-----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, V0ZM2mi0PHUJx7kLFKil2jCwVVDll9SLVj/WiDWtQFlYE+fsiiwLV+iAujD/qTCb y5wrPyeiqtJ/HlmNT1oXog== 0000313927-98-000107.txt : 19981110 0000313927-98-000107.hdr.sgml : 19981110 ACCESSION NUMBER: 0000313927-98-000107 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980925 FILED AS OF DATE: 19981109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHURCH & DWIGHT CO INC /DE/ CENTRAL INDEX KEY: 0000313927 STANDARD INDUSTRIAL CLASSIFICATION: SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840] IRS NUMBER: 134996950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10585 FILM NUMBER: 98740192 BUSINESS ADDRESS: STREET 1: 469 N HARRISON ST CITY: PRINCETON STATE: NJ ZIP: 08543-5297 BUSINESS PHONE: 6096835900 MAIL ADDRESS: STREET 1: 469 N HARRISON STREET CITY: PRINCETON STATE: NJ ZIP: 08543-5297 10-Q 1 FORM 10-Q 1 of 12 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarter ended September 25, 1998 Commission file No. 1-10585 CHURCH & DWIGHT CO., INC. (Exact name of registrant as specified in its charter) Delaware 13-4996950 (State of incorporation) (I.R.S. Employer Identification No.) 469 North Harrison Street, Princeton, N.J. 08543-5297 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (609) 683-5900 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 twelve 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 As of October 27, 1998, there were 19,277,523 shares of Common Stock outstanding. PART I - FINANCIAL INFORMATION CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (Unaudited)
Three Months Ended Nine Months Ended ----------------------------- --------------------------------- Sept. 25, Sept. 26, Sept. 25, Sept. 26, (In thousands, except per share data) 1998 1997 1998 1997 ------------------------------------------------------------------------------------------------------------------------ Net Sales $176,827 $146,328 $502,372 $417,799 Cost of sales 101,195 83,161 287,957 238,991 --------------------------------- ----------------------------- Gross profit 75,632 63,167 214,415 178,808 Selling, general and administrative expenses 63,611 53,864 186,103 154,775 Sale of Technology - - (3,500) - --------------------------------- ----------------------------- Income from Operations 12,021 9,303 31,812 24,033 Equity in earnings of affiliates 1,207 1,242 4,170 4,252 Investment income 348 328 938 1,136 Other income/(expense) (84) - (219) 1,397 Interest expense (893) (252) (2,065) (421) --------------------------------- ----------------------------- Income before taxes 12,599 10,621 34,636 30,397 Income taxes 4,765 4,194 13,033 11,463 --------------------------------- ----------------------------- Net Income 7,834 6,427 21,603 18,934 Retained earnings at beginning of period 206,736 190,288 197,622 182,069 --------------------------------- ----------------------------- 214,570 196,715 219,225 201,003 Dividends paid 2,324 2,332 6,979 6,620 --------------------------------- ----------------------------- Retained earnings at end of period $212,246 $194,383 $212,246 $194,383 ------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------- Weighted average shares outstanding - Basic 19,373 19,439 19,389 19,465 Weighted average shares outstanding - Diluted 20,025 19,998 20,001 19,944 ----------------------------------------------------------------------------------------------------------------------- Earnings Per Share: Net income per share - Basic $.40 $.33 $1.11 $.97 Net income per share - Diluted $.39 $.32 $1.08 $.95 ------------------------------------------------------------------------------------------------------------------------ Dividends Per Share: $.12 $.12 $.36 $.34 ------------------------------------------------------------------------------------------------------------------------
2 of 13 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
September 25, December 31, 1998 1997 ------------------- ----------------- (Dollars in thousands) (Unaudited) -------------------------------------------------------------------------- ------------------- ----------------- Assets -------------------------------------------------------------------------- ------------------- ----------------- Current Assets Cash and cash equivalents $ 12,435 $ 14,949 Short-term investments 3,052 3,993 Accounts receivable, less allowances of $1,404 and $1,532 65,884 49,566 Inventories (Note 2) 64,314 61,275 Deferred income taxes 9,836 9,802 Prepaid expenses 4,278 5,727 Current portion of notes receivable 7,393 4,131 ------------------- ----------------- Total Current Assets 167,192 149,443 -------------------------------------------------------------------------- ------------------- ----------------- Property, Plant and Equipment (Note 3) 160,341 142,343 Note Receivable from Joint Venture 3,540 6,869 Equity Investment in Affiliates 27,135 26,871 Long-Term Supply Contracts 5,121 2,775 Intangibles and Other Assets 28,342 22,713 -------------------------------------------------------------------------- ------------------- ----------------- Total Assets $391,671 $351,014 -------------------------------------------------------------------------- ------------------- ----------------- Liabilities and Stockholders' Equity -------------------------------------------------------------------------- ------------------- ----------------- Current Liabilities Short-term borrowings $ 33,500 $ 32,000 Accounts payable and accrued expenses 95,236 92,090 Current portion of long-term debt 1,256 685 Income taxes payable 6,939 1,456 ------------------- ----------------- Total Current Liabilities 136,931 126,231 -------------------------------------------------------------------------- ------------------- ----------------- Long-Term Debt 24,744 6,815 Deferred Income Taxes 21,412 20,578 Deferred Liabilities 5,775 3,786 Nonpension Postretirement and Postemployment Benefits 14,584 14,263 Commitments and Contingencies Stockholders' Equity Preferred Stock - $1 par value Authorized 2,500,000 shares, none issued - - Common Stock - $1 par value Authorized 100,000,000 shares, issued 23,330,494 shares 23,330 23,330 Additional paid-in capital 35,122 34,097 Retained earnings 212,246 197,622 Cumulative translation adjustments (693) (591) ------------------- ----------------- 270,005 254,458 Less common stock in treasury, at cost - 4,032,971 shares in 1998 and 3,893,155 shares in 1997 (81,231) (74,568) Due from officers (549) (549) -------------------------------------------------------------------------- ------------------- ----------------- Total Stockholders' Equity 188,225 179,341 -------------------------------------------------------------------------- ------------------- ----------------- Total Liabilities and Stockholders' Equity $391,671 $351,014 -------------------------------------------------------------------------- ------------------- -----------------
3 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
Nine Months Ended ------------------------------------ September 25, September 26, (Dollars in thousands) 1998 1997 - ------------------------------------------------------------------------------ ------------------ ----------------- Cash Flow From Operating Activities - ------------------------------------------------------------------------------ ------------------ ----------------- Net Income $21,603 $18,934 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 12,504 10,433 Deferred income taxes 791 774 Equity in joint venture income (4,170) (4,252) Other (37) (65) Change in assets and liabilities: Decrease in short-term investments 941 11 (Increase) in accounts receivable (16,359) (18,161) (Increase) in inventories (1,954) (3,631) Decrease in prepaid expenses 1,440 299 Increase in accounts payable 3,251 497 Increase/(decrease) in income taxes payable 5,620 (240) Increase in other liabilities 2,309 646 - ------------------------------------------------------------------------------ ------------------ ----------------- Net Cash Provided By Operating Activities 25,939 5,245 Cash Flow From Investing Activities - ------------------------------------------------------------------------------ ------------------ ----------------- Additions to property, plant and equipment (18,581) (6,662) Acquisition of manufacturing facility (9,035) - Investment in notes receivable (3,000) - Investment in affiliates - (10,416) Proceeds from notes receivable 3,067 - Distributions from joint venture 3,906 4,449 Purchase of supply contract (2,750) - Purchase of other assets (2,133) (875) Acquisition of new product lines (7,037) (31,439) - ------------------------------------------------------------------------------ ------------------ ----------------- Net Cash (Used In) Investing Activities (35,563) (44,943) Cash Flow From Financing Activities - ------------------------------------------------------------------------------ ------------------ ----------------- Short-term borrowing 1,500 32,000 Long-term borrowing 18,500 - Payment of cash dividends (6,979) (6,620) Proceeds from stock options exercised 2,462 1,558 Purchase of treasury stock (8,373) (2,433) - ------------------------------------------------------------------------------ ------------------ ----------------- Net Cash Provided By Financing Activities 7,110 24,505 Net Change In Cash and Cash Equivalents (2,514) (15,193) Cash And Cash Equivalents At Beginning Of Year 14,949 22,902 - ------------------------------------------------------------------------------ ------------------ ----------------- Cash And Cash Equivalents At End Of Period $12,435 $ 7,709 - ------------------------------------------------------------------------------ ------------------ -----------------
