Parlux Announces Results for Third Quarter Ended December 31, 2007

Parlux Fragrances, Inc. (NASDAQ: PARL) announced today its results for the quarter and nine month period ended December 31, 2007. Net sales from continuing operations for the quarter increased to $44,543,788 compared to $43,416,309 in the same period of the prior year, an increase of 3%. Operating expenses from continuing operations were $21,896,502 compared to $26,312,768 in the prior year, a reduction of 17%. Operating income from continuing operations was $493,840 compared to a loss of $8,218,192 in the prior year. Net income for the three months ended December 31, 2007 was $182,681 compared to $17,938,864 in the prior year. The prior year period included net income of $23,402,021 from the Perry Ellis fragrance brand, and related assets, which were sold in December 2006, and is reported as discontinued operations.

Net sales from continuing operations for the nine month period ended December 31,2007 increased to $113,277,679 compared to $98,785,112 in the same period of the prior year, an increase of 15%. Operating expenses from continuing operations were $51,224,419 compared to $73,668,482 in the same period of the prior year, a reduction of 30%. The prior year included a $16,201,950 non-cash, share-based compensation charge in connection with the June 2006 stock split. Operating income from continuing operations was $3,936,495 compared to a loss of $29,049,432 in the prior year. Net income for the nine month period was $2,116,551 compared to $7,467,217 in the same prior year period, which included net income of $29,700,305 from discontinued operations during the period.

Neil Katz, Chairman and CEO, said: "Our focus on restructuring and strengthening the Company has provided a major turnaround, resulting in an operating income improvement from continuing operations of nearly $33 million in the nine month period. During this period, we significantly reduced operating expenses, while strengthening our organization. Notably, we have fully paid down our credit line and have generated cash on hand, significantly strengthened our working capital position and continued to reduce inventory levels. Concurrently, we remediated four internal control weaknesses previously reported."

"Additionally," Mr. Katz continued, "we completed centralizing all warehousing/shipping in our 200,000 sq. ft. New Jersey location and are moving this month into a new 20,000 sq. ft. headquarters office building, all of which will provide continuing savings for the future with a structural framework that will accommodate growth. Our core brands, Paris Hilton and GUESS?, led the way to strong sales increases in a very difficult retail environment. The introduction of our two new brands, Jessica Simpson and Nicole Miller, are on track for launch in the summer and fall of our next fiscal year, respectively. I am encouraged by our performance, and gratified by the support of our management team, suppliers and our customers."

Conference Call

The Company will hold a conference call on Monday, February 4, 2008 at 9:00 a.m. (EST) to discuss the Company's quarterly results and to provide additional outlook on the next quarter. To participate, please call: Participant Toll Free: 866-299-8690 or Participant International: 416-641-6139. A replay of the conference call will also be available thereafter until midnight February 18, 2008. To access the rebroadcast, Digital Replay Toll Free: 800-408-3053 or Digital Replay International: 416-695-5800 (Digital Pin: 3251525).

About Parlux Fragrances, Inc.

Parlux 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 GUESS?, Jessica Simpson, Nicole Miller, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.

Certain Information Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Parlux 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 Parlux's ability to introduce new products in a cost-effective manner, general economic conditions and continued compliance with the covenants in our credit facility. Additional risk factors are set forth in the Company's periodic reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Parlux 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 hereof or to reflect the occurrence of unanticipated events.

                             PARLUX FRAGRANCES, INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)

Three Months Ended December 31,                 2007               2006
-------------------------------              -----------       -----------

Net sales:
  Unrelated customers                        $35,055,318       $29,738,731
  Related customers                            9,488,470        13,677,578
                                             -----------       -----------
                                              44,543,788        43,416,309
                                             -----------       -----------
Cost of goods sold:
  Unrelated customers                         17,143,476        18,078,930
  Related customers                            5,009,970         7,242,803
                                             -----------       -----------
                                              22,153,446        25,321,733
                                             -----------       -----------

Operating expenses                            21,896,502        26,312,768
                                             -----------       -----------
  Operating income (loss) from
   continuing operations                         493,840        (8,218,192)
Interest expense, net                           (217,067)         (590,902)
Foreign exchange gain (loss)                      11,875            (2,448)
                                             -----------       -----------
Income (loss) from continuing operations
 before taxes                                    288,648        (8,811,542)
Income tax (provision) benefit                  (109,686)        3,348,385
                                             -----------       -----------
Net income (loss) from continuing operations     178,962        (5,463,157)
                                             -----------       -----------

