UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

   |X|           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                              SECURITIES EXCHANGE ACT OF 1934

                      For the quarterly period ended June 30, 1998

   |_|           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                              SECURITIES EXCHANGE ACT OF 1934

                      For the transition period from _______ to _______

                           Commission File No. 1-5439

                             DEL LABORATORIES, INC.
                             ----------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                             13-1953103
-------------------------------                               ----------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                    178 EAB Plaza, Uniondale, New York 11556
                    ------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (516) 844-2020

                            -------------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                      YES  |X|                  NO  |_|

The number of shares of Common Stock, $1 par value, outstanding as of August 14,
1998 was 7,565,787.

<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES

                                      Index

Part I.    FINANCIAL INFORMATION

                                                                            Page
                                                                            ----

Item 1.    Financial Statements:

           Consolidated Balance Sheets as of
              June 30, 1998 and December 31, 1997                             3

           Consolidated Statements of Earnings for the three and
              six months ended June 30, 1998 and 1997                         4

           Consolidated Statements of Cash Flows for the
              six months ended June 30, 1998 and 1997                         5

           Notes to Consolidated Financial Statements                         6

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations                                9

PART II.  OTHER INFORMATION                                                   11

SIGNATURES                                                                    12

All other schedules and compliance information called for by the instructions to
Form 10-Q have been omitted since the required information is not present or not
present in amounts sufficient to require submission.


                                       -2-
<PAGE>

PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                       JUNE 30, 1998 AND DECEMBER 31, 1997
               (In thousands except for share and per share data)

<TABLE>
<CAPTION>
                     Assets                                June 30       December 31
                                                             1998           1997
                                                          ---------       ---------
                                                         (UNAUDITED)    
<S>                                                       <C>             <C>      
Current assets:                                                         
   Cash and cash equivalents                              $     345       $  14,979
   Accounts receivable, less allowance for                              
   doubtful accounts of $1,300 and $1,300, respectively      41,311          30,708
   Inventories                                               56,267          47,687
   Deferred income taxes                                      2,127           2,127
   Prepaid expenses and other current assets                    478           1,858
                                                          ---------       ---------
          Total current assets                              100,528          97,359
                                                                        
Property, plant and equipment, net                           36,324          36,392
Intangibles arising from acquisitions, net                   18,728           8,144
Other assets                                                  7,025           7,419
                                                          ---------       ---------
          Total assets                                    $ 162,605       $ 149,314
                                                          =========       =========
                                                                        
                Liabilities and Shareholders' Equity                    
                                                                        
Current liabilities:                                                    
    Current portion of long-term debt                     $     382       $     496
    Short-term borrowing                                      7,750              --
    Accounts payable                                         26,057          28,501
    Accrued liabilities                                      16,589          13,968
    Income taxes payable                                        698             818
                                                          ---------       ---------
          Total current liabilities                          51,476          43,783
                                                                        
Long-term pension liability, less current portion             5,801           5,801
Deferred income taxes, net                                    1,321           1,321
Long-term debt, less current portion                         43,865          43,879
                                                          ---------       ---------
          Total liabilities                                 102,463          94,784
                                                          ---------       ---------
Shareholders' equity:                                                   
    Preferred stock $.01 par value, authorized                          
    1,000,000 shares; no shares issued                           --              --
    Common stock $1 par value, authorized                               
    20,000,000 and 10,000,000 shares, respectively;                     
    issued 10,000,000 shares                                 10,000          10,000
    Additional paid-in capital                                1,725             699
    Accumulated other comprehensive income                     (853)           (819)
    Retained earnings                                        78,324          71,188
                                                          ---------       ---------
                                                             89,196          81,068
Less: Treasury stock, at cost, 2,419,722 shares                        
and 3,070,954 shares, respectively                          (27,653)        (24,991)
Receivables for stock options exercised                      (1,401)         (1,547)
                                                          ---------       ---------
          Total shareholders' equity                         60,142          54,530
                                                          ---------       ---------
                                                                        
          Total liabilities and shareholders' equity      $ 162,605       $ 149,314
                                                          =========       =========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                       -3-
<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF EARNINGS
            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
               (In thousands except for share and per share data)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                          THREE MONTHS ENDED             SIX MONTHS ENDED

