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 SEPTEMBER 30, 2001


                     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 November
12, 2001 was 8,077,799.





<PAGE>





                     DEL LABORATORIES, INC. AND SUBSIDIARIES

                                      Index








PART I.      FINANCIAL INFORMATION
                                                                        PAGE NO.


Item 1.      Financial Statements:

             Consolidated Balance Sheets as of
                September 30, 2001 and December 31, 2000                     3

             Consolidated Statements of Earnings for the three and nine
                months ended September 30, 2001 and 2000                     4

             Consolidated Statements of Cash Flows for the
                nine months ended September 30, 2001 and 2000                5

             Notes to Consolidated Financial Statements                      6

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



SIGNATURES                                                                  13



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>



<TABLE>
<CAPTION>


                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
               (In thousands except for share and per share data)


                                                              September 30   December 31
                                                                  2001          2000
                                                              ------------   -----------
                                                               (UNAUDITED)
      ASSETS

Current assets:
<S>                                                              <C>          <C>
      Cash and cash equivalents                                  $   5,451    $   2,910
      Accounts receivable-less allowance for doubtful accounts
         of $1,000 in 2001 and 2000                                 56,293       60,196
      Inventories                                                   61,621       58,584
      Deferred income taxes, net                                     4,404        4,404
      Prepaid expenses and other current assets                      2,785        3,326
                                                                 ---------    ---------

                 Total current assets                              130,554      129,420

Property, plant and equipment, net                                  35,363       37,595
Intangibles arising from acquisitions, net                          15,559       16,220
Other assets                                                         7,706        7,543
                                                                 ---------    ---------

                 Total assets                                    $ 189,182    $ 190,778
                                                                 =========    =========

      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
      Current portion of long-term debt                          $   4,272    $   4,117
      Accounts payable                                              22,470       20,675
      Accrued liabilities                                           23,912       18,404
      Income taxes payable                                             446          460
                                                                 ---------    ---------

                 Total current liabilities                          51,100       43,656

Long-term pension liability, less current portion                    8,558        8,558
Deferred income taxes, net                                             626          626
Long-term debt, less current portion                                66,639       82,495
                                                                 ---------    ---------

                 Total liabilities                                 126,923      135,335
                                                                 ---------    ---------

Shareholders' equity:
      Preferred stock $ .01 par value, authorized
         1,000,000 shares; no shares issued                           --           --
      Common stock $1 par value, authorized
         20,000,000 shares; issued 10,000,000 shares                10,000       10,000
      Accumulated other comprehensive loss                          (1,706)      (1,259)
      Retained earnings                                             80,203       74,087
                                                                 ---------    ---------

                                                                    88,497       82,828

      Less: Treasury stock at cost, 1,942,540 shares
                in 2001 and 2,024,550 shares in 2000               (25,296)     (26,297)
                Receivables for stock options exercised               (942)      (1,088)
                                                                 ---------    ---------
                 Total shareholders' equity                         62,259       55,443
                                                                 ---------    ---------

                 Total liabilities and shareholders' equity      $ 189,182    $ 190,778
                                                                 =========    =========
</TABLE>


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


                                      -3-


<PAGE>

<TABLE>
<CAPTION>



                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF EARNINGS
         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
               (In thousands except for share and per share data)
                                   (UNAUDITED)




                                                  THREE MONTHS ENDED             NINE MONTHS ENDED

                                                     SEPTEMBER 30                  SEPTEMBER 30
                                                     ------------                  ------------
                                                  2001           2000          2001           2000
                                              -----------    -----------    -----------    -----------

<S>                                           <C>            <C>            <C>            <C>
Net sales                                     $    86,320    $    77,080    $   246,995    $   221,276

Cost of goods sold                                 38,255         34,234        108,246         97,670
Selling and administrative expenses                42,668         38,649        121,757        111,552
                                              -----------    -----------    -----------    -----------

Operating income                                    5,397          4,197         16,992         12,054

