St. Ives Announces 73% Drop in Earnings

St. Ives Laboratories Inc., a Chatsworth-based maker of hair and skin care products, reported a 73% drop in earnings for the second quarter that ended June 30.

The company reported earnings of $280,000 for the quarter, down from $1.04 million for the same quarter a year earlier. Revenue, however, increased 23% to $47.4 million, from $38.7 million in the second quarter of 1993.

For the first six months of 1994, the company reported earnings of $768,000 on revenue of $90.1 million, compared to a year-earlier profit of $1.93 million on revenue of $78.2 million.

St. Ives attributed the latest results to a $627,000 second-quarter write-down on land investments. The company also recorded a $175,000 charge in the first quarter to reflect the cost of repairing damage caused by the Jan. 17 Northridge earthquake.