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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 12, 2011
 
 
PRESTIGE BRANDS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-32433
 
20-1297589
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
90 North Broadway, Irvington, New York 10533
(Address of principal executive offices, including Zip Code)
 
(914) 524-6810
(Registrant's telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
                                                    
 
 

 

 

 
Item 2.02 Results of Operations and Financial Condition.
 
On May 12, 2011, Prestige Brands Holdings, Inc. (the ''Registrant'') announced financial results for the fiscal quarter and year ended March 31, 2011. A copy of the press release announcing the Registrant's earnings results for the fiscal quarter and year ended March 31, 2011 is attached hereto as Exhibit 99.1 and incorporated herein by reference.
 
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be ''filed'' for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Registrant specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
 
 
Item 7.01. Regulation FD Disclosure.
 
The information set forth in Item 2.02 above is incorporated by reference as if fully set forth herein.
 
Item 9.01 Financial Statements and Exhibits.
 
(a)
Exhibits.
 
See Exhibit Index immediately following the signature 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 hereunto duly authorized.
 
 
Dated: May 12, 2011
PRESTIGE BRANDS HOLDINGS, INC.
 
 
 
 
 
 
By:
/s/ Ronald M. Lombardi
 
 
 
Name: Ronald M. Lombardi
 
 
 
Title: Chief Financial Officer
 
 

 

 

 
EXHIBIT INDEX
 
Exhibit
 
Description
 
 
 
99.1
 
Press Release dated May 12, 2011 announcing the Registrant's financial results for the fiscal quarter and year ended March 31, 2011 (furnished only).
99.2
 
Investor Relations Slideshow in use beginning May 12, 2011 (furnished only).
 
 

 
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Exhibit 99.1
 
 
 
Prestige Brands Holdings, Inc. Reports Fourth Quarter & Fiscal 2011 Results 
For the Quarter, Prestige Reports Record Revenues Driven by
the Completion of Two Acquisitions and Strong OTC Organic Growth
 
Irvington, NY, May 12, 2011 (Business Wire)-Prestige Brands Holdings, Inc. (NYSE: PBH) today announced results for the fourth fiscal quarter and full year ended March 31, 2011.
 
Revenues for the fourth fiscal quarter were $96.4 million, $26.4 million or 37.8% above the prior year's quarter. Revenues of the acquired Blacksmith Brands and Dramamine® brand, completed November 1, 2010 and January 6, 2011, respectively, accounted for $23.6 million of the increase while organic revenues for the Company grew $2.8 million or 4.1% during the current quarter over the prior year comparable quarter. The Company's revenue from its organic five core OTC brands (Chloraseptic®, Clear Eyes®, Compound W®, Little Remedies® and The Doctor's® NightGuard®) increased 8.4% over the prior year comparable quarter.
 
Gross profit for the fourth fiscal quarter was $46.3 million, $11.3 million or 32.5% above the prior year comparable quarter of $35.0 million. Excluding charges associated with inventory valuation step-up adjustments of $3.7 million related to the Blacksmith Brands and Dramamine acquisitions, gross profit would have been $50.0 million in the current quarter. Gross margin was 48.1% in the current quarter, which was negatively impacted by 3.8 percentage points from the inventory step-up charges noted above. Excluding these charges, gross margin would have improved to 51.9% from 50.0% in the prior year comparable quarter, primarily as a result of a higher proportion of revenue generated from the Over-the-Counter Healthcare (“OTC”) segment. During the quarter the Company continued to invest strongly behind Advertising and Promotion (“A&P”) in support of its core brands within the OTC segment and the acquired brands. A&P for the quarter was $14.1 million, $7.6 million or 115.8% above the prior year

 

 

comparable quarter of $6.5 million.
 
Operating income for the fourth fiscal quarter was $18.6 million or 5.4% higher than the prior year comparable quarter of $17.7 million. Operating income included $4.5 million of costs associated with the acquisitions of Blacksmith and Dramamine, including the inventory step-up charges noted above. Excluding these charges, operating income would have been $23.1 million for the quarter, $5.4 million or 31.0% above the prior year comparable quarter.
 
