UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 15, 1998 (March 31, 1997)
Date of Report (Date of Earliest event Reported)
Commission file No. 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)
incorporation or organization) Identification No.)
178 EAB Plaza Uniondale, New York 11556
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (516) 844-2020
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Item 5. Other Events.
Del Laboratories, Inc. announced today the restatement of its previously
issued financial results for each of the first and second quarters of the year
ended December 31, 1997. This information is more fully set forth in the press
release filed as an Exhibit hereto.
Item 7. Financial Statements and Exhibits
The following exhibits are filed with this report:
Exhibit No. Description
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99 (a) Press release of Del Laboratories,
Inc. dated May 15, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DEL LABORATORIES, INC.
/s/ Dan K. Wassong
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Chairman of the Board, President
and Chief Executive Officer
Exhibit 99 (a)
TO: PR NEWS WIRE
DISTRIBUTION
US 2
IRW
FOR IMMEDIATE RELEASE
DEL LABORATORIES REPORTS FIRST QUARTER EARNINGS
UNIONDALE, N.Y., May 15, 1998 -- Del Laboratories, Inc. (AMEX:DLI) today
announced results for the first quarter ended March 31, 1998.
Net earnings for the first quarter of 1998 were $3,251,000 compared to restated
first quarter 1997 net earnings of $1,061,000. Basic earnings per share were
$0.43 per share compared to a restated $0.14 per share. Net sales for the first
quarter of 1998 increased to $65,416,000 from a restated $54,215,000 for the
first quarter of 1997.
Dan K. Wassong, Chairman and Chief Executive Officer said, "Our earnings growth
reflects both strong momentum in our cosmetics business, especially in the line
of Sally Hansen brands, as well as solid results for the pharmaceutical
business' Orajel family of brands, which continued to achieve strong unit volume
growth. Our performance continues to be driven by significant advertising and
R&D investments to support our well-known brands and new product introductions."
The Company said its previously issued financial results for each of the first
and second quarters of the year ended December 31, 1997 were restated. The first
quarter of 1997 was restated to reflect a $7.1 million reduction in net sales
and a $2.2 million ($0.30 per basic share) reduction in net earnings resulting
from shipments of finished products which should have been recognized in the
second quarter of 1997 instead of the first quarter of 1997. There will be a
corresponding increase of $7.1 million in net sales and a $2.2 million ($0.30
per basic share) increase in net earnings for the second quarter of 1997.
The shift in quarterly results did not impact reported results for the six-month
period ended June 30, 1997 or the year ended December 31, 1997.
Condensed Statement of Consolidated Earnings
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(In thousands except per share amounts)
Three Months Ended March 31
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Restated
1998 1997
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Net sales $65,416 $54,215
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Earnings before income taxes 5,511 1,769
Provisions for income taxes 2,260 708
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Net earnings $ 3,251 $ 1,061
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Earnings per common share:
Basic $ 0.43 $ 0.14
Diluted $ 0.39 $ 0.13
Weighted average common shares outstanding:
Basic 7,628 7,517
Diluted 8,280 8,079
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As of December 31, 1997, the Company adopted Statement of Financial Accounting
Standards ("SFAS") No. 128, "Earnings Per Share." Accordingly, earnings per
common share and weighted average common shares outstanding for the three months
ended March 31, 1997, have been restated to conform with the provisions of SFAS
No. 128.
All share and per share amounts have been adjusted to reflect a 4-for-3 common
stock spilt, distributed in the form of a stock dividend, effective February 20,
1998.
Del Laboratories, Inc. is a marketer and manufacturer of cosmetics and
over-the-counter pharmaceuticals. The Company's cosmetics brands include SALLY
HANSEN HARD AS NAILS(R), America's number one nail protection, SALLY HANSEN LA
CROSS(R) nail and beauty implements, SALLY HANSEN PROFESSIONAL(R) nail care
products and a range of lip color and skin care, as well as bleaches and
depilatories under the SALLY HANSEN brand franchise and NATURISTICS(R) cosmetics
and beauty care. The Company's Del Pharmaceuticals subsidiary includes brands
such as ORAJEL(R), the number one brand of topical oral analgesics,
ARTHRICARE(R) arthritis medication, PRONTO(R) pediculicide, TANAC(R) canker sore
medication and PROPA PH(R) skin care medications.
Statements contained in this press release that relate to the Company's beliefs
or expectations as to future events are not statements of historical fact and
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, and are subject to the "Safe Harbor" created thereby.