                                        June 30        June 30        June 30        June 30
                                          1998           1997           1998           1997
                                        -------        -------        -------        -------
                                                      Restated
                                                      (Note 6)

<S>                                   <C>            <C>            <C>            <C>        
Net sales                             $    73,971    $    75,093    $   139,387    $   129,308

Cost of goods sold                         29,420         29,142         54,858         50,528
Selling and administrative expenses        36,030         36,004         69,596         66,242
                                      -----------    -----------    -----------    -----------
         Operating income                   8,521          9,947         14,933         12,538

Interest expense                            1,101            991          2,124          1,941
Interest income                               (33)           (89)          (155)          (217)
                                      -----------    -----------    -----------    -----------
         Interest expense, net              1,068            902          1,969          1,724
                                      -----------    -----------    -----------    -----------

Earnings before income taxes                7,453          9,045         12,964         10,814
Income taxes                                3,048          3,618          5,308          4,326
                                      -----------    -----------    -----------    -----------
         Net earnings                 $     4,405    $     5,427    $     7,656    $     6,488
                                      ===========    ===========    ===========    ===========
Earnings per common share:
         Basic                        $      0.58    $      0.72    $      1.01    $      0.86
                                      ===========    ===========    ===========    ===========
         Diluted                      $      0.54    $      0.66    $      0.93    $      0.80
                                      ===========    ===========    ===========    ===========
Weighted average common
 shares outstanding:
         Basic                          7,593,000      7,559,000    $ 7,610,000      7,537,000
                                      ===========    ===========    ===========    ===========
         Diluted                        8,219,000      8,203,000    $ 8,250,000      8,155,000
                                      ===========    ===========    ===========    ===========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                       -4-
<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (In thousands)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                 June 30     June 30
                                                                   1998        1997
                                                                   ----        ----
<S>                                                             <C>         <C>     
Cash flows from operating activities:
Net earnings                                                    $  7,656    $  6,488
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization                                      3,213       2,834
Provision for doubtful accounts                                      300          50
Other non-cash operating items                                       109         275
Changes in operating assets and liabilities:
     Accounts receivable                                         (10,903)     (2,802)
     Inventories                                                  (7,580)     (2,801)
     Prepaid expenses and other current assets                     1,381        (300)
     Other assets and other liabilities                              394      (3,001)
     Accounts payable                                             (2,244)      4,019
     Accrued liabilities                                           2,622         376
     Income taxes                                                  1,152      (1,604)
                                                                --------    --------
         Net cash provided by (used in) operating activities      (3,900)      3,534

Cash flows used in investing activities:
     Property, plant and equipment additions                      (2,879)     (3,716)
     Purchase of intangibles and other assets                    (11,851)         --
                                                                --------    --------
         Net cash used in investing activities                   (14,730)     (3,716)

Cash flows used in financing activities:
     Increase in short-term borrowings                             7,750          --
     Principal payments of long-term debt                           (129)         --
     Exercise of stock options                                        45       2,396
     Acquisition of treasury stock                                (2,934)     (3,632)
     Dividends paid                                                 (732)       (396)
                                                                --------    --------
          Net cash provided by (used in) financing activities      4,000      (1,632)
                                                                --------    --------

Effect of exchange rate changes on cash                               (4)         (1)

Net decrease in cash and cash equivalents                        (14,634)     (1,815)

Cash and cash equivalents at beginning of year                    14,979      14,516
                                                                --------    --------
Cash and cash equivalents at end of period                      $    345    $ 12,701
                                                                ========    ========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                       -5-
<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.    Summary of Significant Accounting Policies

      The accompanying unaudited consolidated financial statements of Del
      Laboratories, Inc. and Subsidiaries (the Company) have been prepared in
      accordance with generally accepted accounting principles for interim
      financial information and with the instructions to Form 10-Q. Accordingly,
      they do not include all of the information and footnotes required by
      generally accepted accounting principles for complete financial
      statements. Interim results are not necessarily indicative of results for
      a full year.

      A summary of the Company's significant accounting policies is presented in
      its 1997 Annual Report to Shareholders. Users of financial information
      produced for interim periods are encouraged to refer to the footnotes
      contained in the Annual Report to Shareholders when reviewing interim
      financial results.