Other income (expense)
   Gain on sale of facility                          --             --             --              362
   Interest expense, net                           (1,569)        (2,042)        (5,393)        (6,113)

Earnings before income taxes                        3,828          2,155         11,599          6,303
Income taxes                                        1,454            981          4,640          2,723
                                              -----------    -----------    -----------    -----------
Net earnings                                  $     2,374    $     1,174    $     6,959    $     3,580
                                              ===========    ===========    ===========    ===========

Earnings per common share:
   Basic                                      $      0.30    $      0.15    $      0.87    $      0.45
                                              ===========    ===========    ===========    ===========
   Diluted                                    $      0.29    $      0.15    $      0.86    $      0.45
                                              ===========    ===========    ===========    ===========

Weighted average common shares outstanding:
   Basic                                        8,042,000      7,955,000      8,023,000      7,933,000
                                              ===========    ===========    ===========    ===========
   Diluted                                      8,224,000      8,034,000      8,108,000      8,021,000
                                              ===========    ===========    ===========    ===========

</TABLE>










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


                                      -4-

<PAGE>


<TABLE>
<CAPTION>



                     DEL LABORATORIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                 (In thousands)
                                   (UNAUDITED)

                                                                     SEPTEMBER 30
                                                                     ------------
                                                                   2001         2000
                                                                   ----         ----

Cash flows from operating activities:
<S>                                                             <C>         <C>
Net earnings                                                    $  6,959    $  3,580
Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
Depreciation and amortization                                      6,257       5,573
Provision for doubtful accounts                                      720          58
Gain on sale of facility                                            --          (362)
Other non-cash operating items                                       213         240
Changes in operating assets and liabilities:
    Accounts receivable                                            3,041     (12,473)
    Inventories                                                   (3,344)     (2,906)
    Prepaid expenses and other current assets                        540      (1,460)
    Other assets                                                    (177)       (939)
    Accounts payable                                               1,907       1,336
    Accrued liabilities                                            5,760       3,234
    Income taxes, net                                                436       2,888
                                                                --------    --------

          Net cash provided by (used in) operating activities     22,312      (1,231)
                                                                --------    --------

Cash flows provided by (used in) investing activities:
    Proceeds from sales of land and facility                          13         800
    Property, plant and equipment additions                       (3,626)     (4,361)
                                                                --------    --------

         Net cash used in investing activities                    (3,613)     (3,561)
                                                                --------    --------

Cash flows provided by (used in) financing activities:
    Borrowings under long-term debt                                 --        29,023
    Principal payments under long-term debt                      (15,644)     (8,086)
    Borrowings under short-term lines of credit                     --         1,500
    Repayments of short-term lines of credit                        --       (17,250)
    Decrease in receivables for stock options exercised                6           6
    Acquisition of treasury stock                                   (503)       (696)
                                                                --------    --------

          Net cash provided by (used in) financing activities    (16,141)      4,497
                                                                --------    --------

Effect of exchange rate changes on cash                              (17)        (17)
                                                                --------    --------

Net increase (decrease)  in cash and cash equivalents              2,541        (312)

Cash and cash equivalents at beginning of year                     2,910       3,585
                                                                --------    --------

Cash and cash equivalents at end of period                      $  5,451    $  3,273
                                                                ========    ========

Supplemental disclosures:
Cash paid:
    Interest                                                    $  5,415    $  4,786
    Income taxes                                                $  4,226    $  1,831

</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
             FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001





  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 accounting principles generally accepted in the United
      States of America 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 accounting principles generally
      accepted in the United States of America for complete financial
      statements. Net sales and cost of sales for 2000 include a
      reclassification to conform with current year presentation. 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 2000 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 consolidated
      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 the Company
      for interim periods.



  2.  Inventory
      ---------
      Classification of inventories (in thousands):

                                               September  30       December 31
                                                   2001                2000
                                                   ----                ----

                     Raw Materials               $ 32,981           $ 26,655
                     Work In Process                3,734              3,775
                     Finished Goods                24,906             28,154
                                                 --------           --------
                                                 $ 61,621           $ 58,584
                                                 ========           ========





  3. Earnings Per Share
     ------------------
     Basic earnings per share is computed by dividing income available to common
     shareholders (which for the Company equals its recorded net earnings) by
     the weighted-average number of common shares outstanding during the period.
     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.

