<SUBMISSION>
<ACCESSION-NUMBER>0000822663-06-000011
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060510
<ITEMS>2.02
<FILING-DATE>20060511
<DATE-OF-FILING-DATE-CHANGE>20060510
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>INTER PARFUMS INC
<CIK>0000822663
<ASSIGNED-SIC>2844
<IRS-NUMBER>133275609
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-16469
<FILM-NUMBER>06827681
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>551 FIFTH AVE
<STREET2>STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
<PHONE>2129832640
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>551 FIFTH AVENUE
<STREET2>STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>JEAN PHILIPPE FRAGRANCES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ip8k051006.htm
<DESCRIPTION>INTER PARFUMS 8K_05-10-2006
<TEXT>
<p align="center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>
<p align="center">&nbsp;</p>
<p align="center"><b>FORM 8-K<br>
CURRENT REPORT </b></p>
<p align="center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</p>
<p align="center">&nbsp;Date of Report (Date of Earliest Event Reported):<br>
<u>May 10, 2006</u></p>

<p>&nbsp;</p>
<P ALIGN="CENTER"><FONT SIZE="+2"><STRONG>Inter Parfums<EM>,</EM> Inc.<br>
</STRONG></FONT>(Exact name of Registrant as specified in its charter)</P>

<P ALIGN="CENTER">Commission File Number <b> <U>0-16469</U></b></P>

<P align="center">		<STRONG><U>Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13-3275609<br>
</U></STRONG>(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(I.R.S. Employer<br>
incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;			Identification No.)</P>

<P align="center">		&nbsp;</P>

<P ALIGN="CENTER"><b><U>551 Fifth Avenue, New York, New York 10176<br>
</U></b>(Address of Principal Executive Offices)</P>

<P ALIGN="CENTER">&nbsp;</P>

<P ALIGN="CENTER"><b><U>212. 983.2640<br>
</U></b>(Registrant's Telephone number, including area code)</P>

<p>&nbsp;</p>
<p><u>Item 2.02. Results of Operations and Financial Condition.</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain portions of our press
release dated May 10, 2006, a copy of which is annexed hereto as Exhibit no.
99.1, are incorporated by reference herein, and are furnished pursuant to this
Item 2.02.&nbsp; They are as follows:</p>
<ul>
  <li>The introductory sentence, and the first, certain portions of the second,
  third,&nbsp; certain portions of the fourth, and fifth paragraphs, all relating to
  income and expense for the first quarter of fiscal year ending December 31,
  2006</li>
  <li>The sixth paragraph relating to balance sheet items </li>
  <li>The ninth paragraph relating to the conference call to be held on May 11,
  2006</li>
  <li>The consolidated statements of income and consolidated balance sheet.</li>
</ul>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with General
Instruction B.2. of Form 8-K, the information furnished pursuant to this Item
2.02 in this report shall not be deemed &quot;filed&quot; for purposes of Section 18 of
the Securities Exchange Act of 1934, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, except as
shall be expressly set forth by specific reference in such a filing.</p>
<p><u>Item 7.01. Regulation FD Disclosure. </u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain portions of our press
release dated May 10, 2006, a copy of which is annexed hereto as Exhibit no.
99.1, are incorporated by reference herein, and are furnished pursuant to this
Item 7.01 and Regulation FD. They are as follows:</p>
<ul>
  <li>Certain portions of the second and fourth paragraphs relating to product
  launches and roll-outs</li>
  <li>The seventh paragraph relating to 2006 guidance </li>
  <li>The tenth paragraph relating to a general business statement of our
  company</li>
  <li>The eleventh paragraph relating to forward looking information.</li>
</ul>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with General
Instruction B.2. of Form 8-K, the information furnished pursuant to this Item
7.01 and Regulation FD in this report shall not be deemed &quot;filed&quot; for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such a
filing.</p>
<p><u>&nbsp;Item 8.01. Other Events. </u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The eighth paragraph of our press
release dated May 10, 2006 relating to payment of quarterly dividends is
incorporated by reference herein.</p>
<p><u>Item 9.01 Financial Statements and Exhibits.</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.1 Our press release dated May
10, 2006 is furnished, except for the eighth paragraph referred to in Item 8.01.</p>
<p>&nbsp;</p>

<P ALIGN="center"><b>SIGNATURES</b></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and
authorized this report to be signed on its behalf by the undersigned.</P>

