<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 March 31, 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)

<TABLE>
<CAPTION>

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

               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 May 9,
1997 was 5,666,157.


<PAGE>


                     DEL LABORATORIES, INC. AND SUBSIDIARIES

                                      Index
<TABLE>
<CAPTION>
                                                                     Page No.
                                                                     --------
<S>           <C>                                                    <C>
PART I.       FINANCIAL INFORMATION:

Item 1.       Financial Statements:

              Consolidated Condensed Balance Sheets as of
                 March 31, 1997 and December 31, 1996                       3
              Consolidated Condensed Statements of Earnings for the
                 three months ended March 31, 1997 and 1996                 4
              Consolidated Condensed Statements of Cash Flows for the
                 three months ended March 31, 1997 and 1996                 5
              Notes to Consolidated Condensed Financial Statements          6

Item 2.       Management's Discussion and Analysis of Financial
              Condition and Results of Operations                           8

SIGNATURES                                                                 11
</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 3 - 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>

PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                      MARCH 31, 1997 AND DECEMBER 31, 1996
               (In thousands except for share and per share data)
<TABLE>
<CAPTION>

                                                                            March 31         December 31
                            Assets                                            1997               1996
                            ------                                        ------------       -----------
                                                                          (UNAUDITED)
<S>                                                                       <C>                        <C>
Current assets:
     Cash and cash equivalents                                            $      15,259     $      14,516
     Accounts receivable-less allowance for
     doubtful accounts of $1,450
     and $1,500, respectively                                                    27,640            30,781
     Inventories                                                                 38,492            33,788
     Income taxes receivable                                                       -                  324
     Deferred income taxes                                                        2,250             2,250
     Prepaid expenses and other current assets                                    1,556             1,840
                                                                          -------------     -------------
                 Total current assets                                            85,197            83,499

     Property, plant and equipment, net                                          26,662            26,628
     Intangibles arising from acquisitions, net                                   8,409             8,497
     Other assets                                                                 4,041             3,758
                                                                          -------------     -------------
                 Total assets                                             $     124,309     $     122,382
                                                                          =============     =============

                        Liabilities and Shareholders' Equity
                        ------------------------------------
Current liabilities:
     Accounts payable                                                     $      17,778     $      17,338
     Accrued liabilities                                                         15,555            14,895
     Income taxes payable                                                            23              -
                                                                          -------------     -------------
                 Total current liabilities                                       33,356            32,233

     Long-term pension liability, less current portion                            4,132             4,132
     Deferred income taxes                                                        1,175             1,175
     Long-term debt, less current portion                                        40,000            40,000
                                                                          -------------     -------------
                 Total liabilities                                               78,663            77,540
                                                                          -------------     -------------

Shareholders' equity:
     Preferred stock $.01 par value, authorized
     1,000,000 shares; no shares issued                                            -                 -
     Common stock $1 par value, authorized
     10,000,000 shares; issued 8,784,514 shares                                   8,785             8,785
     Additional paid-in capital                                                   4,321             4,321
     Cumulative translation adjustment                                             (406)             (547)
     Retained earnings                                                           62,217            61,353
                                                                          -------------     -------------
                                                                                 74,917            73,912

     Less: Treasury stock, at cost, 3,157,367 shares
     and 3,141,949 shares, respectively                                         (27,679)          (27,334)
     Receivables for stock options exercised                                     (1,592)           (1,736)
                                                                          -------------     -------------
                 Total shareholders' equity                                      45,646            44,842
                                                                          -------------     -------------

                 Total liabilities and shareholders' equity               $     124,309     $     122,382
                                                                          =============     =============
</TABLE>

See accompanying notes to unaudited consolidated condensed financial statements.

