<PAGE>
1 of 12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For the quarter ended September 25, 1998 Commission file No. 1-10585
CHURCH & DWIGHT CO., INC.
(Exact name of registrant as specified in its charter)
Delaware 13-4996950
(State of incorporation) (I.R.S. Employer Identification No.)
469 North Harrison Street, Princeton, N.J. 08543-5297
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (609) 683-5900
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 twelve 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
As of October 27, 1998, there were 19,277,523 shares of Common
Stock outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
----------------------------- ---------------------------------
Sept. 25, Sept. 26, Sept. 25, Sept. 26,
(In thousands, except per share data) 1998 1997 1998 1997
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Sales $176,827 $146,328 $502,372 $417,799
Cost of sales 101,195 83,161 287,957 238,991
--------------------------------- -----------------------------
Gross profit 75,632 63,167 214,415 178,808
Selling, general and administrative expenses 63,611 53,864 186,103 154,775
Sale of Technology - - (3,500) -
--------------------------------- -----------------------------
Income from Operations 12,021 9,303 31,812 24,033
Equity in earnings of affiliates 1,207 1,242 4,170 4,252
Investment income 348 328 938 1,136
Other income/(expense) (84) - (219) 1,397
Interest expense (893) (252) (2,065) (421)
--------------------------------- -----------------------------
Income before taxes 12,599 10,621 34,636 30,397
Income taxes 4,765 4,194 13,033 11,463
--------------------------------- -----------------------------
Net Income 7,834 6,427 21,603 18,934
Retained earnings at beginning of period 206,736 190,288 197,622 182,069
--------------------------------- -----------------------------
214,570 196,715 219,225 201,003
Dividends paid 2,324 2,332 6,979 6,620
--------------------------------- -----------------------------
Retained earnings at end of period $212,246 $194,383 $212,246 $194,383
------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Weighted average shares outstanding - Basic 19,373 19,439 19,389 19,465
Weighted average shares outstanding - Diluted 20,025 19,998 20,001 19,944
-----------------------------------------------------------------------------------------------------------------------
Earnings Per Share:
Net income per share - Basic $.40 $.33 $1.11 $.97
Net income per share - Diluted $.39 $.32 $1.08 $.95
------------------------------------------------------------------------------------------------------------------------
Dividends Per Share: $.12 $.12 $.36 $.34
------------------------------------------------------------------------------------------------------------------------
</TABLE>
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<PAGE>
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 25, December 31,
1998 1997
------------------- -----------------
(Dollars in thousands) (Unaudited)
-------------------------------------------------------------------------- ------------------- -----------------
Assets
-------------------------------------------------------------------------- ------------------- -----------------
<S> <C> <C>
Current Assets
Cash and cash equivalents $ 12,435 $ 14,949
Short-term investments 3,052 3,993
Accounts receivable, less allowances of $1,404 and $1,532 65,884 49,566
Inventories (Note 2) 64,314 61,275
Deferred income taxes 9,836 9,802
Prepaid expenses 4,278 5,727
Current portion of notes receivable 7,393 4,131
------------------- -----------------
Total Current Assets 167,192 149,443
-------------------------------------------------------------------------- ------------------- -----------------
Property, Plant and Equipment (Note 3) 160,341 142,343
Note Receivable from Joint Venture 3,540 6,869
Equity Investment in Affiliates 27,135 26,871
Long-Term Supply Contracts 5,121 2,775
Intangibles and Other Assets 28,342 22,713
-------------------------------------------------------------------------- ------------------- -----------------
Total Assets $391,671 $351,014
-------------------------------------------------------------------------- ------------------- -----------------
Liabilities and Stockholders' Equity
-------------------------------------------------------------------------- ------------------- -----------------
Current Liabilities
Short-term borrowings $ 33,500 $ 32,000
Accounts payable and accrued expenses 95,236 92,090
Current portion of long-term debt 1,256 685
Income taxes payable 6,939 1,456
------------------- -----------------
Total Current Liabilities 136,931 126,231
-------------------------------------------------------------------------- ------------------- -----------------
Long-Term Debt 24,744 6,815
Deferred Income Taxes 21,412 20,578