<P>Dated: May 10, 2006</P>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#FFFFFF" width="732" id="table2">
  <tr>
    <td width="387">&nbsp;</td>
    <td width="345">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Inter Parfums, Inc.</b><P>
    By:
 <u>/s/ Russell Greenberg<br>
    </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Greenberg,&nbsp;Executive Vice President


                </td>
  </tr>
</table>
































</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e99051006.htm
<DESCRIPTION>EX 99_05-10-2006
<TEXT>

<P align=center><FONT face="Times New Roman"><STRONG><U>FOR IMMEDIATE
RELEASE</U></STRONG></FONT></P>
<p align="center"><u><b>INTER PARFUMS, INC. REPORTS FIRST QUARTER 2006 RESULTS<br>
2006 Guidance Reaffirmed</b></u></p>
<P><STRONG>New York, New York, May 10, 2006: </STRONG>Inter Parfums, Inc. (NASDAQ National Market: IPAR) today
reported results for the first quarter ended March 31, 2006.</P>

<P><STRONG>First Quarter 2006 Compared to First Quarter 2005:</STRONG></P>

<ul>
  <li>Net sales of $70.9 million were down slightly from $71.1 million; due to the the strength of the US
dollar, at comparable foreign currency exchange rates, net sales were up 5% for the period;
  </li>
  <li>Gross margin was 57% for both periods;</li>
  <li>S, G &amp; A expense as a percentage of sales was 44% for both periods;</li>
  <li>Income from operations was $9.2 million, up 2% from $9.0 million; </li>
  <li>Operating margins were 13.0% of net sales as compared to 12.7%; and,</li>
  <li>Net income for the current and prior year's first quarter was $4.4 million or $0.22 per diluted share.</li>
</ul>

<P>Jean Madar, Chairman of the Board and Chief Executive Officer, noted, "As we reported last month,
Lanvin sales across all fragrance families were quite strong, which is all the more gratifying in the
absence of a major product launch.  Also contributing to first quarter sales was the initial launch of
Burberry <EM>London </EM>for women in the U.S. and much of Europe with the broader geographic rollout
now underway.  While we have an ambitious 2006 prestige product launch schedule for the
remainder of the year, our major ones are scheduled for the second half of the year.  These include
a new Lanvin fragrance for women, Burberry <EM>London</EM> for men, and a new Paul Smith fragrance for
men.  We also have men's fragrances for S.T. Dupont and Nickel being unveiled in the spring and
summer."</P>

<P>Mr. Madar also noted, "Mass market sales were down by 11% which is a slower rate of decline than
in the immediately preceding quarter but less of an improvement than we had anticipated."</P>

<P>With regard to the Company's specialty retail initiative, Mr. Madar added, "We remain on schedule
for the new personal care product launch at Banana Republic stores in the U.S. and Canada in the
Fall '06, followed in early '07 with the rollout of personal care products for Gap stores.  We are
currently supplying Gap and Banana Republic stores with their existing product lines, which added
slightly to sales and contributed minimally to gross margin, as we are still honoring existing purchase
commitments.  During the first quarter, we incurred approximately $1 million of additional S, G &amp;
A expenses related to staff, product development and other start-up expenses, including those of a
third-party design and marketing firm.  Back in March, we expanded our agreement with Gap Inc.
to include Gap Outlet and Banana Republic Factory stores.  In addition, and we have begun to supply
those stores with the current product and at the same time, we are developing new products for the
2006 holiday season."</P>

<P>Russell Greenberg, Executive Vice President &amp; CFO, pointed out, "The increased royalties and
advertising expenditure requirements under our license with Burberry are now reflected in both the
2006 and 2005 periods.  Royalty expense included in S, G &amp; A aggregated $7.3 million and $7.7
million, for the first quarters of 2006 and 2005, respectively.  Promotion and advertising expenses
included in S,G &amp; A were approximately $9.6 million and $11.1 million for the first quarter of 2006
and 2005, respectively.  </P>

<P>Mr. Greenberg went on to say, "Our financial position remains strong.  At March 31, 2006, working
capital aggregated $139 million and we had a working capital ratio of 2.7 to 1. Cash and cash
equivalents and short-term investments aggregated $65 million.  At March 31, 2006, inventories
increased 19% from 2005 year-end levels when our inventories were exceptionally low due to the
timing of new product launches.  The increase in inventories as of the close of the first quarter
reflects our current needs pursuant to our new product launch schedule."</P>

