-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S1LawODZLmtGk/0Z2GPIKv97UNsuUXgfAF5vqyOPME4wxL9diOyZhxBKsS6mPnyR K8hyzxm9VfGsSfLYK+Za+w== /in/edgar/work/20000808/0000909012-00-000501/0000909012-00-000501.txt : 20000921 0000909012-00-000501.hdr.sgml : 20000921 ACCESSION NUMBER: 0000909012-00-000501 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL LABORATORIES INC CENTRAL INDEX KEY: 0000027751 STANDARD INDUSTRIAL CLASSIFICATION: [2844 ] IRS NUMBER: 131953103 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-05439 FILM NUMBER: 688137 BUSINESS ADDRESS: STREET 1: 565 BROADHOLLOW RD CITY: FARMINGDALE STATE: NY ZIP: 11735 BUSINESS PHONE: 5162937070 MAIL ADDRESS: STREET 1: 178 EAB PLAZA, 8TH FL CITY: UNIONDALE STATE: NY ZIP: 11556 FORMER COMPANY: FORMER CONFORMED NAME: MARADEL PRODUCTS INC DATE OF NAME CHANGE: 19670706 10-Q 1 0001.txt QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to Commission File No. 1-5439 DEL LABORATORIES, INC. ---------------------- (Exact name of registrant as specified in its charter) DELAWARE 13-1953103 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 178 EAB Plaza, Uniondale, New York 11556 ---------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (516) 844-2020 -------------- 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 Common Stock, $1 par value, outstanding as of August 3, 2000 was 7,595,209. DEL LABORATORIES, INC. AND SUBSIDIARIES Index Part I. FINANCIAL INFORMATION Page Item 1. Financial Statements: Consolidated Balance Sheets as of June 30, 2000 and December 31, 1999 3 Consolidated Statements of Earnings for the three and six months ended June 30, 2000 and 1999 4 Consolidated Statements of Cash Flows for the six months ended June 30, 2000 and 1999 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 13 All other schedules and compliance information called for by the instructions to Form 10-Q have been omitted since the required information is not present or not present in amounts sufficient to require submission. -2-
DEL LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands except for share and per share data) June 30 December 31 ASSETS 2000 1999 ------ ----------- ------------ (UNAUDITED) Current assets: Cash and cash equivalents .............................. $ 3,536 $ 3,585 Accounts receivable-less allowance for doubtful accounts of $1,300 in 2000 and 1999 ............................. 55,979 45,942 Income taxes receivable ................................ -- 1,963 Inventories ............................................ 62,657 59,155 Deferred income taxes, net ............................. 5,272 5,272 Prepaid expenses and other current assets .............. 2,807 2,455 --------- --------- Total current assets ........................... 130,251 118,372 Property, plant and equipment, net ............................... 38,527 37,191 Intangibles arising from acquisitions, net ....................... 16,661 17,101 Other assets ..................................................... 8,644 7,897 --------- --------- Total assets ................................... $ 194,083 $ 180,561 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt ...................... $ 4,118 $ 3,888 Accounts payable ....................................... 29,241 27,175 Accrued liabilities .................................... 13,874 12,837 Income taxes payable ................................... 486 -- --------- --------- Total current liabilities ...................... 47,719 43,900 Long-term pension liability, less current portion ................ 9,052 9,052 Deferred income taxes, net ....................................... 986 986 Long-term debt, less current portion ............................. 83,063 75,750 --------- --------- Total liabilities .............................. 140,820 129,688 --------- --------- Shareholders' equity: Preferred stock $.01 par value, authorized 1,000,000 shares; no shares issued ..................... -- -- Common stock $1 par value, authorized 20,000,000 shares; issued 10,000,000 shares ............ 10,000 10,000 Additional paid-in capital ............................. 291 127 Accumulated other comprehensive loss ................... (1,187) (1,029) Retained earnings ...................................... 77,542 75,136 --------- --------- 86,646 84,234 Less: Treasury stock at cost, 2,468,747 shares at June 30, 2000 and 2,455,420 at December 31, 1999 .... (32,288) (32,120) Receivables for stock options exercised ................ (1,095) (1,241) --------- --------- Total shareholders' equity ..................... 53,263 50,873 --------- --------- Total liabilities and shareholders' equity ..... $ 194,083 $ 180,561 ========= ========= The accompanying notes are an integral part of the consolidated financial statements. -3-
