MELROSE PARK, Ill., July 27 /PRNewswire-FirstCall/ -- Alberto
Culver Company (NYSE:ACV), a leading manufacturer and marketer of
personal care products including TRESemme, Alberto VO5, Nexxus, St.
Ives and Noxzema today announced growth in organic revenue and
diluted earnings per share from continuing operations, excluding
restructuring and discrete items. Third Quarter: -- Net sales for
the third quarter decreased 3.6% to $351.6 million from $364.9
million in the prior year quarter. Reported net sales were reduced
7.9% by foreign currency fluctuations. Excluding the effect of
foreign currency fluctuations and the acquisition of Noxzema,
organic sales increased 2.0% in the third quarter. -- Pre-tax
earnings from continuing operations, which includes restructuring
and discrete expenses of $7.7 million in the current quarter and
restructuring expense of $2.7 million and discrete income of $3.9
million in the prior year quarter, decreased 11.1% to $37.9 million
from $42.7 million in the prior year quarter. Excluding
restructuring and discrete items, pre-tax earnings from continuing
operations increased 9.9% to $45.6 million compared to $41.5
million in the prior year quarter. -- Diluted earnings per share
from continuing operations were 28 cents in the current quarter
compared to 29 cents in the prior year quarter. Excluding
restructuring and discrete items (see detail in bullets below),
diluted earnings per share from continuing operations increased
11.1% to 30 cents compared to 27 cents in the prior year. The
reported diluted earnings per share from continuing operations
includes the following items: -- The current and prior year
quarters include approximately 3 cents and 2 cents per share,
respectively, of restructuring expense. -- The current year quarter
includes approximately 2 cents per share of expenses related to a
dispute with a supplier while the prior year quarter includes
approximately 3 cents per share of benefit from the reversal of a
contingent liability. -- The current and prior year quarters
include approximately 3 cents and 1 cent per share, respectively,
of discrete tax benefits, primarily due to changes in certain
estimates related to the previous years' tax returns and the
favorable resolution of certain open tax items. Nine Months: -- Net
sales for the nine month period decreased 0.8% to $1.05 billion
from $1.06 billion in the prior year. Reported net sales were
reduced 9.1% by foreign currency fluctuations. Excluding the effect
of foreign currency fluctuations and the acquisition of Noxzema,
organic sales increased 5.8% in the nine month period. -- Pre-tax
earnings from continuing operations, which includes restructuring
and discrete items of $8.0 million in the current year and $5.7
million in the prior year, increased 12.6% to $141.1 million from
$125.4 million in the prior year. Excluding restructuring and
discrete items, pre-tax earnings from continuing operations
increased 13.8% to $149.1 million compared to $131.1 million in the
prior year. -- Diluted earnings per share from continuing
operations were 87 cents compared to 85 cents in the prior year.
Excluding restructuring and discrete items (see detail in bullets
below), diluted earnings per share from continuing operations
increased 13.8% to 99 cents compared to 87 cents in the prior year.
The reported diluted earnings per share from continuing operations
includes the following items: -- The current year and prior year
include approximately 3 cents and 6 cents per share, respectively,
of restructuring expense. -- The current year includes
approximately 2 cents per share of expenses related to a dispute
with a supplier while the prior year includes approximately 3 cents
per share of benefit from the reversal of a contingent liability.
-- The current year includes approximately 7 cents per share of
discrete tax expense, primarily related to taxes on a local
currency gain on U.S. dollar denominated cash held in Sweden
following the Cederroth sale. The prior year includes approximately
1 cent per share of discrete tax benefit. Commenting on the
results, Alberto Culver President and Chief Executive Officer V.
