<PAGE>


                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington D.C. 20549


                                   FORM 10-Q/A
                                  (Amendment I)

(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, 1997


                    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.)


               565 Broad Hollow Road, Farmingdale, New York 11735
             ------------------------------------------------------
               (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 6,
1997 was 5,683,689.


<PAGE>


                     DEL LABORATORIES, INC. AND SUBSIDIARIES

                                      Index


<TABLE>
<CAPTION>


                                                                             Page No.
                                                                             --------


PART I.           FINANCIAL INFORMATION:

<S>             <C>                                                             <C>
Item 1.        Financial Statements:
               Consolidated Condensed Statements of Earnings for the
                  three months ended June 30, 1997 and 1996                      4
               Notes to Consolidated Condensed Financial Statements              5

Item 2.        Management's Discussion and Analysis of Financial
               Condition and Results of Operations                               7

SIGNATURE                                                                        9
</TABLE>

EACH OF THE ABOVE LISTED ITEMS IS HEREBY AMENDED BY DELETING THE ITEM IN ITS
ENTIRETY AND REPLACING IT WITH THE ATTACHED ITEMS.

THE INFORMATION CONTAINED HEREIN HAS BEEN RESTATED ON MAY 15, 1998 TO REFLECT 
SHIPMENTS OF FINISHED PRODUCTS WHICH SHOULD HAVE BEEN RECOGNIZED IN THE 
SECOND QUARTER OF 1997 INSTEAD OF THE FIRST QUARTER OF 1997 (SEE NOTE 4 - OF 
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS). ALL SHARE AND PER 
SHARE INFORMATION HAS BEEN RESTATED TO REFLECT A FOUR-FOR-THREE COMMON STOCK 
SPLIT APPROVED BY THE BOARD OF DIRECTORS IN FEBRUARY 1998 AND DISTRIBUTED IN 
THE FORM OF A STOCK DIVIDEND IN MARCH 1998. IN ADDITION, EARNINGS PER COMMON 
SHARE AND WEIGHTED AVERAGE COMMON SHARES OUTSTANDING HAVE BEEN RESTATED FOR 
THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 128, 
"EARNINGS PER SHARE".

                                       2


<PAGE>



                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
                    (In thousands except for per share data)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                               June 30                        June 30
                                                 1997                          1996
                                          -----------------             -----------------


    <S>                                  <C>                           <C>
    Net sales                            $          75,093             $          58,060
                                          -----------------             -----------------


    Cost of goods sold                              29,142                        24,217
    Selling and administrative expenses             36,004                        29,289
                                          -----------------             -----------------

                                                    65,146                        53,506
                                          -----------------             -----------------

          Operating income                           9,947                         4,554
                                          -----------------             -----------------


    Interest expense                                   991                           951
    Interest income                                    (89)                         (120)
                                          -----------------             -----------------

          Interest expense, net                        902                           831
                                          -----------------             -----------------

    Earnings before income taxes                     9,045                         3,723
    Income taxes                                     3,618                         1,526
                                          -----------------             -----------------


          Net earnings                   $           5,427            $            2,197
                                          -----------------             -----------------
                                          -----------------             -----------------

    Earnings per common share (A)

          Basic                          $            0.72            $             0.29
                                          -----------------             -----------------
                                          -----------------             -----------------
          Diluted                        $            0.66            $             0.27
                                          -----------------             -----------------
                                          -----------------             -----------------

    Weighted average common shares 
      outstanding (A)

          Basic                                  7,559,000                     7,425,000
                                          -----------------             -----------------
                                          -----------------             -----------------
          Diluted                                8,203,000                      8,160,000
                                          -----------------             -----------------
                                          -----------------             -----------------

    Dividends per common share (A)       $           0.026            $            0.020
                                          -----------------             -----------------
                                          -----------------             -----------------

    (A) Adjusted to reflect 4-for-3 stock splits effective November 8, 1996 and February 20, 1998.
</TABLE>

See accompanying notes to unaudited consolidated condensed financial statements.

                                        4
<PAGE>


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




1.       In the opinion of management, the accompanying unaudited consolidated
         condensed financial statements contain all adjustments (consisting of
         only normal recurring accruals) necessary to present fairly the
         financial position as of June 30, 1997, the results of operations for
         the three and six months ended June 30, 1997 and 1996 and the
         statements of cash flows for the six months ended June 30, 1997 and
         1996.