     On November 15, 2000, the Company's Board of Directors approved a 5% stock
     dividend. As a result, 380,241 shares of treasury stock were issued on
     December 27, 2000 to shareholders of record on November 30, 2000.
     Accordingly, the weighted-average common shares outstanding in the
     consolidated statements of earnings for the three and nine months ended
     September 30, 2000, have been restated to reflect the dividend.


                                      -6-


<PAGE>

  3. Earnings Per Share (Continued)
     ------------------------------

     A reconciliation between the numerators and denominators of the basic and
     diluted earnings per common share is as follows:

<TABLE>
<CAPTION>

                                                            THREE MONTHS ENDED  NINE MONTHS ENDED
                                                               SEPTEMBER 30      SEPTEMBER 30
                                                               ------------      ------------
                                                       (Amounts in thousands, except per share data)

                                                             2001      2000    2001     2000
                                                             ----      ----    ----     ----

<S>                                                      <C>      <C>      <C>      <C>
                    Net earnings (numerator)                $2,374   $1,174   $6,959   $3,580
                                                            ------   ------   ------   ------
                    Weighted-average common shares
                       (denominator for basic earnings
                        per share)                           8,042    7,955    8,023    7,933

                    Effect of dilutive securities:
                       Employee stock options                  182       79       85       88
                    Weighted-average common and potential
                       common shares outstanding
                       (denominator for diluted earnings
                        per share)                           8,224    8,034    8,108    8,021
                                                            ------   ------   ------   ------

                    Basic earnings per share                $ 0.30   $ 0.15   $ 0.87   $ 0.45
                                                            ======   ======   ======   ======

                    Diluted earnings per share              $ 0.29   $ 0.15   $ 0.86   $ 0.45
                                                            ======   ======   ======   ======

</TABLE>

     Employee stock options for 756,000 and 1,462,000 shares for the three
     months ended September 30, 2001 and 2000, respectively, and 1,328,000 and
     1,333,000 shares for the nine months ended September 30, 2001 and 2000,
     respectively, were not included in determining the effect of dilutive
     securities since their effect would have been anti-dilutive.



4.   Comprehensive Income
     ---------------------

     The components of comprehensive income for the three and nine months ended
     September 30, 2001 and 2000 are as follows:

<TABLE>
<CAPTION>


                                                THREE MONTHS ENDED     NINE MONTHS ENDED
                                                   SEPTEMBER 30          SEPTEMBER 30
                                                   ------------          ------------
                                                  (in thousands)         (in thousands)
                                                  2001        2000        2001      2000
                                                  ----        ----        ----      ----

<S>                                           <C>        <C>        <C>        <C>
          Net earnings                          $ 2,374    $ 1,174    $ 6,959    $ 3,580

          Foreign currency translation             (342)      (108)      (447)      (266)
                                                -------    -------    -------    -------

          Total comprehensive income            $ 2,032    $ 1,066    $ 6,512    $ 3,314
                                                =======    =======    =======    =======

</TABLE>





                                       -7-



5.   Shareholders' Equity
     --------------------
     As a result of stock options exercised on March 9, 2001, the excess of the
     cost of treasury shares issued over the exercise price of options was
     initially recorded, in the first quarter, as a reduction to additional
     paid-in capital of $955,000 with the corresponding income tax benefit of
     $226,000 as an increase to additional paid-in capital. This transaction
     resulted in a deficit in additional paid-in capital of $729,000, which was
     reclassified to retained earnings.

     On August 29, 2001, additional stock options were exercised. The excess of
     the cost of the treasury shares issued over the exercise price of the
     options was initially recorded, in the third quarter, as a reduction to
     additional paid-in capital of $291,000 with the corresponding income tax
     benefit of $235,000 as an increase to additional paid-in capital. This
     transaction resulted in a deficit to additional paid-in capital of $56,000,
     which was reclassified to retained earnings.