      In the opinion of management, the accompanying interim financial
      statements contain all material adjustments, consisting only of normal
      recurring adjustments, necessary to present fairly the consolidated
      financial position, results of operations and cash flows of Del
      Laboratories, Inc. for interim periods.

      On February 6, 1998, the Company's Board of Directors approved a
      four-for-three common stock split distributed in the form of a stock
      dividend. As a result, 1,908,377 shares were issued on March 10, 1998 to
      shareholders of record on February 20, 1998, of which 692,891 shares
      represented treasury stock of the Company. Accordingly, the effect of the
      four-for-three stock split has been reflected on the consolidated balance
      sheet as of December 31, 1997. All references to number of shares and per
      share amounts have been restated, including those contained in Note 6. In
      connection with the stock dividend, treasury stock was reduced by
      $7,430,359, with a corresponding reduction in retained earnings of
      $2,498,406 and a reduction in additional paid-in-capital of $6,147,439.

      Certain reclassifications were made to prior year amounts to conform with
      the 1998 presentation.

2.    Inventory

      Classification of inventories at June 30, 1998 and December 31, 1997 were
      as follows (in thousands):

                                         1998            1997
                                        ------          ------

                Raw Materials          $ 32,768        $ 22,563
                Work In Process           4,408           4,326
                Finished Goods           19,091          20,798
                                       --------        --------
                                       $ 56,267        $ 47,687
                                       ========        ========

3.    Earnings Per Share

      Earnings per share is computed in accordance with the provisions of
      Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
      Share", which became effective for the Company as of December 31, 1997. As
      required by SFAS No. 128, earnings per share for all prior periods
      presented (including those in Note 6) have been restated. Basic earnings
      per share is computed by dividing income available to common shareholders
      (which for the Company equals its recorded net income) by the weighted
      average number of common shares outstanding during the period. Such shares
      outstanding exclude the weighted average number of unallocated shares of
      common stock held by the Company's employee stock ownership plan which
      totaled 507,000 and 513,000 for the periods ended June 30, 1998 and 1997,
      respectively. Diluted earnings per share reflects the potential dilution
      that could occur if securities or other contracts to issue common stock,
      such as stock options, were exercised, converted into common stock or
      otherwise resulted in the issuance of common stock.


                                       -6-
<PAGE>

4.    New Accounting Pronouncements

      Effective January 1, 1998, the Company adopted SFAS No. 130, "Reporting
      Comprehensive Income." This Statement requires that all items recognized
      under accounting standards as components of comprehensive income be
      reported in an annual financial statement that is displayed with the same
      prominence as other annual financial statements. Other comprehensive
      income may include foreign currency translation adjustments, minimum
      pension liability adjustments and unrealized gains and losses on
      marketable securities classified as available-for-sale. The Company's only
      item of other comprehensive income is foreign currency translation
      adjustments. Annual financial statements for prior periods will be
      reclassified, as required. The Company's total comprehensive income was as
      follows (in thousands):

                                                   Six Months Ended June 30
                                                      1998           1997
                                                     ------         ------

      Net earnings                                  $ 7,656        $ 6,488
      Foreign currency translation adjustment           (34)           134
                                                    -------        -------
      Total comprehensive income                    $ 7,622        $ 6,622
                                                    =======        =======

5.    Cornsilk Acquisition

      On May 12, 1998, the Company acquired the intellectual property rights and
      other assets of the Cornsilk brand of facial make-up for approximately
      $10.9 million and $1.0 million in cash, respectively. The intellectual
      property rights are being amortized over 20 years in accordance with
      company policy. Amortization of $90 thousand was recorded during the three
      months ended June 30, 1998.

6.    Restatement of Prior Period Results

      The Company has restated previously issued financial results for each of
      the first and second quarters of the year ended December 31, 1997. The
      first quarter of 1997 was restated to reflect a $7.1 million reduction in
      net sales and a $2.2 million ($0.30 per basic share) reduction in net
      earnings resulting from shipments of finished products which should have
      been recognized in the second quarter of 1997 instead of the first quarter
      of 1997. There was a corresponding increase of $7.1 million in net sales
      and a $2.2 million ($0.30 per basic share) increase in net earnings for
      the second quarter of 1997. The shift did not impact reported results for
      the six months ended June 30, 1997 or the year ended December 31, 1997.
      The following summarizes the impact of the restatement on the three months
      ended March 31 and June 30, 1997 (in thousands, except per share data):


