<PAGE>
===============================================================================
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20509
----------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000.
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 0-26568
USA DETERGENTS, INC.
--------------------
(Exact name of registrant as specified in its charter)
Delaware 11-2935430
-------- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1735 JERSEY AVENUE, NORTH BRUNSWICK, NEW JERSEY 08902
-----------------------------------------------------
(Address of principal executive offices--Zip code)
(732) 828-1800
--------------
(Registrant's telephone number, including area code)
---------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was
required to file reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
CLASS OF STOCK NO. OF SHARES OUTSTANDING DATE
------------------ --------------------------- ---------------
Common 14,192,776 August 8, 2000
===============================================================================
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
---------- -------------
<S> <C> <C>
ASSETS
Current assets:
Cash ................................................................... $ 106 $ 254
Restricted Funds ....................................................... 2,002 --
Accounts receivable, net of customer allowances and doubtful accounts
of $858 and $997 at June 30, 2000, and December 31, 1999,
respectively ......................................................... 22,536 23,662
Inventories ............................................................ 16,744 14,504
Refundable income taxes ................................................ 3,032 3,127
Prepaid expenses and other current assets .............................. 4,075 4,599
-------- ---------
Total current assets ................................................. 48,495 46,146
Property and equipment--net ............................................ 41,732 43,417
Restricted funds ....................................................... -- 2,002
Deferred financing costs ............................................... 1,344 1,604
Other non-current assets ............................................... 1,088 1,517
-------- ---------
Total assets ......................................................... $ 92,659 $ 94,686
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt ...................................... $ 5,534 $ 3,534
Cash overdraft ......................................................... -- 1,229
Accounts payable ....................................................... 21,318 17,785
Accrued expenses ....................................................... 12,723 15,255
Other current liabilities .............................................. 289 340
-------- ---------
Total current liabilities ............................................ 39,864 38,143
Long-term debt--net of current portion .................................. 29,650 34,953
Long-term note payable .................................................. -- 2,000
Other non-current liabilities ........................................... -- 19
Deferred rent payable ................................................... 562 671
-------- ---------
Total liabilities .................................................... 70,076 75,786
-------- ---------
Commitments and Contingencies
Stockholders' equity:
Preferred stock--no par value; authorized 1,000,000 shares, none issued -- --
Common stock--$.01 par value; authorized 30,000,000 shares, issued and
outstanding 14,192,776 and 13,825,602 shares at June 30, 2000 and
December 31, 1999, respectively ...................................... 142 138
Additional paid-in capital ............................................. 31,907 29,200
Deficit ................................................................ (9,396) (10,263)
Note receivable from shareholder ....................................... (70) (175)
-------- ---------
Total stockholders' equity .............................................. 22,583 18,900
-------- ---------
Total liabilities and stockholders' equity ........................... $ 92,659 $ 94,686
======== =========
</TABLE>
See Notes to Consolidated Financial Statements.
2
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT NET INCOME PER SHARE INFORMATION)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------- -----------------------------
2000 1999 2000 1999
------------ ---------- ------------- -------------
<S> <C> <C> <C> <C>
Net sales .................................................. $ 61,695 $58,776 $ 125,809 $ 118,166
Cost of goods sold ......................................... 42,238 38,802 86,170 77,843
-------- ------- --------- ---------
Gross profit ............................................... 19,457 19,974 39,639 40,323
Selling, general and administrative ........................ 17,636 17,828 36,459 35,867
-------- ------- --------- ---------
Income from operations ..................................... 1,821 2,146 3,180 4,456
Interest and amortization of deferred financing
costs--net ................................................ 1,100 1,064 2,188 2,150
-------- ------- --------- ---------
Income before provision for income taxes ................... 721 1,082 992 2,306
Provision/(benefit) for income taxes ....................... 75 (23) 125 35
-------- ------- --------- ---------
Income before extraordinary charge ......................... 646 1,105 867 2,271
Extraordinary charge ....................................... -- -- -- 64
-------- ------- --------- ---------
Net income ................................................. $ 646 $ 1,105 $ 867 $ 2,207
======== ======= ========= =========
Basic income per share before extraordinary charge ......... $ .05 $ .08 $ .06 $ .16
Extraordinary charge ...................................... -- -- -- --
-------- ------- --------- ---------
Basic net income per share ................................ $ .05 $ .08 $ .06 $ .16
======== ======= ========= =========
Weighted average shares outstanding ........................ 13,894 13,826 13,860 13,826
======== ======= ========= =========
Diluted income per share before extraordinary
charge .................................................... $ .05 $ .08 $ .06 $ .16
Extraordinary charge ...................................... -- -- -- --
-------- ------- --------- ---------
Diluted net income per share .............................. $ .05 $ .08 $ .06 $ .16
======== ======= ========= =========
Weighted average shares outstanding and common
share equivalents ......................................... 13,964 13,858 13,900 13,864
======== ======= ========= =========
</TABLE>
See Notes to Consolidated Financial Statements.