James Marino said, "Despite a prolonged softness in hair care, we
continue to outpace the category and capture record shares for
Alberto Culver. Our business and brands remain healthy as evidenced
by our hair care consumption trends. We generated strong cash flow
during the quarter and are very pleased with our results and the
momentum that many of our brands have in the marketplace." The
third quarter organic sales growth rate of 2.0% was driven mainly
from U.S. and international growth in TRESemme and international
growth in St. Ives and Alberto VO5. This growth was significantly
offset by lower sales in Spain due to the prior year introduction
of TRESemme, and lower multicultural and custom label manufacturing
sales, whose specialty retail and direct selling customer base has
been significantly impacted from the soft economy. These items
lowered consolidated organic sales growth by approximately 300
basis points. The Company's gross profit margin was 50.8% in the
third quarter compared to 53.0% in the prior year quarter, mainly
due to higher raw material costs. Mr. Marino commented, "As we
discussed after the March quarter, oil derived raw material costs
have begun decreasing and as a result our gross margin improved
versus the second quarter. While other non-oil based costs
including tin plate and certain chemicals remain elevated, we
expect cost trends to continue to become more favorable into the
September quarter and believe that we are well positioned to
continue to improve gross margin." For the first nine months of
fiscal year 2009, gross profit margin was 50.9% compared to 52.7%
in the prior year period. Advertising and other marketing
investments were similar to second quarter levels, but decreased
20.3% to $56.3 million compared to the prior year quarter. The
decrease resulted from foreign currency fluctuations (which
accounted for 6.5% of the decrease), lower St. Ives advertising in
the U.S. due to significant prior year investments to support the
launch of Elements, lower media rates in many of our markets and a
mix shift to trade promotion. Mr. Marino added, "We significantly
increased our advertising investments in the U.S. behind TRESemme
and Nexxus to continue to support our brand positioning and to
drive brand equity. We also invested behind our Nexxus introduction
into Canada. Similar to the prior quarter, we shifted a portion of
our marketing spending on other brands to trade promotion to better
align our mix with consumer behavior in this soft economy." For the
first nine months of fiscal year 2009, advertising and other
marketing investments decreased 16.1% (7.4% due to foreign currency
fluctuations) to $163.3 million from $194.6 million in the prior
year. Selling and administrative expenses as a percentage of net
sales increased 100 basis points to 22.6% compared to 21.6% in the
prior year quarter. The current year quarter includes approximately
$2.7 million of discrete expenses related to a supplier dispute
while the prior year quarter includes approximately $3.9 million of
discrete income related to the reversal of a contingent liability.
Together these items accounted for a 170 basis point increase in
selling and administrative expenses as a percentage of net sales.
In the current quarter, selling and administrative expenses were
helped by cost savings initiatives and lower selling and freight
expenses, partially offset by higher depreciation expense related
to the ongoing SAP implementation and increased stock option
expense. For the nine month period, selling and administrative
expenses as a percentage of net sales decreased 60 basis points to
21.6% compared to 22.2% in the prior year. The discrete items from
above accounted for a 70 basis point increase in selling and
administrative expenses as a percentage of net sales in the first
nine months of fiscal year 2009. Carol Lavin Bernick, Executive
Chairman of the Company, said, "These results are further evidence
of our exceptional people and our terrific brands. With so much
negative economic news being reported, we continue to find ways to
build share and grow our business. As an organization we believe
that we are well positioned to continue to find ways to grow, to
overcome challenges and to build value for our shareholders." Mrs.
Bernick also announced the Company's board of directors approved
the regular 7.5 cents quarterly cash dividend. The dividend will be
paid on August 20, 2009 to shareholders of record on August 6,
2009. On July 31, 2008, the Company sold its Cederroth
International subsidiary to a company owned by two funds controlled
by CapMan, a Nordic based private equity firm, for 159.5 million
Euros. As a result of the transaction, the results of operations of
Cederroth are reported as discontinued operations. On November 16,
2006, the Company closed a transaction that separated its consumer
products business from its beauty supply distribution business and
resulted in the formation of two separate and independent
publicly-traded companies: new Alberto Culver and Sally Beauty
Holdings, Inc. As a result of the transaction, the results of
operations of the beauty supply distribution business are reported
as discontinued operations. The Company reported earnings from
discontinued operations of $658,000 (net of tax) in the third
quarter of fiscal 2009 compared to a loss of $8.6 million (net of
tax) during the third quarter of fiscal 2008. The diluted earnings
per share from discontinued operations were zero this quarter
versus an 8 cent loss per share in the prior year quarter.
