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Financial News



Published May 4, 2009
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New Report Shows Highs and Lows at Inter Parfums



Fragrance marketers are still trying to make “scents” in the troubled economy. Inter Parfums, Inc. posted mixed results for the fourth quarter and year ended Dec. 31, 2008. In the fourth quarter, net sales declined nearly 16% to $100.4 million; while sales in European-based operations slipped 14% to $83.2 million, and U.S.-based operations dropped 24% to $17.2 million.

For the full year 2008, net sales rose 15% to $446.1 million. European-based operations were up 17% to $386.4 million, while U.S.-based operations rose 1% to $59.7 million. As a result of the global economic crisis, as well as the continued strength of the U.S. dollar relative to the euro, the company is revising its 2009 guidance to net sales of $390 million, with net income of approximately $21 million, assuming the dollar remains at current levels.

United Guardian Reports 3.4% Rise in Revenue



United-Guardian, Inc.—a manufacturer of cosmetic ingredients, personal and health care products and more—posted a 3.4% increase in 2008 revenue to $12.2 million. Ken Globus, president of United-Guardian, stated, “We are very pleased to report that we had another excellent year, with strong earnings and a slight increase in revenue. Revenue from our personal product, pharmaceutical and medical products lines all increased in 2008. While those increases were offset by substantially higher raw material and shipping costs, which resulted in a small decline in earnings, we still fared better than many other companies, and finished 2008 with an even stronger balance sheet than in 2007.

“Based on sales-to-date for the first quarter of 2009, we anticipate that the first quarter is going to be another strong one, and we are hopeful that we will be able to maintain our current sales levels despite the current economic turmoil that has devastated so many other companies,” he added.

CCA Industries, Inc. Reports 6% Decline



CCA Industries, Inc. announced revenues for the fiscal year ended Nov. 30, 2008 dropped 6% to $57.4 million. Revenues for the fourth quarter dropped 19% to $12 million due to the declining economy, according to the personal care product marketer.

“In addition to the additional costs to operate in this economy, we increased our overall advertising expenses…we believe that a recession requires aggressive marketing. We decided that it was necessary to spend the additional advertising expenses in the fourth quarter to maintain consumer recognition for some of our brands,” said David Edell, chief executive officer of CCA Industries.

“Our company is prepared for the economic challenge facing our country in 2009. We have already begun to streamline our operating costs for fiscal 2009 and to continue with productive advertising to support our products whose price points are attractive to today’s price conscious consumer. Fortunately, our company has the capital necessary to meet our working capital requirements without the need of any outside financing. We therefore are confident that we will generate positive and profitable results by the end of our 2009 fiscal year,” he said.

Sales Up at Bare Escentuals



Bare Escentuals, Inc. posted favorable financial results for the fourth quarter and fiscal year ended Dec. 28, 2008. Net sales for the fourth quarter of fiscal 2008 were $147.1 million, an increase of 2% from the same period last year. Net income for the fourth quarter of fiscal 2008 was $24.6 million, a decrease of 9% for the mineral makeup giant.

For the fiscal year ended Dec. 28, 2008, net sales increased 9% to $556.2 million, while net income rose 11% to $98 million.

“While we are pleased that we were able to deliver positive revenue growth in the quarter, particularly in light of overall declines in the prestige cosmetics market, it is clear to us and to everyone in our industry that consumers are under great pressure, and we expect that dynamic to continue for some time,” said Leslie Blodgett, chief executive officer of the company.

In the fourth quarter of fiscal 2008, the company re-evaluated the way it internally reviewed its business performance and, in turn, changed its operating segments to be more geographically focused. The company’s new segments include North America Retail, North America Direct to Consumer and International.


Laundry Business on the Rise at Church & Dwight



Church & Dwight’s sales increased 9.1% to $2.4 billion last year. For the fourth quarter, net income rose 4% to $44.2 million while net sales increased 11% to $644.9 million. James R. Craigie, company chairman and chief executive officer, commented, “We are very proud of the business results and strategic initiatives that the company accomplished in 2008. We delivered solid organic sales growth, increased gross margin and generated record free cash flow. In addition, we acquired the net assets of the Del Pharmaceuticals, Inc. over-the-counter businesses from Coty, Inc., began the construction of a new integrated laundry detergent manufacturing plant and distribution center in York County, PA, and completed the rollout of concentrated liquid laundry detergent.”

