we have expanded our product offerings to include liquid eyeliners, liquid lipsticks, as well as a coordinating lipstick and nail polish duo. These new products, which have also been created primarily for the "Discount Store" market, are presently on retailers shelves for the Christmas selling season. Growing sales within existing product lines, new product launches and an active new business development program are how we plan to continue to grow our business. The recent signing of exclusive worldwide license agreements with Celine, a division of LVMH Moet Hennessy Louis Vuitton S.A., and with FUBU should enable us to continue our growth trend into 2001 and beyond. We are actively pursuing new business opportunities. However, we cannot assure you that any new license or acquisitions will be consummated. Gross profit margins were 46% and 47% of net sales for the three and nine month periods ended September 30, 2000 and September 30, 1999. Gross profit margins have remained relatively constant for the past two and a half years and fluctuate only mildly as a result of sales mix. The Company has experienced some gross profit margin improvement as a result of the strength of the US dollar relative to the French franc, as certain European sales are denominated in US dollars. Page 8
INTER PARFUMS, INC. AND SUBSIDIARIES Selling, general and administrative expenses aggregated $8.7 million for the three months ended September 30, 2000, as compared to $7.6 million for the corresponding period of the prior year. As a percentage of sales, selling, general and administrative expenses improved to 34% for the three months ended September 30, 2000, as compared to 35% for the corresponding period of the prior year. Selling, general and administrative expenses aggregated $25.4 million for the nine months ended September 30, 2000, as compared to $23.0 million for the corresponding period of the prior year. As a percentage of sales, selling, general and administrative expenses improved to 35% for the nine months ended September 30, 2000, as compared to 36% for the corresponding period of the prior year. In the United States, selling, general and administrative expenses, which primarily relate to our mass market lines, represented 30% of United States net sales for both the three months ended September 30, 2000 and September 30, 1999. Selling, general and administrative expenses incurred by our French subsidiary Inter Parfums, S.A., which primarily relate to our prestige lines, represented 35% of France net sales for the three months ended September 30, 2000, as compared 38% for the corresponding period of the prior year. Existing prestige product lines and new product launches require a reasonable level of advertising to support their growth and to build upon the awareness of each brand. As previously reported, Inter Parfums, S.A., is a party to litigation with Jean Charles Brosseau, S.A. ("Brosseau"), the licensor of the Ombre Rose trademark. The licensor has claimed damages of approximately $7.0 million and is seeking termination of the license agreement. In October 1999, Inter Parfums, S.A. received notice of a judgment in favor of Brosseau, which awarded damages of approximately $600,000 and which directed Inter Parfums, S.A. to turn over its license to Brosseau within six months. Inter Parfums, S.A. is appealing the judgment as it vigorously and categorically denies the claims of Brosseau. The payment of the judgment has been stayed, and Inter Parfums, S.A. can continue to operate under the license agreement during the appeal process. In June 2000, the president of the Court of Appeal granted a petition filed by Brosseau regarding ongoing payments for minimum royalties due to Brosseau. In the same intermediary judgment, the president of the Court of Appeal rejected Inter Parfums, S.A.'s request for the appointment of a new judicial expert. Such request was made by Inter Parfums, S.A. to refute the findings of the judicial expert originally appointed by the Commercial Court which resulted in the $600,000 judgement against the Inter Parfums, S.A. Page 9
INTER PARFUMS, INC. AND SUBSIDIARIES As a result of these further developments, Inter Parfums, S.A. and its special litigation counsel consider it likely that the judgment will be sustained and had therefor taken a charge against earnings in the second quarter of 2000 for $600,000 ($260,000 after taxes and minority interest), the full amount of the judgment. Inter Parfums, S.A. will continue its appeal as it still denies the claims of Brosseau as well as the findings of the judicial expert originally appointed by the Commercial Court. Management does not believe that such litigation will have any further material adverse effect on the financial condition or operations of the Company. In 1999 the Company had set up a reserve of approximately $275,000 against the unamortized portion of the license agreement. After such reserve the remaining unamortized portion of the license agreement is approximately $180,000 as of September 30, 2000. During the nine month period ended September 30, 2000 we sold a portion of our investment in marketable securities and recorded a gain of $1.6 million ($0.7 million after taxes and minority interest). Gains recorded for the three month period ended September 30, 2000 were immaterial. On occasion, we invest excess cash in marketable securities which are classified as available-for-sale. These funds are available to support current operations or to take advantage of other investment opportunities. Our effective income tax rate was 44% for the nine months ended September 30, 2000, as compared to 40% for the corresponding period of the prior year. The effective tax rate for the nine month period ended September 30, 2000 includes a $480,000 ($370,000 after minority interest) addition to an accrual, originally established in 1999, to cover the potential exposure related to tax audits of Inter Parfums, S.A. commenced by the French Tax Authorities. Management believes that the present accrual will cover its exposure based on assessments issued by the French Tax Authorities. Net income increased 36% to $1.6 million for the three months ended September 30, 2000, as compared to $1.2 million for the corresponding period of the prior year. Net income increased 32% to $4.6 million for the nine months ended September 30, 2000, as compared to $3.4 million for the corresponding period of the prior year. Net income for the nine months ended September 30, 2000 includes charges of $630,000 and a gain of $725,000, all after taxes and minority interest. The charges represent an accrual for exposure relating to the Brosseau litigation of $260,000 and a potential tax assessment of $370,000. The gain represents a realized gain on sale of marketable securities. Excluding the effects of these charges and the gain, net income increased 30% to $4.5 million for the nine months ended September 30, 2000. Page 10