3
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
2000 1999
----------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ............................................................ $ 867 $ 2,207
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................................ 3,453 2,997
Loss on disposal of fixed assets ..................................... -- 235
Amortization of deferred financing costs ............................. 294 373
Amortization of slotting ............................................. 1,470 1,695
Other amortization ................................................... 421 385
Change in the provision for customer allowances and doubtful
accounts ........................................................... 71 (86)
Change in deferred rent .............................................. (108) (94)
Issuance of warrant in connection with joint venture ................. 195 --
Changes in operating assets and liabilities:
Decrease in accounts receivable ...................................... 1,055 886
Increase in inventories .............................................. (2,240) (2,632)
Increase in prepaid expenses and other current assets ................ (946) (2,747)
Increase in other non-current assets ................................. (26) (117)
Decrease in cash overdraft ........................................... (1,229) (476)
Increase/(decrease) in accounts payable and accrued expenses ......... 1,000 (805)
Decrease in refundable income taxes .................................. 95 5
-------- -------
Net cash provided by operating activities ............................. 4,372 54
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment .................................... (1,768) (2,937)
-------- -------
Net cash used in investing activities ................................. (1,768) (2,937)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments to)/proceeds from credit facilities ................... (5,303) 8,661
Increase in restricted funds .......................................... -- (2,002)
Decrease in note payable .............................................. -- (2,000)
Decrease in other current liabilities ................................. (51) (449)
Increase in deferred financing costs .................................. -- (684)
Decrease in other non-current liabilities ............................. (19) (9)
Issuance of options in connection with consulting agreement ........... 50 --
Net proceeds from sale of common shares ............................... 2,571 --
-------- ---------
Net cash (used in)/provided by financing activities ................... (2,752) 3,517
-------- ---------
Net (decrease)/increase in cash ....................................... (148) 634
Cash at beginning of period ........................................... 254 --
-------- ---------
Cash at June 30, ...................................................... $ 106 $ 634
======== =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FOR OPERATING ACTIVITIES:
Interest paid ......................................................... $ 1,889 $ 1,703
======== =========
Income taxes paid ..................................................... $ 66 $ 208
======== =========
Income tax refunds received ........................................... $ 95 $ 83
======== =========
</TABLE>
See Notes to Consolidated Financial Statements.
4
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
NOTE 1--BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared by the Company pursuant to the rules of the Securities and Exchange
Commission (the "SEC") and in the opinion of management, include all
adjustments, (consisting of normal recurring accruals) necessary for the fair
presentation of the Company's financial position, results of operations and
cash flows. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules. The Company
believes the disclosures included herein are adequate to make these financial
statements not misleading. The results for the interim periods presented are
not necessarily indicative of the results to be expected for the full year.
These financial statements should be read in conjunction with the Company's
Annual Report on Form 10-K, for the year ended December 31, 1999.
Reclassification--Certain reclassifications have been made to prior period
amounts to conform with the presentation for the current period.
NOTE 2--NET INCOME PER SHARE
Basic net income per share is based on the weighted average number of
shares outstanding during the periods presented. Diluted net income per share
also includes potential Common Stock that is dilutive.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Company's quarterly and annual operating results are affected by a
wide variety of factors that could materially and adversely affect revenues and
profitability, including competition from other suppliers of laundry and
household cleaning products; changes in consumer preferences and spending
habits; commodity price increases; the inability to successfully manage growth;
the inability to successfully manage the implementation of the ARMUS joint
venture; seasonality; the ability to introduce and the timing of the
introduction of new products; the inability to obtain adequate supplies or
materials at acceptable prices; and the inability to reduce expenses to a level
commensurate with revenues. As a result of these and other factors, the Company
may experience material fluctuations in future operating results on a quarterly
or annual basis, which could materially and adversely affect its business,
financial condition, operating results, and stock price. Furthermore, this
document and other documents filed by the Company with the Securities and
Exchange Commission (the "SEC") contain certain forward-looking statements with
respect to the business of the Company. These forward-looking statements are
subject to certain risks and uncertainties, including the factors mentioned
above, which may cause actual results to differ significantly from these
forward-looking statements. The Company undertakes no obligation to publicly
release any revisions to these forward-looking statements which may be
necessary to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. An investment in the Company
involves various risks, including the factors mentioned above and those which
are detailed from time to time in the Company's SEC filings.