         Results for an interim period are not necessarily indicative of results
         for the entire year and such results are subject to year-end
         adjustments and independent audit.

         These financial statements should be read in conjunction with the
         consolidated financial statements of the Company contained in the
         Company's Form 10-K for the year ended December 31, 1996.

2.       Classification of inventories at June 30, 1997 and December 31, 1996
         were as follows (in thousands):

<TABLE>
<CAPTION>

                                                    1997                              1996
                                                    ----                              ----

            <S>                                 <C>                          <C>
            Raw Materials                       $      20,381                  $        15,346
            Work In Process                             3,850                            3,862
            Finished Goods                             12,358                           14,580
                                                -------------                  ---------------
                                                $      36,589                  $        33,788
                                                =============                  ===============
</TABLE>


3.       In June 1997, the Company purchased land and buildings in North
         Carolina to be used as a distribution center. This distribution center
         will replace the Company's current leased facility. The lease expires
         in October 1997 with all remaining leasehold improvements fully
         amortized by the end of the lease term. The purchase price of the
         property is $5,500,000, of which $275,000 was paid at closing and
         $5,225,000 is being financed through a non-interest bearing note with
         the seller of the property. The Company recorded the note payable at
         its present value using an interest rate of 7.3% which approximates
         the Company's incremental borrowing rate. The repayment terms of the
         note include $1,375,000 to be repaid over three years and a single
         lump sum payment of $3,850,000 on May 15, 2000. The issuance of the
         note for the property represents a non-cash transaction and is
         supplemental information related to the consolidated statement of cash
         flows.


                                        5

<PAGE>


4.        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 earings 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:

<TABLE>
<CAPTION>
                                                          Three Months Ended
                                                          ------------------
                                                   March 31, 1997         June 30, 1997
                                                   --------------         -------------

         <S>                                              <C>                 <C>
         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

</TABLE>

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


                                        6

<PAGE>

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

(1)       LIQUIDITY AND CAPITAL RESOURCES
          -------------------------------

          Under its institutional debt covenants, the Company is permitted a
          level of short-term borrowing not to exceed $15,000,000. Currently,
          the Company has arrangements with banks which provide up to
          $27,500,000 of short-term lines of credit at the prime rate of
          interest. There were no borrowings under these lines during the six
          months ended June 30, 1997 or the year ended December 31, 1996.

          The Company has, from time to time, acquired shares of its common
          stock pursuant to a plan approved by the Board of Directors in 1987.
          The Company will generally undertake such purchases if, as and when
          management believes that the prevailing market price for its Common
          Stock does not adequately reflect the intrinsic value of the Company's
          business. During the six months ended June 30, 1997 the Company
          purchased 198,857 shares at an average cost of $27.15 per share, and
          such shares were placed in treasury. The shares purchased were
          predominantly from employees who held shares issued pursuant to the
          Company's stock option plans, with the balance through open market
          purchases. As of June 30, 1997 the Company was authorized to purchase
          up to 149,625 additional shares based on the then existing Board
          authorization.

          Net accounts receivable at June 30, 1997 increased by $2,752,000 from
          the December 31, 1996 level. The increase is attributable to a sales
          concentration in the latter part of the quarter. Inventories at June
          30, 1997 increased by $2,801,000 from December 31, 1996.

          During the six months ended June 30, 1997, the Company generated
          $3,534,000 cash from operations. The Company believes that cash from
          future operations, cash on hand and amounts available from short-term
          lines of credit , referred to above, will be sufficient to satisfy the
          Company's liquidity needs for the foreseeable future.

          In June 1997, the Company purchased land and buildings in North
          Carolina to be used as a distribution center. This distribution center
          will replace the Company's current leased facility. The lease expires
          in October 1997 with all remaining leasehold improvements fully
          amortized by the end of the lease term. The purchase price of the
          property is $5,500,000, of which $275,000 was paid at closing and
          $5,225,000 is being financed through a non-interest bearing note with
          the seller of the property. The Company recorded the note payable at
          its present value using an interest rate of 7.3% which approximates
          the Company's incremental borrowing rate. The repayment terms of the
          note include $1,375,000 to be repaid over three years and a single
          lump sum payment of $3,850,000 on May 15, 2000.