<P><STRONG>2006 Guidance Reaffirmed</STRONG></P>

<P>Management reaffirmed its prior 2006 guidance projecting net sales of approximately $301 million
and net income of approximately $16.9 million or $0.83 per diluted share.  Inter Parfums also
indicated that its guidance assumes the dollar remains at current levels.  The Company again pointed
out that effective January 1, 2006, it has adopted SFAS 123(R) "Share-Based Payment," a new
accounting pronouncement requiring the expensing of stock based compensation.  Earnings guidance
for 2006 includes an after tax charge of approximately $0.6 million or $0.03 per diluted share to
reflect the impact of SFAS 123(R).</P>

<P><STRONG>Quarterly Dividend</STRONG></P>

<P>The Company's regular quarterly cash dividend of $.04 per share will be payable on July 14, 2006
to shareholders of record on June 30, 2006.</P>

<P><STRONG>Conference Call</STRONG></P>

<P>The management of Inter Parfums will host a conference call at 11:00 am EDT on May 11, 2006,
to discuss first quarter results and other recent developments.  Interested parties may participate by
calling 706-679-3037, approximately<STRONG> </STRONG>10 minutes before the start of the call.<STRONG>  </STRONG>This conference call
will also be distributed live over the Internet via the Investor Relations section of the Company's
web site at <FONT COLOR="#0000ff"><U>www.interparfumsinc.com</U></FONT>.  To listen to the live call, please go to the web site in advance
to register, and if needed, download and install any necessary audio software.  If you are unable to
listen live, the conference call will be archived and can be accessed for approximately 90 days at the
web site.  </P>

<P>Inter Parfums develops, manufactures and distributes prestige perfumes and cosmetics as the
exclusive worldwide licensee for Burberry, Lanvin, Paul Smith, S.T. Dupont, Christian Lacroix,
Celine, Diane von Furstenberg and Quiksilver/Roxy and has controlling interest in Nickel S.A., a
men's skin care company.  Its entry into the specialty retail market was accomplished with an
exclusive agreement with Gap Inc., under which it is designing and manufacturing personal care
products for Gap's and Banana Republic's North American stores.  Inter Parfums is also a producer
and supplier of mass market fragrances, cosmetics and personal care products.  The Company's
products are sold in over 120 countries worldwide. </P>

<P>Statements in this release which are not historical in nature are forward-looking statements.
Although we believe that our plans, intentions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such plans, intentions or expectations will
be achieved. In some cases you can identify forward-looking statements by forward-looking words
such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and
"would" or similar words. You should not rely on forward-looking statements because actual events
or results may differ materially from those indicated by these forward-looking statements as a result
of a number of important factors. These factors include, but are not limited to, the risks and
uncertainties discussed under the headings "Forward Looking Statements" and "Risk Factors" in
Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2005, and the
reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter
Parfums does not intend to and undertakes no duty to update the information contained in this press
release.</P>

<TABLE id=table1 style="BORDER-COLLAPSE: collapse" borderColor=#111111
cellSpacing=0 cellPadding=0 width=808 align=left border=0>
  <TR><FONT face="Times New Roman">
    <TD width=96><FONT size=2>Contact at<BR><BR><BR>&nbsp;</FONT></TD>
    <TD width=284>
      <P><FONT size=2>&nbsp;Inter Parfums, Inc.&nbsp;<BR>Russell Greenberg,
      Exec. VP &amp; CFO<BR>(212)
      983-2640/rgreenberg@interparfumsinc.com<BR>www.interparfumsinc.com
      </FONT></P></TD>
    <TD width=36><FONT size=2>or<BR><BR><BR>&nbsp;</FONT></TD>
    <TD width=392><FONT size=2>Investor Relations Counsel<BR>The Equity Group
      Inc.<BR>Linda Latman &nbsp;(212)836-9609/llatman@equityny.com<br>
    Lena Cati (212) 836-9611/lcati@equityny.com<BR>www.theequitygroup.com</FONT></TD></FONT></TR></TABLE>&nbsp;<p>&nbsp;</p>
<p>&nbsp;</p>
<TABLE WIDTH="606">
<TR VALIGN="TOP"><TD width="590" colspan="3">

