Armor All Posts 32% Increase in Net for Fiscal First Quarter
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Armor All Products Corp., an Irvine maker of automotive cleaners and protectants, reported fiscal 1988 first-quarter net earnings of $5.2 million, up 32% from $3.9 million for the same period last year.
Sales for the three months ended June 30 were a record $28 million, up 12% from $25 million in the company’s fiscal 1987 first quarter.
Jeffrey Sherman, president and chief executive, said the company benefited from the new tax law, which lowered the effective tax rate to 44%, from 52% in the comparable quarter.
Sherman said sales growth for the fiscal year is expected to be in line with the 18% increase recorded last year.
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