Church & Dwight Co., Inc. Reports Third Quarter Sales Growth Of 21% And Earnings Growth Of 22%.PRINCETON, N.J.--(BUSINESS WIRE)--Oct. 22, 1998--Church & Dwight Co., Inc. (NYSE NYSE See: New York Stock Exchange :CHD CHD coronary heart disease. ChD abbr. Latin Chirurgiae Doctor (Doctor of Surgery) CHD, n.pr See disease, coronary heart. CHD canine hip dysplasia. ) today reported that for the quarter ended September 25, 1998, net income advanced 22% to $7.8 million, equivalent to basic earnings of $0.40 per share, from $6.4 million, or $0.33 per share, in last year's third quarter. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings were $0.39 per share compared to $0.32 per share last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 29% from $9.3 million to $12.0 million. Sales increased by 21% to $176.8 million from $146.3 million in the comparable period last year. For the first nine months of 1998, net income advanced 14% to $21.6 million, equivalent to basic earnings of $1.11 per share, from $18.9 million or $0.97 per share a year ago. Diluted earnings were $1.08 per share compared to $0.95 per share last year. Operating income increased 32% from $24.0 million to $31.8 million. Sales increased by 20% to $502.4 million from $417.8 million in the same period last year. The Company reported that, both for the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. periods, the strong sales growth reflected the introduction of two major consumer products: ARM & HAMMER(R) SUPER SCOOP SCOOP - Structured Concurrent Object-Oriented Prolog. ["SCOOP, Structured Concurrent Object-Oriented Prolog", J. Vaucher et al, in ECOOP '88, S. Gjessing et al eds, LNCS 322, Springer 1988, pp.191-211]. (TM) Cat Litter Cat litter (often called kitty litter) is one of any of a number of materials used in litter boxes to absorb moisture from cat feces and urine, which reduces foul odors such as ammonia and renders them more tolerable within the home. , in late 1997 and ARM & HAMMER DENTAL CARE(R) Gum gum, colloidal plant substance gum, term commonly applied to any of a wide variety of colloidal substances somewhat similar in appearance and general characteristics, exuded by or extracted from plants. , in early 1998. It also included the sales of BRILLO(R) Soap Pads Noun 1. soap pad - a cleaning pad containing soap cleaning pad - a pad used as a cleaning implement and certain other brands acquired in late 1997. In the established consumer business, sales of laundry Laundry can be:
Before industrialization and deodorizing products were higher, and personal products lower, than in the same period last year. Specialty products sales were also slightly higher, with particular strength in the animal nutrition area. Robert A. Davies, III, President and Chief Executive Officer, commented, "We continue to be pleased with the early results from the recent new product introductions. After one year in distribution, SUPER SCOOP Cat Litter has exceeded a 10% share of the clumping clumping /clump·ing/ (klump´ing) the aggregation of particles, such as bacteria, into irregular masses. clump·ing n. The massing together of bacteria or other cells suspended in a fluid. litter litter /lit·ter/ (lit´er) stretcher. lit·ter n. 1. A flat supporting framework, such as a piece of canvas stretched between parallel shafts, for carrying a disabled or dead person; a market in food stores and is well positioned for continued growth. ARM & HAMMER DENTAL CARE Gum, in its first few months on the shelf, has been well received by consumers and the trade and looks set to become an important addition to our oral care product line. The product is now broadly distributed in food, drug and mass stores, and will shortly also be available in convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. . "The entire toothpaste toothpaste, n See dentifrice. category has become a new item driven business. To strengthen our position in the important whitening whit·en·ing n. 1. An agent used to make something white or whiter. 2. The act or process of making white or whiter. Noun 1. segment of the market, we will shortly introduce ARM & HAMMER ADVANCE WHITE(TM), a new product line based on the natural whitening power of baking soda baking soda: see sodium bicarbonate. in combination with other ingredients. This product line comes in three forms to meet a broad range of consumer preferences, and will appear on the shelf early next year. "During the quarter, we took a number of major initiatives to broaden the business. In the consumer area, we concluded a licensing agreement with Flanders Corporation under which they will manufacture and market a high- end line of deodorizing air filters for the residential market under the ARM & HAMMER name. In the animal nutrition area, we formed a joint venture with Agway, Inc. and Compton & Associates to develop enhanced natural feed ingredients initially for the dairy industry." Mr. Davies concluded, "Beginning in the fourth quarter, year-over-year comparisons will include the full effect of the SUPER SCOOP launch and the BRILLO acquisition. At this juncture junc·ture n. The point, line, or surface of union of two parts. in the quarter, we look forward to a strong conclusion to the year." Church & Dwight Co., Inc. is the manufacturer of ARM & HAMMER(R) consumer and specialty products. This release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which depend to a large extent on factors outside the Company's control. With regard to new product introductions, or new marketing strategies for existing products, there is particular uncertainty related to trade, competitive and consumer reactions. Future performance may be affected by changes in one or more of these factors. Additional risk factors are listed from time to time in our SEC filings. -0-
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
Sept. 25, 1998 Sept. 26, 1997 Sept. 25, 1998 Sept. 26, 1997
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
Other income
(expense), net (629) 76 (1,346) 2,112
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
Net Income per
share - Basic $0.40 $0.33 $1.11 $0.97
Net Income per
share - Diluted $0.39 $0.32 $1.08 $0.95
Dividend per
share $0.12 $0.12 $0.36 $0.34
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
-0-
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) Sept. 25, 1998 Sept. 26, 1997
Assets
Current Assets
Cash, equivalents and securities $15,487 $12,709
Accounts receivable 65,884 59,845
Inventories 64,314 57,948
Deferred income taxes 9,836 11,018
Prepaid expenses 4,278 4,615
Current portion of notes receivable 7,393 3,066
Total Current Assets 167,192 149,201
Property, Plant and Equipment (Net) 160,341 143,322
Note Receivable from Joint Venture 3,540 7,934
Equity Investment in Affiliates 27,135 26,430
Intangibles and other assets 33,463 24,693
Total Assets $391,671 $351,580
Liabilities and Stockholders' Equity
Current Liabilities $136,931 $130,843
Long-Term Debt 24,744 7,500
Deferred Items 27,187 23,355
Nonpension Postretirement and
Postemployment Benefits 14,584 13,512
Stockholders' Equity 188,225 176,370
Total Liabilities and Stockholders' Equity $391,671 $351,580
-0- CHURCH & DWIGHT CO., INC. DECLARES 391ST REGULAR QUARTERLY DIVIDEND PRINCETON, NJ, OCTOBER 22, 1998--Church & Dwight Co., Inc. (NYSE:CHD), manufacturer of ARM & HAMMER(R) products, reported that the Board of Directors declared a regular quarterly dividend of 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This dividend will be payable December 1, 1998 to stockholders of record at the close of business on November 10, 1998. This is the Company's 391st regular quarterly dividend. |
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