DEL LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999 (In thousands except for share and per share data) (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------- ------- 2000 1999 2000 1999 ---- ---- ---- ---- Net sales ......................... $ 76,686 $ 70,557 $ 144,069 $ 132,313 Cost of goods sold ................ 34,357 30,723 63,309 58,497 Selling and administrative expenses 37,413 35,716 72,903 69,611 ----------- ----------- ----------- ----------- Operating income .............. 4,916 4,118 7,857 4,205 Other income (expense): Gain on sale of facility ...... 362 -- 362 1,734 Interest expense .............. (2,011) (1,514) (4,097) (2,742) Interest income ............... 18 8 26 25 ----------- ----------- ----------- ----------- Earnings before income taxes ...... 3,285 2,612 4,148 3,222 Income taxes ...................... 1,380 1,045 1,742 1,289 ----------- ----------- ----------- ----------- Net earnings .................. $ 1,905 $ 1,567 $ 2,406 $ 1,933 =========== =========== =========== =========== Earnings per common share: Basic ......................... $ 0.25 $ 0.21 $ 0.32 $ 0.26 =========== =========== =========== =========== Diluted ....................... $ 0.25 $ 0.20 $ 0.32 $ 0.24 =========== =========== =========== =========== Weighted average common shares outstanding: Basic ......................... 7,544,000 7,478,000 7,545,000 7,550,000 =========== =========== =========== =========== Diluted ....................... 7,643,000 7,786,000 7,632,000 7,927,000 =========== =========== =========== =========== The accompanying notes are an integral part of the consolidated financial statements.
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DEL LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999 (In thousands) (UNAUDITED) JUNE 30 ------- 2000 1999 ---- ---- Cash flows from operating activities: Net earnings ........................................... $ 2,406 $ 1,933 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization .......................... 3,608 3,372 Provision for doubtful accounts ........................ 52 -- Gain on sale of facility ............................... (362) (1,734) Other non-cash operating items ......................... 249 446 Changes in operating assets and liabilities: Accounts receivable ................................ (10,141) (8,464) Inventories ........................................ (3,602) (9,285) Prepaid expenses and other current assets .......... (353) 700 Other assets ....................................... (749) 517 Accounts payable ................................... 2,102 4,654 Accrued liabilities ................................ 1,051 4,615 Income taxes payable / receivable .................. 2,546 (137) -------- -------- Net cash used in operating activities ........ (3,193) (3,383) -------- -------- Cash flows provided by (used in) investing activities: Proceeds from sale of facility ..................... 800 2,538 Property, plant and equipment additions ............ (3,185) (3,088) Additions to intangibles and other assets .......... -- (40) -------- -------- Net cash used in investing activities ......... (2,385) (590) -------- -------- Cash flows provided by (used in) financing activities: Borrowings under long-term debt .................... 29,023 4,250 Principal payments under long-term debt ............ (7,572) (221) Borrowings under short-term lines of credit ........ 1,500 7,250 Repayments of short-term lines of credit ........... (17,250) (3,500) Decrease in receivables for stock options exercised 6 7 Acquisition of treasury stock ...................... (168) (4,456) Dividends paid ..................................... -- (780) -------- -------- Net cash provided by financing activities .... 5,539 2,550 -------- -------- Effect of exchange rate changes on cash ................ (10) 12 -------- -------- Net decrease in cash and cash equivalents ............. (49) (1,411) Cash and cash equivalents at beginning of year ......... 3,585 3,731 -------- -------- Cash and cash equivalents at end of period ............. $ 3,536 $ 2,320 ======== ========
-5- DEL LABORATORIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ------------------------------------------ The accompanying unaudited consolidated financial statements of Del Laboratories, Inc. and subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Interim results are not necessarily indicative of results for a full year. A summary of the Company's significant accounting policies is presented in its 1999 Annual Report to Shareholders. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the Annual Report to Shareholders when reviewing interim financial results. In the opinion of management, the accompanying interim financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for interim periods. 