Including continuing and discontinued operations, the Company
reported net earnings of $28.0 million or 28 cents per share on a
fully diluted basis this quarter, compared to net earnings of $21.1
million or 21 cents per fully diluted share in the third quarter of
fiscal 2008. For the first nine months of fiscal year 2009,
earnings from discontinued operations were $1.3 million (net of
tax) compared to a loss of $4.8 million in the prior year. The
diluted earnings per share from discontinued operations in the
first nine months of fiscal year 2009 were two cents compared to a
loss of five cents in the prior year. Including continuing and
discontinued operations, the Company reported net earnings of $87.7
million or 89 cents per share on a fully diluted basis during the
first nine months of fiscal year 2009 compared to net earnings of
$81.1 million or 80 cents per fully diluted share during the first
nine months of the prior year. Due to the disclosure of organic
sales growth, and financial results excluding restructuring and
discrete items, this press release contains certain non-GAAP
financial measures as defined by Regulation G of the Securities and
Exchange Commission. A description of the Company's restructuring
activities and discrete items, as well as a reconciliation of
non-GAAP financial measures to the most directly comparable GAAP
measures, is included as a schedule to this release and can also be
found on the Company's web site at http://www.alberto.com/. The
Company will discuss its third quarter and nine month fiscal year
2009 results with investors in a call to be held later today
(Monday, July 27) at 11 a.m. Eastern Time. The dial-in numbers for
the call are 866-742-2281 or 660-422-4763 and the conference ID is
18402521. The numbers for a replay of the conference call are
800-642-1687 or 706-645-9291 and will be available through
Thursday, August 27, 2009. The conference ID is 18402521. The call
and a replay will also be available on the internet for 30 days at
http://www.alberto.com/ in the Investing Section, and at
http://www.earnings.com/. Alberto Culver Company manufactures,
distributes and markets leading beauty care and other personal care
products including TRESemme, Alberto VO5, Nexxus, St. Ives and
Noxzema in the United States and internationally. It is also the
second largest producer in the U.S. of products for the ethnic hair
care market with leading brands including Motions and Soft &
Beautiful. Several of its household/grocery products such as Mrs.
Dash and Static Guard are niche category leaders in the U.S. This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and
assessments of risks and uncertainties and reflect various
assumptions concerning anticipated results, which may or may not
prove to be correct. Some of the factors that could cause actual
results to differ materially from estimates or projections
contained in such forward-looking statements include: the pattern
of brand sales; competition within the relevant product markets;
loss of one or more key customers; unavailability of raw materials
or finished products; loss of one or more key employees; inability
of efficiency initiatives to improve the company's margins;
inability of the company to protect its intellectual property;
risks inherent in expanding in existing geographic locations and
entering new geographic locations; loss of one or more key
suppliers or copackers; risks inherent in acquisitions,
divestitures and strategic alliances; adverse changes in currency
exchange rates; the effects of a prolonged United States or global
economic downturn or recession; increases in costs of raw materials
and inflation rates; events that negatively affect the intended tax
free nature of the distribution of shares of Alberto Culver Company
in connection with the separation (Separation) of the consumer
products business from the beauty supply distribution business on
November 16, 2006; changes in costs; the unanticipated costs and
effects of legal or administrative proceedings; the disruption of
normal business activities due to the company's implementation of a
new worldwide ERP system; the risk that the expected cost savings
related to the reorganizations and restructurings may not be
realized; health epidemics; adverse weather conditions; loss of
distributorship rights; sales by unauthorized distributors in the
company's exclusive markets; and variations in political, economic
or other factors such as interest rates, availability of credit,
tax changes, legal and regulatory changes or other external factors
over which the company has no control. These forward-looking
statements speak only as of the date of this press release, and
there is no undertaking to update or revise them as more
information becomes available. Additional factors that could cause
Alberto Culver's results to differ materially from those described
in the forward-looking statements can be found in the Company's
2008 Annual Report on Form 10-K filed on November 25, 2008 with the
SEC and available at the SEC's internet site (http://www.sec.gov/).
Consolidated Condensed Statements of Earnings (Unaudited) (in
thousands, except per share data) Three Months Ended June 30, 2009
and 2008 2009 2008 ---- ---- Net sales $351,623 364,913 Cost of
products sold 173,143 171,651 ------- ------- Gross profit 178,480
193,262 Advertising, marketing, selling and administrative 135,887
149,331 Restructuring and other (1) 5,041 2,726 ----- -----
Operating earnings 37,552 41,205 Interest income, net (377) (1,460)
----- ------- Earnings from continuing operations before income
taxes 37,929 42,665 Provision for income taxes (2) 10,608 12,980
------ ------ Earnings from continuing operations 27,321 29,685
Discontinued operations, net of income taxes (3) 658 (8,552) Net
earnings --- ------- $27,979 21,133 ======= ====== Basic earnings
(loss) per share: Continuing operations $.28 .30 Discontinued
operations .01 (.09) --- ----- Total $.29 .21 ==== === Diluted
earnings (loss) per share: Continuing operations (1) (2) $.28 .29
Discontinued operations -- (.08) --- ---- Total $.28 .21 ==== ===
Weighted average shares outstanding: Basic 97,668 98,719 Diluted
99,047 100,717 (1) Restructuring and other primarily includes
severance and other costs incurred related to the Company's plan to
downsize its manufacturing facility and consolidate its warehouse
and office facilities in Chatsworth, California which was announced
in June 2009, the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto,
Canada which was announced in October 2007. During the third
quarter of fiscal year 2009, restructuring and other decreased
earnings from continuing operations (net of tax) by $3,170 and
diluted earnings per share from continuing operations by 3 cents.
