02.09.04
Church & Dwight Co., Inc., Princeton, NJ, today reported that net income increased 20% in 2003 to $81.0 million from $66.7 million the previous year. Full-year sales increased 0.9% to of $1,056.9 million. Executives said excluding oral care acquisitions from Unilever, sales were flat. At the product line level, laundry, specialty products and international sales were all higher, while deodorizers were flat, and cleaners and personal care sales were lower than in the previous year.
Combined gross margin in 2003 was 37.9% compared to 37.1% in 2002. Combined operating profit increased $16.8 million or 9.2% to $198.3 million, with an operating margin of 13.2% compared to 12.3% in the previous year.
For the fourth quarter, the company reported net income was $15.9 million, compared to $15.5 million in the previous year. Fourth quarter sales were up 7% to $286.7 million.
Robert A. Davies, III, chairman and chief executive officer of Church & Dwight, said, "We are pleased with these financial results, as well as several other positive developments, including the expansion of our oral care business, and recent new product and other initiatives, which make both our product portfolio and cost structure stronger than a year ago. As a result, we feel confident that the company can continue to meet its key financial objectives in 2004."
During the fourth quarter of 2003, the company repackaged its Xtra Liquid Laundry detergent line in vibrant new bottle colors cued to the product's fragrance variants, and expanded distribution of this product line in the mass channel. Early in 2004, the company launched Arm & Hammer Enamel Care toothpaste. Other important personal care initiatives, early in 2004, include additions to the Arrid Total and Arm & Hammer Ultramax antiperspirant lines.
The company plans to concentrate on a few high-value initiatives plus the stabilization of the former Unilever brands. In 2004, the company will also be reviewing and modifying its promotion strategy, using new systems tools which became operational late in 2003. Executives expect high single digit sales growth for the year, including the acquired brands.
Combined gross margin in 2003 was 37.9% compared to 37.1% in 2002. Combined operating profit increased $16.8 million or 9.2% to $198.3 million, with an operating margin of 13.2% compared to 12.3% in the previous year.
For the fourth quarter, the company reported net income was $15.9 million, compared to $15.5 million in the previous year. Fourth quarter sales were up 7% to $286.7 million.
Robert A. Davies, III, chairman and chief executive officer of Church & Dwight, said, "We are pleased with these financial results, as well as several other positive developments, including the expansion of our oral care business, and recent new product and other initiatives, which make both our product portfolio and cost structure stronger than a year ago. As a result, we feel confident that the company can continue to meet its key financial objectives in 2004."
During the fourth quarter of 2003, the company repackaged its Xtra Liquid Laundry detergent line in vibrant new bottle colors cued to the product's fragrance variants, and expanded distribution of this product line in the mass channel. Early in 2004, the company launched Arm & Hammer Enamel Care toothpaste. Other important personal care initiatives, early in 2004, include additions to the Arrid Total and Arm & Hammer Ultramax antiperspirant lines.
The company plans to concentrate on a few high-value initiatives plus the stabilization of the former Unilever brands. In 2004, the company will also be reviewing and modifying its promotion strategy, using new systems tools which became operational late in 2003. Executives expect high single digit sales growth for the year, including the acquired brands.