     On March 1, 2001, the Company funded its fiscal 2000 contribution of
     $200,000 to the Employee Stock Ownership Trust with 19,802 treasury shares.
     As a result, a reduction of $58,000 was recorded to retained earnings in
     the first quarter representing the cost of treasury shares in excess of the
     market price on that date.


6.   Segment Information
     -------------------

     The Company operates in two segments, Cosmetic and Pharmaceutical, that
     have been organized by the products and services they offer. The Cosmetic
     segment's principal products are nail care, nail color, color cosmetics,
     beauty implements, bleaches and depilatories, personal care products and
     other related cosmetic items. The Pharmaceutical segment's principal
     products are proprietary oral analgesics, acne treatment products and first
     aid products. The accounting policies of the segments are the same as those
     described in the summary of significant accounting policies. Net sales for
     2000 include a reclassification to conform with current year presentation.
     The Company evaluates the performance of its operating segments based on
     operating income. Certain assets, including property, plant and equipment
     and deferred tax assets, are not allocated to the identifiable segments;
     depreciation of unallocated assets is charged to the Cosmetic segment.

<TABLE>
<CAPTION>

                                                THREE MONTHS ENDED    NINE MONTHS ENDED
                                                   SEPTEMBER 30          SEPTEMBER 30
                                                   ------------          ------------
                                                  (in thousands)         (in thousands)
                                                 2001        2000       2001       2000
                                                 ----        ----       ----       ----

         Net sales
<S>                                          <C>        <C>        <C>        <C>
                   Cosmetic                     $ 68,336   $ 59,381   $194,609   $172,382
                   Pharmaceutical                 17,984     17,699     52,386     48,894
                                                --------   --------   --------   --------
                   Consolidated                 $ 86,320   $ 77,080   $246,995   $221,276
                                                ========   ========   ========   ========

         Operating income
                   Cosmetic                     $  2,296   $    310   $  8,285   $  3,882
                   Pharmaceutical                  3,101      3,887      8,707      8,172
                                                --------   --------   --------   --------
                   Consolidated                 $  5,397   $  4,197   $ 16,992   $ 12,054
                                                ========   ========   ========   ========


         Gain on sale of facility               $   --     $   --     $   --     $    362

         Interest expense, net                     1,569      2,042      5,393      6,113
                                                --------   --------   --------   --------
         Earnings before taxes                  $  3,828   $  2,155   $ 11,599   $  6,303
                                                ========   ========   ========   ========

         Depreciation and amortization
                   Cosmetic                     $  2,202   $  1,844   $  5,880   $  5,223
                   Pharmaceutical                    136        121        377        350
                                                --------   --------   --------   --------
                   Consolidated                 $  2,338   $  1,965   $  6,257   $  5,573
                                                ========   ========   ========   ========

</TABLE>


                                      - 8 -

<PAGE>


7.    Plant Closure
      -------------
      On June 26, 2001, the Company announced that it would initiate a series of
      actions resulting in a full closure of the Newark, New Jersey
      manufacturing facility by the end of the first quarter of 2002. The
      Company expects to initiate actions during the fourth quarter of 2001. The
      plant closure will result in the termination of approximately 70
      production and clerical employees. Severance, pension curtailment and
      other exit plan expenses totaling $226,000, were included in selling and
      administrative expenses in the second quarter and for the nine months
      ended September 30, 2001. This charge had a negative impact of $0.02 on
      net earnings per share for the second quarter and for the nine months
      ended September 30, 2001. No exit plan expenses were incurred and no
      adjustment to the liability was required in the third quarter.

