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Alberto-Culver registers strong double-digit growth in revenue
29
Jul '08
Alberto-Culver Company, a leading manufacturer and marketer of personal care products including TRESemme, Alberto VO5, Nexxus and St. Ives, announced strong record sales and earnings from continuing operations for its third quarter and first nine months of fiscal year 2008. As a result of the pending divestiture of Cederroth International, continuing operations excludes the results for Cederroth, which are included in discontinued operations.

Third Quarter:
• Net sales for the third quarter increased 12.3% to $364.9 million from $325.0 million in the prior year quarter.

• Pre-tax income from continuing operations increased 29.9% to $42.7 million from $32.9 million in the prior year quarter. Excluding restructuring and other expenses of $2.7 million in the current quarter and $1.4 million in the prior year quarter, pre-tax earnings from continuing operations increased 32.4% to $45.4 million compared to $34.3 million in the prior year quarter.

• Diluted earnings per share from continuing operations increased 26.1% to 29 cents from 23 cents in the prior year quarter. Excluding restructuring and other expenses, diluted earnings per share from continuing operations increased 29.2% to 31 cents versus 24 cents in the prior year quarter. Diluted earnings per share from continuing operations in the current quarter includes approximately three cents of benefit from the reversal of a contingent liability that was favorably settled during the quarter and one- time tax benefits of approximately one cent. The prior year quarter also included one-time tax benefits of approximately one cent.

Nine Months:
• Net sales for the first nine months of fiscal year 2008 increased 10.6% to $1.06 billion from $955.7 million in the prior year.

• Pre-tax income from continuing operations increased to $125.4 million from $63.0 million in the prior year. Excluding restructuring and other expenses of $9.6 million in the current year and $32.0 million in the prior year, pre-tax earnings from continuing operations increased 42.0% to $135.0 million compared to $95.0 million in the prior year.

• Diluted earnings per share from continuing operations increased to 85 cents from 44 cents in the prior year. Excluding restructuring and other expenses, diluted earnings per share from continuing operations increased 37.9% to 91 cents versus 66 cents in the prior year. Diluted earnings per share from continuing operations in the nine month period includes approximately three cents of benefit from the reversal of a contingent liability that was favorably settled during the quarter and one-time tax benefits of approximately one cent. The prior year nine month period also included one-time tax benefits of approximately one cent.

Commenting on the third quarter, Alberto-Culver President and Chief Executive Officer V. James Marino said, "In a challenging economic environment we were able to deliver another record quarter of sales and earnings growth. Our strong results in the quarter, which were in line with our expectations, were driven mainly by growth in our core beauty care brands in the U.S. and international markets.


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