Parlux Fragrances Inc. (PARL, Financial) filed Amended Annual Report for the period ended 2010-03-31.
Parlux Fragrances Inc. has a market cap of $44.2 million; its shares were traded at around $2.17 with and P/S ratio of 0.3. PARL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
We provide our Named Executive Officers with a base salary to compensate them for services rendered during the fiscal year. The initial base salaries for certain of our Named Executive Officers were fixed pursuant to their written employment agreements. See Employment Agreements beginning on page 12. The initial base salary ranges were determined for each executive officer based upon their position, responsibility and industry experience. Any adjustments in the base salaries of our executive officers who are party to an employment agreement will be determined by the Compensation Committee based upon a combination of data derived from current surveys of compensation levels for similar positions in public companies of comparable size and industry type and a subjective review of the executive officers performance by the Compensation Committee, and the attainment of financial and operational objectives, with no specified weight being given to any of these factors. Salary levels are typically considered annually as part of our performance review process, as well as upon a promotion or other change in job responsibility. During fiscal 2010, the cash salaries paid to Messrs. Purches, Buttacavoli, Balsys and Katz were $27,273, $400,000, $241,346 and $490,385, respectively. As discussed in more detail below, Mr. Purches was appointed Chief Executive Officer on January 25, 2010 and as a result for fiscal 2010 served in this capacity from January 25, 2010 through March 31, 2010 and received the pro-rata portion of an annual base salary of $300,000. Mr. Buttacavoli's base salary for fiscal 2010 was set in accordance with the terms of his employment agreement and remained at the same level from fiscal 2009. Mr. Balsys' base salary for fiscal 2010 was set in accordance with the terms of his employment agreement and increased from $225,000 in fiscal 2009 to $250,000 in fiscal 2010 upon the use of the Compensation Committee's discretion. As discussed in more detail below, Mr. Katz, our prior Chief Executive Officer, served in such capacity for fiscal 2010 from April 1, 2009 through January 25, 2010 and received the pro rata portion of an annual base salary of $600,000 which was in effect at the time. On May 4, 2010, we entered into a Separation and Release Agreement with Mr. Katz. See Potential Payments Upon Termination or Change in Control, below for a description of such agreement.
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Parlux Fragrances Inc. has a market cap of $44.2 million; its shares were traded at around $2.17 with and P/S ratio of 0.3. PARL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
.As of September 30, 2009, the aggregate market value of the registrants common stock held by non-affiliates of the registrant was $28,551,452 based on a closing sale price of $2.16 as reported on the National Association of Securities Dealers Automated Quotation System. Shares of common stock held by each executive officer and director and by each person who owns 5% or more of the outstanding common stock, based on Schedule 13D and 13G filings, have been excluded since such persons may be deemed affiliates. This determination of affiliate status is not necessarily a conclusive determination of affiliate status for other purposes.We provide our Named Executive Officers with a base salary to compensate them for services rendered during the fiscal year. The initial base salaries for certain of our Named Executive Officers were fixed pursuant to their written employment agreements. See Employment Agreements beginning on page 12. The initial base salary ranges were determined for each executive officer based upon their position, responsibility and industry experience. Any adjustments in the base salaries of our executive officers who are party to an employment agreement will be determined by the Compensation Committee based upon a combination of data derived from current surveys of compensation levels for similar positions in public companies of comparable size and industry type and a subjective review of the executive officers performance by the Compensation Committee, and the attainment of financial and operational objectives, with no specified weight being given to any of these factors. Salary levels are typically considered annually as part of our performance review process, as well as upon a promotion or other change in job responsibility. During fiscal 2010, the cash salaries paid to Messrs. Purches, Buttacavoli, Balsys and Katz were $27,273, $400,000, $241,346 and $490,385, respectively. As discussed in more detail below, Mr. Purches was appointed Chief Executive Officer on January 25, 2010 and as a result for fiscal 2010 served in this capacity from January 25, 2010 through March 31, 2010 and received the pro-rata portion of an annual base salary of $300,000. Mr. Buttacavoli's base salary for fiscal 2010 was set in accordance with the terms of his employment agreement and remained at the same level from fiscal 2009. Mr. Balsys' base salary for fiscal 2010 was set in accordance with the terms of his employment agreement and increased from $225,000 in fiscal 2009 to $250,000 in fiscal 2010 upon the use of the Compensation Committee's discretion. As discussed in more detail below, Mr. Katz, our prior Chief Executive Officer, served in such capacity for fiscal 2010 from April 1, 2009 through January 25, 2010 and received the pro rata portion of an annual base salary of $600,000 which was in effect at the time. On May 4, 2010, we entered into a Separation and Release Agreement with Mr. Katz. See Potential Payments Upon Termination or Change in Control, below for a description of such agreement.
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