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Physicians Formula Holdings, Inc. Announces Second Quarter 2012 Results

Stocks in this article: FACE

Second Quarter 2012 Net Sales Up 25.2% Versus Prior Year

Earnings per Share of $0.13, Up From a Loss of $(0.02) per Share in the Same Period Last Year

Raises Full-Year Outlook for Revenue and EPS

AZUSA, Calif., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians Formula" or the "Company") today announced financial results for the three and six months ended June 30, 2012.

Results for the Second Quarter of 2012

Net sales were $26.1 million for the second quarter of 2012, a 25.2% increase over $20.9 million for the same period in 2011. The net sales growth was driven by an increase in gross sales of color cosmetics, expanded distribution of the skin care line and an improvement in returns expense. These improvements were slightly offset by increased spending in various retail marketing programs and higher co-operative advertising, including the impact of program movement from the first quarter.

The Company also noted that, in the food, drug and mass channel, as reported by AC Nielsen, its products achieved 8% point-of-sale dollar growth over the last 52 weeks versus the prior year period, whereas the overall masstige color cosmetics category only grew 6%. This made Physicians Formula the fastest-growing  masstige color cosmetics brand in dollar sales among the major five masstige brands in food, drug and mass during this period.

Gross margin for the second quarter of 2012 was 52.9% of net sales versus 48.4% in the prior year period. The improvement was primarily driven by favorable product mix, reductions in manufacturing costs, lower air freight and increased product recoveries.

Selling, general and administrative expenses ("SG&A") were $10.5 million for the second quarter of 2012 versus $10.0 million for the prior year period, an increase of $0.5 million or 4.3%. The driver of the increase was additional distribution costs associated with sales growth. As a percentage of net sales, SG&A improved to 40.1% from 48.1% in the comparable prior year period.

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