News Releases
Total revenues for the quarter ended
Operating income for the quarter of
Interest expense for the quarter of
Net income for the first quarter was
Results by Segment for the First Fiscal Quarter
Over-the-Counter Healthcare Products
Net revenues of
Household Products
Revenues of
Personal Care Products
Revenues for this segment were
Free Cash Flow Increases 18%; Debt Repayment of
Free cash flow is a “non-GAAP” measure as that term is defined by the
The Company’s free cash flow for the first quarter ended
Commentary
According to
Conference Call
The Company will host a conference call to review its first fiscal
quarter results on
About
Located in
Forward-Looking Statements
Note: This news release contains "forward-looking statements" within the
meaning of the federal securities laws and is intended to qualify for
the Safe Harbor from liability established by the Private Securities
Litigation Reform Act of 1995. "Forward-looking statements" generally
can be identified by the use of forward-looking terminology such as
"assumptions," "target," "guidance," "outlook," "plans," "projection,"
"may," "will," "would," "expect," "intend," "estimate," "anticipate,"
"believe, "potential," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology. The
"forward-looking statements" include, without limitation, statements
regarding the outlook for
Prestige Brands Holdings, Inc. Consolidated Statements of Operations (Unaudited) |
||||||||||
Three Months Ended June 30 | ||||||||||
(In thousands, except share data) | 2009 | 2008 | ||||||||
Revenues | ||||||||||
Net sales | $ | 72,608 | $ | 72,916 | ||||||
Other revenues | 617 | 618 | ||||||||
Total revenues | 73,225 | 73,534 | ||||||||
Costs of Sales | ||||||||||
Costs of sales | 34,374 | 34,272 | ||||||||
Gross profit | 38,851 | 39,262 | ||||||||
Operating Expenses | ||||||||||
Advertising and promotion | 8,819 | 7,319 | ||||||||
General and administrative | 8,195 | 7,973 | ||||||||
Depreciation and amortization | 2,777 | 2,756 | ||||||||
Total operating expenses | 19,791 | 18,048 | ||||||||
Operating income | 19,060 | 21,214 | ||||||||
Other (income) expense | ||||||||||
Interest income | -- | (73 | ) | |||||||
Interest expense | 5,654 | 8,756 | ||||||||
Total other (income) expense | 5,654 | 8,683 | ||||||||
Income before income taxes | 13,406 | 12,531 | ||||||||
Provision for income taxes | 5,081 | 4,750 | ||||||||
Net income | $ | 8,325 | $ | 7,781 | ||||||
Basic earnings per share | $ | 0.17 | $ | 0.16 | ||||||
Diluted earnings per share | $ | 0.17 | $ | 0.16 | ||||||
Weighted average shares outstanding: | ||||||||||
Basic | 49,982 | 49,880 | ||||||||
Diluted | 50,095 | 50,035 |
Prestige Brands Holdings, Inc. Consolidated Balance Sheets (Unaudited) |
|||||||||||
(In thousands) |
|||||||||||
Assets |
June 30, 2009 |
March 31, 2009 |
|||||||||
Current assets |
|||||||||||
Cash and cash equivalents |
$ |
36,151 |
$ |
35,181 |
|||||||
Accounts receivable |
33,016 |
36,025 |
|||||||||
Inventories |
26,449 |
26,977 |
|||||||||
Deferred income tax assets |
4,221 |
4,022 |
|||||||||
Prepaid expenses and other current assets |
2,810 |
1,358 |
|||||||||
Total current assets |
102,647 |
103,563 |
|||||||||
Property and equipment |
1,314 |
1,367 |
|||||||||
Goodwill |
114,240 |
114,240 |
|||||||||
Intangible assets |
574,982 |
577,609 |
|||||||||
Other long-term assets |
4,122 |
4,602 |
|||||||||
Total Assets |
$ |
797,305 |
$ |
801,381 |
|||||||
Liabilities and Stockholders’ Equity |
|||||||||||
Current liabilities |
|||||||||||
Accounts payable |
$ |
16,482 |
$ |
15,898 |
|||||||
Accrued interest payable |
2,460 |
5,371 |
|||||||||
Other accrued liabilities |
12,897 |
9,407 |
|||||||||
Current portion of long-term debt |
3,550 |
3,550 |
|||||||||
Total current liabilities |
35,389 |
34,226 |
|||||||||
Long-term debt |
357,787 |
374,787 |
|||||||||
Deferred income tax liabilities |
100,664 |
97,983 |
|||||||||
Total Liabilities |
493,840 |
506,996 |
|||||||||
Stockholders’ Equity |
|||||||||||
Preferred stock - $0.01 par value |
|||||||||||
Authorized - 5,000 shares |
|||||||||||
