Personal care appliance maker Helen of Troy Limited reported record sales and net earnings for the second quarter ended Aug. 31, 2004.
Second-quarter sales increased 34 percent to a record U.S. $141.2 million versus sales of $105.3 million for the same period in 2003. Second-quarter net earnings increased 44 percent to a record $18.8 million, or $0.57 per diluted share, from $13.1 million, or $0.42 per diluted share, for the same period in 2003.
First-half sales increased 26 percent to a record $248.3 million from sales of $196.6 million in 2003. Net earnings for the first half of 2004 were $33.3 million, or $1.02 per diluted share, versus $27.9 million, or $0.92 per diluted share, in the comparable period last year, representing a 19-percent increase in net earnings.
Last year's first-half net earnings includes a one-time, non-operating gain from litigation proceeds in the pre-tax amount of $2.6 million, or $0.08 per diluted share.
"Sales and income from continuing operations have exceeded the prior results in 37 of the past 42 quarters," Gerald Rubin, chairman, CEO, and president, said. "Our sales and earnings momentum continued in our second quarter, and we are pleased with our overall results."
The company said it expected third-quarter sales to be in the range of $190 million to $200 million. Earnings projections for the full-year are expected to be in the range of $2.50 to $2.70 per diluted share, with sales between $575 million to $600 million.
Helen of Troy also announced that as of Aug. 31, the company has repurchased 1,563,836 shares of common stock at an average price of $29.17 per share.
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