(2)       RESULTS OF OPERATIONS
          ---------------------

          Sales
          -----

          Sales for the second quarter of 1997 were $75.1 million, 29.3% above
          the $58.1 million of sales for the second quarter of 1996. Sales for
          the six months ended June 30, 1997 were $129.3 million, 13.3% above
          the $114.2 million of sales for the six months ended June 30, 1996.

          The second quarter and six months of 1997 results reflect a sales
          increase in the Cosmetics Division and a decrease in sales for the
          Pharmaceutical Division.

          Cost of Sales
          -------------

          Cost of sales for the second quarter of 1997, as a percentage of net
          sales, decreased to 38.8%, as compared with 41.7 % in the
          corresponding period of 1996. Cost of sales for the six months ended
          June 30, 1997, as a percentage of net sales, was 39.1% compared with
          41.2% in the corresponding period of 1996.

          The decrease in cost of sales resulted from decreases in both the
          Cosmetics and Pharmaceutical Divisions. These decreases were the
          result of increased production levels and production efficiencies that
          allowed a greater absorption of manufacturing overhead. In addition,
          the Company constantly reviews product cost in order to produce its
          products at the lowest possible cost.




                                        7

<PAGE>


          Selling and Administrative Expenses
          -----------------------------------

          Selling and administrative expenses increased by $6.7 million in the
          second quarter of 1997 versus the second quarter of 1996 but decreased
          as a percentage of net sales to 47.9% from 50.4%. For the six months
          ended June 30, 1997, selling and administrative expenses increased by
          $8.6 million versus the comparable period in 1996 and also increased
          as a percentage of net sales to 51.2% from 50.5%.

          The increase of .7% as a percentage of sales is attributable to 
          increased advertising and promotional expenses during the first 
          quarter of the 1997 period.

          Net Interest Expense 
          --------------------

          Net interest expense for the second quarter of 1997 was $902,000
          compared with $831,000 incurred in the second quarter of 1996. Net
          interest expense for the six months ended June 30, 1997 was $1,724,000
          compared with $1,701,000 for the six months ended June 30, 1996.

          Provision for Income Taxes
          --------------------------

          The provision for income taxes is based on the Company's expected
          effective tax rate for the year, which is 40% of earnings in 1997. In
          1996, the Company's effective tax rate was 41%.

          Net Earnings
          ------------

          Net earnings for the second quarter of 1997 were $5,427,000, 147%
          above the $2,197,000 reported for the second quarter of 1996. Net
          earnings for the six months ended June 30, 1997 were $6,488,000, 41.5%
          above the $4,586,000 reported for the six months ended June 30, 1996.

          Legal Matters
          -------------

          In June 1997, the Company entered into a settlement agreement with
          respect to a stockholders' derivative action against the members of
          the Company's Board of Directors, in which, among other things, the
          Company's insurance carrier agreed to pay $400,000 to the Company on
          behalf of the individual defendants, and the Company paid $150,000 in
          connection with plaintiffs' attorneys' fees (see Part II, Item I, 
          Legal Proceedings).

          New Accounting Pronouncements
          -----------------------------

          The Financial Accounting Standards Board issued Statement of Financial
          Accounting Standard No. 131, "Disclosures about Segments of an
          Enterprise and Related Information" (SFAS No. 131). SFAS No. 131
          established standards to report information about operating segments
          and related discussions about products and services, geographic areas
          and major customers. SFAS No. 131 is effective for financial
          statements for the period beginning after December 15, 1997. This
          statement permits early application and requires restatement of all
          prior periods. The Company is currently evaluating the requirements of
          SFAS No. 131 and believes that the adoption of the statement will not
          have a material impact on previously reported segment information.


                                        8

<PAGE>


                                    SIGNATURE
                                    ---------


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:     May 15, 1998               /s/ Charles H. Abdalian
----------------------------         -----------------------
                                     Charles H. Abdalian
                                     Vice President and Chief Financial Officer
                                     (Principal Accounting Officer)




                                        9