8.    Potential Environmental Liability
      ---------------------------------
      In September 2001, the Company received notice from the Environmental
      Protection Agency ("EPA") that it was, along with 81 others, a Potentially
      Responsible Party regarding a Superfund Site ("the Site") located in Glen
      Cove, New York. According to the notice received from the EPA, the
      Company's involvement relates to empty or used drums coming to the Site in
      1977 to 1978. The Company has recorded $550,000 in selling and
      administrative expenses in the third quarter which the Company believes
      should be adequate to cover any potential liability associated with the
      Site. The Company is currently unable to determine the time period over
      which such amount may be payable. This charge had a negative impact of
      $0.04 per share on net earnings for the third quarter and the nine months
      ended September 30, 2001.



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

(1)   Results of Operations (In Thousands)
      ------------------------------------

      Third Quarter and Nine Months Ended September 30, 2001
      Versus September 30, 2000
      -------------------------------------------------------------

      Consolidated net sales for the third quarter of 2001 were $86.3 million,
      an increase of 12% compared to $77.1 million in 2000. Consolidated net
      sales for the first nine months of 2001 were $247.0 million, an increase
      of 11.6% compared to $221.3 million in 2000. Net sales in 2000 include a
      reclassification to conform with the current year presentation.

      Cosmetic net sales for the third quarter were $68.3 million, an increase
      of 15.1% compared to $59.4 million in 2000. Net sales for the first nine
      months of 2001 were $194.6 million, an increase of 12.9% compared to
      $172.4 in 2000. The increase is due primarily to volume growth in the
      Sally Hansen and N.Y.C. New York Color brands. The Sally Hansen brand
      extended its leadership position in the mass market nail care category
      achieving a 21.7% market share for the quarter. Sally Hansen also became
      the number one brand of nail enamel with a 20.6% share of market for the
      quarter. N.Y.C. New York Color continued to experience double-digit
      revenue growth in the quarter.

      Pharmaceutical net sales for the third quarter were $18.0 million, an
      increase of 1.6% compared to $17.7 million in 2000. Net sales for the
      first nine months of 2001 were $52.4 million, an increase of 7.1% compared
      to $48.9 million in 2000. The increase is primarily attributable to the
      Orajel brand of oral analgesics.

      Cost of goods sold for the third quarter were $38.3 million, or 44.3% of
      net sales, compared to $34.2 million, or 44.4% of net sales in 2000. Cost
      of goods sold for the nine months of 2001 were $108.2 million, or 43.8% of
      net sales, as compared to $97.7 million, or 44.1% of net sales in 2000.
      Cost of goods sold for 2000 includes a reclassification to conform with
      the current year presentation. The improvement in cost of goods sold, as a
      percentage of net sales is primarily attributable to the increase in sales
      volume.

      Selling and administrative expenses for the third quarter were $42.7
      million, or 49.4% of net sales, compared to $38.6 million, or 50.1% of net
      sales in 2000. Selling and administrative expenses for the first nine
      months of 2001 were $121.8 million, or 49.3% of net sales, compared to
      $111.6 million, or 50.4% of net sales in 2000. The increase is primarily
      attributable to increased advertising and promotional expenses, which are
      subject to quarterly fluctuation due to the timing of such expenses,
      increases in compensation and retirement costs, a charge for the potential
      environmental liability as described below, and a charge for the write-off
      of accounts receivable related to the Phar-Mor, Inc. bankruptcy. The
      improvement in selling and administrative expenses, as a percentage of net
      sales, is attributable to sales increasing at a higher rate than increases
      in spending.


                                      - 9 -


<PAGE>



      In September 2001, the Company received notice from the Environmental
      Protection Agency ("EPA") that it was, along with 81 others, a Potentially
      Responsible Party regarding a Superfund Site ("the Site") located in Glen
      Cove, New York. According to the notice received from the EPA, the
      Company's involvement relates to empty or used drums coming to the Site in
      1977 to 1978. The Company has recorded $550,000 in selling and
      administrative expenses in the third quarter which the Company believes
      should be adequate to cover any potential liability associated with the
      Site. The Company is currently unable to determine the time period over
      which such amount may be payable.