                                       3
<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                    (In thousands except for per share data)
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                              MARCH 31         MARCH 31
                                                                               1997              1996
                                                                          -------------     -------------
<S>                                                                       <C>               <C>          
Net sales                                                                 $      54,215     $      56,094
                                                                          -------------     -------------


Cost of goods sold                                                               21,386            22,815
Selling and administrative expenses                                              30,238            28,361
                                                                          -------------     -------------

                                                                                 51,624            51,176
                                                                          -------------     -------------

      Operating income                                                            2,591             4,918
                                                                          -------------     -------------

Interest expense                                                                    950               952
Interest income                                                                    (128)              (82)
                                                                          -------------     -------------

      Interest expense, net                                                         822               870
                                                                          -------------     -------------

Earnings before income taxes                                                      1,769             4,048
Income taxes                                                                        708             1,660
                                                                          -------------     -------------

      Net earnings                                                        $       1,061     $       2,388
                                                                          =============     =============
Earnings per common share (A)
  Basic                                                                   $        0.14     $        0.32
                                                                          =============     =============
  Diluted                                                                 $        0.13     $        0.29
                                                                          =============     =============

Weighted average common shares outstanding (A)                                       
  Basic                                                                       7,517,000         7,425,000
                                                                          =============     =============
  Diluted                                                                     8,079,000         8,159,000
                                                                          =============     =============

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
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                 (In thousands)
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                MARCH 31         MARCH 31
                                                                                   1997              1996
                                                                             -------------     -------------
<S>                                                                       <C>               <C>          
Cash flows from operating activities:
Net earnings                                                              $       1,061     $       2,388
Adjustments to reconcile net earnings to net cash
   provided by operating activities:
   Depreciation and amortization                                                  1,396             1,199
   Provision for doubtful accounts                                                   52               138
   Other non-cash operating items                                                   282                77
   Changes in operating assets and liabilities:
         Accounts receivable                                                      3,089            (6,935)
         Inventories                                                             (4,704)           (2,178)
         Prepaid expenses and other current assets                                  284               878
         Other assets and other liabilities                                        (283)              260
         Accounts payable                                                           440             2,661
         Accrued liabilities                                                        660             2,983
         Income taxes                                                               347               258
                                                                          -------------     -------------
         Net cash provided by operating activities                                2,624             1,729
                                                                          -------------     -------------

Cash flows used in investing activities:
   Property, plant and equipment additions                                       (1,341)           (1,353)
                                                                          -------------     -------------
         Net cash used in investing activities                                   (1,341)           (1,353)
                                                                          -------------     -------------
Cash flows used in financing activities:
   Principal payments of long-term debt                                            -                  (17)
   Proceeds from issuance of common stock
     upon exercise of options                                                         9               136
   Decrease in receivable for stock
     options exercised                                                                5               145
   Purchase of treasury stock                                                      (355)             (362)
   Dividends paid                                                                  (197)             (292)
                                                                          -------------     -------------
         Net cash used in financing activities                                     (538)             (390)
                                                                          -------------     -------------
Effect of exchange rate changes on cash                                              (2)             -
                                                                          -------------     -------------

Net increase (decrease) in cash and cash equivalents                                743               (14)

Cash and cash equivalents at beginning of year                                   14,516             8,563
                                                                          -------------     -------------

Cash and cash equivalents at end of period                                $      15,259     $       8,549
                                                                          =============     =============
</TABLE>

See accompanying notes to unaudited consolidated condensed financial statements.

                                       5
<PAGE>

                     DEL LABORATORIES, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                             MARCH 31, 1997 AND 1996
                                   (UNAUDITED)

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 March 31, 1997, the results of operations for
         the three months ended March 31, 1997 and 1996 and the statements of
         cash flows for the three months ended March 31, 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 March 31, 1997 and December 31, 1996 
         were as follows (in thousands):

<TABLE>
<CAPTION>

                                                                                1997              1996
                                                                            -------------  -------------
<S>                                                                       <C>               <C>          

                  Raw Materials                                           $      18,173     $      15,346
                  Work In Process                                                 3,853             3,862
                  Finished Goods                                                 16,466            14,580
                                                                          -------------     -------------
                                                                          $      38,492     $      33,788
                                                                          =============     =============
</TABLE>

3.        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:

                                    6
<PAGE>
<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.

                                       7

<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 quarter ended March 31, 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 quarter
    ended March 31, 1997 the Company purchased 17,000 shares at an average cost
    of $20.88 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 March 31, 1997 the Company was authorized to purchase up to
    170,725 additional shares based on the then existing Board authorization.

    Net accounts receivable at March 31, 1997 decreased by $3,141,000 from the
    December 31, 1996 level. The decrease is attributable to a reduced sales
    level in the quarter. Inventories at March 31, 1997 increased by $4,704,000
    from December 31, 1996.

