DEL BACK IN BLACK, SALES UP IN PERIOD
NEW YORK — Del Laboratories announced results on Thursday for the fourth quarter and full year ended Dec. 31, 1999.
Net sales for the fourth quarter of 1999 were $70,448,000, an increase above the $64,812,000 reported for the fourth quarter of 1998. Net earnings for the fourth quarter of 1999 were $131,000, compared with a prior-year fourth-quarter net loss of $363,000. Included in the fourth quarter of 1999 is an aftertax gain of $855,000 on the sale of land. Basic earnings per share for the fourth quarter of 1999 were $0.02, compared with a $0.05 net loss in the fourth quarter of 1998.
“The company’s performance in the fourth quarter reflects the continuing strength of our core Sally Hansen and Orajel brands, as well as the progress that was made in repositioning the Naturistics line,” said Dan K. Wassong, chairman, president and chief executive officer of Del Laboratories. “These developments, along with the successful launch of new products — including the Sally Hansen Teflon Tuff Extra Strength Nail Protector and the new NYC New York Color cosmetic line — makes us optimistic that our company is well positioned to achieve meaningful profitable growth in the coming year.”
Net sales for the full year of 1999 were $267,347,000, compared with $274,862,000 reported for the full year of 1998. For the full year of 1999, the company reported a net loss of $4,002,000, compared with net earnings of $11,077,000 in 1998.
The full year of 1999 was negatively impacted by the previously reported $9,500,000 of pretax charges in the third quarter of 1999, and the full year includes aftertax gains of $1,988,000 on sales of facilities and land.