                                       -7-
<PAGE>

                                                         Three Months Ended
                                                  March 31, 1997    June 30,1997
                                                  --------------    ------------
Net sales
         As previously reported                      $61,319          $67,989
         As restated                                  54,215           75,093
                                                                 
Cost of goods sold                                               
         As previously reported                       23,809           26,719
         As restated                                  21,386           29,142
                                                                 
Selling and administrative expenses                              
         As previously reported                       31,196           35,046
         As restated                                  30,238           36,004
                                                                 
Net earnings                                                     
         As previously reported                        3,295            3,193
         As restated                                   1,061            5,427
                                                                 
Earnings per common share - Basic                                
         As previously reported (1)                      .44              .42
         As restated                                     .14              .72
                                                                 
Earnings per common share - Diluted                              
         As previously reported (1)                      .41              .39
         As restated                                     .13              .66
                                                                 
Retained earnings                                                
         As previously reported                       64,451           67,445
         As restated                                  62,217           67,445

(1)   Restated for February 1998 stock split and SFAS No. 128 implementation.


                                       -8-
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

(1)   RESULTS OF OPERATIONS

      Six Months Ended June 1998 versus June 1997

      Net Sales

      Net sales for the first six months of 1998 were $139.4 million, an
      increase of 7.8% compared to $129.3 million in 1997.

      Cosmetics Division net sales for the first six months of 1998 were $110.5
      million, an increase of 6.8% compared to $103.5 in 1997. The increase was
      principally attributable to the introduction of the new Sally Hansen
      Colorfast nail enamel and volume growth in the Sally Hansen nail care and
      La Cross brands.

      Pharmaceutical Division net sales were $28.9 million for the first six
      months of 1998, an increase of 12.0% compared to $25.8 million in 1997.
      The increase was due primarily to volume growth in the Orajel family of
      products.

      Cost of Sales

      Cost of sales for the first six months of 1998, as a percentage of net
      sales, was 39.4%, as compared with 39.1% in 1997.

      Selling and Administrative Expenses

      Selling and administrative expenses for the first six months of 1998 were
      $69.6 million compared to $66.2 million in 1997. The increase was
      primarily attributable to increased advertising and promotional expenses.

      Net Interest Expense

      Interest expense, net of interest income, for the first six months of 1998
      was $2.0 million compared to $1.7 million in 1997. The increase is
      principally due to imputed interest (non-cash expense) related to the
      purchase of land and buildings in North Carolina in May, 1997.

      Provision for Income Taxes

      The provision for income taxes is based on the Company's expected
      effective annual tax rate of 41% in 1998 compared to 40% in 1997.

      Net Earnings

      Net earnings for the first six months of 1998 were $7.7 million compared
      to $6.5 million reported for the first six months of 1997.

      Second Quarter Ended June 1998 versus June 1997

      Net Sales

      Net sales for the second quarter of 1998 were $74.0 million, compared to
      $75.1 million in 1997. The second quarter of 1998 results reflect a sales
      increase in the Pharmaceutical Division and a sales decrease in the
      Cosmetics Division compared to the second quarter of 1997.


                                       -9-
<PAGE>

      Cost of Sales

      Cost of sales for the second quarter of 1998, as a percentage of net
      sales, was 39.8%, as compared with 38.8% in 1997. The increase in cost of
      sales, as a percentage of net sales, in the second quarter, over the
      comparable period in 1997 is primarily attributable to the mix of business
      within the Cosmetics and Pharmaceutical Divisions.

      Selling and Administrative Expenses

      Selling and administrative expenses were $36.0 million for the second
      quarter of 1998 and 1997.

      Net Interest Expense

      Interest expense, net of interest income, was $1.1 million in the second
      quarter of 1998 compared to $.9 million in 1997. The increase was due to
      imputed interest (non-cash expense) related to the purchase of land and
      buildings in North Carolina in May, 1997 and interest expense related to
      short-term borrowing in 1998.

      Provision for Income Taxes

      The provision for income taxes is based on the Company's expected
      effective annual tax rate of 41% in 1998 compared to 40% in 1997.