<P ALIGN="CENTER"><b>Inter Parfums, Inc.<br>
CONSOLIDATED STATEMENTS OF INCOME<br>
</b><font size="2">(In thousands except per share data) </font></P>

  </TD>
<TD width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="356">&nbsp;</TD>
<TD width="22"></TD>
<TD ALIGN="CENTER" width="212"><font size="2">Three Months Ended <br>
March 31,</font></TD>
<TD width="2"></TD></TR></TABLE>

<TABLE WIDTH="608">
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD ALIGN="center" width="83">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">2006</font></div>
  </TD>
<TD ALIGN="center" width="27"></TD>
<TD ALIGN="center" width="93">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">2005</font></div>
  </TD>
<TD ALIGN="CENTER" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD ALIGN="RIGHT" width="83"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD ALIGN="RIGHT" width="93"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Net sales</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right"><font size="2">$	70,900</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"><font size="2">$	71,087</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Cost of sales</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">30,604</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">30,510</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Gross margin</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">		<font size="2">40,296</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">		<font size="2">40,577</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Selling, general and administrative</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">31,063</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">31,563</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Income from operations</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">9,233</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">9,014</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Other expenses (income):</font></STRONG></TD>
<TD width="24">&nbsp;</TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></STRONG>	<font size="2">&nbsp;&nbsp;	Interest expense</font></TD>
<TD width="24"></TD>
<TD width="83" align="right"><font size="2">201</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"><font size="2">215</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	(Gain) loss on foreign currency</font></TD>
<TD width="24"></TD>
<TD width="83" align="right"><font size="2">(161)</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"><font size="2">79</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	Interest income</font></TD>
<TD width="24"></TD>
<TD width="83" align="right"><font size="2">(514)</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"><font size="2">(246)</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	(Gain) on subsidiary's issuance of stock</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">(73)</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">--</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">(547)</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">48</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD width="83" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Income before income taxes and minority interest</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">		<font size="2">9,780</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">		<font size="2">8,966</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><font size="2">Income taxes</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">3,342</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">3,156</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Income before minority interest</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">		<font size="2">6,438</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">		<font size="2">5,810</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><font size="2">Minority interest in net income of consolidated subsidiary</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">2,018</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <font size="2">1,406</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD ALIGN="RIGHT" width="83"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD ALIGN="RIGHT" width="93"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Net income</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">$	4,420</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">$	4,404</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Net income per share:</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	Basic</font></TD>
<TD width="24"></TD>
<TD width="83" align="right"><font size="2">$	0.22</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right"><font size="2">$	0.22</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	Diluted</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">$	0.22</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">$	0.22</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="24"></TD>
<TD ALIGN="right" width="83"></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD ALIGN="right" width="93"></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><STRONG><font size="2">Weighted average number of shares outstanding:</font></STRONG></TD>
<TD width="24"></TD>
<TD width="83" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">&nbsp;</TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	Basic</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">		<font size="2">20,267</font></TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">		<font size="2">19,701</font></TD>
<TD ALIGN="RIGHT" width="2"></TD></TR>
<TR VALIGN="TOP"><TD width="357">	<font size="2">&nbsp;&nbsp;	Diluted</font></TD>
<TD width="24"></TD>
<TD width="83" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">20,544</font></div>
  </TD>
<TD ALIGN="RIGHT" width="27"></TD>
<TD width="93" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <font size="2">20,420</font></div>
  </TD>
<TD ALIGN="RIGHT" width="2"></TD></TR></TABLE>
</P>
&nbsp;<TABLE WIDTH="608">
<TR VALIGN="TOP"><TD width="602">
<P align="center"><b>Inter Parfums, Inc.<br>
CONSOLIDATED BALANCE SHEETS<br>
</b><font size="2">(In thousands except share and per share data)</font></P>

  </TD></TR>
<TR VALIGN="TOP"><TD width="602" align="center"><b><EM>ASSETS</EM></b></TD></TR></TABLE>

