The Stephan Co. Reports Sales and Earnings for Year Ended
December 31, 2003
FORT LAUDERDALE, Fla., April 1 /PRNewswire-FirstCall/ -- The Stephan Co. today
announces its financial results for the year ended December 31, 2003. Net sales
for the year ended December 31, 2003 were $25,336,000 compared to $25,067,000
achieved in 2002. Net earnings before the effect of the cumulative change in
accounting principle for the year ended December 31, 2003 was $760,000, a 51%
increase when compared to the $503,000 achieved in fiscal year 2002. Earnings
per share was $0.18 for 2003, compared to a per share loss of ($1.46) in 2002,
due to the implementation of SFAS No. 142, resulting in a write down of
$6,762,000, net of taxes, ($1.58 per share) as the result of an impairment loss
recognized in connection with the valuation of goodwill and other intangible
assets with indefinite lives. This resulted in a net loss of $6,259,000 for the
year ended December 31, 2002, compared to net income of $760,000 for the year
ended December 31, 2003.
YEAR ENDED December 31, 2003 December 31, 2002
NET SALES $25,336,000 $25,067,000
INCOME BEFORE CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE $760,000 $503,000
EARNINGS PER SHARE BEFORE
CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING PRINCIPLE $.18 $.12
NET INCOME/(LOSS) $760,000 $(6,259,000)
EARNINGS/(LOSS) PER SHARE $.18 $(1.46)
AVG. NUMBER OF SHARES 4,312,711 4,285,577 The Company anticipates filing its Form 10-K for the year ended December 31,
2003 within the time frame permitted by the Form 12b-25, filed as of this date.
The Stephan Co. is engaged in the manufacture, distribution, and marketing of
personal and hair care products.
Statements contained in this news release not strictly historical are forward
looking within the meaning of the safe harbor clause of the Private Securities
Litigation Reform Act of 1995. The Company makes these statements based on
information available to it as of the date of this news release and assumes no
responsibility to update or revise such forward-looking statements.
Editors and investors are cautioned that forward-looking statements invoke risk
and uncertainties that may cause the Company's actual results to differ
materially from such forward-looking statements.
These risks and uncertainties include, without limitation, appropriate valuation
of the Company's assets, demand for the Company's products, competition from
larger and/or more experienced suppliers of personal and hair care products, the
Company's ability to continue to develop its markets, general economic
conditions, governmental regulation, and other factors that may be more fully
described in the Company's literature and periodic filings with the Securities
and Exchange Commission. DATASOURCE: The Stephan Co.
CONTACT: David Spiegel, The Stephan Co., +1-954-971-0600 Web site: http://www.thestephancompany.com/
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