4 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The consolidated balance sheet as of September 25, 1998, the consolidated statements of income and retained earnings for the three and nine months ended September 25, 1998 and September 26, 1997 and the consolidated statements of cash flow for the nine months then ended have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flow at September 25, 1998 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1997 annual report to shareholders. The results of operations for the period ended September 25, 1998 are not necessarily indicative of the operating results for the full year.
2. Inventories consist of the following: Sept. 25, Dec. 31, (in thousands) 1998 1997 - -------------------------------------------------------------------------------------- ------------- --------------- Raw materials and supplies $20,546 $16,848 Finished goods 43,768 44,427 ------------- --------------- $64,314 $61,275 - -------------------------------------------------------------------------------------- ------------- ---------------
3. Property, Plant and Equipment consist of the following: Sept. 25, Dec. 31, (in thousands) 1998 1997 - ------------------------------------------------------------------------------------ -------------- ---------------- Land $ 4,804 $ 3,258 Buildings and improvements 72,327 68,075 Machinery and equipment 170,692 165,174 Office equipment and other assets 13,344 13,355 Software 4,900 - Mineral rights 5,931 5,931 Construction in progress 16,260 3,304 -------------- ---------------- 288,258 259,097 Less accumulated depreciation and amortization 127,917 116,754 -------------- ---------------- Net Property, Plant and Equipment $160,341 $142,343 - ------------------------------------------------------------------------------------ -------------- ----------------
5 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 4. Equity Investment in Joint Venture The following table reflects summarized financial information for the Armand Products Company joint venture. The Company accounts for its 50 percent interest in the joint venture under the equity method. Product and services are provided to the Armand Products Company by the joint venture partners at cost. As a result, the following information would not be indicative of the financial position or results of operation had the joint venture operated on a stand-alone basis. Three Months Ended Nine Months Ended -------------------------- ------------------------- Sept. 25, Sept. 26, Sept. 25, Sept. 26, (in thousands) 1998 1997 1998 1997 - ------------------------------------------------------------------------------------------------------------------ Net sales $ 9,844 $10,004 $29,740 $30,866 Gross profit 2,760 3,344 9,868 10,852 Net income 1,983 2,522 7,554 8,348 Company's share in net income 992 1,261 3,777 4,174 Elimination of Company's share of intercompany interest expense 89 113 299 340 ------------- ------------ ------------ ------------- Equity in joint venture income $1,081 $ 1,374 $4,076 $ 4,514 - --------------------------------------------------------------------------------------------------------------------
The Company also has an equity interest in a Brazilian company. 5. Earnings Per Share Basic EPS is calculated based on income available to common shareholders and the weighted-average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential common stock issuable pursuant to the exercise of stock options outstanding. Prior year amounts have been restated to conform with Statement of Financial Accounting Standards No. 128 "Earnings Per Share". 6. Accounting Change During the first quarter of 1998, the Company adopted AICPA Statement of Position 98-1 "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use". The SOP requires companies to capitalize certain costs of developing computer software. There was no material effect on net income for the third quarter but there was a $2.7 million or $.14 per basic share effect for the nine month period. 7. Acquisitions On January 26, 1998, the Company's Brotherton Speciality Products subsidiary purchased Kingston Chemical Ltd., a supplier of specialty chemicals for approximately $1.7 million. On January 29, 1998, the Company closed on its previously announced acquisition of TOSS N' SOFT Dryer Sheets from The Dial Corporation for approximately $5.3 million. On July 15, 1998, the Company purchased from the Fluid Packaging Co., Inc., a manufacturing facility and machinery located in Lakewood, New Jersey for approximately $9.0 million. In addition, the Company loaned to Fluid Packaging $3.0 million at an interest rate of 8% per annum. The note is payable no later than July 15, 1999, and is secured by a pledge of and security interest in 65% of the capital stock of Allied Mexico, S.A. de C.V., a wholly-owned subsidiary of Fluid Packaging. 6 of 12 8. Comprehensive Income During June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income". The statement was effective for fiscal years beginning after December 15, 1997 and establishes standards for the reporting and displaying of comprehensive income. The following table presents the Company's Comprehensive Income for the three and nine month periods ending September 25, 1998 and September 26, 1997.