2. INVENTORY --------- Classification of inventories (in thousands): June 30 December 31 2000 1999 ---- ---- Raw Materials $37,083 $27,936 Work In Process 4,942 6,226 Finished Goods 20,632 24,993 ------- ------- $62,657 $59,155 ======= ======= 3. EARNINGS PER SHARE ------------------ Basic earnings per share is computed by dividing income available to common shareholders (which for the Company equals its recorded net income) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, were exercised, converted into common stock or otherwise resulted in the issuance of common stock. On November 15, 1999, the Company's Board of Directors approved a 2% stock dividend. As a result, 147,581 shares of treasury stock were issued on December 28, 1999 to shareholders of record on November 30, 1999. Accordingly, the weighted average common shares outstanding in the consolidated statement of earnings for the three and six months ended June 30, 1999, have been restated to reflect the dividend. -6- 3. EARNINGS PER SHARE (continued) ------------------------------ A reconciliation between the numerators and denominators of the basic and diluted income per common share is as follows: Three Months Six Months Ended Ended June 30 June 30 (Amounts in thousands, except per share data) 2000 1999 2000 1999 ---- ---- ---- ---- Net earnings (numerator) $1,905 $1,567 $2,406 $1,933 Weighted-average common shares (denominator for basic earnings per share) 7,544 7,478 7,545 7,550 Effect of dilutive securities: Employee stock options 99 308 87 377 Weighted-average common and potential common shares outstanding (denominator for diluted earnings per share) 7,643 7,786 7,632 7,927 ------ ------ ------ ------ Basic earnings per share $ 0.25 $ 0.21 $ 0.32 $ 0.26 ------ ------ ------ ------ Diluted earnings per share $ 0.25 $ 0.20 $ 0.32 $ 0.24 ------ ------ ------ ------ Employee stock options for 1,267,000 and 452,000 shares for the three months ended June 30, 2000 and 1999, respectively, and 1,269,000 and 347,000 shares for the six months ended June 30, 2000 and 1999, respectively, were not included in the net earnings per share because their effect would have been anti- dilutive. 4. COMPREHENSIVE INCOME -------------------- The components of comprehensive income for the three months and six months ended June 30, 2000 and 1999 are as follows: Three Months Ended Six Months Ended June 30 June 30 (in thousands) (in thousands) 2000 1999 2000 1999 ---- ---- ---- ---- Net earnings $ 1,905 $ 1,567 $ 2,406 $ 1,933 Other comprehensive income: Foreign currency translation (168) 246 (158) 218 ------- ------- ------- ------- Total comprehensive income $ 1,737 $ 1,813 $ 2,248 $ 2,151 ======= ======= ======= ======= -7- 5. SEGMENT INFORMATION ------------------- The Company operates in two segments, Cosmetic and Pharmaceutical, that have been organized by the products and services they offer. The Cosmetic segment's principal products are nail care, nail color, color cosmetics, beauty implements, bleaches and depilatories, personal care products and other related cosmetic items. The Pharmaceutical segment's principal products are proprietary oral analgesics, acne treatment products and first aid products. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates the performance of its operating segments based on operating income. Certain assets, including property, plant and equipment and deferred tax assets, are not allocated to the identifiable segments; depreciation of unallocated assets are charged to the Cosmetic segment. Three Months Ended Six Months Ended June 30 June 30 (in thousands) (in thousands) 2000 1999 2000 1999 ---- ---- ---- ---- Net sales Cosmetic $ 60,580 $ 54,798 $112,906 $101,499 Pharmaceutical 16,106 15,759 31,163 30,814 -------- -------- -------- -------- Consolidated $ 76,686 $ 70,557 $144,069 $132,313 ======== ======== ======== ======== Operating income Cosmetic $ 2,829 $ 2,473 $ 3,572 $ 273 Pharmaceutical 2,087 1,645 4,285 3,932 -------- -------- -------- -------- Consolidated $ 4,916 $ 4,118 $ 7,857 $ 4,205 ======== ======== ======== ======== Gain on asset sale $ 362 -- $ 362 $ 1,734 Interest expense, net 1,993 $ 1,506 4,071 2,717 -------- -------- -------- -------- Earnings before taxes $ 3,285 $ 2,612 $ 4,148 $ 3,222 ======== ======== ======== ======== Depreciation and amortization Cosmetic $ 1,725 $ 1,512 $ 3,379 $ 3,157 Pharmaceutical 116 102 229 215 -------- -------- -------- -------- Consolidated $ 1,841 $ 1,614 $ 3,608 $ 3,372 ======== ======== ======== ======== 6. SUPPLEMENTAL CASH FLOW INFORMATION ---------------------------------- On February 22, 2000, the Company purchased a 68,000 square foot manufacturing, warehousing and office facility in Barrie, Ontario for $1,828,000. The purchase was financed with a combination of a mortgage bridge loan and a five-year mortgage. The mortgage bridge loan was repaid on April 3, 2000. 