First half sales climbed 5% to a record $213,541,000 from sales of $204,071,000 for last year's first half. Net income for the first half of this year was $15,467,000 versus $11,895,000, in the comparable period last year, representing a 30% increase in net earnings.
Gerald J. Rubin, chairman, chief executive officer and president, said "Sales have increased in 31 of the past 34 quarters, with net income increasing in 30 of these 34 quarters, demonstrating a consistent financial performance over the past eight and a half years."
Mr. Rubin noted that the company is very pleased and excited to have entered into a definitive agreement to acquire directly and through license agreements six well known consumer brand names from The Procter and Gamble Company. The brands include Condition 3-in-1, a line of hairstyling products; Final Net, a hairspray; Vitalis, a line of men's hair grooming products; Ammens, a body powder; Sea Breeze brand of astringent and Vitapointe, another hair grooming product. The transaction is scheduled to close within ninety days.
"We look forward to adding these six strong consumer brands to our already impressive list of consumer products," Mr. Rubin concluded.