Three Months Ended Nine Months Ended ------------------ ----------------- Sept 25, Sept 26, Sept 25, Sept 26, (in thousands) 1998 1997 1998 1997 - ---------------------------------------------------------------------------------------------------------------------- Income before taxes $12,599 $10,621 $34,636 $30,397 Other Comprehensive Income: Foreign exchange translation adjustments (1) (217) (102) (381) -------------------------- --------------------------- Comprehensive Income $12,598 $10,404 $34,534 $30,016 - ----------------------------------------------------------------------------------------------------------------------
9. Contingencies The Company, in the ordinary course of its business, is the subject of, or a party to, various pending or threatened legal actions. The Company believes that any ultimate liability arising from these actions will not have a material adverse effect on its consolidated financial statements. 7 of 12 MANAGEMENT'S DISCUSSION AND ANALYSIS ------------------------------------ Results of Operations - --------------------- For the quarter ended September 25, 1998, net income was $7.8 million, equivalent to basic earnings of $.40 per share from $6.4 million or $.33 per share, in last year's third quarter. Diluted earnings were $.39 per share compared to $.32 per share last year. For the first nine months of 1998, net income was $21.6 million or basic earnings of $1.11 per share compared to $18.9 million or $.97 per share last year. Diluted earnings were $1.08 per share compared to $.95 per share last year. Net sales for the quarter were $176.8 million, a $30.5 million or 20.8% increase versus last year. The increase is primarily a result of the launch of two new major consumer products, ARM & HAMMER SUPER SCOOP(TM) Cat Litter, in last year's third quarter and ARM & HAMMER DENTAL CARE(TM) Gum, in early 1998. It also includes the sales of BRILLO(R) Soap Pads and certain other brands acquired during the third quarter of 1997. With regard to established brands, sales of laundry products and deodorizing products were higher but sales of personal products were lower. Specialty Products sales were slightly higher with particular strength in the animal nutrition area. Net Sales for the first nine months of 1998 were $502.4 million, $84.6 million or 20.2% ahead of 1997. The aforementioned new products were also the main reason for the nine month increase. Within the established products, higher laundry and deodorizer products sales were offset by lower sales of personal products. Specialty Products sales were slightly higher. The Company's gross margin was 42.8% and 42.7% for the quarter and nine month period, respectively. This compares with 43.2% and 42.8% for the same periods of last year. This change is due to lower manufacturing costs offset by a less favorable sales mix and, in the current quarter, higher distribution costs partly related to short term inventory imbalances. Selling, general and administrative expenses increased $9.7 million in the current quarter and $31.3 million for the nine month period. Selling expenses for the quarter were higher primarily due to support of ARM & HAMMER DENTAL CARE Gum, ARM & HAMMER DENTAL CARE dentifrice and BRILLO Soap Pads. General and administrative expenses for the quarter were slightly lower as a result of lower net costs for information systems partially offset by higher personnel related costs. Selling expenses increased for the nine month period primarily in support of new products, mainly ARM & HAMMER DENTAL CARE Gum, ARM & HAMMER SUPER SCOOP Cat Litter and BRILLO Soap Pads, partially offset by lower expenses for ARM & HAMMER Deodorant Anti-Perspirant. General and administrative expenses increased for the nine months as a result of higher personnel related costs being partially offset by lower net costs for information systems. During the second quarter, the Company recognized a one-time gain as it sold research and development technology for $3.5 million. The Company's joint venture, Armand Products Company, saw sales virtually unchanged but earnings decline 21.3% for the current quarter versus last year. For the nine month period, sales declined 3.6% and earnings declined 9.7% versus the same period of last year. Interest expense increased versus last year as a result of an increase in both short-term and long-term debt