3rd-Quarter Revenues and Net Income Rise at St. Ives
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St. Ives Laboratories Inc., a Chatsworth-based hair care products company, reported its third-quarter net income increased 8% from a year earlier to $901,793 from $835,731. Revenues in the quarter ended Sept. 30 totaled $32.1 million, a 17% gain from $27.5 million.
The company said it benefited in the latest quarter from price increases, new product sales and more efficient operations.
In the latest nine-month period, St. Ives earned $3.05 million, up 24% from $2.47 million a year before. Revenues rose 12% to $88.2 million from $78.6 million.
St. Ives also said its board has renewed its authorization to repurchase up to 250,000 of its shares of common stock, or 3.6% of the total shares outstanding, during the next 12 months. The company did not repurchase any shares under the previous authorization, it said.
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