During the third quarter of fiscal year 2008, restructuring and
other reduced earnings from continuing operations (net of tax) by
$1,499 and diluted earnings per share from continuing operations by
2 cents. (2) The provision for income taxes in the third quarter of
fiscal year 2009 includes $2,141 of discrete tax benefit, which
increased diluted earnings per share from continuing operations by
3 cents. The provision for income taxes in the third quarter of
fiscal year 2008 includes $1,404 of discrete tax benefit, which
increased diluted earnings per share from continuing operations by
1 cent. (3) Discontinued operations in both periods includes
activity related to the sale of Cederroth. The third quarter of
fiscal year 2008 also includes the earnings of the Cederroth
business, as well as favorable adjustments to self-insurance
reserves for pre-separation Sally claims retained by Alberto
Culver. Consolidated Condensed Statements of Earnings (Unaudited)
(in thousands, except per share data) Nine Months Ended June 30,
2009 and 2008 2009 2008 ---- ---- Net sales $1,048,789 1,057,469
Cost of products sold 514,933 499,680 ------- ------- Gross profit
533,856 557,789 Advertising, marketing, selling and administrative
389,728 429,305 Restructuring and other (1) 5,312 9,585 ----- -----
Operating earnings 138,816 118,899 Interest income, net (2,328)
(6,476) ------- ------- Earnings from continuing operations before
income taxes 141,144 125,375 Provision for income taxes (2) 54,696
39,511 ------ ------ Earnings from continuing operations 86,448
85,864 Discontinued operations, net of income taxes (3) 1,263
(4,797) Net earnings ----- ------- $87,711 81,067 ======= ======
Basic earnings (loss) per share: Continuing operations $.89 .87
Discontinued operations .01 (.05) --- ----- Total $.90 .82 ==== ===
Diluted earnings (loss) per share: Continuing operations (1) (2)
Discontinued operations $.87 .85 Total .02 (.05) --- ----- Weighted
average shares outstanding: $.89 .80 ==== === Basic 97,611 98,807
Diluted 99,004 101,127 (1) Restructuring and other includes
severance and other costs incurred related to the Company's plan to
downsize its manufacturing facility and consolidate its warehouse
and office facilities in Chatsworth, California which was announced
in June 2009, the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto,
Canada which was announced in October 2007. In addition,
restructuring and other includes severance and other costs incurred
related to the Company's reorganization plan announced following
the separation of the consumer products business from the beauty
supply distribution business. During the first nine months of
fiscal year 2009, restructuring and other reduced earnings from
continuing operations (net of tax) by $3,291 and diluted earnings
per share from continuing operations by 3 cents. During the first
nine months of fiscal year 2008, restructuring and other reduced
earnings from continuing operations (net of tax) by $6,096 and
diluted earnings per share from continuing operations by 6 cents.
(2) The provision for income taxes in the first nine months of
fiscal year 2009 includes $6,525 of discrete tax expense, primarily
related to taxes on a local currency gain on U.S. dollar
denominated cash held in Sweden following the Cederroth sale, which
reduced diluted earnings per share from continuing operations by 7
cents. The provision for income taxes in the first nine months of
fiscal year 2008 includes $1,461 of discrete tax benefit, which
increased diluted earnings per share from continuing operations by
1 cent. (3) Discontinued operations in both periods includes
activity related to the sale of Cederroth, as well as favorable
adjustments to self- insurance reserves for pre-separation Sally
claims retained by Alberto Culver. The first nine months of fiscal
year 2008 also includes the earnings of the Cederroth business.