INTER PARFUMS, INC. AND SUBSIDIARIES Diluted earnings per share increased 30% to $0.13 for the three months ended September 30, 2000, as compared to $0.10 for the corresponding period of the prior year. Diluted earnings per share increased 21% to $0.35 for the nine months ended September 30, 2000, as compared to $0.29 for the corresponding period of the prior year. Excluding the effects of the charges and the gain, referred to above, diluted earnings per share aggregated $0.34 for the nine months ended September 30, 2000. After giving effect to the recent 3 for 2 stock split, weighted average shares outstanding aggregated 11.7 million for both the three and nine month periods ended September 30, 2000, as compared to 11.1 million and 11.4 million for the three and nine month periods ended September 30, 1999, respectively. On a diluted basis, average shares outstanding were 13.0 million for both the three and nine month periods ended September 30, 2000, as compared to 12.3 million and 12.0 million for the three and nine month periods ended September 30, 1999, respectively. LIQUIDITY AND CAPITAL RESOURCES Our financial position remains very strong as a result of continued profitable operating results. At September 30, 2000, working capital aggregated $52 million and we had a working capital ratio of almost 3 to 1. Cash and marketable securities on hand aggregated $25 million and our net book value was $4.43 per outstanding share as of September 30, 2000. Furthermore, we had only $1.3 million in long-term debt. We recently used a portion of our cash to make an investment in marketable equity securities which are classified as available-for-sale. These funds are available to support current operations or to take advantage of other investment opportunities. This investment was made to maximize our return on cash. During the nine months ended September 30, 2000, we continued our stock repurchase program by acquiring 201,000 of our common shares at an average cost of $7.47 per share. Our 78% owned publicly traded French subsidiary, Inter Parfums, S.A., has a current market cap in excess of $130 million, which exceeds that of the Company. Considering the market cap of Inter Parfums, S.A. and the Company's recent sales and earnings growth trends, management is of the opinion that the current market price of the Company's common shares understates its real value. Page 11
INTER PARFUMS, INC. AND SUBSIDIARIES The Company's short-term financing requirements are expected to be met by available cash at September 30, 2000, cash generated by operations and short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2000 are a $12.0 million unsecured revolving line of credit provided by a domestic commercial bank and approximately $12.0 million in credit lines provided by a consortium of international financial institutions. During the nine month period ended September 30, 2000 the Company used $4.8 million in cash for operating activities, as compared to $2.9 million which was provided by operating activities during the nine month period ended September 30, 1999. An increase in accounts receivable reflects the 20% sales growth achieved during the current quarter ended September 30, 2000. In addition, inventories have been built up to support all of the recent new product launches and in preparation for a continuation of revenue growth. Management of the Company believes that funds generated from operations, supplemented by its present cash position and available credit facilities, will provide it with sufficient resources to meet all present and reasonably foreseeable future operating needs. In January 1999, certain member countries of the European Union established permanent fixed rates between their existing currencies and the European Union's common currency ("the Euro"). The transition period for the introduction of the Euro is scheduled to phase in over a period ending January 1, 2002. The introduction of the Euro and the phasing out of the other currencies should not have a material impact on the Company's consolidated financial statements. Inflation rates in the U.S. and foreign countries in which the Company operates have not had a significant impact on operating results for the nine months ended September 30, 2000. Statements included herein which are not historical in nature are forward looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from projected results. Such factors include changes in product acceptance by consumers, effectiveness of sales and marketing efforts, currency fluctuations and competition. Given these uncertainties, persons are cautioned not to place undue reliance on the forward looking statements. Page 12
INTER PARFUMS, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION Items 1, 3, 4, 5 and 6 are omitted as they are either not applicable or have been included in Part I. Item 2: Changes in Securities The Company issued the following shares of Common Stock upon exercise of a stock option to one employee of the Company. This issuance was exempt from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the "Securities Act"), under Section 4(2) of the Securities Act. Date Number of shares Proceeds received September 21, 2000 750 $ 2,875 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 3rd day of November 2000. INTER PARFUMS, INC. By: /s/ RUSSELL GREENBERG ----------------------------- Russell Greenberg, Executive Vice President and Chief Financial Officer Page 13