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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment I)
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission file number 1-5439
DEL LABORATORIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 13-1953103
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(State or other jurisdiction of (I.R.S. Employer I.D. Number)
incorporation or organization)
178 EAB Plaza, Uniondale, NY 11556
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 844-2020
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each class Name of each exchange on which registered
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Common Stock, $1 par value American Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
NONE
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
The aggregate market value of the Common Stock held by non-affiliates of the
Registrant on March 27, 1998 was $155,518,165. On such date, the average bid and
asked price for the Common Stock was $33.13 per share.
The number of shares of Common Stock outstanding as of March 27, 1998 was
7,616,041 shares.
DOCUMENTS INCORPORATED BY REFERENCE:
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<CAPTION>
Part of the Form 10-K into
which the Document is
Document Incorporated
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<S> <C>
Definitive Proxy Statement for 1998 Annual Part III, Items 10, 11, 12 and 13
Meeting of Stockholders
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Explanatory Note
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THE INFORMATION CONTAINED HEREIN WITH RESPECT TO THE FIRST AND SECOND
QUARTERS OF 1997 HAS BEEN RESTATED ON MAY 15, 1998 TO REFLECT SHIPMENTS OF
FINISHED PRODUCTS WHICH SHOULD HAVE BEEN RECOGNIZED IN THE SECOND QUARTER OF
1997 INSTEAD OF THE FIRST QUARTER OF 1997. THE COMPANY HAS RESTATED
PREVIOUSLY ISSUED FINANCIAL RESULTS FOR EACH OF THE FIRST AND SECOND QUARTERS
OF THE YEAR ENDED DECEMBER 31, 1997. THE RESTATEMENTS DID NOT IMPACT REPORTED
RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1997 OR THE YEAR ENDED DECEMBER 31,
1997. THE FOLLOWING SUMMARIZES THE IMPACT OF THE RESTATEMENTS:
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<CAPTION>
Year Ended December 31, 1997
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First Quarter Second Quarter
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<S> <C> <C>
Net Sales
As previously reported $61,319 $67,989
As restated 54,215 75,093
Cost of goods sold
As previously reported 23,809 26,719
As restated 21,386 29,142
Net Earnings
As previously reported 3,295 3,193
As restated 1,061 5,427
Earnings Per Common Share: Basic
As previously reported .44 .42
As restated .14 .72
Earnings Per Common Share: Diluted
As previously reported .41 .39
As restated .13 .66
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DEL LABORATORIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(16) Unaudited Quarterly Financial Data
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The following is a summary of quarterly operating results (in thousands of
dollars except per share amounts):
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<CAPTION>
Year Ended December 31, 1997
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First Second Third Fourth
Quarter Quarter Quarter Quarter
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<S> <C> <C> <C> <C>
Net sales $54,215 $75,093 $68,865 $64,837
Cost of goods sold 21,386 29,142 26,541 24,020
Net earnings 1,061 5,427 3,675 2,964
Earnings per common share
Basic $ .14 $ .72 $ .49 $ .39
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Diluted $ .13 $ .66 $ .44 $ .36
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<TABLE>
<CAPTION>
Year Ended December 31, 1996
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First Second Third Fourth
Quarter Quarter Quarter Quarter
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<S> <C> <C> <C> <C>
Net sales $56,094 $58,060 $60,354 $58,443
Cost of goods sold 22,815 24,216 27,612 22,877
Net earnings 2,388 2,197 2,575 2,118
Earnings per common share
Basic $ .32 $ .29 $ .35 $ .29
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------- ------- ------- -------
Diluted $ .29 $ .27 $ .32 $ .26
------- ------- ------- -------
------- ------- ------- -------
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Earnings per share calculations for each of the quarters are based on weighted
average number of shares outstanding in each period. Therefore, the sum of the
quarters in a year does not necessarily equal the year's earnings per share.
F-24
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