<PAGE>

                                 UNITED STATES
 
                       SECURITIES AND EXCHANGE COMMISSION
 
                             Washington D.C. 20549
 
                                   FORM 10-Q
 
(Mark One)
 
    X        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
   ---                  SECURITIES EXCHANGE ACT OF 1934
                For the quarterly period ended 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)


     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 May 9, 
1997 was 5,666,157.

<PAGE>

                    DEL LABORATORIES, INC. AND SUBSIDIARIES
 
                                     INDEX
<TABLE>
<CAPTION>
                                                                        PAGE NO.
                                                                        --------
<S>                                                                     <C> 
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

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

Other Information.............................................................10

Signatures....................................................................11

</TABLE>

                                       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>
             Assets                                                MARCH 31           DECEMBER 31
             ------                                                  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...............................           34,396                30,781
   Inventories............................................           36,069                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..........................           89,530                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..................................       $  128,642           $   122,382
                                                                 ----------           -----------
                                                                 ----------           -----------

                   Liabilities and Shareholders' Equity
                   ------------------------------------

Current liabilities:
   Accounts payable.......................................       $   17,778           $    17,338
   Accrued liabilities....................................           16,165                14,895
   Income taxes payable...................................            1,512                   --
                                                                 ----------           -----------
            Total current liabilities.....................           35,455                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.............................           80,762                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
   Foreign currency translation adjustment................             (406)                 (547)
   Retained earnings......................................           64,451                61,353
                                                                  ----------           ----------- 
                                                                     77,151                73,912

   Less: Treasury stock, at cost, 3,157,367 shares
     and 3,141,949 shares, respectively...................          (27,679)              (27,334)
   Receivable for stock options exercised.................           (1,592)               (1,736)
                                                                  ----------           ----------- 
            Total shareholders' equity....................           47,880                44,842
                                                                 ----------           -----------

            Total liabilities and shareholders' equity....       $  128,642             $ 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...........................................................  $  61,319      $  56,094
                                                                      ---------      ---------
Cost of goods sold..................................................     23,809         22,815
Selling and administrative expenses.................................     31,196         28,361
                                                                      ---------      ---------
                                                                         55,005         51,176
                                                                      ---------      ---------
      Operating income..............................................      6,314          4,918
                                                                      ---------      ---------
Interest expense....................................................        950            952
Interest income.....................................................       (128)           (82)
                                                                      ---------      ---------
      Interest expense, net........................................         822            870
                                                                      ---------      ---------
Earnings before income taxes........................................      5,492          4,048
Income taxes........................................................      2,197          1,660
                                                                      ---------      ---------
      Net earnings..................................................  $   3,295      $   2,388
                                                                      ---------      ---------
                                                                      ---------      ---------
Weighted average common shares outstanding (A)......................      6,338          6,500
                                                                      ---------      ---------
                                                                      ---------      ---------
Earnings per common share (A).......................................  $    0.52      $    0.37
                                                                      ---------      ---------
                                                                      ---------      ---------
Dividends per common share (A)......................................  $   0.035      $   0.026
                                                                      ---------      ---------
                                                                      ---------      ---------
</TABLE>
 
(A) March 31, 1996 amounts are adjusted to reflect a 4-for-3 stock split
    effective November 8, 1996.
 
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........................................................  $   3,295      $   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..............................................     (3,667)        (6,935)
   Inventories......................................................     (2,281)        (2,178)
   Prepaid expenses and other current assets........................        284            878
   Other assets and other liabilities...............................       (283)           260
   Accounts payable.................................................        440          2,661
   Accrued liabilities..............................................      1,270          2,983
   Income taxes.....................................................      1,836            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 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):
 
                                                         1997         1996
                                                      ---------     ---------

         Raw Materials..............................  $  18,173     $  15,346
         Work In Process............................      3,853         3,862
         Finished Goods.............................     14,043        14,580
                                                      ---------     ---------
                                                      $  36,069     $  33,788
                                                      ---------     ---------
                                                      ---------     ---------

3.   Earnings per common share is computed under the "modified treasury stock
     method" which assumes the exercise of all outstanding options and warrants
     and the use of the proceeds thereof to acquire up to 20% of the outstanding
     common stock of the Company. Excess proceeds not utilized for the purchase
     of such shares are assumed utilized, first to reduce outstanding debt and
     then any remainder is assumed invested in interest bearing securities with
     net earnings increased for the hypothetical interest expense savings or 
     interest income, net of taxes.

