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Physician’s Formula Posts Small Gain in Third

While net income soars in quarter.

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By: TOM BRANNA

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Physician’s Formula’s third quarter sales rose 2.5% to $20.3 million. Net income soared from $102,000 to nearly $1.7 million. In addition to the net sales growth, third quarter results were helped by a pre-tax decrease in product costs of $800,000 due primarily to a favorable change in product mix and a shift in timing for inventory recovery of returns from retailers. Further, the company’s income tax provision benefited by approximately $600,000 from changes in state tax filing pos...

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