7. GAIN ON SALE OF FACILITY ------------------------ On April 3, 2000, the Company sold a 39,000 square foot manufacturing, warehousing and office facility in Barrie, Ontario, with a net book value of approximately $442,000 for net proceeds of approximately $804,000. Approximately $640,000 of the proceeds was used to satisfy a mortgage bridge loan on its new facility in Barrie, Ontario purchased on February 22, 2000. 8. LONG-TERM DEBT -------------- On April 26, 2000, the Company refinanced its purchase money promissory note of $3,822,000 for its property in North Carolina with a five-year $4,523,000 mortgage on the land and buildings. The mortgage includes an interest rate based on LIBOR and terms that provide for the maintenance of certain financial ratios. -8- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (1) RESULTS OF OPERATIONS --------------------- Second Quarter and Six Months Ended June 2000 versus June 1999 -------------------------------------------------------------- NET SALES - --------- Net sales for the second quarter of 2000 were $76.7 million, an increase of 8.7% compared to $70.6 million in 1999. Net sales for the first six months of 2000 were $144.1, an increase of 8.9% compared to $132.3 million in 1999. Cosmetic net sales for the second quarter were $60.6 million, an increase of 10.6% compared to $54.8 million in 1999. Cosmetic net sales for the first six months of 2000 were $112.9 million, an increase of 11.2% compared to $101.5 million in 1999. The increase is due primarily to volume growth in the Sally Hansen family and N.Y.C. New York Color brands, together with lower Naturistics product returns. Pharmaceutical net sales for the second quarter of 2000 were $16.1 million, an increase of 2.2% compared to $15.8 million in 1999. The increase was principally due to the launch of the Dermarest Psoriasis brand, partially offset by reduced Orajel shipments due to reductions in drug and food wholesaler inventories. Meanwhile, Orajel retail sales continued to grow achieving record high market share levels. Pharmaceutical net sales for the first six months of 2000 were $31.1 million, an increase of 1.1% compared to $30.8 million in 1999. COST OF GOODS SOLD - ------------------ Cost of goods sold for the second quarter of 2000 were $34.4 million, or 44.8% of net sales, as compared to $30.7 million, or 43.5% of net sales in 1999. Cost of goods sold for the first six months of 2000 were $63.3 million, or 43.9% of net sales, as compared to $58.5 million, or 44.2% of net sales in 1999. SELLING AND ADMINISTRATIVE EXPENSES - ----------------------------------- Selling and administrative expenses for the second quarter of 2000 were $37.4 million, or 48.8% of net sales, as compared to $35.7 million, or 50.6% of net sales in 2000. Selling and administrative expenses for the first six months of 2000 were $72.9 million, or 50.6% of net sales in 2000 compared to $69.6 million, or 52.6% of net sales in 1999. The decrease in selling and administrative expenses, as a percentage of net sales, is primarily attributable to selling expenses increasing at a lower rate than the increase in sales. GAIN ON SALE OF FACILITY - ------------------------ On April 3, 2000, the Company sold a 39,000 square foot manufacturing, warehousing and office facility in Barrie, Ontario, with a net book value of approximately $442,000, for net proceeds of approximately $804,000. NET INTEREST EXPENSE - -------------------- Interest expense, net of interest income, for the second quarter of 2000 was $2.0 million, compared to $1.5 million in 1999. Interest expense, net of interest income for the first six months of 2000 was $4.1 million, compared to $2.7 million in 1999. The increases are due to higher average borrowings for working capital requirements in 2000, in addition to increased borrowing rates, as compared to 1999. INCOME TAXES - ------------ Income taxes are based on the Company's expected annual effective tax rate of 42% in 2000 compared to 40% in 1999. NET EARNINGS - ------------ Net earnings for the second quarter of 2000 were $1.9 million, which includes an after-tax gain of $0.2 million on the sale of a facility, compared to $1.6 million in 1999. Net earnings for the six months ended June 30, 2000 were $2.4 million, compared to $1.9 million in 1999. The first six months of 1999 included an after-tax gain of $1.0 million on the sale of a facility. -9- (2) LIQUIDITY AND CAPITAL RESOURCES ------------------------------- At June 30, 2000 the Company had cash and cash equivalents of $3.5 million compared to $2.3 million at June 30, 1999. Net cash used in operating activities was $3.2 million for the six months ended June 30, 2000, primarily due to an increase in accounts receivable of $10.1 million, an increase in inventories of $3.6 million, partially offset by increases of $2.1 million in accounts payable and $2.5 million in income taxes payable / receivable. Cash used for property, plant and equipment additions was $3.2 million for the six months ended June 30, 2000 compared to $3.1 million in 1999. Net cash provided