-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RGGDl9U7Y1/x7bgPJvbE61ajbBNeaXIxsaUf/0fvsvSEvCW0XYXomJAaRADPfqAp i3LF/EZWxVSNQt+CLXtGEw== 0000018000-95-000004.txt : 19950801 0000018000-95-000004.hdr.sgml : 19950801 ACCESSION NUMBER: 0000018000-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950731 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARTER WALLACE INC /DE/ CENTRAL INDEX KEY: 0000018000 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 134986583 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05910 FILM NUMBER: 95557511 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2123395000 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20541 FORM 10-Q (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter ended June 30, 1995 ( ) Transition Report Pursuant to Section 13 or 15 (d) of the Securities Act of 1934 For the transition period from to Commission File Number 1-5910 CARTER-WALLACE, INC. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (Exact name of registrant as specified in its charter) Delaware 13-4986583 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 1345 Avenue of the Americas New York, New York 10105 (Address of principal executive offices) Registrant's telephone number, including area code: 212-339-5000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares of the registrant's Common Stock and Class B common stock outstanding at June 30, 1995 were 33,605,200 and 12,508,100, respectively. CARTER-WALLACE, INC. AND SUBSIDIARIES INDEX TO FORM 10-Q JUNE 30, 1995 PART I - FINANCIAL INFORMATION Item 1 - Financial Statements Condensed Consolidated Statements of Earnings for the three months ended June 30, 1995 and 1994 1 Condensed Consolidated Balance Sheets at June 30, 1995 and March 31, 1995 2 Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 1995 and 1994 3 Notes to Condensed Consolidated Financial Statements 4 Report by KPMG Peat Marwick LLP on their Limited Review 7 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II - OTHER INFORMATION Item 1 - Legal Proceedings 13 Item 6 - Exhibits and Reports on Form 8-K 13 Signatures 14 CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three Months Ended June 30, 1995 1994 Revenues: Net sales $177,037,000 $183,304,000 Other revenues 2,342,000 1,368,000 179,379,000 184,672,000 Cost and expenses: Cost of goods sold 62,392,000 62,283,000 Advertising, marketing & other selling expenses 64,617,000 69,210,000 Research & development expenses 6,821,000 13,198,000 General, administrative & other expenses 23,180,000 21,452,000 Provision for condom plant closing 20,100,000 - Provision for loss on discontinuance of the Organidin (iodinated glycerol) product line - 17,500,000 Interest expense 809,000 390,000 177,919,000 184,033,000 Earnings before taxes on income 1,460,000 639,000 Provision for taxes on income 599,000 198,000 Net earnings $ 861,000 $ 441,000 Net earnings per average share of common stock outstanding $ .02 $ .01 Cash dividends per share $ .04 $ .0833 Average shares of common stock outstanding 46,146,000 46,067,000
CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, March 31, 1995 1995 Assets (Unaudited) Current Assets: Cash and cash equivalents $ 39,313,000 $ 40,098,000 Short-term investments 15,259,000 18,188,000 Accounts and other receivables less allowances of $6,584,000 at June 30, 1995 and $6,344,000 at March 31, 1995 130,625,000 123,805,000 Inventories: Finished goods 53,106,000 55,499,000 Work in process 14,869,000 12,359,000 Raw materials and supplies 24,454,000 21,359,000 92,429,000 89,217,000 Deferred taxes, prepaid expenses and other current assets 34,235,000 32,009,000 Total Current Assets 311,861,000 303,317,000 Property, plant and equipment, at cost 243,385,000 252,226,000 Less: accumulated depreciation and amortization 111,940,000 114,618,000 131,445,000 137,608,000 Intangible assets 128,788,000 129,852,000 Deferred taxes and other assets 118,491,000 109,447,000 Total Assets $690,585,000 $680,224,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 33,042,000 $ 31,318,000 Accrued expenses 160,706,000 165,987,000 Notes payable 13,675,000 5,416,000 Total Current Liabilities 207,423,000 202,721,000 Long-Term Liabilities: Long-term debt 23,326,000 23,115,000 Deferred compensation 12,333,000 10,216,000 Accrued postretirement benefit obligation 69,051,000 68,969,000 Other long-term liabilities 50,222,000 48,064,000 Total Long-Term Liabilities 154,932,000 150,364,000 Stockholders' Equity: Common stock 34,543,000 34,528,000 Class B common stock 12,662,000 12,677,000 Capital in excess of par value 2,400,000 2,184,000 Retained earnings 309,421,000 310,407,000 Less: Foreign currency translation adjustment 16,728,000 18,949,000 Treasury stock, at cost 14,068,000 13,708,000 Total Stockholders' Equity 328,230,000 327,139,000 Total Liabilities and Stockholders' Equity $690,585,000 $680,224,000
CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED JUNE 30, 1995 AND 1994 (Unaudited)
