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EXHIBIT 99
FOR IMMEDIATE RELEASE PRESS RELEASE
FOR MORE INFORMATION, CONTACT:
Glenn A. Forbes
Chief Financial Officer
(203) 341-4264
PLAYTEX PRODUCTS REVISES EARNINGS OUTLOOK
WESTPORT, CT (JANUARY 11, 2001) - PLAYTEX PRODUCTS, INC. (NYSE: PYX), a leading
diversified personal care and consumer products company, today revised the
Company's outlook for the fourth quarter and full year 2000 and for the year
2001. Net Sales for the quarter are expected to be approximately 5% below year
ago levels due to a slowing economic environment, the related trade management
of inventory levels, and continued competitive activities impacting the
Company's infant care business. The Company is assuming that these factors may
continue through the first half of 2001.
Earnings for the fourth quarter are expected to be in the $.02 to $.04 range and
full year 2000 performance is expected to be within the $.57 to $.59 range. The
year 2001 is currently expected to grow by mid-single digits in net sales over
the revised 2000 estimate. The Company continues to plan to maintain gross
margins and advertising and promotion as a percent of net sales in 2001
essentially in line with full year 2000.
"Despite solid retail takeaway in feminine care, a strong start to the 2001 sun
care season sell-in and some recovery in selected infant care segments, our
overall shipment results were below year ago," said Michael R. Gallagher,
Playtex's Chief Executive Officer. "It appears that trade inventory levels were
reduced unexpectedly at year-end for a number of our categories. In addition,
the resumption of growth across certain of our infant care businesses has not
yet occurred. We anticipate that these factors will continue into the first
quarter, with mid-single digit growth in the second quarter and strong single
digit growth thereafter. The fundamentals of market share and consumption growth
remain attractive for our Company. Given the uncertain economic environment, we
believe it is prudent to plan 2001 for modest growth over 2000."
Playtex Products will hold a conference call with analysts and investors at
10:30 a.m. ET Thursday, January 11. The dial-in number is 703-871-3094. To
access the simultaneous webcast or replay of this call, please go to the
"Investor Relations" portion of our web-site: www.playtexproductsinc.com. The
Company plans to announce fourth quarter earnings on January 31, 2001.
Playtex Products, Inc. is a leading manufacturer and distributor of a
diversified portfolio of personal care and consumer products, including PLAYTEX
infant feeding products, BINKY, WET ONES, BABY MAGIC, DIAPER GENIE, MR. BUBBLE,
PLAYTEX tampons, BANANA BOAT, WOOLITE rug and upholstery cleaners, PLAYTEX
gloves, BINACA and OGILVIE.
THE MATTERS DESCRIBED HEREIN CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE MADE
PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS INVOLVE A NUMBER OF RISKS,
UNCERTAINTIES OR OTHER FACTORS BEYOND THE COMPANY'S CONTROL, WHICH MAY CAUSE
MATERIAL DIFFERENCES IN ACTUAL RESULTS, PERFORMANCE OR OTHER EXPECTATIONS.
THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, GENERAL ECONOMIC CONDITIONS,
INTEREST RATES, COMPETITIVE MARKET PRESSURES, THE LOSS OF A SIGNIFICANT
CUSTOMER, RAW MATERIAL AND MANUFACTURING COSTS, CAPACITY LIMITATIONS, THE
ABILITY TO INTEGRATE ACQUISITIONS, ADVERSE PUBLICITY AND PRODUCT LIABILITY
CLAIMS, CAPITAL STRUCTURE, THE IMPACT OF WEATHER CONDITIONS ON SALES, AND
OTHER FACTORS DETAILED IN THE COMPANY'S 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 HEREOF. THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE SUCH INFORMATION.
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