      Interest expense, net of interest income, for the third quarter was $1.6
      million, compared to $2.0 million in 2000. The lower interest expense is
      due to a reduction in average outstanding borrowings and lower interest
      rates.

      Income taxes are based on the Company's expected annual effective tax rate
      of 40% in 2001, compared to 43% in 2000. The decrease in the effective tax
      rate for 2001 is primarily due to the reduced effect of non-deductible
      expenses on taxable income.

      Net earnings for the third quarter of 2001 were $2.4 million, or $0.30 per
      share, an increase of 102% when compared to net earnings of $1.2 million,
      or $0.15 per share in 2000. The third quarter of 2001 includes costs
      associated with a potential Superfund Site liability, as described above.
      These costs had a negative impact of $0.04 on net earnings per share for
      the third quarter ended September 30, 2001.

      Net earnings for the first nine months of 2001 were $7.0 million, or $0.87
      per share, an increase of 94.4% when compared to net earnings of $3.6
      million, or $0.45 per share in 2000. Earnings for the nine months ended
      September 30, 2001 were negatively impacted by $0.02 per share for the
      planned closure of the Newark, New Jersey manufacturing facility, as more
      fully described in note 7, and by $0.04 per share for the potential
      environmental liability, described above.


(2)   Liquidity and Capital Resources (In Thousands)
      ----------------------------------------------

      At September 30, 2001, the Company had cash and cash equivalents of $5.5
      million compared to $3.3 million at September 30, 2000.

      Net cash provided by operating activities was $22.3 million for the nine
      months ended September 30, 2001 primarily due to net earnings of $7.0
      million, depreciation of $6.2 million, an increase in accrued liabilities
      of $5.8 million and a $3.0 million decrease in accounts receivable,
      partially offset by an increase of $3.3 million in inventories. The
      decrease in accounts receivable is attributable to the timing of shipments
      during the third quarter and increased collections during the period. The
      increase in accrued liabilities is primarily attributable to increased
      advertising and promotional costs. The increase in inventories is
      primarily due to the timing of purchases of raw materials and components
      to support projected sales levels.

      Net cash used for property, plant and equipment additions was $3.6 million
      for the nine months ended September 30, 2001 compared to $4.4 million in
      2000.

      Net cash used in financing activities for the nine months ended September
      30, 2001 was $16.1 million due primarily to a repayment on May 31, 2001 of
      the senior notes in the amount of $4.0 million and a net reduction, during
      the period, of outstanding borrowings under the revolving credit agreement
      in the amount of $11.5 million.

      The Company believes that estimated cash flow from future operations, cash
      on hand and amounts available from the credit facility, along with leasing
      transactions, will be sufficient to satisfy its liquidity needs for the
      foreseeable future.

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

      In May 2000, the Emerging Issues Task Force ("EITF") reached a final
      consensus on EITF Issue No. 00-14 "Accounting for Certain Sales
      Incentives". The issue addresses the recognition, measurement and income
      statement classification for sales incentives offered voluntarily by a
      vendor, without charge, to customers that can be used in, or that are
      exercisable by a customer as a result of a single exchange transaction. In
      April 2001, the EITF amended the effective date of this issue to coincide
      with the required implementation date of EITF Issue 00-25. The Company has
      determined that implementation of EITF Issue No. 00-14 will result in the
      reclassification of certain selling costs from selling and administrative
      expenses to net sales and is in the process of quantifying the amount of
      such reclassification. The reclassification will not have any impact on
      net earnings.


                                     - 10 -

<PAGE>




      In April 2001, the EITF reached a final consensus on EITF Issue No.
      00-25, "Vendor Income Statement Characterization of Consideration Paid to
      a Reseller of the Vendor's Products", which requires that, unless specific
      criteria are met, consideration from a vendor to a retailer (e.g.,
      "slotting fees", "cooperative advertising arrangements", "buy downs",
      etc.) be recorded as a reduction from revenue, as opposed to a selling
      expense. This consensus is effective for fiscal quarters beginning after
      December 15, 2001, and will thus be adopted by the Company on January 1,
      2002. The Company has determined that implementation of EITF Issue No.
      00-25 will result in the reclassification of certain selling costs from
      selling and administrative expenses to net sales and is in the process of
      quantifying the amount of such reclassification. The reclassification will
      not have any impact on net earnings.

