Church & Dwight Co., Inc. Reports Third Quarter 1999 Earnings Rose 40% to $.28 Per Share On a 5% Sales Increase.

PRINCETON, N.J.--(BUSINESS WIRE)--Oct. 28, 1999--

Church & Dwight Co., Inc. (NYSE:CHD) today reported that for the quarter ended October 1, 1999, net income increased to $11.4MM, representing a 40% increase in diluted earnings to $.28 per share, compared to $7.8MM, or $.20 per share in the same period last year. Sales increased by 5.1% to $185.9MM from $176.8MM in last year's third quarter which included a significant increase in consumer product sales related to the introduction of two major products, ARM & HAMMER SUPER SCOOP(R) Clumping Cat Litter and ARM & HAMMER DENTAL CARE(R) Gum.

For the first nine months of 1999, net income rose to $34.2MM, equivalent to diluted earnings of $.84 per share, compared to $21.6MM or $.54 per share in the same period last year. This year's results include a net pretax gain of $5.6MM or $.08 per share from two previously announced events - the sale of trona mineral reserves in January, less impairment charges related to plant restructuring activity. Last year's results included a $3.5MM gain from the sale of technology. Excluding these one-time items, net income would have risen by 55% to $.76 per share compared to $.49 per share last year. Nine month sales increased by 8.9% to $547.0MM this year compared to $502.4MM last year.

Commenting on the third quarter results, Mr. Robert A. Davies, III, President and Chief Executive Officer, said, "Both the significant profit improvement and the slowdown in consumer sales were expected given the tremendous new product sell-in and promotional activity in the same period last year. Our retail sales increased by 5% in this year's third quarter, which we consider satisfactory ahead of the new product initiatives we plan for the next few months."

Early in the fourth quarter, the Company announced the launch of two major new products. First, ARM & HAMMER SUPER STOP(TM) Cat Litter, the Company's first entry into the traditional clay litter segment of the cat litter market. Second, ARM & HAMMER P.M.(TM), a major addition to the ARM & HAMMER DENTAL CARE line, and the first major toothpaste uniquely formulated and positioned to fight "nighttime mouth." The Company began shipping both of these products in October, and expects broad retail distribution to be achieved early next year.

The Company also announced today, in a separate release, that it is planning to enter the bathroom cleaner business with the proposed acquisition of two major brands, CLEAN SHOWER(R) and SCRUB FREE(R), which together account for about a 16% share of this $450 million retail category.

Referring to the Company's cost structure, Mr. Davies added, "We are pleased at the improvement in our operating profit margin this year. Excluding the one-time items and including the income from affiliates, our operating margin so far this year is 8.9% compared to 6.3% last year. This comes from a combination of plant and other operating efficiencies and lower marketing spending. Additional cost reduction programs will be completed in the fourth quarter. As a result, we expect to be able to enhance our full year operating margin next year even as we increase spending on new products."

                       Church & Dwight Co., Inc
                        Product Line Net Sales
                         Dollars in Thousands
                         --------------------

                              Three Months Ended     Nine Months Ended
                               Oct. 1,  Sept. 25,    Oct. 1,  Sept. 25,
                                 1999       1998       1999       1998
                            --------------------  --------------------

Laundry & HH Cleaning       $  66,393  $  64,770  $ 204,011  $ 195,978
Oral & Personal Care        $  40,958  $  44,582  $ 122,759  $ 120,290
Deodorizing                 $  42,332  $  36,761  $ 114,776  $  96,802
                            --------------------  --------------------
Total Consumer              $ 149,683  $ 146,113  $ 441,546  $ 413,070

Specialty Chemicals         $  24,918  $  19,442  $  72,046  $  59,766
Animal Nutrition            $  15,301  $  13,376  $  45,470  $  35,600
Specialty Cleaners          $   2,745  $   2,818  $   7,215  $   8,806
                            --------------------  --------------------
Total Specialty Products    $  42,964  $  35,636  $ 124,731  $ 104,172

Total Internal Sales        $ 192,647  $ 181,749  $ 566,277  $ 517,242
                            --------------------  --------------------
Unconsolidated Affiliates   $  (6,698) $  (4,922) $ (19,255) $ (14,870)
                            --------------------  --------------------
Total External Sales        $ 185,949  $ 176,827  $ 547,022  $ 502,372
                            ====================  ====================

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Church & Dwight Co., Inc. is the manufacturer of ARM & HAMMER consumer and specialty products.