Consolidated Condensed Balance Sheets (Unaudited) (in thousands)
June 30, September 30, Assets 2009 2008 ---- ---- Cash, cash
equivalents and short-term investments $404,514 453,730 Accounts
receivable, net 217,688 244,316 Inventories 119,073 149,512 Other
current assets 35,797 32,822 ------ ------ Total current assets
777,072 880,380 Property, plant and equipment, net 245,970 221,667
Goodwill and trade names 317,611 234,015 Long-term investments
57,820 57,443 Other assets 71,562 70,685 ------ ------ Total assets
$1,470,035 1,464,190 ========== ========= Liabilities and
Stockholders' Equity Current portion of long-term debt $176 184
Accounts payable, accrued expenses and income taxes 222,476 281,816
------- ------- Total current liabilities 222,652 282,000 Long-term
debt 488 683 Other liabilities and income taxes 68,301 65,176 Total
liabilities ------ ------ Stock options subject to redemption
291,441 347,859 5,286 5,725 Stockholders' equity 1,173,308
1,110,606 --------- --------- Total liabilities and stockholders'
equity $1,470,035 1,464,190 ========== ========= Segment Data
(Unaudited) (in thousands) Three Months Ended June 30, 2009 and
2008 2009 2008 ---- ---- Net Sales: United States $220,625 213,131
International (1) 130,998 151,782 ------- ------- $351,623 364,913
======== ======= Earnings From Continuing Operations Before Income
Taxes: United States $34,166 32,886 International 9,902 11,877
----- ------ Segment operating profit 44,068 44,763 Stock option
expense (1,475) (832) Restructuring and other (2) (5,041) (2,726)
Interest income, net 377 1,460 --- ----- $37,929 42,665 =======
====== Nine Months Ended June 30, 2009 and 2008 2009 2008 ---- ----
Net Sales: United States $674,733 639,212 International (1) 374,056
418,257 ------- ------- $1,048,789 1,057,469 ========== =========
Earnings From Continuing Operations Before Income Taxes: United
States $114,195 89,809 International 35,949 42,478 ------ ------
Segment operating profit 150,144 132,287 Stock option expense
(6,016) (3,803) Restructuring and other (2) (5,312) (9,585)
Interest income, net 2,328 6,476 ----- ----- $141,144 125,375
======== ======= (1) International sales were negatively impacted
by $29.0 million and $96.6 million from foreign currency
fluctuations during the third quarter and first nine months of
fiscal 2009, respectively. (2) Restructuring and other includes
severance and other costs incurred related to the Company's plan to
downsize its manufacturing facility and consolidate its warehouse
and office facilities in Chatsworth, California which was announced
in June 2009, the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto,
Canada which was announced in October 2007. In addition,
restructuring and other includes severance and other costs incurred
related to the Company's reorganization plan announced following
the separation of the consumer products business from the beauty
supply distribution business. Schedule - Reconciliation of Non-GAAP
Financial Measures The Company's press release announcing results
of operations for the three and nine months ended June 30, 2009
includes references to certain of the following "non-GAAP financial
measures" as defined by Regulation G of the Securities and Exchange
Commission: -- Pre-tax earnings from continuing operations
excluding restructuring and discrete items -- Earnings from
continuing operations excluding restructuring and discrete items --
Diluted earnings per share from continuing operations excluding
restructuring and discrete items -- Organic sales growth On
December 1, 2006, the Company committed to a plan to terminate
employees as part of a reorganization following the completion of
the Separation. All costs incurred related to this plan and the
Company's other restructuring plans described below are classified
as "restructuring and other" on the statements of earnings. During
fiscal year 2008, the Company recorded restructuring costs of $2.7
million ($2.4 million in the first nine months and $99,000 in the
third quarter). During the first nine months of fiscal year 2009,
the Company recorded a restructuring benefit related to this plan
of $7,000 ($116,000 of charges in the third quarter). On October
29, 2007, the Company committed to a plan primarily related to the
closure of its manufacturing facility in Toronto, Canada. During
fiscal year 2008, the Company recorded restructuring costs related
to this plan of $4.0 million ($4.0 million in the first nine months
and a $586,000 benefit in the third quarter). During the first nine
months of fiscal year 2009, the Company recorded a restructuring
benefit related to this plan of $16,000 ($32,000 in the third
quarter). On May 29, 2008, the Company announced that it expects to
close its manufacturing facility, reduce its headcount and relocate
to a smaller commercial office in Puerto Rico. During fiscal year
2008, the Company recorded restructuring costs related to this plan
of $4.5 million ($3.2 million in the third quarter). During the
first nine months of fiscal year 2009, the Company recorded
