Breaking News

CPAC Announces Third Quarter Results

February 12, 2003

CPAC, Inc., a manufacturer and marketer with holdings in the cleaning and personal care and imaging industries, today reported third quarter and nine-month results for fiscal year 2003 ended December 31, 2002. Net sales for the quarter were up 2.3% to $23.7 million compared to $23.1 million for the same quarter last year. Net income was $500,000. For the nine months ended December 31, 2002, net sales declined 2.2% to $72.1 million. After the impact of SFAS No. 142, which resulted in an adjustment of $6.3 million recorded in the first quarter, the company reported a loss of $4.6 million or $0.89 per diluted share for the nine months.

Thomas N. Hendrickson, CPAC's president and chief executive, stated, "Revenue improvements in the third quarter were driven primarily by achievements in the Fuller Brands segment. G. Robert Gey was appointed president of the Fuller Brands segment on January 19, 2003, assuming total financial and operational responsibility for all Fuller Brands business units, including Cleaning Technologies Group and Stanley Home Products."

Fuller Brands' sales rose 3.6% for the third quarter, due primarily to increases in the Fuller Brush home shopping initiative with QVC, and its own marketing via internet partners. These relationships continue to exceed expectations.

Cleaning Technologies Group sales in the quarter improved by more than 8% on the strength of the distributor sales network. In national accounts, the latest round of Kmart store closings will impact results going forward. CTG continues to monitor and work closely with this key account.

A 3% reduction in the number of direct selling representatives combined with general economic worries contributed to a 9% quarterly sales decline in the Stanley Home Products division, partially offsetting other segment increases. Plans are in place to restructure the compensation program to provide increased incentives and rewards for the field sales organization.

According to G. Robert Gey, "We are pleased with the sales results for The Fuller Brush Company. Cleaning Technologies Group is showing measurable improvements versus prior year despite the challenges present in its markets. Growth initiatives relative to new products and new channels are beginning to take hold, but operating income is disproportionate with the level of sales. We have assigned high priority to bringing SG&A expenses in line."
blog comments powered by Disqus
  • Senior Skin Care

    Senior Skin Care

    Christine Esposito, Associate Editor||July 19, 2016
    McCord Research and Product Quest Manufacturing roll out new hospital-grade skin care kits for seniors to use at home.

  • Naterra Expands Tree Hut Range

    Naterra Expands Tree Hut Range

    Melissa Meisel, Associate Editor||July 18, 2016
    New ‘Bare’ collection is out now.

  • An Antioxidant Arsenal

    An Antioxidant Arsenal

    July 11, 2016
    BioRewind is Dermarché Labs' new anti-aging regimen that delivers broad-spectrum antioxidant protection against free radicals

  • Sustainability is Omnipresent

    Sustainability is Omnipresent

    Christine Esposito , Associate Editor||July 1, 2016
    Industry stakeholders convene in New York City for Organic Monitor’s annual event

  • Perceived Perfection

    Perceived Perfection

    Christine Esposito, Associate Editor||July 1, 2016
    From primers to pressed powders, facial cosmetics help create the illusion of a flawless complexion.

  • Preserve & Serve

    Preserve & Serve

    Melissa Meisel , Associate Editor||July 1, 2016
    Suppliers with innovative preservatives provide staying power for formulations.