This release contains forward-looking statements relating, among others, to financial objectives, sales growth and cost reduction programs. Many of these statements depend on factors outside the Company's control, such as economic conditions, market growth and consumer demand, competitive products and pricing, raw material costs and other matters. With regard to new product introductions, there is particular uncertainty related to trade, competitive and consumer reactions. If the Company's assumptions are incorrect, or there is a significant change in some of these key factors, the Company's performance could vary materially from the forward-looking statements in this Report.

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)

                              Three Months Ended     Nine Months Ended
----------------------------------------------------------------------
(In thousands, except          Oct. 1,  Sept. 25,    Oct. 1,  Sept. 25,
 per share data)                 1999       1998       1999       1998
----------------------------------------------------------------------
Net Sales                   $ 185,949  $ 176,827  $ 547,022  $ 502,372
Cost of sales                 100,975     97,664    301,018    277,001
----------------------------------------------------------------------
Gross profit                   84,974     79,163    246,004    225,371
Advertising, consumer and
 trade promotion expenses      44,459     47,774    136,327    137,276
Selling, general and
 administrative expenses       22,517     19,368     64,746     59,783
Gain on sale of mineral rights    -          -      (11,772)       -
Impairment and other items        435        -        6,190        -
Sale of Technology                -          -          -       (3,500)
----------------------------------------------------------------------
Income from Operations         17,563     12,021     50,513     31,812
Equity in earnings
 of affiliates                  1,372      1,207      5,321      4,170
Other income (expense), net      (475)      (629)      (887)    (1,346)
----------------------------------------------------------------------
Income before taxes            18,460     12,599     54,947     34,636
Income taxes                    6,873      4,765     20,330     13,033
Minority Interest                 208        -          417        -
----------------------------------------------------------------------
Net Income                  $  11,379  $   7,834  $  34,200  $  21,603
======================================================================
Net Income per share - Basic    $0.29      $0.20      $0.88      $0.56
Net Income per share - Diluted  $0.28      $0.20      $0.84      $0.54
----------------------------------------------------------------------
Dividend per share              $0.07      $0.06      $0.19      $0.18
----------------------------------------------------------------------
Weighted average shares
 outstanding - Basic           38,837     38,746     38,780     38,778
Weighted average shares
 outstanding - Diluted         41,097     40,050     40,887     40,002
======================================================================
Reflects September 1, 1999 2 for 1 stock split.

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)              Oct. 1, 1999   Sept. 25, 1998
----------------------------------------------------------------------
Assets
======================================================================
Current Assets
Cash, equivalents and securities       $  24,108        $  15,487
Accounts receivable                       69,512           65,884
Inventories                               68,351           64,314
Deferred income taxes                     10,196            9,836
Prepaid expenses                           6,946            4,278
Current portion of note receivable         6,540            7,393
----------------------------------------------------------------------
Total Current Assets                     185,653          167,192
----------------------------------------------------------------------
Property, Plant and Equipment (Net)      177,054          160,341
Note Receivable                              -              3,540
Equity Investment in Affiliates           19,446           27,135
Intangibles and other assets              43,350           33,463
----------------------------------------------------------------------
Total Assets                           $ 425,503        $ 391,671
======================================================================

Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities                    $ 130,131        $ 136,931
Long-Term Debt                            30,011           24,744
Deferred Items                            30,029           27,187
Nonpension Postretirement and
 Postemployment Benefits                  15,620           14,584
Minority Interest                          3,049              -
Stockholders' Equity                     216,663          188,225
----------------------------------------------------------------------
Total Liabilities and
 Stockholders' Equity                  $ 425,503        $ 391,671
======================================================================

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CHURCH & DWIGHT CO., INC. DECLARES

395th REGULAR QUARTERLY DIVIDEND

PRINCETON, NJ, OCTOBER 28, 1999--Church & Dwight Co., Inc. (NYSE:CHD), manufacturer of ARM & HAMMER(R) products, today reported that the Board of Directors declared a regular quarterly dividend of 7 cents per share. This dividend will be payable December 1, 1999, to stockholders of record at the close of business on November 9, 1999. This is the Company's 395th regular quarterly dividend.