Alberto-Culver 3Q Profit Falls on Charges
Beauty care and household products maker Alberto-Culver Co.’s fiscal third-quarter profit slumped 43 percent, primarily hurt by charges related to its failed deal with Regis Corp. The company said latest quarterly earnings include a charge of 34 cents for fees and expenses related to the terminated deal to sell its Sally Beauty sales business to hair salon operator Regis. There was also a stock option expense of 2 cents per share. Last year's results were impacted by a stock-conversion charge of 3 cents. Alberto-Culver announced in June, after the Regis deal fell through, that it would spin off its Sally Beauty business into a separately traded company. Alberto-Culver shareholders will own 52.5 percent of the new company and a fund managed by Clayton, Dubilier & Rice will acquire a stake of roughly 47.5 percent.
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