Cosmetic Group USA Posts 2nd-Quarter Profit Increase

Cosmetic Group USA Inc., a Sun Valley-based maker of color cosmetics and other personal care products, reported a big increase in profit for the second quarter that ended June 30.

Profit in the June quarter was $174,000, more than five times the $31,000 profit reported during the same three-month period a year earlier. Revenue for the second quarter was $2.7 million, up 65% from the $1.64 million recorded a year earlier.

For the first six months of 1994, the company reported income of $342,000 on revenue of $4.88 million, compared to a year-earlier profit of $190,000 on $3.77 million in revenue.

The company also announced it recently completed a public offering of 400,000 units at $6.13 per unit. Each unit consists of two shares of common stock and a five-year warrant to purchase one share of common stock for $3.75. The company said it received $1.7 million in net proceeds from the offering.