Lower Taxes Help St. Ives Produce 10% Higher Profit
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St. Ives Laboratories, a Chatsworth-based manufacturer of shampoos, conditioners and other personal-care products, said its first-quarter earnings rose 10% from a year earlier as sales increased 29%.
The company attributed the improved profit mainly to a cut in its federal tax bill, and increased sales of new products.
St. Ives reported net income of $1.31 million, or 19 cents a share, in the quarter ended March 31, up from $1.19 million, or 20 cents a share, a year earlier. Although overall profit rose, St. Ives’ per-share earnings fell a penny because the company had about 900,000 more shares outstanding in the latest period than a year earlier.
First-quarter sales rose to $24.7 million from $19.2 million.
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