Deferred Liabilities 5,775 3,786
Nonpension Postretirement and Postemployment Benefits 14,584 14,263
Commitments and Contingencies
Stockholders' Equity
Preferred Stock - $1 par value
Authorized 2,500,000 shares, none issued - -
Common Stock - $1 par value
Authorized 100,000,000 shares, issued 23,330,494 shares 23,330 23,330
Additional paid-in capital 35,122 34,097
Retained earnings 212,246 197,622
Cumulative translation adjustments (693) (591)
------------------- -----------------
270,005 254,458
Less common stock in treasury, at cost -
4,032,971 shares in 1998 and 3,893,155 shares in 1997 (81,231) (74,568)
Due from officers (549) (549)
-------------------------------------------------------------------------- ------------------- -----------------
Total Stockholders' Equity 188,225 179,341
-------------------------------------------------------------------------- ------------------- -----------------
Total Liabilities and Stockholders' Equity $391,671 $351,014
-------------------------------------------------------------------------- ------------------- -----------------
</TABLE>
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<PAGE>
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
------------------------------------
September 25, September 26,
(Dollars in thousands) 1998 1997
- ------------------------------------------------------------------------------ ------------------ -----------------
Cash Flow From Operating Activities
- ------------------------------------------------------------------------------ ------------------ -----------------
<S> <C> <C>
Net Income $21,603 $18,934
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation, depletion and amortization 12,504 10,433
Deferred income taxes 791 774
Equity in joint venture income (4,170) (4,252)
Other (37) (65)
Change in assets and liabilities:
Decrease in short-term investments 941 11
(Increase) in accounts receivable (16,359) (18,161)
(Increase) in inventories (1,954) (3,631)
Decrease in prepaid expenses 1,440 299
Increase in accounts payable 3,251 497
Increase/(decrease) in income taxes payable 5,620 (240)
Increase in other liabilities 2,309 646
- ------------------------------------------------------------------------------ ------------------ -----------------
Net Cash Provided By Operating Activities 25,939 5,245
Cash Flow From Investing Activities
- ------------------------------------------------------------------------------ ------------------ -----------------
Additions to property, plant and equipment (18,581) (6,662)
Acquisition of manufacturing facility (9,035) -
Investment in notes receivable (3,000) -
Investment in affiliates - (10,416)
Proceeds from notes receivable 3,067 -
Distributions from joint venture 3,906 4,449
Purchase of supply contract (2,750) -
Purchase of other assets (2,133) (875)
Acquisition of new product lines (7,037) (31,439)
- ------------------------------------------------------------------------------ ------------------ -----------------
Net Cash (Used In) Investing Activities (35,563) (44,943)
Cash Flow From Financing Activities
- ------------------------------------------------------------------------------ ------------------ -----------------
Short-term borrowing 1,500 32,000
Long-term borrowing 18,500 -
Payment of cash dividends (6,979) (6,620)
Proceeds from stock options exercised 2,462 1,558
Purchase of treasury stock (8,373) (2,433)
- ------------------------------------------------------------------------------ ------------------ -----------------
Net Cash Provided By Financing Activities 7,110 24,505
Net Change In Cash and Cash Equivalents (2,514) (15,193)
Cash And Cash Equivalents At Beginning Of Year 14,949 22,902
- ------------------------------------------------------------------------------ ------------------ -----------------
Cash And Cash Equivalents At End Of Period $12,435 $ 7,709
- ------------------------------------------------------------------------------ ------------------ -----------------
</TABLE>
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<PAGE>
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. The consolidated balance sheet as of September 25, 1998, the consolidated
statements of income and retained earnings for the three and nine months ended
September 25, 1998 and September 26, 1997 and the consolidated statements of
cash flow for the nine months then ended have been prepared by the Company
without audit. In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flow at September 25, 1998 and for all
periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed
consolidated financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 1997 annual
report to shareholders. The results of operations for the period ended September
25, 1998 are not necessarily indicative of the operating results for the full
year.
