Sel-Leb Marketing <SELB.O> net rises, shares surge
PATERSON, N.J., April 5 (Reuters) - Shares of consumer products distributor and marketer Sel-Leb Marketing Inc. rose 131 percent or $6.25 to $11 as it reported that 1998 net income increased about five-fold.
The stock was Nasdaq's top percentage gainer.
For 1998, the company posted net income of $151,000 or $0.14 per share, up from $28,000 or $0.03 for 1997.
Hal Markowitz, chairman, said in a statement, "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."
The company said it expects continued growth and greater profits throughout 1999 and beyond.
In addition, it said it expects to establish a Web site, enabling the company to sell its cosmetic products over the Internet.
15:07 04-05-99
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