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MAYBELLINE REPORTS NET SALES UP 18.1 PERCENT, EARNINGS PER SHARE OF $.30 FOR FIRST QUARTER

 MEMPHIS, Tenn., April 21 /PRNewswire/ -- Maybelline, Inc. (NYSE: MAY) today announced consolidated net sales of $86.2 million for the quarter ended March 31, 1993, reflecting an 18.1 percent increase over net sales of $73.0 million for the first quarter of 1992. Quarterly net income amounted to $5.4 million, or $0.30 per share, compared to a net loss of $7.7 million, or $0.61 per share, for the first quarter of 1992.
 The prior-year data includes a non-recurring pre-tax charge of $12.1 million and excludes the effect of the company's debt refinancing and public stock offering in December 1992. After excluding the non-recurring charge, normalizing interest expense and applying an income tax rate of 37.5 percent, net income for the first quarter of 1992 would have amounted to $4.3 million, or $0.24 per share. On that basis, net income for the first quarter of 1993 exceeded net income as adjusted for the first quarter of 1992 by 25.4 percent.
 The company's three major divisions -- Maybelline U.S.A., Maybelline International and Yardley North America -- each contributed to the overall sales increase. The Maybelline U.S. cosmetics business gained 14.2 percent during the quarter, including shipments of new 1993 products such as the Revitalizing Face collection, waterproof versions of Great Lash and Illegal Lengths mascaras, and line extensions for both Shades of You and Shine Free brands. During the quarter, Yardley North America gained 78.7 percent versus the prior year due to initial orders for the new Yardley Bath Shoppe line in the United States and Canada.
 Internationally, net sales rose 22.6 percent, and operating income was up 63.8 percent in existing markets. New business arrangements optimized sales and profitability in Mexico, with a new subsidiary, and in Australia, with a new distributor.
 Gross profit margins increased from 62.7 percent in the first quarter of 1992 to 63.2 percent in the first quarter of 1993, primarily as a result of streamlining, automation and the company's Value Analysis program, which reduces manufacturing costs while maintaining or adding consumer quality and value. Operating income in the first quarter of 1993 amounted to $9.6 million and was 11.2 percent of net sales, an increase of 18.9 percen-?year adjusted first quarter operating income of $8.1 million, which was 11.1 percent of net sales.
 Maybelline President and CEO Robert N. Hiatt noted that first- quarter net sales were the strongest posted by the company in any quarter since Maybelline became an independent company in July 1990.
 "Both the Maybelline and Yardley brands have continued to build their base business by introducing high-qualty new products that meet targeted consumer needs," Hiatt said. "As a result of improved product mix and increased market share, Maybelline cosmetics continue to out- perform the industry. The positive trade response to the new Yardley Bath Shoppe collection brought growth in the emerging bath care category. Internationally, we expanded existing markets such as Southeast Asia, where net sales rose 45.3 percent largely due to new products, such as fragrance-free lipstick, that were developed to meet local consumer preferences."
 Headquartered in Memphis, Maybelline, Inc. is a leader in the mass- market color cosmetics business, manufacturing and marketing Eye, Face, Lip and Nail cosmetics and other personal care products for sale in the United States and in selected international markets. The company markets its products under such well-recognized brand names as Great Lash, expert Eyes, Moisture Whip, Revitalizing, Shades of You, Shine Free and Yardley of London. Maybelline products are carried by virtually every major mass-market retailer in the United States and are also distributed in approximately 40 countries.
 MAYBELLINE, INC.
 Unaudited First Quarter Financial Highlights
 (In thousands, except per share amounts)
 1993 1992 Actual 1992 Adjusted
 Net sales $86,207 $72,969 $72,969
 Cost of sales 31,685 27,188 27,188
 Operating income (loss) 9,631 (4,023) 8,102
 Net income (loss) 5,370 (7,713) 4,283
 Income (loss) per common
 share 0.30 (0.61) 0.24
 Average shares outstanding 17,924 12,576 17,924
 NOTE: "1992 Adjusted" reflects the exclusion of a non-recurring pre-tax charge of $12.1 million, normalized interest expense to reflect the current rate of interest applied to 1992 year-end levels of indebtedness, and applies an income tax rate of 37.5 percent.
 -0- 4/21/93
 /CONTACT: Joan Horne Lollar of Maybelline, 901-320-2460/
 (MAY)


CO: Maybelline, Inc. ST: Tennessee IN: REA SU: ERN

CM -- CH003 -- 8562 04/21/93 09:39 EDT
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Date:Apr 21, 1993
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