1995 1994 Cash flows from operations: Net earnings $ 861,000 $ 441,000 Provision for condom plant closing 20,100,000 - Provision for loss on discontinuance of the Organidin (iodinated glycerol) product line - 17,500,000 Changes in assets and liabilities (24,552,000) (12,808,000) Other changes 6,354,000 7,056,000 2,763,000 12,189,000 Cash flows used in investing activities: Additions to property, plant and equipment (10,661,000) (5,135,000) Decrease in short-term investments 3,285,000 8,252,000 Other investing activities 183,000 (250,000) (7,193,000) 2,867,000 Cash flows used in financing activities: Dividends paid (1,847,000) (3,850,000) Increase in borrowings 8,253,000 - Payments of debt (27,000) (147,000) Purchase of treasury stock (2,815,000) (189,000) 3,564,000 (4,186,000) Effect of exchange rate changes on cash and cash equivalents 81,000 196,000 (Decrease) increase in cash and cash equivalents $ (785,000) $ 11,066,000
CARTER-WALLACE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1995 AND 1994 Note 1: Interim Reports The results of the interim periods are not necessarily indicative of results expected for a full year's operations. In the opinion of management, all adjustments necessary for a fair statement of results of these interim periods have been reflected in these financial statements and, except as separately disclosed herein, are of a normal recurring nature. Note 2: Review of Independent Auditors The financial information included in this report has been reviewed by KPMG Peat Marwick LLP, independent auditors, in accordance with standards and procedures established by the American Institute of Certified Public Accountants. Note 3: Closure of the Trenton Condom Manufacturing Facility As previously announced, the Company decided in mid-May, 1995 to close its condom manufacturing plant in Trenton, New Jersey over a projected period of eighteen to twenty-four months. The condom production currently performed at Trenton will be transferred to the Company's recently acquired facility in Colonial Heights, VA. The decision to close the Trenton plant resulted in a one-time charge to pre-tax earnings in the quarter ended June 30, 1995 of $20,100,000 ($11,860,000 after taxes or $.26 per share), consisting of plant closing costs including equipment write-offs ($14,800,000) and employee termination costs ($5,300,000). Additional pre- tax charges of approximately $2,000,000 related to the Trenton closing are expected to be incurred in fiscal year 1997. Note 4: Discontinuance of the Organidin (Iodinated Glycerol) Product Line As previously announced, in June, 1994 the Company and the Food and Drug Administration reached an agreement to discontinue the manufacture and shipment of its Organidin (iodinated glycerol) line of products. As a result of this agreement, the Company incurred in the quarter ended June 30, 1994 a one-time charge to pre-tax earnings of $17,500,000 ($11,600,000 after taxes or $.25 per share) primarily related to a provision for any product returns ($8,500,000) and for inventory write-offs ($3,600,000). (Continued) CARTER-WALLACE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1995 AND 1994 (Continued) Note 5: Litigation Information regarding Legal Proceedings involving the Company is presented in Note 19 "Litigation Including Environmental Matters" of the Notes to the Consolidated Financial Statements on pages 30 to 32 of the Company's 1995 Annual Report to Stockholders incorporated by reference in the Company's Form 10-K for the year ended March 31, 1995 and is herein expressly incorporated by reference. Two additional individual product liability actions related to Felbatol have been filed against the Company. In one action, the complaint seeks compensatory and punitive damages aggregating $30,000,000. In the other action, the damages sought are unspecified. The Company continues to believe, based upon opinion of counsel, it has good defenses to all of the above actions and should prevail. Note 6: Recent Accounting Pronouncement Effective April 1, 1995 the Company adopted Statement of Position 93-7, "Reporting on Advertising Costs" issued by the American Institute of Certified Public Accountants. Adoption of this statement had no material impact on the Company's financial statements. Note 7: Restructuring of Operations and Facilities In connection with the restructuring program implemented in the previous fiscal year, the Company incurred one-time pre-tax charges in the year ended March 31, 1995 of $74,060,000 consisting primarily of employee termination costs ($28,000,000), plant closing costs including equipment write-offs ($23,000,000) and costs associated with the planned subleasing of office space on which the Company holds a long-term lease ($19,400,000). The total anticipated reduction in the number of employees will be approximately 910 including 95 vacancies that will not be filled. Through June 30, 1995, 541 employees have been terminated with employee termination costs of $12,000,000 charged against the restructuring liability. In addition, approximately 40 positions have been eliminated as a result of voluntary resignations. Net