      Net Earnings

      Net earnings for the second quarter of 1998 were $4.4 million compared to
      $5.4 million reported for the second quarter of 1997. The decrease was due
      primarily to lower volume.

(2)   LIQUIDITY AND CAPITAL RESOURCES

      At June 30, 1998, the Company had cash and cash equivalents of $.3 million
      as compared to $12.7 million and $15.0 million at June 30, 1997 and
      December 31, 1997, respectively.

      Net cash provided by operating activities for the six months ended June
      30, 1998 decreased $7.4 million due primarily to increases in accounts
      receivable and inventories and a decrease in accounts payable.

      Cash used for property, plant and equipment additions was $2.9 million for
      the six months ended June 30, 1998 compared to $3.7 million in the prior
      year.

      On May 12, 1998, the Company acquired the intellectual property rights and
      other assets of the Cornsilk brand of facial makeup for approximately
      $11.9 million in cash (see Note 5 to the consolidated financial
      statements), which was financed by utilizing existing cash and unused
      short-term credit facilities. The Company intends to refinance the
      purchase on a long-term basis.

      Net cash provided by financing activities was $4.0 million for the six
      months ended June 30, 1998 due primarily to an increase in short term
      borrowings offset by treasury stock acquisitions.

      The Company believes that cash from future operations, cash on hand and
      amounts available from short-term credit facilities, referred to above,
      will be sufficient to satisfy the Company's liquidity needs for the
      foreseeable future.


                                      -10-
<PAGE>

      Year 2000 Conversion

      The Company is evaluating the risks and costs associated with the year
      2000 conversion. Based on the Company's ongoing evaluation, management
      currently believes that the costs to achieve year 2000 compliance will not
      result in costs significantly in excess of historical levels of capital
      expenditures. The Company intends to communicate with its customers,
      suppliers, financial institutions and others with which it does business
      to ensure that year 2000 issues will be resolved in a timely manner. If
      necessary modifications and conversions by those with which the Company
      does business are not completed timely, the year 2000 conversion issue may
      have a material adverse effect on the Company's consolidated financial
      position and results of operations.

      Forward - Looking Statements

      Management's Discussion and Analysis of the Results of Operations and
      Financial Condition and other sections of this Form 10-Q include
      "forward-looking statements" within the meaning of Section 27A of the
      Securities Act of 1933 and Section 21E of the Securities and Exchange Act
      of 1934 (the "Exchange Act"). All statements other than statements of
      historical information provided herein are forward-looking statements and
      may contain information about financial results, economic conditions,
      trends and known uncertainties. The forward-looking statements contained
      herein are subject to certain risks and uncertainties that could cause
      actual results to differ materially from those reflected in the
      forward-looking statements. Factors that might cause such a difference
      include, but are not limited to, delays in introducing new products or
      failure of consumers to accept new products, actions by competitors which
      may result in mergers, technology improvement or new product
      introductions, the dependence on certain national chain drug stores and
      mass merchandiser relationships due to the concentration of sales
      generated by such chains, changes in fashion oriented color cosmetics
      trends, and trends in the general economy.

      Readers are cautioned not to place undue reliance on these forward-looking
      statements, which reflect management's analysis, judgment, belief or
      expectation only as of the date hereof. The Company undertakes no
      obligation to publicly revise these forward-looking statements to reflect
      events or circumstances that arise after the date hereof. In addition to
      the disclosure contained herein, readers should carefully review any
      disclosure of risks and uncertainties contained in other documents the
      Company files or has filed from time to time with the Securities and
      Exchange Commission pursuant to the Exchange Act.

PART II - OTHER INFORMATION

      Item  6. Exhibits and Reports on Form 8-K

            (a)   Exhibit 27.1  Financial Data Schedule

            (b)   Reports on Form 8-K

                  None  


                                      -11-
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                  DEL LABORATORIES, INC.
                                                  ----------------------
                                                  (Registrant)


Date:   August 14, 1998                           /s/ Dan K. Wassong
--------------------------------                  ------------------
                                                  Dan K. Wassong
                                                  Chairman, President and
                                                  Chief Executive Officer


Date:   August 14, 1998                           /s/ Enzo J. Vialardi
--------------------------------                  --------------------
                                                  Enzo J. Vialardi
                                                  Executive Vice President and
                                                  Chief Financial Officer


                                      -12-