Income from continuing operations for the fourth fiscal quarter was $6.4 million and was negatively impacted by the above noted costs associated with the acquisitions of $2.4 million, net of related tax effects. Income from continuing operations for the fourth fiscal quarter of the prior year was $5.8 million and was negatively impacted by $1.3 million of a loss on the extinguishment of debt, net of related tax effects. Excluding these impacts, income from continuing operations would have been $8.8 million for the current year fourth fiscal quarter compared to $7.1 million for the prior year fourth fiscal quarter, an increase of 23.8%.
 
Diluted earnings per share from continuing operations was $0.13 for the fourth fiscal quarter, which included costs associated with the Blacksmith and Dramamine acquisitions, compared to $0.12 in the prior year comparable quarter, which included a loss on the extinguishment of debt. Excluding the impact of these charges in each quarter, diluted earnings per share from continuing operations in the fourth fiscal quarter would have been $0.18 compared to $0.14 in the prior year comparable quarter, an increase of 28.6%.
  

 

 

Commentary:
 
“Fiscal 2011 has been an extremely productive and transformative year for Prestige Brands,” said Matthew M. Mannelly, President and CEO. “In particular, we are pleased that the Company delivered 4.1% organic revenue growth in the quarter, exclusive of acquisitions. Our strategy to build brands through increased, innovative and effective A&P support is delivering the expected results. In addition to revenue growth, this is evidenced through accelerating consumption growth trends. For the fourth quarter, consumption for the Company's brands grew 20.6%, up from 14.2% in the third quarter, 3.4% in the second quarter and a negative 6.4% in the first quarter. We have also completed the integration of the acquisitions of Blacksmith Brands and Dramamine and are now focused on developing the long-term potential for these exciting brands. Looking forward, we intend to continue to invest significantly in our core OTC brands to drive long-term sustainable growth and have clear goals to build on the success and momentum heading into fiscal 2012.”
 
Results by Segment for the Fourth Fiscal Quarter
 
Revenues for the OTC Healthcare segment in the fourth fiscal quarter were $71.6 million, an increase of 66.5% over the prior year comparable quarter revenues of $43.0 million, primarily due to the addition of the acquired brands in the current year quarter. In addition, our five organic core OTC brands grew 8.4% compared to the prior year comparable quarter, led by increases in Little Remedies®, Chloraseptic®, Clear Eyes®, and Compound W®, slightly offset by a decline in The Doctor's®.
 
Revenues for the Household Cleaning segment for the fourth fiscal quarter were $24.8 million, an 8.1% decrease over the prior year comparable quarter revenues of $27.0 million. Comet®, Spic and Span® and Chore Boy® continued to face negative category consumption trends and competitive pressures at retail.
 

 

 

 
Fiscal Year 2011
 
Revenues for the fiscal year 2011 were $336.5 million, an increase of 15.0% over the prior year's revenues of $292.6 million. Revenues of the acquired Blacksmith Brands and Dramamine® brand, accounted for $38.8 million or 13.3% of the increase while organic revenues for the Company grew $5.1 million or 1.7% during the current year over the prior year.
 
Income from continuing operations for fiscal 2011 of $29.2 million was 9.0% lower than fiscal 2010 income from continuing operations of $32.1 million. Income from continuing operations for fiscal 2011 was negatively impacted by costs of $10.5 million associated with the above noted acquisitions and $0.2 million of a loss associated with the extinguishment of debt, net of related tax effects. Income from continuing operations for fiscal 2010 was negatively impacted by $1.3 million of a loss on the extinguishment of debt, net of related tax effects. Excluding these impacts, income from continuing operations would have been $39.9 million for the current fiscal year compared to $33.4 million for the prior fiscal year, an increase of 19.3%.
 
Diluted earnings per share from continuing operations for fiscal 2011 was $0.58, which included the costs associated with the Blacksmith and Dramamine acquisitions and the extinguishment of debt, compared to $0.64 in the prior fiscal year, which included a loss on the extinguishment of debt. Excluding the impact of these charges in each fiscal year, diluted earnings per share from continuing operations in fiscal 2011 would have been $0.79 compared to $0.67 in the prior fiscal year, an increase of 17.9%.
Free Cash Flow and Debt
 
Free cash flow is a “non-GAAP financial measure” and is presented here because management believes it is a commonly used measure of liquidity, indicative of cash available for debt repayment and acquisitions.

