Parlux Fragrances (PARL) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

For Immediate Release

PARLUX FRAGRANCES, INC. ANNOUNCES

UNAUDITED FISCAL 2006 EARNINGS

FORT LAUDERDALE, FLORIDA, June 13, 2006, Parlux Fragrances, Inc. (NASDAQ:PARL) announced  its unaudited fiscal 2006 results reflecting sales of $182,236,594 compared to its prior year of $100,360,981, an increase of 82%. Unaudited net income was $22,483,263, or $2.13 per diluted share compared to prior year net income of $10,824,256, or $1.02 per share, an increase of 109%, exceeding previous estimates.

On June 9, 2006, the Company filed a Form 12b-25, requesting an extension for filing its Annual Report on Form 10-K for the fiscal year ended March 31, 2006. Due to the increase in the Company’s market capitalization as measured on September 30, 2005, the Company became an accelerated filer under the Sarbanes-Oxley Act of 2002 (“SOX”). While reducing the year-end filing requirement from 90 to 75 days, SOX also required the Company to assess its internal controls and report on their effectiveness as of March 31, 2006. In spite of its best efforts and significant expense, the Company will be unable to complete certain of these new requirements by the initial filing due date of June 14, 2006.

While the Company has grown rapidly, it has not significantly expanded its administrative staff to assist with the preparation of its financial statements, nor modified major systems/applications for recording of transactions. Management’s review, testing and assessment of its internal control procedures required by SOX has identified certain documentation, design and operating deficiencies, some of  which management believes will be categorized as material weaknesses. Accordingly, we anticipate that management’s report on the effectiveness of internal controls will conclude that certain internal controls were not operating effectively as of and during the year ended March 31, 2006.  The Company is taking immediate action to address and remediate these control deficiencies.

The unaudited financial results for fiscal 2006 are attached, and are subject to any adjustments resulting from the completion of our year-end financial closing and reporting processes. The Company will file its Form 10-K for the fiscal year ended March 31, 2006 by June 29, 2006.

Parlux Fragrances, Inc. is a manufacturer and international distributor of prestige products. It holds licenses for Paris Hilton fragrances, watches, cosmetics, sunglasses, handbags and other small leather accessories in addition to licenses to manufacture and distribute the designer fragrance brands of Perry Ellis, GUESS?, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.

The Company may periodically release forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or its industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, future trends in sales and the Company’s ability to introduce new products in a cost-effective manner. Readers are cautioned not to place undue reliance on these forward statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date here of or to reflect the occurrence of unanticipated events. (See following table)

FOR:

Parlux Fragrances, Inc.

CONTACT:

Ilia Lekach 954-316-9008 Ext. 116

Frank A. Buttacavoli Ext. 117

Web site:

http://www.parlux.com

PR NEWSWIRE:

COMPANY NEWS ON-CALL:  (800) 758-5804  Parlux code 674987
COMPANY NEWS ON-INTERNET:

http://www.prnewswire.com

PARLUX FRAGRANCES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three Months Ended March 31,
	2006			2005
Net sales:
Unrelated customers	$	31,452,326		$	15,449,174
Related customers		21,226,326			10,478,748
Cost of goods sold:
Unrelated customers		11,389,611			5,821,004
Related customers		9,279,058			3,870,807
Gross margin		32,009,983			16,236,111
Operating expenses:
Advertising and promotional		9,002,655			5,267,100
Selling and distribution		2,455,870			2,234,397
General and administrative		1,636,249			1,551,674
Depreciation and amortization		487,274			503,878
Royalties		4,778,665			1,147,498
Total operating expenses		18,360,713			10,704,547
Operating income		13,649,270			5,531,564
Interest income (expense) and exchange gains and losses, net		(365,913	)		39,441
Income before taxes		13,283,357			5,571,005
Income tax provision		(5,047,676	)		(2,180,308	)
Net income	$	8,235,681		$	3,390,697
Diluted earnings per share	$	0.78		$	0.32
Weighted average shares outstanding		10,560,026			10,720,922
	Fiscal Year Ended March 31,
	2006			2005
Net sales:
Unrelated customers	$	111,779,850		$	47,449,801
Related customers		70,456,744			52,911,180
		182,236,594			100,360,981
Cost of goods sold:
Unrelated customers		45,843,902			20,371,535
Related customers		31,328,963			25,026,023
		77,172,865			45,397,558
Gross margin		105,063,729			54,963,423
Operating expenses:
Advertising and promotional		38,977,490			18,528,907
Selling and distribution		9,599,143			7,707,435
General and administrative		6,736,672			6,100,017
Depreciation and amortization		1,946,545			1,266,652
Royalties		11,000,814			3,940,471
Total operating expenses		68,220,664			37,543,482
Operating income		36,843,065			17,419,941
Interest income (expense) and exchange gains and losses, net		(579,737	)		140,676
Income before taxes		36,263,328			17,560,617
Income tax provision		(13,780,065	)		(6,736,361	)
Net income	$	22,483,263		$	10,824,256
Diluted earnings per share	$	2.13		$	1.02
Weighted average shares outstanding		10,558,080			10,647,196