additional restructuring costs related to this plan of $425,000
($47,000 in the third quarter), primarily related to preparing the
manufacturing facility for sale and transferring equipment to the
United States. On June 17, 2009, the Company committed to a plan
primarily related to the downsizing of its manufacturing facility
and the consolidation of its warehouse and office facilities in
Chatsworth, California. During the third quarter of fiscal year
2009, the Company recorded restructuring costs related to this plan
of $4.9 million, primarily related to fixed asset write-offs and
charges ($2.6 million) and severance ($2.1 million). In total, the
Company recorded restructuring and other costs during the first
nine months of fiscal year 2009 of $5.3 million ($3.3 million after
taxes or 3 cents per diluted share from continuing operations) with
$5.0 million in the third quarter ($3.2 million after taxes or 3
cents per diluted share from continuing operations). In fiscal year
2008, the Company recorded total restructuring and other costs of
$11.2 million ($7.2 million after taxes) with $9.6 million in the
first nine months ($6.1 million after taxes or 6 cents per diluted
share from continuing operations) and $2.7 million in the third
quarter ($1.5 million after taxes or 2 cents per diluted share from
continuing operations). During the third quarter of fiscal year
2009, the Company incurred costs related to a dispute with a
supplier of $2.7 million ($1.7 million after taxes or 2 cents per
diluted share from continuing operations). In the third quarter of
fiscal year 2008, the Company benefited from the reversal of a $3.9
million contingent liability that was favorably settled ($2.6
million after taxes or 3 cents per diluted share from continuing
operations). The Company's provision for income taxes in the first
nine months of fiscal year 2009 included net discrete tax expense
of $6.5 million (7 cents per diluted share from continuing
operations), primarily related to taxes on a local currency gain on
U.S. dollar denominated cash held in Sweden following the Cederroth
sale. The provision for income taxes in the third quarter of fiscal
year 2009 included net discrete tax benefit of $2.1 million (3
cents per diluted share from continuing operations), primarily due
to changes in certain estimates related to fiscal year 2008 tax
returns and the favorable resolution of open tax items. The
Company's provision for income taxes in the first nine months of
fiscal year 2008 included net discrete tax benefit of $1.5 million
(1 cent per diluted share from continuing operations), with $1.4
million (1 cent per diluted share from continuing operations) in
the third quarter. Reconciliations of these non-GAAP financial
measures to their most directly comparable financial measures under
GAAP for the three and nine months ended June 30, 2009 and 2008 are
as follows (in thousands, except per share data): Three Months
Ended Nine Months Ended June 30 June 30 2009 2008 2009 2008 ----
---- ---- ---- Pre-tax earnings from continuing operations, as
reported $37,929 42,665 $141,144 125,375 Restructuring and other
5,041 2,726 5,312 9,585 Dispute with a supplier 2,655 -- 2,655 --
Reversal of contingent liability -- (3,880) -- (3,880) Pre-tax
earnings from continuing operations, excluding restructuring and
discrete items $45,625 41,511 $149,111 131,080 Earnings from
continuing operations (net of income taxes), as reported $27,321
29,685 $86,448 85,864 Restructuring and other, net of income taxes
3,170 1,499 3,291 6,096 Discrete tax items (2,141) (1,404) 6,525
(1,461) Dispute with a supplier, net of income taxes 1,744 -- 1,744
-- Reversal of contingent liability, net of income taxes -- (2,588)
-- (2,588) Earnings from continuing operations (net of income
taxes), excluding restructuring and discrete items $30,094 27,192
$98,008 87,911 Diluted earnings per share from continuing
operations, as reported $.28 .29 $.87 .85 Restructuring and other,
net of income taxes .03 .02 .03 .06 Discrete tax items (.03) (.01)
.07 (.01) Dispute with a supplier, net of income taxes .02 -- .02
-- Reversal of contingent liability, net of income taxes -- (.03)
-- (.03) Diluted earnings per share from continuing operations,
excluding restructuring and discrete items $.30 .27 $.99 .87 Three
Months Ended Nine Months Ended June 30 June 30 2009 2008 2009 2008
---- ---- ---- ---- Net sales growth (decline), as reported (3.6)%
12.3% (0.8)% 10.6% Effect of foreign currency fluctuations 7.9
(1.0) 9.1 (1.9) Effect of acquisition (2.3) -- (2.5) -- Organic
sales growth 2.0% 11.3% 5.8% 8.7% Management uses these non-GAAP
financial measures to evaluate the performance of the Company and
believes the presentation of these amounts provides the reader with
information necessary to analyze the Company's normal operations
for the periods compared. CONTACT: Doug Crany 708-450-3117 Alberto
Culver DATASOURCE: Alberto Culver CONTACT: Doug Crany,
+1-708-450-3117, for Alberto Culver Web Site:
http://www.alberto.com/
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