 

 

The company defines “free cash flow” as operating cash flow minus capital expenditures.
 
The Company's free cash flow for the fourth fiscal quarter ended March 31, 2011 was $24.8 million, an increase of 185.5% over the prior year comparable period's free cash flow of $8.7 million. For fiscal year 2011, free cash flow totaled $86.0 million, composed of operating cash flow of $86.7 million minus capital expenditures of $0.7 million. This compares to the prior year free cash flow of $58.7 million, composed of operating cash flow of $59.4 million minus capital expenditures of $0.7 million.
 
Total indebtedness at March 31, 2011 was $492.0 million, reflecting a recent pay down of $17.5 million. Cash on the balance sheet totaled $13.3 million at March 31, 2011.
 
Conference Call and Accompanying Slide Presentation
 
The Company will host a conference call to review its fourth quarter and year end results on May 12, 2011 at 8:30am EDT. The toll-free dial-in numbers are 866-800-8652 within North America and 617-614-2705 outside of North America. The conference pass code is “prestige”. The Company will provide a live internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of http://prestigebrands.com. The slide presentation can be accessed just before the call from the Investor Relations page of the website by clicking on Webcasts and Presentations.
 
Telephonic replays will be available for two weeks following the completion of the call and can be accessed at 888-286-8010 within North America and at 617-801-6888 from outside North America. The pass code is 60983170.
 

 

 

About Prestige Brands Holdings, Inc.
The Company markets and distributes brand name over-the-counter and household cleaning products throughout the U.S., Canada, and certain international markets. Core brands include Chloraseptic® sore throat treatments, Clear Eyes® eye care products, Compound W® wart treatments, The Doctor's® NightGuard® dental protector, The Little Remedies® and PediaCare® lines of pediatric over-the-counter products, Efferdent® denture care products, Luden's® throat drops and Dramamine® motion sickness treatment.
 
Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the federal securities laws and that are 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 our intentions regarding development of the brands that we acquired during fiscal year 2011 and our outlook and plans for the markets in which we compete. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors. A discussion of factors that could cause results to vary is included in the Company's Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission.
Contact: Dean Siegal
914-524-6819
 
 
 
 

 

 

Prestige Brands Holdings, Inc.
Consolidated Statements of Operations
(Unaudited)
 
 
Three Months Ended March 31,
 
Year Ended March 31,
(In thousands, except share data)
 
2011
 
2010
 
2011
 
2010
Revenues
 
 
 
 
 
 
 
 
Net sales
 
$
95,629
 
 
$
66,374
 
 
$
333,715
 
 
$
287,552
 
Other revenues
 
734
 
 
3,567
 
 
2,795
 
 
5,050
 
Total revenues
 
96,363
 
 
69,941
 
 
336,510
 
 
292,602
 
 
 
 
 
 
 
 
 
 
 
Cost of Sales
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales (exclusive of depreciation shown below)
 
50,058
 
 
34,984
 
 
165,632
 
 
139,158
 
Gross profit
 
46,305
 
 
34,957
 
 
170,878
 
 
153,444
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 
Advertising and promotion
 
14,122
 
 
6,544
 
 
42,897
 
 
30,923
 
General and administrative
 
11,019
 
 
8,108
 
 
41,960
 
 
34,195
 
Depreciation and amortization
 
2,540
 
 
2,633
 
 
9,876
 
 
10,001
 
Total operating expenses
 
27,681
 
 
17,285
 
 
94,733
 
 
75,119
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
18,624
 
 
17,672
 
 
76,145
 
 
78,325
 
 
 
 
 
 
 
 
 
 
Other expense
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
8,809
 
 
6,082
 
 
27,317
 
 
22,935
 
Loss on extinguishment of debt
 
 
 
