Procter & Gamble (NYSE:PG), ready to acquire blushing bride Gillette (NYSE:G) for $57 billion, found its fiancee flush with cash during the second quarter. Sales were up an attractive 13% and net income increased a handsome 17% compared to the year-ago quarter. The icing on the cake: $112 million in free cash flow (although that was down from $291 million).

The bride's balance sheet is a thing of beauty. Compared to last year's second quarter, inventories rose only 5.2% (although sales grew 2.5 times faster). Total debt decreased $354 million (11.4%). Cash and short-term investments increased $154 million (23.6%). Not bad at all.

This lady knows how to drive home sales, too. Blades and razors, Duracell, oral care, and Braun all turned in double-digit sales gains. The only laggard, if you call 9% sales growth lagging, was personal care products. But that same division turned in a 25% operating profit increase as consumers traded up from less profitable shaving foams to higher-margin gels.

Profits were slightly hampered by the planned closing of a battery factory in the U.S. and costs related to the upcoming merger. All said, things look quite good, given the 17% profit increase.

This couple expects a happy future, as CEO James Kilts noted: "Looking ahead, our combination with Procter & Gamble should enable us to realize long-term growth opportunities more quickly and create many new opportunities. We look forward to this very exciting new chapter in our history and to creating the best consumer products company in the world."

After reading today's earnings press release, I'm sure that Gillette shareholders like Warren Buffet's Berkshire Hathaway (NYSE:BRKA) (NYSE:BRKB) are anxiously waiting to see how the wedding turns out.

The few unhappy folks include likely competitors Energizer (NYSE:ENR), the battery-powered-bunny folks who also own Schick, and battery maker Spectrum Brands (NYSE:SPC), formerly known as Rayovac. Procter & Gamble was already a formidable competitor for shelf space at the local Wal-Mart (NYSE:WMT). With Gillette part of the family, that competitive strength is only going to grow.

Say "I do" to further Foolishness:

Fool contributor W.D. Crotty owns shares in Berkshire Hathaway. Sadly, Warren Buffett has yet to invite him to lunch. Click here to see the Fool's disclosure policy.