CURRENT DEVELOPMENTS
On June 14, 2000, the Company and Church & Dwight Co., Inc. announced that
they have entered into an agreement to form a joint venture arrangement with
respect to their laundry care business. Under the terms of the joint venture
agreement the Company will contribute its XTRA (Registered Trademark) and
Nice'n FLUFFY (Registered Trademark) brands and Church & Dwight will
contribute its Arm & Hammer (Registered Trademark) brand under a sales and
marketing organization dedicated to these brands.
5
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000--CONTINUED
The joint venture, which will operate under the name ARMUS, LLC, will
utilize the respective strengths of each venture member in the manufacture,
marketing, sales and distribution of the various laundry care products. In
addition, at a member's request, the joint venture may sell and or distribute
any of that member's other product offerings.
The Company's annual share of the profits resulting from the joint venture
will range from 35% to 45%, depending on the profit level of the joint venture,
subject to specific adjustments. In addition, the Company anticipates that the
increased utilization of its manufacturing and logistics capacity directly by
the venture, as well as any distribution opportunities related to other Church
& Dwight products, will increase the Company's overall profitability. Final
implementation of the joint venture is contingent upon receipt of regulatory
approval and satisfactory banking arrangements from the Company's lenders.
The joint venture will have a minimum five-year duration. The agreement
grants to Church & Dwight, after five years, the right to purchase the
Company's interest in the joint venture, based upon a specific formula related
to the earnings of the joint venture for the two years prior to the purchase.
In addition, after ten years the Company may require Church & Dwight to buy the
Company's interest based on this same formula.
In connection with the joint venture, Church & Dwight acquired
approximately 1.4 million shares of the Company's common stock at $7 per share.
Frederick R. Adler, a then holder of greater than 10% of the Company's
outstanding stock, sold approximately 1.07 million shares and approximately
360,000 shares were purchased directly from the Company. An additional
approximately 700,000 shares of common stock owned by Mr. Adler may be
purchased at the option of Church & Dwight, or put to Church & Dwight at Mr.
Adler's option, exercisable at specified periods within sixty days of the joint
venture becoming effective, for $7 dollars per share. Having disposed of his
shares, Mr. Adler has resigned as a director of the Company in order to devote
his time to his other investments and to his venture capital activities.
Proceeds from the sale of shares by the Company will be substantially invested
in capital projects.
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30, 1999
Net sales for the three months ended June 30, 2000 increased 5.0% to $61.7
million from $58.8 million for the three months ended June 30, 1999. The
increase was primarily the result of an increase in unit sales of liquid
laundry products. Gross profit for the three months ended June 30, 2000
decreased 2.5% to $19.5 million from $20.0 million for the three months ended
June 30, 1999. Gross profit as a percentage of net sales decreased to 31.5% for
the three months ended June 30, 2000 from 34.0% for the same period in 1999.
The decrease in gross profit as a percentage of net sales for the quarter ended
June 30, 2000 is due primarily to increases in commodity prices offset by
decreases in direct labor and manufacturing and distribution overheads when
compared to the same quarter in 1999.
Selling, general and administrative expenses decreased 1.1% to $17.6
million in the three months ended June 30, 2000 from $17.8 million for the
three months ended June 30, 1999. As a percentage of net sales, these expenses
decreased to 28.6% for the three months ended June 30, 2000 from 30.3% for the
second quarter of 1999, primarily due to a decrease in marketing funds (co-op
advertising, promotional allowances and slotting amortization) and other
general and administrative expenses, offset by an increase in shipping expenses
primarily due to higher fuel costs.
Net income for the three months ended June 30, 2000 included a charge of
$194,000 related to the issuance of a warrant for 140,000 shares of common
stock and other considerations in connection with the Company's joint venture
with Church & Dwight. The warrant replaced a previously issued warrant for
350,000 shares of the Company's common stock. Net income for the three months
ended June 30, 1999 includes a restructuring credit of approximately $113,000
related to a sublease of a previously closed facility that occurred earlier
than expected.