to finance the purchase of new product lines, the Lakewood plant acquisition and capital expenditures associated with software capitalization and the Green River plant modernization project. Investment income decreased due to having a lower amount of average cash available for investment. Other income and expense is lower primarily as a result of a settlement from a class action suit against the Carbon Dioxide supply industry in 1997. The effective tax rate for the first nine months was 37.6% as compared to 37.7% from last year. Liquidity and Capital Resources - ------------------------------- The Company considers cash and short-term investments as the principal measurement of its liquidity. At September 25, 1998, cash, including cash equivalents and short-term investments totaled $15.5 million as compared to $18.9 million at December 31, 1997. 8 of 12 During the first nine months of 1998, the Company generated $25.9 million of cash flow from operating activities, increased debt by $20.0 million, received $3.9 million in distributions from its affiliates, received $2.5 million for stock options exercised and received $3.1 million for the repayment of notes receivable. Significant expenditures include additions to property, plant and equipment of $27.6 million (including the earlier mentioned software capitalization and the acquisition of the Lakewood, N.J., manufacturing facility), the purchase of new product lines of $7.0 million and treasury stock of $8.4 million,the payment of cash dividends of $7.0 million and the issuance of a note receivable to Fluid Packaging for $3.0 million. Year 2000 Compliance - -------------------- The Year 2000 ("Y2K") compliance issues affect Church & Dwight and most other companies in the world. Historically, certain computer programs were written using two digits rather than four to define the applicable year. As a result , software may recognize a date using the two digits "00" as 1900 rather than the year 2000. Computer programs that do not recognize the proper date could generate erroneous data or cause systems to fail. In order to address the Y2K compliance issue, Church & Dwight has established a Y2K project plan that covers both traditional computer systems and infrastructure ("IT systems") and computer-based manufacturing and related systems (non-IT systems"). The general phases of the Y2K project common to both types of systems are: inventoring Y2K items; assigning priorities to identified items; assessing the Y2K compliance of items determined to be material to the Company; remediation (repairing or replacing) of material items that are determined not to be Y2K compliant; testing material items; and designing and implementing contingency and business continuation plans. With regard to IT systems, the Company completed and implemented a new enterprise software package from SAP America, Inc. on April 27, 1998. The installation of this Y2K compliant software package substantially replaced the core transaction processing and recording capabilities of our older non-compliant IT systems. The remaining IT systems that are material to the effective management of the business have been inventoried, prioritized, assessed and repair or replacement and testing activities are planned to be complete by the latter part of 1999. Non-IT systems, which include manufacturing equipment with embedded microprocessors, are being inventoried and priorities are being assigned to identified items in the fourth quarter of 1998. Assessment, implementation and testing of required changes to critical systems is expected to be complete by the latter part of 1999, but the work is ongoing. The Company is in contact with its major customers and is planning on contacting vendors and others on whom it relies to assure that their systems will be converted. However, there can be no assurance that the systems of other companies will be timely converted and there is no way to predict what impact, if any, this will have on the Company's operations. The Y2K compliance expenditures incurred through the third quarter of 1998 are approximately $10 million. While the costs of the remaining required changes is not yet fully known, we expect the total estimated costs of the Y2K project to be in the $12 million to $13 million range. The failure to correct a material Y2K problem could result in an interruption