Parlux (PARL) Fragrances Message Board

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Non-Tech : Parlux (PARL) Fragrances

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To: Chuck Williams who wrote (387)	4/18/1997 8:48:00 PM
From: sam	of 527

I will not worry abot the book value any more. I had posted an estimation of liquidation value based on bank provided formular. I remember it was around $2.95~3.05. And some how I remembered that a large portion of account receivable was reserved as uncollectable (or an write off in a true sense). The reserve is normally a management estimation that reflects operation level. Hence I can assume that company does not need to discount it's inventory further (It maybe absourd, but to me, the inventory are those unfinished goods, raw material, etc..). Once the products are finished, they will shiped to customers (Department stores and other distribution channells). It will be booked as sell, with the discount on unsold goods. My interpretation is guess based on last news release. Noticing that management discussed write off but also pointed out no cash lay out is needed. As far as I am concerning, the problem is management's credibility. They have done again and again wrong things that alienate the stock holders. But maybe they believe the company value is much higher than they can get from a third party. In any case, I think it is a oversell situation now. But it won't bounce back until the bottom number looks convinence Sam

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