                                       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 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 increased by $3,615,000 from the
    December 31, 1996 level. The increase is attributable to a sales
    concentration in the latter part of the quarter. Inventories at March 31,
    1997 increased by $2,281,000 from December 31, 1996. This increase was 
    comparable to the increase during the quarter ended March 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 $61.3 million, 9.3% above the $56.1
    million of sales for the first quarter of 1996.
 
    The first quarter 1997 results reflect a sales increase in both the
    Cosmetics and Pharmaceutical Divisions, although the percentage of sales
    growth in the Cosmetics Division was slightly higher than the percentage of
    sales growth in the Pharmaceutical Division.
 
    COST OF SALES
    -------------

    Cost of sales for the first quarter of 1997, as a percentage of net sales,
    decreased to 38.8%, 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.

                                       7

<PAGE>

    
    SELLING AND ADMINISTRATIVE EXPENSES
    -----------------------------------

    Selling and administrative expenses increased by $2.8 million in the first
    quarter of 1997 versus the first quarter of 1996 and also increased as a 
    percentage of net sales to 50.9% from 50.6%. The increase of .3% 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 $3,295,000, 38.0% above the
    $2,388,000 reported for the first quarter of 1996.
 
    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). 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.

                                       8
<PAGE>

    
  
    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.
 
    NEW ACCOUNTING PRONOUNCEMENTS
    -----------------------------

    The Financial Accounting Standards Board issued Statement of Financial
    Accounting Standard (SFAS) No. 128, "Earnings Per Share". This
    pronouncement must be implemented for annual and interim periods that
    end after December 15, 1997. SFAS No. 128 does not permit early application.
    When implemented, SFAS No. 128 requires restatement of all prior period 
    earnings per share data. SFAS No. 128 calls for the calculation of basic 
    earnings per share, which is calculated using only weighted average shares 
    outstanding during the period and does not consider the assumed exercise of
    shares utilizing the treasury stock method (see note 3 to consolidated
    condensed financial statements). The Company believes that the adoption of
    SFAS No. 128 will increase basic earnings per share as compared with
    previously reported primary earnings per share. In addition, SFAS No. 128 
    requires the disclosure of diluted earnings per share. The Company is
    evaluating the requirements of calculating diluted earnings per share but
    does not believe that the adoption of SFAS No. 128 will have a material
    effect on previously reported primary earnings per share as compared with
    diluted earnings per share.

                                       9

<PAGE>

 
PART II--OTHER INFORMATION
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
        -------------------------------- 
    (a) Exhibit Index
 
<TABLE>
<CAPTION>
ITEM NO.    EXHIBIT                                         EXHIBIT NO.            DESCRIPTION
--------    -------                                         -----------            -----------
<C>         <S>                                             <C>                   <C>
   2        Plan of acquisition reorganization,                 --            Not Applicable
            arrangement, liquidation, or succession             

   3        Articles of Incorporation and By-Laws               --            Not Applicable

   4        Instruments defining the rights of security         --            Not Applicable
            holders, including indentures                       

  10        Material Contracts                                  1             First Amendment to Loan Agreement dated
                                                                              as of March 31, 1997 by and among the
                                                                              Registrant, Jackson National Life Insurance
                                                                              Company and Jackson National Life Insurance
                                                                              Company of Michigan

  11        Statement re: computation of per share              --            Not Applicable
            earnings                                         

  15        Letter re: unaudited interim financial              --            Not Applicable
            information                                        

  18        Letter re: change in account-                       --            Not Applicable
            ing principles            

  19        Report furnished to security holders                --            Not Applicable

  22        Published report regarding matters submitted        --            Not Applicable
            to vote of security holders                        
 
  24        Power of Attorney                                   --            Not Applicable

  27        Financial Data Schedule                             2             --

  99        Additional exhibits                                 --            Not Applicable

</TABLE>
 
(b)   Reports on Form 8-K
      -------------------
      
      NONE

                                       10

<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.

<TABLE>
<CAPTION>
                                               DEL LABORATORIES, INC. 
                                               -------------------------------
                                               (Registrant)
<S>                                            <C>




Date: May 14, 1997                             /s/ Dan K. Wassong
------------------                             -------------------------------
                                               Dan K. Wassong
                                               Chairman, President and
                                               Chief Executive Officer




Date: May 14, 1997                             /s/ Melvyn C. Goldstein
------------------                             -------------------------------
                                               Melvyn C. Goldstein
                                               Vice President of Finance
                                               and Principal Financial Officer
</TABLE>
 
                                       11