SELB: Turnaround play. . CAUTION: Float is only 500k.
Was at 5 7/16 when I wrote this, now already at 6 1/16.
Sel-Leb Marketing Reports Five Fold Increase in Net Income
for the Year 1998
PATERSON, N.J., April 5 /PRNewswire/ -- Sel-Leb Marketing, Inc.
(Nasdaq: SELB; SELBW) reported increased earnings for 1998.
Pretax income was $225,608 for 1998 compared to $51,267 for 1997.
Net income for 1998 was $150,884 compared to $27,644 for 1997.
Net earnings per share for 1998 was $.14 compared to $.03 for 1997.
Mr. Hal Markowitz, Chairman of the Board, stated, "The results for
the year 1998 represent a positive turning point in the history of
Sel-Leb Marketing. Crucial steps which began in the first quarter
of 1998 to reduce the inventory of lower margin merchandise led to
the sale of more profitable products throughout the remainder of the year resulting in profits for the second, third and fourth quarters,
and for the entire year. This represents the first time in the
Company's history that the Company reported a profit for the fourth
quarter."
Mr. Markowitz added, "that the measures implemented in 1998 created a
momentum that management believes will create greater sales and
earnings in the first quarter of 1999 versus the first quarter of
1998. We expect continued growth and greater profits throughout 1999
and beyond.
"We look forward to the completion this summer of the Company's Web
site which will enable the Company to sell its unique cosmetic
products over the Web."
Sel-Leb Marketing, Inc. is a company primarily engaged in the
distribution and marketing of consumer products through mass
merchandisers, discount chain stores and food and electronic
retailers.
Sel-Leb Marketing, Inc.
Statement of Income
(in thousands except per share amounts)
Year Ended December 31,
1998 1997
Revenue $17,275 $17,374
Operating Expense 16,882 17,172
Income Before Taxes 225 51
Income Tax Provision 74 23
Net Income 151 28
Net Earnings Per Common Share $.14 $.03
SOURCE Sel-Leb Marketing, Inc. |