6
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000--CONTINUED
Interest and amortization of financing costs-net was $1.1 million for both
periods.
Provision for income taxes for the three-month periods ended June 30, 2000
and June 30, 1999 are based on actual tax computations for each of the periods.
The difference between the effective rates and the statutory rate relates
primarily to the Company's net operating loss carry forward, for which the
Company has not provided a tax benefit, and the alternative minimum tax.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO SIX MONTHS ENDED JUNE 30, 1999
Net sales for the six months ended June 30, 2000 increased 6.5% to $125.8
million from $118.2 million for the six months ended June 30, 1999. The
increase was primarily the result of an increase in unit sales of liquid
laundry products. Gross profit for the six months ended June 30, 2000 decreased
1.7% to $39.6 million from $40.3 million for the six months ended June 30,
1999. Gross profit as a percentage of net sales decreased to 31.5% for the six
months ended June 30, 2000 from 34.1% for the same period in 1999. The decrease
in gross profit as a percentage of net sales for the six months ended June 30,
2000 is primarily due to increases in commodity prices when compared to the
same period last year.
Selling, general and administrative expenses increased 1.4% to $36.5
million for the six months ended June 30, 2000 from $36.0 million for the six
months ended June 30, 1999. As a percentage of net sales, these expenses
decreased to 29.0% for the six months ended June 30, 2000 from 30.4% for the
comparable 1999 period, primarily due to a decrease in marketing funds (co-op
advertising, promotional allowances and slotting amortization) and other
selling and general administrative expenses, offset by an increase in shipping
expenses primarily due to higher fuel costs.
Net income for the six months ended June 30, 2000 included a charge of
$194,000 related to the issuance of a warrant for 140,000 shares of common
stock and other considerations in connection with the Company's joint venture
with Church & Dwight. The warrant replaced a previously issued warrant for
350,000 shares of the Company's common stock. Net income for the six months
ended June 30, 1999 includes a restructuring credit of approximately $113,000
related to a sublease of a previously closed facility that occurred earlier
than expected.
Interest and amortization of financing costs, net was $2.2 million for
both periods.
Provision for income taxes for the six-month periods ended June 30, 2000
and June 30, 1999 are based on actual tax computations for each of the periods.
The difference between the effective rates and the statutory rate relates
primarily to the Company's net operating loss carry forward, for which the
Company has not provided a tax benefit, and the alternative minimum tax.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2000, the Company's working capital was $8.6 million
compared to working capital of $8.0 million at December 31, 1999.
Net cash provided by operating activities for the six months ended June
30, 2000 was $4.4 million, compared to $54,000 for the six months ended June
30, 1999. The cash provided by operating activities in the six months ended
June 30, 2000 resulted primarily from depreciation and amortization of $3.5
million, decrease in accounts receivable of $1.1 million, increase in accounts
payable of $1.0 million and net income of $0.9 million. Offsetting this in part
was an increase in inventory of $2.2 million, an increase in prepaid expenses
and other current assets of $0.9 million and a decrease in cash overdraft of
$1.2 million.
Net cash used in investing activities for the six months ended June 30,
2000 was $1.8 million relating to the acquisition and upgrades of production
equipment and information systems. The Company anticipates that capital
expenditures for the remaining six months of fiscal 2000 will be approximately
$3.2 million, which includes expenditures for continued enhancements to the
Company's manufacturing, distribution and information systems.
7
<PAGE>
USA DETERGENTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000--CONTINUED
Net cash used in financing activities for the six months ended June 30,
2000 was $2.8 million resulting primarily from scheduled installment repayments
of the Company's existing credit facilities of $5.3 million partially offset by
the proceeds of $2.6 million from the sale of common shares in connection with
the establishment of the joint venture with Church & Dwight.
