Earnings=.01 better than consensus!
Helen of Troy Reports Record First Quarter Results
PR Newswire - July 08, 1998 07:45
EL PASO, Texas, July 8 /PRNewswire/ -- Helen of Troy Ltd. (Nasdaq: HELE), producer
and worldwide marketer of brand-name personal care products, today reported record
sales and earnings for the first quarter ended May 31, 1998.
First quarter net income rose 36 percent, to a record $4,836,000, or 17 cents per diluted
share, from $3,552,000, or 12 cents per diluted share in the prior year's first quarter. Sales
for the first quarter were up 22 percent, to a record $64,136,000, from sales of $52,448,000
for the same period last year. Earnings per share have been restated to reflect a 2-for-1
stock split paid Sept. 22, 1997, as a 100 percent stock dividend on the company's
common stock.
Gerald J. Rubin, chairman and chief executive officer, said, "First quarter results put
Helen of Troy on track for another year of record growth, reflecting the ongoing success
of our Vidal Sassoon, Revlon, and Dr. Scholl's lines. This quarter represents the 17th
consecutive quarter that sales and earnings have exceeded those of the comparable
year-ago period. We are especially pleased with the enthusiastic initial response to our
Dr. Scholl's massager products, which were introduced earlier this year at the annual
Housewares Show, and we will begin shipping during our second quarter. We will be
expanding the market for Dr. Scholl's massagers through extensive advertising in
consumer-oriented media during our third and fourth quarters.
"Helen of Troy will also be advertising to consumers through a television infomercial
that features our patented Caruso molecular steam hairsetter. The infomercial, which
stars the well-known television actress Lisa Hartman Black, will air nationally beginning
in September of 1998 and will help support retail sales of the product through our
nationwide distribution channels.
"Sales are up in every product category and in every market the company serves
worldwide. Sales have benefited from the strength of the U.S. economy and we have
experienced no adverse effects from the financial dislocations in Asia.
"Helen of Troy will continue to enhance its growth through a program of selective
acquisitions and by maximizing sales opportunities under the Revlon, Vidal Sassoon and
Dr. Scholl's trade names," Rubin concluded.
Helen of Troy designs, produces and markets brand-name hair dryers, curling irons, hair
setters, women's shavers, brushes, combs, hair accessories, artificial fingernails and
"comfort products" such as foot baths and body massagers. Helen of Troy products are
sold primarily through mass merchandisers, drug chains, warehouse clubs and grocery
stores, under the trade names Vidal Sassoon, Revlon, Dr. Scholl's, Dazey and Caruso.
The company also markets products under the Helen of Troy, Hot Tools, Salon Edition
and Gallery Series trademarks to the professional beauty salon industry.
This press release may contain certain forward-looking statements which are subject to
change. The actual results may differ materially from those described in any
forward-looking statements. Additional information concerning potential factors that
could affect the company's financial results are included in the company's Form 10-K for
the year ended February 28, 1998.
HELEN OF TROY LTD. Comparative Analysis (Unaudited) (in thousands, except shares
and earnings per share)
For the Three Months Ended 5/31/98 5/31/97
Net Sales $64,136 $52,448
Cost of Sales 39,147 32,637
Gross Profit 24,989 19,811
Selling, general and
administrative expenses 18,796 14,944
Operating Income 6,193 4,867
Other income (expenses): Other expense, net (148) (284)
Earnings before income taxes 6,045 4,583
Income tax expense 1,209 1,031
Net earnings $ 4,836 $ 3,552
Net earnings per share,
diluted (a) $.17 $.12
Weighted average shares
used in computation (a) 29,129,930 28,417,516
(a) Adjusted for a 2-for-1 stock split paid Sept. 22, 1997, as a
100 percent stock dividend on the company's common stock.
Selected Consolidated Balance Sheet Information
5/31/98 5/31/97
Cash $ 35,505,000 $ 25,565,000
Accounts receivable 51,844,000 42,496,000
Inventory 78,464,000 64,511,000
Total current assets 175,787,000 136,187,000
Total assets 230,110,000 185,022,000
Total current liabilities 21,153,000 20,032,000
Total long-term liabilities55,450,000 40,450,000
Stockholders' equity $153,507,000 $124,540,000
SOURCE Helen of Troy Ltd.
/CONTACT: Gerald Rubin of Helen of Troy Ltd., 915-779-6363/ |