in, or failure of, certain normal business activities or operations. Such failures could materially and adversely affect the company's results of operations, liquidity and financial condition. Due to the general uncertainty inherent in the Y2K problem resulting in part from the uncertainty of the Y2K readiness of third-party suppliers and customers, the Company is unable to determine at this time whether the consequences of Y2K failures will have a material impact on the Company's results of operations, liquidity or financial condition. The Y2K Project is expected to reduce the Company's level of uncertainty about the Year 2000 problem. Contingency plans to protect the business from Y2K related interruptions are being developed. These plans will be completed during 1999 and will include development of back-up procedures, identifications of alternate suppliers and possible increases in safety stock inventory levels. The Company believes, however, that due to the widespread nature of potential Y2K issues, the contingency planning process is an ongoing one which will require further modifications as the Company obtains additional information regarding its own internal systems and equipment needs determined during the remediation and testing phases of its Y2K project, and the status of third party Y2K readiness. 9 of 12 Forward-Looking Statements - -------------------------- The preceding "Year 2000 Compliance" discussion contains various forward-looking statements which represent the Company's beliefs or expectations regarding future events. When used in the "Year 2000 Compliance " discussion, the words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, without limitation, the Company's expectations as to when it will complete the remediation and testing phases of its Y2K project plans; its estimated cost of achieving Y2K readiness; and the Company's belief that its internal systems and equipment will be Y2K compliant in a timely manner. All forward-looking statements involve a number of risks and uncertainties that could cause the actual results to differ materially from the projected results. Factors that may cause these differences include, but are not limited to, the availability of qualified personnel and other information technology resources; the ability to identify and remediate all date sensitive lines of computer code or to replace embedded computer chips in affected systems or equipment; and the actions of other third parties with respect to Y2K problems. PART II - Other Information --------------------------- Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits (11) Computation of earnings per share (b) No reports on Form 8-K were filed for the three months ended September 25, 1998. 10 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES EXHIBIT 11 - Computation of Earnings Per Share (In thousands except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended ------------------------- ------------------------- Sept. 25, Sept. 26, Sept. 25, Sept. 26, 1998 1997 1998 1997 ------------ ------------ ------------ ------------ BASIC: Net Income $7,834 $6,427 $21,603 $18,934 Weighted average shares outstanding 19,373 19,439 19,389 19,465 Basic earnings per share $.40 $.33 $1.11 $.97 DILUTED: Net Income $7,834 $6,427 $21,603 $18,934 Weighted average shares outstanding 19,373 19,439 19,389 19,465 Incremental shares under stock option plans 652 559 612 479 ------------ ------------ ------------ ------------ Adjusted weighted average shares outstanding 20,025 19,998 20,001 19,944 ------------ ------------ ------------ ------------ Diluted earnings per share $.39 $.32 $1.08 $.95
11 of 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. CHURCH & DWIGHT CO., INC. ------------------------- (REGISTRANT) DATE: November 6, 1998 Zvi Eiref ---------------- -------------------------- ZVI EIREF VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER DATE: November 6, 1998 Gary P. Halker ---------------- --------------------------- GARY P. HALKER VICE PRESIDENT, CONTROLLER AND CHIEF INFORMATION OFFICER 12 of 12 EX-27 2 FDS --
5 1000 9-MOS DEC-31-1998 JAN-01-1998 SEP-25-1998 12435 3052 67288 1404 64314 167192 288258 127917 391671 136931 6244 0 0 23330 164895 391671 502372 502372 287957 287957 0 150 2065 34636 13033 21603 0 0 0 21603 1.11 1.08
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