by financing activities for the six months ended June 30, 2000 was $5.5 million due to proceeds received under the Company's revolving credit agreement and short-term borrowings under a line of credit with a bank, partially offset by repayments of short-term borrowings and principal payments of long-term debt. On April 3, 2000, the Company sold a 39,000 square foot manufacturing, warehousing and office facility in Barrie, Ontario, with a net book value of approximately $442,000 for net proceeds of approximately $804,000. Approximately $640,000 of the proceeds was used to satisfy a mortgage bridge loan on its new facility in Barrie, Ontario purchased on February 22, 2000. On April 26, 2000, the Company refinanced its purchase money promissory note of $3,822,000 for its property in North Carolina with a five-year $4,523,000 mortgage on the land and buildings. The mortgage includes an interest rate based on LIBOR and terms that provide for the maintenance of certain financial ratios. The Company believes that cash from future operations, cash on hand and amounts available from the credit facility, will be sufficient to satisfy its liquidity needs for the foreseeable future. -10- NEW ACCOUNTING PRONOUNCEMENTS - ----------------------------- The Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS No. 133) as amended by SFAS 137 and SFAS 138, which is effective for quarters of fiscal years beginning after June 15, 2000. SFAS No. 133 provides guidance for accounting for all derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. The Company does not believe that the implementation of SFAS No. 133 will have a significant impact on its financial position or results of operations. On March 31, 2000, the FASB issued FASB Interpretation No. 44 "Accounting for Certain Transactions Involving Stock Compensation" an interpretation of Accounting Principles Board Opinion No. 25 (Opinion 25). This interpretation clarifies the application of Opinion 25 for certain issues. The effects of applying this interpretation are required to be recognized on a prospective basis from July 1, 2000. Management has determined that the application of this opinion will not have any effect on the Company's financial statements. FORWARD - LOOKING STATEMENTS - ---------------------------- Management's Discussion and Analysis of the Results of Operations and Financial Condition and other sections of this Form 10-Q include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical information provided herein are forward-looking statements and may contain information about financial results, economic conditions, trends and known uncertainties. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, delays in introducing new products or failure of consumers to accept new products, actions by competitors which may result in mergers, technology improvement or new product introductions, the dependence on certain national chain drug stores and mass merchandiser relationships due to the concentration of sales generated by such chains, changes in fashion oriented color cosmetics trends, and trends in the general economy. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. In addition to the disclosure contained herein, readers should carefully review any disclosure of risks and uncertainties contained in other documents the Company files or has filed from time to time with the Securities and Exchange Commission pursuant to the Exchange Act. -11- PART II - OTHER INFORMATION Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS --------------------------------------------------- At the Company's annual meeting held on May 25, 2000, the Shareholders reelected Dan K. Wassong and Martin E. Revson to the Board of Directors, in accordance with a proxy solicited pursuant to Section 14 of the Securities Exchange Act. Votes were cast as follows: ELECTION OF DIRECTORS VOTES FOR VOTES WITHHELD --------------------- --------- -------------- Martin E. Revson 6,829,680 122,576 Dan K. Wassong 6,894,372 57,884 Item 6. EXHIBITS AND REPORTS ON FORM 8-K -------------------------------- (a) Exhibit 27.1 Financial Data Schedule (b) Reports on Form 8-K None -12- 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. DEL LABORATORIES, INC. ---------------------- (Registrant) Date: August 3, 2000 /s/ DAN K. WASSONG - ----- -------------- ------------------ Dan K. Wassong Chairman, President and Chief Executive Officer Date: August 3, 2000 /s/ ENZO J. VIALARDI - ----- -------------- -------------------- Enzo J. Vialardi Executive Vice President and Chief Financial Officer -13- EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-2000 APR-01-2000 JUN-30-2000 3,536 0 57,279 1,300 62,657 130,251 61,906 23,379 194,083 47,719 83,063 0 0 10,000 43,263 194,083 76,686 76,686 34,357 71,770 0 7 2,011 3,285 1,380 1,905 0 0 0 1,905 .25 .25
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