plant closing costs of $6,300,000 have been charged against the restructuring liability. Approximately $55,400,000 of the $74,060,000 of restructuring charges remain to be utilized in future periods. CARTER-WALLACE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1995 AND 1994 (Continued) Note 7: Restructuring of Operations and Facilities (Continued) As previously announced, a $1,800,000 pre-tax charge related to the relocation of one of the Company's divisions to its Cranbury, New Jersey facility is expected to be incurred in the quarter ending September 30, 1995. The Company is continuing to review its operations and may take other steps to reduce costs and increase efficiencies in the future which may result in additional one-time charges. Note 8: Felbatol As previously reported, in the year ended March 31, 1995 the Company incurred a one-time charge to pre-tax earnings of $37,780,000 related to use restrictions for Felbatol. Depending of future sales levels, additional inventory write-offs may be required. If for any reason the product at some future date is no longer available in the market, the Company will incur an additional one-time charge that would have a material adverse effect on the Company's results of operations and possibly on its financial condition. Should the product no longer be available, the Company currently estimates that the additional one-time charge, consisting primarily of inventory write-offs and anticipated returns of product currently in the market, will be in the range of $30,000,000 to $35,000,000 on a pre-tax basis. INDEPENDENT AUDITORS' REPORT The Board of Directors Carter-Wallace, Inc.: We have reviewed the condensed consolidated balance sheet of Carter-Wallace, Inc. and subsidiaries as of June 30, 1995, and the related condensed consolidated statements of earnings for the three-month periods ended June 30, 1995 and 1994 and the condensed consolidated statements of cash flows for the three-month periods ended June 30, 1995 and 1994 in accordance with standards established by the American Institute of Certified Public Accountants. These condensed consolidated financial statements are the responsibility of the Company's management. A review of interim financial information consists principally of applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. The contingencies discussed in the explanatory paragraphs of our unqualified opinion, included in our report dated May 3, 1995, on the March 31, 1995 consolidated financial statements still exist. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Carter-Wallace, Inc. and subsidiaries as of March 31, 1995, and the related consolidated statements of earnings and retained earnings, and cash flows for the year then ended (not presented herein); and in our report dated May 3, 1995, we expressed an unqualified opinion on those consolidated financial statements. This opinion included explanatory paragraphs related to the Felbatol and litigation matters discussed in footnote 17 and 19, respectively, to those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 1995 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. KPMG Peat Marwick LLP July 28, 1995 New York, New York CARTER-WALLACE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - Three months ended June 30, 1995 compared to three months ended June 30, 1994 Consolidated earnings after taxes in the three months ended June 30, 1995 ("fiscal 1996 period") before the one-time charge for the condom manufacturing integration were approximately $12,720,000 or $.28 per share. This compares to net earnings after taxes in the three months ended June 30, 1994 ("fiscal 1995 period") before the one-time charge for the discontinuation of Organidin Iodinated Glycerol (I.G.) of $12,040,000 or $.26 per share. Earnings in the prior year period were significantly favorably impacted by sales of Organidin I.G. The one-time charge for the provision for condom plant write-off in the fiscal 1996 period resulted in a pre-tax charge of $20,100,000 ($11,860,000 after taxes or $.26 per share). The one-time charge for the discontinuance of Organidin I.G. resulted in a pre-tax charge of $17,500,000 ($11,600,000 or $.25 per share) in the fiscal 1995 period. Net sales decreased $6,267,000 (3.4%) in the fiscal 1996 period as compared to net sales in the fiscal 1995 period. The lower sales level was attributable to reduced unit volume in the Health Care segment as a result of the absence of sales of Organidin I.G., offset in part by sales of Organidin NR, a reformulated version of Organidin, and reduced sales of Felbatol. As previously announced, sales of Organidin I.G. were discontinued in June, 1994 and Felbatol sales were adversely affected by use restrictions beginning in August, 1994. Sales of pharmaceutical products in the Health Care segment continue to be adversely impacted by generic erosion. Sales were higher in the consumer products segment predominately due to unit volume gains from the international businesses in France and Australia acquired in the second