    During the quarter ended March 31, 1997, the Company generated $2,624,000
    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 March 1997, the Company entered into an agreement to purchase land and
    buildings in North Carolina. This property is to be used as a distribution
    center and is replacing facilities leased under a lease expiring in 1997.
    The Company expects to close on the property during the second quarter of
    1997. The cost of the property is $5,500,000 with the seller financing the
    transaction interest free. The agreement calls for payments over the next
    three years, with a final payment of $3,850,000 in April 2000. When the
    closing is completed, the Company will record the transaction based on the
    present value of the loan on the date of closing and will accrete interest
    over the life of the loan. Any remaining leasehold improvements related to
    the leased facility will be fully amortized by the end of the lease term.

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

    Sales
    -----

    Sales for the first quarter of 1997 were $54.2 million, 3.3% below the $56.1
    million of sales for the first quarter of 1996.

    Sales declined from the first quarter of 1996 primarily due to the
    availability of products for shipment, which was negatively impacted by
    production start up delays associated with new product introductions.

                                       8

<PAGE>

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

    Cost of sales for the first quarter of 1997, as a percentage of net sales,
    decreased to 39.4%, as compared with 40.7% 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.

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

    Selling and administrative expenses increased by $1.9 million in the first
    quarter of 1997 versus the first quarter of 1996 and also increased as a
    percentage of net sales to 55.8% from 50.6%. The increase of 5.2% as a
    percentage of sales is attributable to increased advertising and promotional
    expenses during the 1997 period.

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

    Net interest expense for the first quarter of 1997 was $822,000 compared
    with $870,000 incurred in the first quarter of 1996. This reduction was
    attributable to increased interest income from investment of cash balances.

    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 first quarter of 1997 were $1,061,000, compared to 
    the $2,388,000 reported for the first quarter of 1996. This reduction was
    primarily attributable to the reduced sales level discussed above.

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

    In July 1994, the Equal Employment Opportunity Commission ("EEOC") filed
    suit against the Company in the United States District Court for the Eastern
    District of New York alleging sexual discrimination against certain present
    and former employees of the Company, in violation of Title VII of the Civil
    Rights Act of 1964, as amended. On August 3, 1995, the Court approved a
    consent decree between the Company and the EEOC settling the case. The
    Company denied that it engaged in any unlawful conduct, and the consent
    decree expressly acknowledges that the settlement does not constitute an
    admission by the Company of any violation of any law, rule or regulation
    relating to employment discrimination. The Board of Directors determined
    that the settlement was in the best interest of the Company and its
    shareholders, considering the expense that would have resulted from
    continued litigation and the time and attention of management and employees
    that would necessarily have been required.

    Pursuant to the settlement, the Company agreed to pay 15 former employees a
    total sum of $1,185,000. The settlement also incorporated the Company's
    revised sexual harassment policy which includes a revised complaint
    procedure.

    In August 1995, two stockholder derivative actions were filed in the State
    of Delaware Chancery Court against the members of the Company's Board of
    Directors, alleging breaches of fiduciary duties and waste of corporate
    assets in connection with the Company's settlement with the EEOC relating to
    claims of sexual harassment by an executive of the Company. This action was
    consolidated into a single action, In Re Del Laboratories, Inc., Derivative
    Litigation, Consolidated C.A. No. 14466.

    In March 1997, the parties agreed, subject to Court approval, to a proposed
    settlement in which the Company's insurance carrier, on behalf of the
    individual defendants, will pay $400,000 to the Company, and the Board will
    make the Human Resources Committee a permanent committee of the Board to be
    composed only of "independent" directors (as defined in the Internal Revenue
    Code).

                                       9
<PAGE>

    The Human Resources Committee will be charged with review and oversight of
    the Company's compliance with the requirements of Title VII relating to
    employment practices, including discrimination, wrongful discharge and
    retaliation. The Company has agreed not to oppose an application to the
    Court by the plaintiffs' attorneys for an attorneys' fee of $150,000 which
    has been provided for in the consolidated financial statements of the
    Company.

    The defendants continue to deny all allegations of wrongdoing and have
    advised the Company that they are entering into the proposed settlement to
    eliminate the burden and expense of further litigation.

    The Company is of the opinion, on the basis of currently available
    information, that none of the matters referred to above will have a material
    effect on the Company's results of operations or financial condition.


                                       10

<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)


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