NEUTROGENA CORP. REPORTS RESULTS
NEUTROGENA CORP. REPORTS RESULTS LOS ANGELES, Dec. 3 /PRNewswire/ -- Neutrogena Corporation
(NASDAQ: NGNA) today reported a 24 percent increase in annual net income to $21,349,000, or $.80 per share, up from $17,234,000, or $.65 per share, in the prior year. Net sales for the fiscal year ended Oct. 31, 1991 advanced 10 percent to $231,257,000 from $209,841,000 a year ago.
For the fiscal 1991 fourth quarter, net income rose 53 percent to $4,818,000, or $.18 per share, from $3,157,000, or $.12 per share, in the corresponding prior year quarter. Net sales for the fourth quarter increased 10 percent to $61,498,000, up from $56,007,000 a year ago. Fiscal 1991's positive performance primarily reflects the margin benefit derived from increased sales -- most notably internationally and in domestic hair care products -- the absence of unusual items that adversely impacted last year's performance, and a lower effective tax rate. Neutrogena Chairman and Chief Executive Officer Lloyd E. Cotsen said, "This year's sales growth is even more pleasing in view of the economic and competitive conditions we faced. Furthermore, our results reflect much hard work, which paid off in improved profits." Cotsen added that the success of 1991 also included the following major achievements, most of which benefit 1992 as well: 1. New senior level executives were appointed late in the year. 2. Sales erosion in 1990 of Neutrogena's domestic shampoo
products was transformed into good unit growth.
3. International sales -- in line with long-term strategic goals -- rose to 20 percent of total volume and for the first time, produced meaningful profits. 4. The company continued to explore the use of television as a powerful advertising media. 5. Neutrogena focused more attention on new product development, which should be evident in fiscal 1992. Cotsen concluded that, "1991 was an important stepping stone to what we anticipate will be a renewed growth period ahead." Neutrogena Corporation, headquartered in Los Angeles, manufactures and sells high-quality, premium-priced specialty skin care and hair care products. NEUTROGENA CORPORATION AND SUBSIDIARIES Consolidated Statements of Income For the Twelve Months For the Three Months Ended Oct. 31, Ended Oct. 31, 1991 1990 1991 1990 Net sales $231,257,000 $209,841,000 $61,498,000 $56,007,000 Income before provision for income taxes 32,844,000 28,718,000 7,015,000 5,412,000 Provision for income taxes 11,495,000 11,484,000 2,197,000 2,255,000 Net income $21,349,000 $17,234,000 $4,818,000 $3,157,000 Net income per share $0.80 $0.65 $0.18 $0.12 Average number of shares outstand- ing 26,589,075 26,700,597 26,811,442 26,571,196 -0- 12/3/91 /CONTACT: Bruce E. Kanter of Neutrogena Corp., 213-642-1150, or Cecilia A. Wilkinson or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Neutrogena Corp./ (NGNA) CO: Neutrogena Corp. ST: California IN: SU: ERN
EH -- LA009 -- 8721 12/03/91 11:31 EST
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|Date:||Dec 3, 1991|
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