      In July 2001, the Financial Accounting Standards Board ("FASB") issued
      Statement of Financial Accounting Standards ("SFAS") No. 141, "Business
      Combinations" and SFAS No. 142, "Goodwill and Other Intangible Assets".
      SFAS No. 141 requires that all business combinations initiated after June
      30, 2001 be accounted for under the purchase method only and that certain
      acquired intangible assets in a business combination be recognized as
      assets apart from goodwill. SFAS No. 142 requires that the amortization of
      goodwill be replaced with periodic tests of the goodwill's impairment and
      that intangible assets with finite lives, other than goodwill, be
      amortized over their useful lives. The provisions of SFAS No.142 will be
      effective for fiscal years beginning after December 15, 2001, and will
      thus be adopted by the Company on January 1, 2002. The Company has not
      determined the effect, if any, that the adoption of SFAS No. 141 and SFAS
      No. 142 will have on the Company's consolidated financial statements.

      In October 2001, the FASB issued SFAS No. 144, "Accounting for the
      Impairment of Long-Lived Assets" which addresses financial accounting and
      reporting for the impairment or disposal of long-lived assets. This
      statement supersedes SFAS No. 121, "Accounting for the Impairment of
      Long-Lived Assets and for Long-Lived Assets to Be Disposed Of", while
      retaining the fundamental recognition and measurement provisions of that
      statement. SFAS No. 144 requires that a long-lived asset to be abandoned,
      exchanged for a similar productive asset or distributed to owners in a
      spinoff to be considered held and used until it is disposed of. However,
      SFAS No. 144 requires that management consider revising the depreciable
      life of such long-lived asset. With respect to long-lived assets to be
      disposed of by sale, SFAS No. 144 retains the provisions of SFAS No. 121
      and therefore, requires that discontinued operations no longer be
      measured on a net realizable value basis and that future operating losses
      associated with such discontinued operations no longer be recognized
      before they occur. SFAS No. 144 is effective for all fiscal quarters of
      fiscal years beginning after December 15, 2001, and will thus be adopted
      by the Company on January 1, 2002. The Company has not determined the
      effect, if any, that the adoption of SFAS No. 144 will have on the
      Company's consolidated financial statements.


      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, food
      stores and mass merchandiser relationships due to the concentration of
      sales generated by such chains; changes in fashion-oriented color cosmetic
      trends; the effect on sales of lower retailer inventory targets; the
      effect on sales of political and/or economic conditions; the Company's
      estimates of costs and benefits, cash flow from operations and capital
      expenditures; interest rate or foreign exchange rate changes affecting the
      Company and its market sensitive financial instruments including the
      Company's qualitative and quantitative estimates as to market risk
      sensitive instruments; changes in product mix to products which are less
      profitable; shipment delays; depletion of inventory and increased
      production costs resulting from disruptions of operations at any of our
      manufacturing or distribution facilities; foreign currency fluctuations
      affecting our results of operations and the value of our foreign assets
      and liabilities; the relative prices at which we sell our products and our
      foreign competitors sell their products in the same market; our operating
      and manufacturing costs outside of the United States; changes in the laws,
      regulations and policies, including changes in accounting standards, that
      effect, or will effect, us in the United States and/or abroad; and trends
      in the general economy.



                                     - 11 -

<PAGE>







      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.











                                     - 12 -


<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: November 12, 2001                /S/ Dan K. Wassong
 ------------------------               -----------------------------------
                                        Dan K. Wassong
                                        Chairman, President and
                                        Chief Executive Officer








 DATE: November  12, 2001              /S/ Enzo J. Vialardi
 ------------------------              ------------------------------
                                        Enzo J. Vialardi
                                        Executive Vice President and
                                        Chief Financial Officer










                                     - 13 -


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