Net sales for the first nine months of 2003 were $291 million, an increase of 8.4% compared to the first nine months of 2002. Net earnings for the nine months were down to $13.9 million from $14.6 million in 2002. This includes charges of $1.8 million recorded in the second quarter and $119,000 recorded in the third quarter related to severance costs associated with the relocation of all Farmingdale, NY manufacturing operations to Rocky Point, NC.
Dan K. Wassong, chairman, president and chief executive officer, said, "Driving our sales and earnings was the continued solid performance of our core brands. In our cosmetics business, Sally Hansen remains the No. 1 brand in the mass market nail care category with a 26% share of market for the quarter, as reported by ACNielsen. In our over-the-counter pharmaceutical business, Orajel continues as the leader in the oral analgesics category with a 30% share of market for the quarter, as reported by Information Resources, Inc.
"The recent introduction of Sally Hansen Healing Beauty, a line of skin care makeup, is receiving favorable acceptance by our customers as we successfully added a new product line under the Sally Hansen brand," he continued. "Such investments in our core cosmetics business will, we believe, enable us to continue our positive momentum in this year and permit us to achieve our long-term growth objectives in future years as well."