St. Ives Labs’ Earnings Soar in 4th Quarter
St. Ives Laboratories, a Chatsworth hair-care products company, reported that its earnings jumped tenfold to $667,000 in the fourth quarter that ended Dec. 31 from $65,000 a year before. Revenues increased 32% to $28.6 million from $21.6 million.
For all of 1990, St. Ives said its net income fell 17% to $3.1 million from $3.8 million in 1989. Revenues rose 2% to $107.1 million from $105.1 million.
The company said the fourth-quarter results show that it has recovered from problems stemming from a packaging format for its Swiss Formula hair-care products that it introduced in late 1989 and was not popular with consumers during the first half of 1990. It has since changed the packaging.