<TABLE>
<CAPTION>
2. Inventories consist of the following: Sept. 25, Dec. 31,
(in thousands) 1998 1997
- -------------------------------------------------------------------------------------- ------------- ---------------
<S> <C> <C>
Raw materials and supplies $20,546 $16,848
Finished goods 43,768 44,427
------------- ---------------
$64,314 $61,275
- -------------------------------------------------------------------------------------- ------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
3. Property, Plant and Equipment consist of the following: Sept. 25, Dec. 31,
(in thousands) 1998 1997
- ------------------------------------------------------------------------------------ -------------- ----------------
<S> <C> <C>
Land $ 4,804 $ 3,258
Buildings and improvements 72,327 68,075
Machinery and equipment 170,692 165,174
Office equipment and other assets 13,344 13,355
Software 4,900 -
Mineral rights 5,931 5,931
Construction in progress 16,260 3,304
-------------- ----------------
288,258 259,097
Less accumulated depreciation and amortization 127,917 116,754
-------------- ----------------
Net Property, Plant and Equipment $160,341 $142,343
- ------------------------------------------------------------------------------------ -------------- ----------------
</TABLE>
5 of 12
<PAGE>
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
4. Equity Investment in Joint Venture
The following table reflects summarized financial information for the Armand
Products Company joint venture. The Company accounts for its 50 percent interest
in the joint venture under the equity method. Product and services are provided
to the Armand Products Company by the joint venture partners at cost. As a
result, the following information would not be indicative of the financial
position or results of operation had the joint venture operated on a stand-alone
basis.
<TABLE>
Three Months Ended Nine Months Ended
-------------------------- -------------------------
Sept. 25, Sept. 26, Sept. 25, Sept. 26,
(in thousands) 1998 1997 1998 1997
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales $ 9,844 $10,004 $29,740 $30,866
Gross profit 2,760 3,344 9,868 10,852
Net income 1,983 2,522 7,554 8,348
Company's share in net income 992 1,261 3,777 4,174
Elimination of Company's share of intercompany interest
expense 89 113 299 340
------------- ------------ ------------ -------------
Equity in joint venture income $1,081 $ 1,374 $4,076 $ 4,514
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
The Company also has an equity interest in a Brazilian company.
5. Earnings Per Share
Basic EPS is calculated based on income available to common shareholders and the
weighted-average number of shares outstanding during the reported period.
Diluted EPS includes additional dilution from potential common stock issuable
pursuant to the exercise of stock options outstanding. Prior year amounts have
been restated to conform with Statement of Financial Accounting Standards No.
128 "Earnings Per Share".
6. Accounting Change
During the first quarter of 1998, the Company adopted AICPA Statement of
Position 98-1 "Accounting for the Costs of Computer Software Developed or
Obtained for Internal Use". The SOP requires companies to capitalize certain
costs of developing computer software. There was no material effect on net
income for the third quarter but there was a $2.7 million or $.14 per basic
share effect for the nine month period.
7. Acquisitions
On January 26, 1998, the Company's Brotherton Speciality Products subsidiary
purchased Kingston Chemical Ltd., a supplier of specialty chemicals for
approximately $1.7 million.
On January 29, 1998, the Company closed on its previously announced acquisition
of TOSS N' SOFT Dryer Sheets from The Dial Corporation for approximately $5.3
million.
On July 15, 1998, the Company purchased from the Fluid Packaging Co., Inc., a
manufacturing facility and machinery located in Lakewood, New Jersey for
approximately $9.0 million. In addition, the Company loaned to Fluid Packaging
$3.0 million at an interest rate of 8% per annum. The note is payable no later
than July 15, 1999, and is secured by a pledge of and security interest in 65%
of the capital stock of Allied Mexico, S.A. de C.V., a wholly-owned subsidiary
of Fluid Packaging.