Issued and outstanding - None |
|||||||||||
Common stock - $0.01 par value |
|||||||||||
Authorized - 250,000 shares |
|||||||||||
Issued - 50,060 shares at June 30, 2009 and March 31, 2009 |
501 |
501 |
|||||||||
Additional paid-in capital |
383,474 |
382,803 |
|||||||||
Treasury stock, at cost - 124 shares at June 30, 2009 |
(63 |
) |
(63 |
) |
|||||||
Accumulated other comprehensive loss |
(1,250 |
) |
(1,334 |
) |
|||||||
Retained deficit |
(79,197 |
) |
(87,522 |
) |
|||||||
Total stockholders’ equity |
303,465 |
294,385 |
|||||||||
Total Liabilities and Stockholders’ Equity |
$ |
797,305 |
$ |
801,381 |
Prestige Brands Holdings, Inc. Consolidated Statements of Cash Flows (Unaudited |
|||||||||
Three Months Ended June 30 | |||||||||
(In thousands) | 2009 | 2008 | |||||||
Operating Activities | |||||||||
Net income | $ | 8,325 | $ | 7,781 | |||||
Adjustments to reconcile net income to net cash provided |
|||||||||
Depreciation and amortization | 2,777 | 2,756 | |||||||
Deferred income taxes | 2,430 | 2,669 | |||||||
Amortization of deferred financing costs | 480 | 622 | |||||||
Stock-based compensation | 671 | 629 | |||||||
Changes in operating assets and liabilities | |||||||||
Accounts receivable | 3,010 | 5,894 | |||||||
Inventories | 528 | 885 | |||||||
Prepaid expenses and other current assets | (1,452 | ) | (1,688 | ) | |||||
Accounts payable | 584 | (1,077 | ) | ||||||
Income taxes payable | 1,551 | 1,762 | |||||||
Accrued liabilities | (836 | ) | (4,870 | ) | |||||
Net cash provided by operating activities | 18,068 | 15,363 | |||||||
Investing Activities | |||||||||
Purchases of equipment | (98 | ) | (61 | ) | |||||
Net cash used for investing activities | (98 | ) | (61 | ) | |||||
Financing Activities | |||||||||
Repayment of long-term debt | (17,000 | ) | (15,000 | ) | |||||
Purchase of common stock for treasury | -- | (10 | ) | ||||||
Net cash used for financing activities | (17,000 | ) | (15,010 | ) | |||||
Increase in cash | 970 | 292 | |||||||
Cash - beginning of period | 35,181 | 6,078 | |||||||
Cash - end of period | $ | 36,151 | $ | 6,370 | |||||
Interest paid | $ | 8,085 | $ | 11,302 | |||||
Income taxes paid | $ | 1,100 | $ | 75 |
Prestige Brands Holdings, Inc. Consolidating Statements of Operations (Unaudited) |
||||||||||||||||
Three Months Ended June 30, 2009 |
||||||||||||||||
Over-the-Counter |
Household |
Personal |
||||||||||||||
Healthcare |
Cleaning |
Care |
Consolidated |
|||||||||||||
(In Thousands) |
||||||||||||||||
Net sales |
$ |
40,272 |
$ |
26,841 |
$ |
5,495 |
$ |
72,608 |
||||||||
Other revenues |
11 |
606 |
-- |
617 |
||||||||||||
Total revenues |
40,283 |
27,447 |
5,495 |
73,225 |
||||||||||||
Cost of sales |
13,528 |
17,801 |
3,045 |
34,374 |
||||||||||||
Gross profit |
26,755 |
9,646 |
2,450 |
38,851 |
||||||||||||
Advertising and promotion |
6,740 |
1,919 |
160 |
8,819 |
||||||||||||
Contribution margin |
$ |
20,015 |
$ |
7,727 |
$ |
2,290 |
30,032 |
|||||||||
Other operating expenses |
10,972 |
|||||||||||||||
Operating income |
19,060 |
|||||||||||||||
Other expenses |
5,654 |
|||||||||||||||
Provision for income taxes |
5,081 |
|||||||||||||||
Net income |
$ |
8,325 |
Three Months Ended June 30, 2008 | ||||||||||||||||
Over-the-Counter |
Household |
Personal |
||||||||||||||
Healthcare |
Cleaning |
Care |
Consolidated |
|||||||||||||
(In Thousands) |
||||||||||||||||
Net sales |
$ |
39,246 |
$ |
28,404 |
$ |
5,266 |
$ |
72,916 |
||||||||
Other revenues |
-- |
618 |
-- |
618 |
||||||||||||
Total revenues |
39,246 |
29,022 |
5,266 |
73,534 |
||||||||||||
Cost of sales |
13,208 |
17,923 |
3,141 |
34,272 |
||||||||||||
Gross profit |
26,038 |
11,099 |
2,125 |
39,262 |
||||||||||||
Advertising and promotion |
5,037 |
2,070 |
212 |
7,319 |
||||||||||||
Contribution margin |
$ |
21,001 |
$ |
9,029 |
$ |
1,913 |
31,943 |
|||||||||
Other operating expenses |
10,729 |
|||||||||||||||
Operating income |
21,214 |
|||||||||||||||
Other expenses |
8,683 |
|||||||||||||||
Provision for income taxes |
4,750 |
|||||||||||||||
Net income |
$ |
7,781 |
Source:
Prestige Brands Holdings, Inc.
Dean Siegal, 914-524-6819