09 August 1999 00:00 [Source: ICB Americas]Church & Dwight Co. Inc. posted an impressive 31 percent increase in net income this quarter, compared to the second quarter of 1998. The company's quarterly income totaled $10.5 million, or 51 cents per share. Excluding a one-time charge of $400,000 in the quarter and a gain of $3.5 million from the sale of technology during the same quarter of last year, net income would have climbed 85 percent.
Church & Dwight's sales reached $186.4 million, a 7 percent increase from sales of $173.5 million in last year's quarter. The year-ago quarter, however, included a 27 percent increase in consumer product sales, mainly because of the introduction of two consumer products--Arm & Hammer Super Scoop Cat Litter and Arm & Hammer Dental Care Gum--in late 1997 and early 1998.
"Our consumer business continues to perform well," says Robert A. Davies, C&D's president and CEO. "Retail sales increased 11 percent in the second quarter, led by solid gains in deodorizing and laundry products. Shipments were up 4 percent. However, the year-ago quarter was advantaged by heavy new product pipeline shipments, and the divergence should narrow over the course of this calendar year."
In related news, Church & Dwight has announced a two-for-one stock split. During the past 20 years, the company has split its stock five times.
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