quarter of fiscal 1995. Selling price increases in both business segments had a positive effect on sales in comparison with the prior year period. In the Health Care segment, the average price increase on pharmaceutical products in the current year period effective May, 1995 was higher than in the prior year period, resulting in higher unit sales of certain products which the Company believes occurred in anticipation of the price increase. Such increased sales may have caused wholesaler and drug chain inventories to be overstocked, which may result in lower sales in this segment in subsequent periods. Fluctuations in foreign exchange rates in comparison with the prior year had an insignificant effect on sales overall, since favorable foreign exchange rates for European operations were offset by a lower exchange rate in Mexico. Other revenues increased $974,000 or 71% due principally to higher interest income. Cost of goods sold as a percentage of net sales increased from 34.0% in the fiscal 1995 period to 35.2% in the 1996 period primarily due to changes in product mix. (Continued) CARTER-WALLACE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Advertising, marketing and other selling expenses decreased by $4,593,000 or 6.6% primarily due to reduced spending levels in the Health Care segment for Felbatol and Organidin I.G. The Company substantially reduced its pharmaceutical sales force and marketing support staff in October, 1994. Spending in the consumer product segment increased over the prior year primarily related to the Sante Beaute line of products in France acquired in the second quarter of fiscal 1995. Research and development expenses decreased by $6,377,000 or 48.3%, primarily due to lower spending in the Health Care segment. This decline was due to the termination of Organidin and Felbatol clinical activities coupled with a reduction in Astelin clinical activities. In October, 1994 the Company virtually eliminated its Wallace Laboratories Division internal research and development capability. However, the Company has continued its research and development of Astelin (azelastine) for rhinitis, and taurolidine, an antitoxin for the treatment of sepsis, and to the extent such work exceeds the Company's remaining internal research and development resources, such work is being done through independent research facilities. General, administrative and other expenses increased $1,728,000 or 8.1% primarily due to the timing of compensation expense, higher legal expense and increased amortization related to the recent international acquisitions. Interest expense increased in fiscal 1996 over the prior year as a result of financing costs related to international acquisitions. The estimated annual effective tax rate applied in the fiscal 1996 period was 41%, compared to the fiscal 1995 annual net tax benefit of 35.3%. The tax rate applied in the quarter ended June 30, 1994 was 31%. The tax rates in the fiscal 1996 period and future years are and will be adversely affected by the absence of tax savings resulting from the cessation of Puerto Rico operations and the absence of research and development tax credits. (Continued) CARTER-WALLACE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Restructuring of Operations and Facilities In connection with the restructuring program implemented in the previous fiscal year, the Company incurred one-time pre-tax charges in the year ended March 31, 1995 of $74,060,000 consisting primarily of employee termination costs ($28,000,000), plant closing costs including equipment write-offs ($23,000,000) and costs associated with the planned subleasing of office space on which the Company holds a long-term lease ($19,400,000). The total anticipated reduction in the number of employees will be approximately 910 including 95 vacancies that will not be filled. Through June 30, 1995, 541 employees have been terminated with employee termination costs of $12,000,000 charged against the restructuring liability. In addition, approximately 40 positions have been eliminated as a result of voluntary resignations. Net plant closing costs of $6,300,000 have been charged against the restructuring liability. Approximately $55,400,000 of the $74,060,000 of restructuring charges remain to be utilized in future periods. As previously announced, a $1,800,000 pre-tax charge related to the relocation of one of the Company's divisions to its Cranbury, New Jersey facility is expected to be incurred in the quarter ending September 30, 1995. The Company is continuing to review its operations and may take other steps to reduce costs and increase efficiencies in the future which may result in additional one-time charges. Closure of the Trenton Condom Manufacturing Facility As previously announced, the Company decided in mid-May, 1995 to close its condom manufacturing plant in Trenton, New Jersey over a projected period of eighteen to twenty-four months. The condom production currently performed at Trenton will be transferred to the Company's recently acquired facility in