6 of 12
<PAGE>
8. Comprehensive Income
During June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income". The
statement was effective for fiscal years beginning after December 15, 1997 and
establishes standards for the reporting and displaying of comprehensive income.
The following table presents the Company's Comprehensive Income for the three
and nine month periods ending September 25, 1998 and September 26, 1997.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 25, Sept 26, Sept 25, Sept 26,
(in thousands) 1998 1997 1998 1997
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income before taxes $12,599 $10,621 $34,636 $30,397
Other Comprehensive Income:
Foreign exchange translation adjustments (1) (217) (102) (381)
-------------------------- ---------------------------
Comprehensive Income $12,598 $10,404 $34,534 $30,016
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
9. Contingencies
The Company, in the ordinary course of its business, is the subject of, or a
party to, various pending or threatened legal actions. The Company believes that
any ultimate liability arising from these actions will not have a material
adverse effect on its consolidated financial statements.
7 of 12
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
------------------------------------
Results of Operations
- ---------------------
For the quarter ended September 25, 1998, net income was $7.8 million,
equivalent to basic earnings of $.40 per share from $6.4 million or $.33 per
share, in last year's third quarter. Diluted earnings were $.39 per share
compared to $.32 per share last year. For the first nine months of 1998, net
income was $21.6 million or basic earnings of $1.11 per share compared to $18.9
million or $.97 per share last year. Diluted earnings were $1.08 per share
compared to $.95 per share last year.
Net sales for the quarter were $176.8 million, a $30.5 million or 20.8% increase
versus last year. The increase is primarily a result of the launch of two new
major consumer products, ARM & HAMMER SUPER SCOOP(TM) Cat Litter, in last year's
third quarter and ARM & HAMMER DENTAL CARE(TM) Gum, in early 1998. It also
includes the sales of BRILLO(R) Soap Pads and certain other brands acquired
during the third quarter of 1997. With regard to established brands, sales of
laundry products and deodorizing products were higher but sales of personal
products were lower. Specialty Products sales were slightly higher with
particular strength in the animal nutrition area.
Net Sales for the first nine months of 1998 were $502.4 million, $84.6 million
or 20.2% ahead of 1997. The aforementioned new products were also the main
reason for the nine month increase. Within the established products, higher
laundry and deodorizer products sales were offset by lower sales of personal
products. Specialty Products sales were slightly higher.
The Company's gross margin was 42.8% and 42.7% for the quarter and nine month
period, respectively. This compares with 43.2% and 42.8% for the same periods of
last year. This change is due to lower manufacturing costs offset by a less
favorable sales mix and, in the current quarter, higher distribution costs
partly related to short term inventory imbalances.
Selling, general and administrative expenses increased $9.7 million in the
current quarter and $31.3 million for the nine month period. Selling expenses
for the quarter were higher primarily due to support of ARM & HAMMER DENTAL CARE
Gum, ARM & HAMMER DENTAL CARE dentifrice and BRILLO Soap Pads. General and
administrative expenses for the quarter were slightly lower as a result of lower
net costs for information systems partially offset by higher personnel related
costs. Selling expenses increased for the nine month period primarily in support
of new products, mainly ARM & HAMMER DENTAL CARE Gum, ARM & HAMMER SUPER SCOOP
Cat Litter and BRILLO Soap Pads, partially offset by lower expenses for ARM &
HAMMER Deodorant Anti-Perspirant. General and administrative expenses increased
for the nine months as a result of higher personnel related costs being
partially offset by lower net costs for information systems.
During the second quarter, the Company recognized a one-time gain as it sold
research and development technology for $3.5 million.
The Company's joint venture, Armand Products Company, saw sales virtually
unchanged but earnings decline 21.3% for the current quarter versus last year.
For the nine month period, sales declined 3.6% and earnings declined 9.7% versus
the same period of last year.
