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PERRIGO's FISCAL 1993 SALES INCREASE 39% TO $ 570.8 MIL.

This article was originally published in The Tan Sheet

Executive Summary

PERRIGO's FISCAL 1993 SALES INCREASE 39% TO $ 570.8 MIL. for the 12-month period ended June 30, the Allegan, Mich. private label manufacturer announced on Aug. 17. On a pro forma basis, including sales of Cumberland-Swan (acquired in January 1992), net sales increased 24%. Net earnings in fiscal 1993 jumped 56.3% to $ 44.6 mil. Fourth quarter sales rose 33% to $ 144.7 mil., generating a 49% increase in net income to $ 11.2 mil., the company reported. "Demand for our products was very high throughout the year," Perrigo Chairman Michael Jandernoa commented. "This was demonstrated by the pro forma sales increase of 24% in fiscal 1993, and we finished the year in strong fashion." He added that the company "will continue to invest our capital to expand capacity and devote resources to our continuous improvement programs." Allou Health & Beauty Care reported first quarter fiscal 1994 revenues of $ 47 mil., a 19.9% increase year-to-year. The Brentwood, N.Y. distributor's H&BA revenues in the three months ended June 30 grew 9% to $ 18 mil., which accounts for 38.3% of total revenues. The H&BA category includes both branded H&BAs and the company's Allou Brands private label H&BAs. Fiscal 1994 first quarter net income grew 24.1% to $ 750,142, Allou said. The company noted that it is "extremely pleased" with first quarter results and expects fiscal 1994 to "meet analysts' expectations." In its recently released 1993 annual report, Allou stated that is expected fiscal 1994 revenues to reach $ 200 mil. The company's total revenues were $ 161.9 mil. in fiscal 1993. Allou distributes products to 3,700 independent drug and convenience stores including national chains. The firm distributes more than 8,000 branded H&BA products in the Northeast and the Miami area. Chart omitted.
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