Colonial Heights, VA. The decision to close the Trenton plant resulted in a one-time charge to pre-tax earnings in the quarter ended June 30, 1995 of $20,100,000 ($11,860,000 after taxes or $.26 per share), consisting of plant closing costs including equipment write-offs ($14,800,000) and employee termination costs ($5,300,000). Additional pre- tax charges of approximately $2,000,000 related to the Trenton closing are expected to be incurred in fiscal year 1997. (Continued) CARTER-WALLACE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Discontinuance of the Organidin (Iodinated Glycerol) Product Line As previously announced, in June, 1994 the Company and the Food and Drug Administration reached an agreement to discontinue the manufacture and shipment of its Organidin (iodinated glycerol) line of products. As a result of this agreement, the Company incurred in the quarter ended June 30, 1994 a one-time charge to pre-tax earnings of $17,500,000 ($11,600,000 after taxes or $.25 per share) primarily related to a provision for any product returns ($8,500,000) and for inventory write-offs ($3,600,000). Felbatol As previously reported, in the year ended March 31, 1995 the Company incurred a one-time charge to pre-tax earnings of $37,780,000 related to use restrictions for Felbatol. Depending on future sales levels, additional inventory write-offs may be required. If for any reason the product at some future date is no longer available in the market, the Company will incur an additional one-time charge that would have a material adverse effect on the Company's results of operations and possibly on its financial condition. Should the product no longer be available, the Company currently estimates that the additional one-time charge, consisting primarily of inventory write-offs and anticipated returns of product currently in the market, will be in the range of $30,000,000 to $35,000,000 on a pre-tax basis. Astelin The three Astelin (azelastine) New Drug Applications ("NDA") are pending at the FDA. Answers to all outstanding questions for the Astelin Nasal Spray non-approvable letter were submitted to the FDA in June, 1995 and remaining chemistry work is expected to be completed by September, 1995. Additional formulation work will be required to satisfactorily complete work on the Astelin tablet for rhinitis NDA which will remain pending during fiscal year 1996. As a result of the meetings with the FDA, the Company is unable at this time to determine when Astelin NDAs will be reviewed by the appropriate FDA advisory panel and when and if the NDAs will be approved. (Continued) CARTER-WALLACE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources Funds provided from operations are used for capital expenditures, acquisitions, the purchase of treasury stock, the payment of dividends and working capital requirements. External borrowings are incurred as needed to satisfy cash requirements relating to seasonal business fluctuations, to finance major facility expansion programs and to finance major acquisitions. In April, 1995 the Company purchased a condom manufacturing facility in Colonial Heights, VA. Expansion of this facility will require significant capital resources that are expected to be financed through long-term borrowing. The lower level of cash flows from operations in the fiscal 1996 period compared with the prior year period results primarily from higher levels of accounts receivable due to the timing of sales and collection levels as well as a reduction in accrued expenses. The cash requirements for the provision for the condom plant write-off recorded in the quarter ended June 30, 1995 are estimated to be $7,100,000 of which approximately $900,000 is expected to be incurred in the fiscal year ending March 31, 1996 and $5,500,000 in the fiscal year ending March 31, 1997. After taking into account estimated tax benefits of $8,200,000 to be received over a period of years, the charge for the provision for the condom plant write-off is expected ultimately to result in positive cash flow of approximately $1,100,000. PART II - OTHER INFORMATION Item 1 - Legal Proceedings Please refer to Note 5 "Litigation" of Notes to Condensed Consolidated Financial Statements for information regarding legal proceedings. Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits - None (b) Reports on Form 8-K - No reports on Form 8-K have been filed during the quarter ended June 30, 1995 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Carter-Wallace, Inc. (Registrant) Date: July 28, 1995 s/Daniel J. Black Daniel J. Black President & Chief Operating Officer Date: July 28, 1995 s/Paul A. Veteri Paul A. Veteri Vice President, Finance & Chief Financial Officer EX-27 2
5 3-MOS MAR-31-1996 JUN-30-1995 39,313,000 15,259,000 137,209,000 6,584,000 92,429,000 311,861,000 243,385,000 111,940,000 690,585,000 207,423,000 37,001,000 47,205,000 0 0 281,025,000 690,585,000 177,037,000 179,379,000 62,392,000 177,919,000 0 0 809,000 1,460,000 599,000 861,000 0 0 0 861,000 .02 0
-----END PRIVACY-ENHANCED MESSAGE-----