<TABLE WIDTH="610">
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="26"></TD>
<TD ALIGN="CENTER" width="82">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">March 31,</FONT> <FONT SIZE="-1">
<br>
2006</FONT></div>
  </TD>
<TD width="26"></TD>
<TD ALIGN="CENTER" width="97">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">December 31,<BR>
2005</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="26"></TD>
<TD ALIGN="CENTER" width="82"><FONT SIZE="-1">(unaudited)</FONT></TD>
<TD width="26"></TD>
<TD width="97"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Current assets:</STRONG></FONT></TD>
<TD width="26">&nbsp;</TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></STRONG></FONT><FONT SIZE="-1">	&nbsp;&nbsp;	Cash and cash equivalents</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">$	48,946</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">$	42,132</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Short-term investments</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		16,000</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		17,400</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Accounts receivable, net</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		82,729</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		82,231</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Inventories</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		58,734</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		48,631</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Receivables, other</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		2,850</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		2,119</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Other current assets</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		5,352</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		4,213</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Income tax receivable</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		110</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		104</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Deferred tax assets</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		3,235</FONT></div>
  </TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		3,011</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		Total current assets</FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		217,956</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		199,841</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Equipment and leasehold improvements, net</STRONG></FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		6,287</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		5,835</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Trademarks, licenses and other intangible assets, net</STRONG></FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		31,066</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		30,136</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Goodwill</STRONG></FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		4,588</FONT></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		4,476</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Other assets</STRONG></FONT></TD>
<TD width="26"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		632</FONT></div>
  </TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		622</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="26"></TD>
<TD width="82" align="right"></TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="26"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <FONT SIZE="-1">$	260,529</FONT></div>
  </TD>
<TD width="26" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <FONT SIZE="-1">$	240,910</FONT></div>
  </TD></TR></TABLE>
</P>
&nbsp;<TABLE WIDTH="608">
<TR VALIGN="TOP"><TD>
  <p align="center"><b><EM>LIABILITIES AND SHAREHOLDERS' EQUITY</EM></b></TD></TR></TABLE>

<TABLE WIDTH="610">
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Current liabilities:</STRONG></FONT></TD>
<TD width="27">&nbsp;</TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></STRONG></FONT><FONT SIZE="-1">	&nbsp;&nbsp;	Loans payable - banks</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">$	5,505</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">$	989</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Current portion of long-term debt</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		3,873</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		3,775</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Accounts payable</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		43,464</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		40,359</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Accrued expenses</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		23,533</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		21,555</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Income taxes payable</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		2,175</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		1,269</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">	&nbsp;&nbsp;	Dividends payable</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		812</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		810</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		Total current liabilities</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		79,362</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		68,757</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Long-term debt, less current portion</STRONG></FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		8,715</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		9,437</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Deferred tax liability</STRONG></FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		1,940</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		1,783</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Put options</STRONG></FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		763</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		743</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Minority interest</STRONG></FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		35,575</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		32,463</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1"><STRONG>Shareholders' equity:</STRONG></FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Preferred stock, $0.001 par value. Authorized 1,000,000
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares;
none issued</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Common stock, $0.001 par value. Authorized 100,000,000
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares; outstanding 20,304,810 and 20,252,310 shares at
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2006 and December 31,2005, respectively</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<font size="-1"><br>
<br>
20</font></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<font size="-1"><br>
<br>
20</font></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Additional paid-in capital</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		36,933</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		36,640</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Retained earnings</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		116,410</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		112,802</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Accumulated other comprehensive income</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right"><FONT SIZE="-1">		6,120</FONT></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"><FONT SIZE="-1">		3,574</FONT></TD></TR>
<TR VALIGN="TOP"><TD width="357"><FONT SIZE="-1">&nbsp;&nbsp; Treasury stock, at cost 6,302,768 common shares at
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March&nbsp;31,
2006 and December 31, 2005</FONT></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
<font size="-1"><br>
(25,309)</font></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
<font size="-1"><br>
(25,309)</font></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		134,174</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
  <FONT SIZE="-1">		127,727</FONT></div>
  </TD></TR>
<TR VALIGN="TOP"><TD width="357">&nbsp;</TD>
<TD width="27"></TD>
<TD width="82" align="right"></TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right"></TD></TR>
<TR VALIGN="TOP"><TD width="357"></TD>
<TD width="27"></TD>
<TD width="82" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <FONT SIZE="-1">$	260,529</FONT></div>
  </TD>
<TD width="25" align="right"></TD>
<TD width="97" align="right">
<div style="border-bottom-style: double; border-bottom-width: 3">
  <FONT SIZE="-1">$	240,910</FONT></div>
  </TD></TR></TABLE>


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</SUBMISSION>