Interest expense increased versus last year as a result of an increase in both
short-term and long-term debt to finance the purchase of new product lines, the
Lakewood plant acquisition and capital expenditures associated with software
capitalization and the Green River plant modernization project. Investment
income decreased due to having a lower amount of average cash available for
investment. Other income and expense is lower primarily as a result of a
settlement from a class action suit against the Carbon Dioxide supply industry
in 1997.
The effective tax rate for the first nine months was 37.6% as compared to 37.7%
from last year.
Liquidity and Capital Resources
- -------------------------------
The Company considers cash and short-term investments as the principal
measurement of its liquidity. At September 25, 1998, cash, including cash
equivalents and short-term investments totaled $15.5 million as compared to
$18.9 million at December 31, 1997.
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<PAGE>
During the first nine months of 1998, the Company generated $25.9 million of
cash flow from operating activities, increased debt by $20.0 million, received
$3.9 million in distributions from its affiliates, received $2.5 million for
stock options exercised and received $3.1 million for the repayment of notes
receivable. Significant expenditures include additions to property, plant and
equipment of $27.6 million (including the earlier mentioned software
capitalization and the acquisition of the Lakewood, N.J., manufacturing
facility), the purchase of new product lines of $7.0 million and treasury stock
of $8.4 million,the payment of cash dividends of $7.0 million and the issuance
of a note receivable to Fluid Packaging for $3.0 million.
Year 2000 Compliance
- --------------------
The Year 2000 ("Y2K") compliance issues affect Church & Dwight and most other
companies in the world. Historically, certain computer programs were written
using two digits rather than four to define the applicable year. As a result ,
software may recognize a date using the two digits "00" as 1900 rather than the
year 2000. Computer programs that do not recognize the proper date could
generate erroneous data or cause systems to fail. In order to address the Y2K
compliance issue, Church & Dwight has established a Y2K project plan that covers
both traditional computer systems and infrastructure ("IT systems") and
computer-based manufacturing and related systems (non-IT systems"). The general
phases of the Y2K project common to both types of systems are: inventoring Y2K
items; assigning priorities to identified items; assessing the Y2K compliance of
items determined to be material to the Company; remediation (repairing or
replacing) of material items that are determined not to be Y2K compliant;
testing material items; and designing and implementing contingency and business
continuation plans.
With regard to IT systems, the Company completed and implemented a new
enterprise software package from SAP America, Inc. on April 27, 1998. The
installation of this Y2K compliant software package substantially replaced the
core transaction processing and recording capabilities of our older
non-compliant IT systems. The remaining IT systems that are material to the
effective management of the business have been inventoried, prioritized,
assessed and repair or replacement and testing activities are planned to be
complete by the latter part of 1999.
Non-IT systems, which include manufacturing equipment with embedded
microprocessors, are being inventoried and priorities are being assigned to
identified items in the fourth quarter of 1998. Assessment, implementation and
testing of required changes to critical systems is expected to be complete by
the latter part of 1999, but the work is ongoing.
The Company is in contact with its major customers and is planning on contacting
vendors and others on whom it relies to assure that their systems will be
converted. However, there can be no assurance that the systems of other
companies will be timely converted and there is no way to predict what impact,
if any, this will have on the Company's operations.
The Y2K compliance expenditures incurred through the third quarter of 1998 are
approximately $10 million. While the costs of the remaining required changes is
not yet fully known, we expect the total estimated costs of the Y2K project to
be in the $12 million to $13 million range.
The failure to correct a material Y2K problem could result in an interruption
in, or failure of, certain normal business activities or operations. Such
failures could materially and adversely affect the company's results of
operations, liquidity and financial condition. Due to the general uncertainty
inherent in the Y2K problem resulting in part from the uncertainty of the Y2K
readiness of third-party suppliers and customers, the Company is unable to
determine at this time whether the consequences of Y2K failures will have a
material impact on the Company's results of operations, liquidity or financial
condition. The Y2K Project is expected to reduce the Company's level of
uncertainty about the Year 2000 problem.