On February 26, 1999, the Company refinanced its existing indebtedness
with a group of banks lead by FINOVA Capital Corporation to provide for an
additional $14.5 million of financing resulting in a total facility of $60.0
million. The $14.5 million of additional financing is to be repaid in monthly
installments based upon a ten-year amortization schedule with interest at prime
plus 1.0%. At June 30, 2000, the prime interest rate was 9.5%. All indebtedness
to FINOVA is due in September 2003. The Company used $10.1 million of the
additional facility to pay off its remaining indebtedness to PNC Bank, National
Association. An additional $4.0 million of the proceeds were set aside for the
repayment of the Company's indebtedness to 101 Realty Associates, LLC ("101
Realty"), provided the Company met certain working capital levels and achieved
specified profitability levels. In May 1999 the Company released $2.0 million
of the reserved proceeds to pay down a portion of its indebtedness to 101
Realty. The FINOVA Agreement provides for the reserved funds to be used to pay
down a portion of the $14.5 million of additional indebtedness to the extent
the Company does not meet the working capital and profitability levels required
for the repayment of the 101 Realty indebtedness.
The Company requires the availability of sufficient cash flow and
borrowing capacity to finance its operations, meet its debt service obligations
and fund future capital expenditure requirements. Management believes the
Company's present credit facility will adequately support its ongoing debt
service and capital expenditure requirements for at least the next twelve
months. The Company's operating plan for the remainder of 2000 includes
improving its cost control programs and selling a distribution facility. If the
Company is successful in selling a distribution facility, management believes
it will realize an amount in excess of its current carrying value.
INFLATION
The cost of commodity related items (resin, paperboard, chemicals and
fuels) continue to impact the cost to manufacture and deliver the Company's
products. There can be no assurance that future price increases from the
Company's vendors will not have a material adverse effect on the Company or
that the Company will be able to react with price or product changes or other
manufacturing efficiencies of its own to offset these price increases.
Other than commodity related items described above, the Company does not
believe that the relatively moderate rates of inflation which recently have
been experienced in the United States have had a significant effect on net
sales or profitability.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company's carrying value of cash, restricted funds, trade accounts
receivable, accounts payable, accrued expenses, taxes payable, and existing
revolving line of credit facility, and term loans are a reasonable
approximation of their fair value.
The Company has not entered into, and does not expect to enter into,
financial instruments for trading or hedging purposes.
The Company is currently exposed to material future earnings or cash flow
exposures from changes in interest rates on long-term debt obligations since
the majority of the Company's long-term debt obligations are at variable rates.
The Company does not currently anticipate entering into interest rate swaps
and/or other similar instruments.
8
<PAGE>
PART II--OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS:
In connection with the quarterly and annual results of operations
originally reported by the Company for certain fiscal quarters in 1996 and 1997
and the fiscal year ended December 31, 1996, the Company has received a formal
request from the SEC for the production of various documents and the testimony
of certain current and former employees. The Company has been providing
documentation and other materials to the SEC in response to the request, and
the testimony of certain persons has been taken. The Company will continue to
cooperate with the SEC.
The Company is also involved in various routine legal proceedings of a
nature it deems to be customary to a company its size. The Company believes the
ultimate disposition of these actions will not have a material adverse effect
on its business, financial condition or results of operations.
ITEM 2. CHANGES IN SECURITIES:
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES:
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:
None.
ITEM 5. OTHER INFORMATION:
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:
(a) Exhibits
10.1+ Joint Venture Operating Agreement of ARMUS, LLC, dated June 14,
2000, between the Company and Church & Dwight Co., Inc.
10.2 Stock Purchase Agreement, dated June 14, 2000, among the
Company, Frederick R. Adler, and Church & Dwight Co., Inc.
10.3 Registration Rights Agreement, dated June 14, 2000, between the
Company and Church & Dwight Co., Inc.
27 Financial Data Schedule
(b) Reports on Form 8-K
+ Confidential treatment has been requested for certain portions of this
exhibit pursuant to Rule 406 promulgated under the Securities Act of
1933, as amended.
During the second quarter of fiscal 2000, the Company filed two reports on
Form 8-K, as follows:
(1) Report on Form 8-K, dated June 5, 2000, regarding the proposed sale of
a facility (Item 5. Other Events).
(2) Report on Form 8-K, dated June 19, 2000, regarding the joint venture
with Church & Dwight Co., Inc. (Item 5. Other Events).
9
<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.
USA DETERGENTS, INC.
August 14, 2000 By: /s/ Uri Evan
-----------------------------------
Name: Uri Evan
Title: Chairman of the Board of Directors
and Chief Executive Officer
August 14, 2000 By: /s/ Richard D. Coslow
-----------------------------------
Name: Richard D. Coslow
Title: Executive Vice President and Chief
Financial Officer
10
