Helen of Troy Limited Posts Record Earnings

Helen of Troy Ltd., a marketer of brand-name personal care products, today reported record earnings for the second quarter and six months ended Aug. 31, 2002. Second quarter sales were $111 million versus sales of $112.6 million for the same period of the prior year. Second quarter net income increased 22% to $8.8 million, compared with $7.3 million a year earlier.

First half sales for the company climbed 5% to a record $213.5 million, from $204 million for last year’s first half. Net income for the first half of this year was $15.4 million versus $11.8 million 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 & 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.”