Contingency plans to protect the business from Y2K related interruptions are
being developed. These plans will be completed during 1999 and will include
development of back-up procedures, identifications of alternate suppliers and
possible increases in safety stock inventory levels. The Company believes,
however, that due to the widespread nature of potential Y2K issues, the
contingency planning process is an ongoing one which will require further
modifications as the Company obtains additional information regarding its own
internal systems and equipment needs determined during the remediation and
testing phases of its Y2K project, and the status of third party Y2K readiness.
9 of 12
<PAGE>
Forward-Looking Statements
- --------------------------
The preceding "Year 2000 Compliance" discussion contains various forward-looking
statements which represent the Company's beliefs or expectations regarding
future events. When used in the "Year 2000 Compliance " discussion, the words
"believes," "expects," "estimates" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements include, without
limitation, the Company's expectations as to when it will complete the
remediation and testing phases of its Y2K project plans; its estimated cost of
achieving Y2K readiness; and the Company's belief that its internal systems and
equipment will be Y2K compliant in a timely manner. All forward-looking
statements involve a number of risks and uncertainties that could cause the
actual results to differ materially from the projected results. Factors that may
cause these differences include, but are not limited to, the availability of
qualified personnel and other information technology resources; the ability to
identify and remediate all date sensitive lines of computer code or to replace
embedded computer chips in affected systems or equipment; and the actions of
other third parties with respect to Y2K problems.
PART II - Other Information
---------------------------
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
(11) Computation of earnings per share
(b) No reports on Form 8-K were filed for the three months ended
September 25, 1998.
10 of 12
<PAGE>
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
EXHIBIT 11 - Computation of Earnings Per Share
(In thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------- -------------------------
Sept. 25, Sept. 26, Sept. 25, Sept. 26,
1998 1997 1998 1997
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
BASIC:
Net Income $7,834 $6,427 $21,603 $18,934
Weighted average shares outstanding 19,373 19,439 19,389 19,465
Basic earnings per share $.40 $.33 $1.11 $.97
DILUTED:
Net Income $7,834 $6,427 $21,603 $18,934
Weighted average shares outstanding 19,373 19,439 19,389 19,465
Incremental shares under stock option plans 652 559 612 479
------------ ------------ ------------ ------------
Adjusted weighted average shares outstanding 20,025 19,998 20,001 19,944
------------ ------------ ------------ ------------
Diluted earnings per share $.39 $.32 $1.08 $.95
</TABLE>
11 of 12
<PAGE>
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 thereunto duly authorized.
CHURCH & DWIGHT CO., INC.
-------------------------
(REGISTRANT)
DATE: November 6, 1998 Zvi Eiref
---------------- --------------------------
ZVI EIREF
VICE PRESIDENT FINANCE AND
CHIEF FINANCIAL OFFICER
DATE: November 6, 1998 Gary P. Halker
---------------- ---------------------------
GARY P. HALKER
VICE PRESIDENT, CONTROLLER AND
CHIEF INFORMATION OFFICER
12 of 12
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER>1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-25-1998
<CASH> 12435
<SECURITIES> 3052
<RECEIVABLES> 67288
<ALLOWANCES> 1404
<INVENTORY> 64314
<CURRENT-ASSETS> 167192
<PP&E> 288258
<DEPRECIATION> 127917
<TOTAL-ASSETS> 391671
<CURRENT-LIABILITIES> 136931
<BONDS> 6244
0
0
<COMMON> 23330
<OTHER-SE> 164895
<TOTAL-LIABILITY-AND-EQUITY> 391671
<SALES> 502372
<TOTAL-REVENUES> 502372
<CGS> 287957
<TOTAL-COSTS> 287957
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 150
<INTEREST-EXPENSE> 2065
<INCOME-PRETAX> 34636
<INCOME-TAX> 13033
<INCOME-CONTINUING> 21603
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21603
<EPS-PRIMARY> 1.11
<EPS-DILUTED> 1.08
</TABLE>