Discontinued operations:
Income from operations of Perry Ellis
 fragrance brand                                   5,999        37,745,195
Income tax provision related to Perry Ellis
 brand activity                                   (2,280)      (14,343,174)
                                             -----------       -----------
Income from discontinued operations                3,719        23,402,021
                                             -----------       -----------
Net income                                   $   182,681       $17,938,864
                                             ===========       ===========

Diluted earnings per common share:
       Continuing operations                 $      0.01       $     (0.30)
                                             -----------       -----------
       Discontinued operations               $      0.00       $      1.28
                                             -----------       -----------
     Total                                   $      0.01       $      0.98
                                             -----------       -----------

Weighted average shares outstanding           20,754,364        18,270,745
                                             ===========       ===========


Nine Months Ended December 31,                  2007               2006
------------------------------               -----------       -----------

Net sales:
  Unrelated customers                        $65,493,977       $65,377,336
  Related customers                           47,783,702        33,407,776
                                             -----------       -----------
                                             113,277,679        98,785,112
                                             -----------       -----------
Cost of goods sold:
  Unrelated customers                         33,667,982        37,216,966
  Related customers                           24,448,783        17,443,561
                                             -----------       -----------
                                              58,116,765        54,660,527
                                             -----------       -----------


Operating expenses, including share-based
 compensation expense of $210,867 and
 $16,201,950 for 2007 and 2006, respectively  51,224,419        73,668,482
Gain on sale of property                            ----           494,465
                                             -----------       -----------
Operating income (loss) from continuing
 operations                                    3,936,495       (29,049,432)

Interest expense, net                         (1,071,394)       (2,125,124)
Other income, insurance recovery                 497,770              ----
Gain on sale of investment in affiliate             ----         1,774,624
Foreign exchange gain                             10,034            11,883
                                             -----------       -----------
Income (loss) from continuing operations
 before taxes                                  3,372,905       (29,388,049)
Income tax (provision) benefit                (1,281,704)        7,154,961
                                             -----------       -----------
Net income (loss) from continuing operations   2,091,201       (22,233,088)
                                             -----------       -----------

Discontinued Operations:
Income from operations of Perry Ellis
 fragrance brand                                  40,887        47,903,718
Income tax provision related to Perry Ellis
 brand activity                                  (15,537)      (18,203,413)
                                             -----------       -----------
Income from discontinued operations               25,350        29,700,305
                                             -----------       -----------
Net income                                   $ 2,116,551        $7,467,217
                                             ===========       ===========

Diluted earnings per common share:
       Continuing operations                 $      0.10       $     (1.23)
                                             -----------       -----------
       Discontinued operations               $      0.00       $      1.64
                                             -----------       -----------
     Total                                   $      0.10       $      0.41
                                             -----------       -----------

Weighted average shares outstanding           20,532,613        18,135,154
                                             ===========       ===========





                CONDENSED CONSOLIDATED BALANCE SHEET DATA



                                        December 31, 2007  March 31, 2007
                                             (Unaudited)
                                        ----------------- -----------------
Cash and cash equivalents               $      12,334,633 $          14,271
Trade receivables, net                         33,189,362        25,540,686
Inventories                                    46,821,661        56,183,036
Other current assets                           17,877,903        32,326,881
                                        ----------------- -----------------
Current Assets                                110,223,559       114,064,874
Inventories, non-current                        8,143,000        17,392,000
Equipment and leasehold improvements,
 net                                            3,569,913         4,286,194
Trademarks and licenses, net                    2,941,394         3,912,783
Other assets                                    2,591,587         5,240,580
                                        ----------------- -----------------
Total Assets                            $     127,469,453 $     144,896,431
                                        ----------------- -----------------

Borrowings, current portion             $         973,320 $      17,697,616
Other current liabilities                      13,544,572        16,907,338
                                        ----------------- -----------------
Current Liabilities                            14,517,892        34,604,954
Borrowings, less current portion                  797,942         1,536,959
                                        ----------------- -----------------
Total Liabilities                              15,315,834        36,141,913
Stockholders' Equity                          112,153,619       108,754,518
                                        ----------------- -----------------
Total Liabilities and Stockholders'
 Equity                                 $     127,469,453 $     144,896,431
                                        ----------------- -----------------