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This article was originally published in The Tan Sheet

Executive Summary

DEP ORAL CARE SALES DECREASE ATTRIBUTED TO LOWER UNIT SALES OF TOPOL smoker's toothpaste in the third quarter ended April 30, the firm reported June 8. Although oral care product sales dipped 11% because of Topol, the oral care business was favorably affected by the launch of Crystal Fresh Lavoris in the second quarter. Overall, Dep's sales dropped 6.4% to $ 28.1 mil. in the third quarter. Dep skin care product sales rose 7%. Dep recorded a net loss of $ 985,000 in the three months, down from net income of $ 1.6 mil. in the prior-year quarter. The company attributed the loss to lower sales volume and increased selling, general and administrative expenses, such as a $ 2.5 mil. increase in advertising/promotional spending and the costs of product introductions. This June, for example, Dep began shipping Topol Plus whitening toothpaste ("The Tan Sheet" May 24, p. 19) and the Jordan Magic line of thermal-activated color-changing toothbrushes. Dep said that the Jordan Magic toothbrush "encourages patients to continue brushing until the toothbrush handle completely changes color (approximately two minutes)." At a suggested retail price of $ 1.70 per toothbrush, the line is available in seven SKUs for toddlers, children and adults. In the nine months ended April 30, Dep sales rose 1.5% to $ 88.1 mil. Hair and skin care sales increased 3% and 6%, respectively, and oral care sales were down 1%. Net income fell 83.2% to $ 722,000 from $ 4.3 mil. in the comparable quarter of the previous year. Included in the nine month figures is $ 219,000 in non- recurring after-tax expenses associated with the company's reclassification of its common stock. Under the reclassification, which was effective Dec. 21, each outstanding common share was converted to 1/2 share non-voting Class A and 1/2 share voting Class B common stock. Also included in the third quarter net loss is a $ 135,000 after-tax charge associated with a write-down in intangible assets. Chart omitted.

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