Consumer domestic sales rose 18% in the fourth quarter to $477.7 million. The fourth quarter included sales from the recently acquired Coty businesses. Sales of Xtra liquid laundry detergent, Arm & Hammer liquid laundry detergent and powder laundry detergent were all significantly higher than recorded in last year’s report.

These increases were offset partially by lower sales of Kaboom and other household cleaners, the company said But consumer international fourth quarter sales fell 7% to $95.1 million. Fourth quarter operating income increased 40% to $80.1 million.

Lubrizol Posts Slower 4Q, Successful Full Year 2008



The Lubrizol Corporation reported that consolidated revenues for the fourth quarter decreased 5% to $1.09 billion. However, for the full year, 2008 consolidated revenues increased 12% to a record $5.03 billion. Commenting on the results, chief executive officer James Hambrick stated, “Both of Lubrizol’s operating segments experienced significant and sudden declines in volume at year end due to the weak global economy and inventory reductions by some of our customers. Nevertheless, I am pleased with our accomplishments in 2008, particularly our ability to successfully manage through a period of unprecedented material cost volatility.”

Stable Growth at Symrise Despite Economic Crisis



Despite the unfavorable economic environment, Symrise’s sales rose 6.5% to $1.6 billion in 2008. According to the company, sales growth included the strategically important acquisitions in the U.S., including the acquisition of the U.S. businesses of Manheimer Fragrances and Intercontinental Fragrances.

Unilever Completes Tigi Acquisition



In early 2009, Unilever announced that it has signed an agreement to acquire the global Tigi professional hair product business and its supporting advanced education academies for a cash consideration of $411.5 million. The deal is now complete. Tigi will operate as a stand-alone global business unit within Unilever, reporting to Michael B. Polk, president, Unilever Americas.

Tigi’s major brands include Bed Head, Catwalk and S-Factor. TIGI has operations in the U.S., UK, Italy, Germany and Australia, employs about 550 people and in 2008, had worldwide sales of approximately $250 million, with almost half coming from the United States.

Sales Down at Blyth for 4Q, Fiscal Year



Blyth, Inc., a multi-channel designer and marketer of home fragrance products, home decor products and household convenience items, posted a 16% drop in net sales to $313.4 million for the fourth quarter ended Jan. 31, 2009. Net sales for the year ended Jan. 31, 2009 slipped 10% to $1.05 billion.

Commenting on the company’s financial results, Robert B. Goergen, Blyth’s chairman of the board and chief executive officer, said, “The effect of unprecedented events in the U.S. economy, including the credit crisis, the deterioration of consumer discretionary spending and increased unemployment had a material impact on Blyth’s sales and profits.

“Consumers across each of our distribution channels became increasingly reluctant to spend during the course of the fourth quarter.

Mr. Goergen continued, “Conversely, consumer spending held up well for PartyLite Europe during the fourth quarter, with continued growth in our French and Nordic markets. Moreover, consultant productivity across most of Europe remained strong.”

WD-40’s Sales Slip in 2Q



WD-40, San Diego, said fiscal second quarter sales slid 21.7% to $61.8 milion. Net income fell 52.9% to $4.1 million. For the first half, sales dropped 8% to $145.4 million. Year-to-date net income fell 21% to $11.8 million. “During the quarter, we were negatively impacted by the overall weakness in the global economy, the Carpet Fresh brand valuation charge as well as the negative impact of the foreign currency exchange rates,” said Garry O. Ridge, WD-40 Company president and chief executive officer.

New Financial Leader at IFF



International Flavors & Fragrances Inc. (IFF) has elected Kevin Berryman, 50, executive vice president and chief financial officer effective May 15, 2009. He will report directly to the company chairman and chief executive officer, Robert M. Amen. Mr. Berryman was most recently chief financial officer, Americas for Nestlé Professional.




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