2,656
 
 
300
 
 
2,656
 
Total other expense
 
8,809
 
 
8,738
 
 
27,617
 
 
25,591
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
9,815
 
 
8,934
 
 
48,528
 
 
52,734
 
Provision for income taxes
 
3,401
 
 
3,133
 
 
19,349
 
 
20,664
 
Income from continuing operations
 
6,414
 
 
5,801
 
 
29,179
 
 
32,070
 
 
 
 
 
 
 
 
 
 
Discontinued Operations
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations, net of income tax
 
 
 
(2,514
)
 
591
 
 
(112
)
Gain (loss) on sale of discontinued operations, net of income tax
 
 
 
 
 
(550
)
 
157
 
Net income
 
$
6,414
 
 
$
3,287
 
 
$
29,220
 
 
$
32,115
 
 
 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.13
 
 
$
0.12
 
 
$
0.58
 
 
$
0.64
 
Income (loss) from discontinued operations and gain (loss) from sale of discontinued operations
 
 
 
(0.05
)
 
 
 
 
Net income
 
$
0.13
 
 
$
0.07
 
 
$
0.58
 
 
$
0.64
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.13
 
 
$
0.12
 
 
$
0.58
 
 
$
0.64
 
Income (loss) from discontinued operations and gain (loss) from sale of discontinued operations
 
 
 
(0.05
)
 
 
 
 
Net income
 
$
0.13
 
 
$
0.07
 
 
$
0.58
 
 
$
0.64
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
50,129
 
 
50,030
 
 
50,081
 
 
50,013
 
Diluted
 
50,555
 
 
50,105
 
 
50,338
 
 
50,085
 

 

 

Prestige Brands Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
 
(In thousands)
March 31,
Assets
2011
 
2010
Current assets
 
 
 
Cash and cash equivalents
$
13,334
 
 
$
41,097
 
Accounts receivable
44,393
 
 
30,621
 
Inventories
39,751
 
 
27,676
 
Deferred income tax assets
5,292
 
 
6,353
 
Prepaid expenses and other current assets
4,812
 
 
4,917
 
Current assets of discontinued operations
 
 
1,486
 
Total current assets
107,582
 
 
112,150
 
 
 
 
 
Property and equipment
1,444
 
 
1,396
 
Goodwill
154,896
 
 
111,489
 
Intangible assets
786,361
 
 
554,359
 
Other long-term assets
6,635
 
 
7,148
 
Long-term assets of discontinued operations
 
 
4,870
 
Total Assets
$
1,056,918
 
 
$
791,412
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
Current liabilities
 
 
 
 
 
Accounts payable
$
21,615
 
 
$
12,771
 
Accrued interest payable
10,313
 
 
1,561
 
Other accrued liabilities
22,280
 
 
11,733
 
Current portion of long-term debt
 
 
29,587
 
Total current liabilities
54,208
 
 
55,652
 
 
 
 
 
Long-term debt
 
 
 
Principal amount
492,000
 
 
298,500
 
Less unamortized discount
(5,055
)
 
(3,943
)
Long-term debt, net of unamortized discount
486,945
 
 
294,557
 
 
 
 
 
Deferred income tax liabilities
153,933
 
 
112,144
 
 
 
 
 
Total Liabilities
695,086
 
 
462,353
 
 
 
 
 
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 - 50,276 shares and 50,154 shares at March 31, 2011 and 2010, respectively
503
 
 
502
 
Additional paid-in capital
387,932
 
 
384,027
 
Treasury stock, at cost - 160 shares and 124 shares at March 31, 2011 and 2010, respectively
(416
)
 
(63
)
Accumulated deficit
(26,187
)
 
(55,407
)
Total Stockholders' Equity
361,832
 
 
329,059
 
 
 
 
 
Total Liabilities and Stockholders' Equity
$
1,056,918
 
 
$
791,412
 

 

 

Prestige Brands Holdings, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Year Ended March 31,
(In thousands)
2011
 
2010
Operating Activities
 
 
 
Net income
$
29,220
 
 
$
32,115
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
10,108
 
 
11,450
 
Loss (gain) on sale of discontinued operations
890
 
 
(253
)
Deferred income taxes
9,324
 
 
11,012
 
Amortization of deferred financing costs
1,043
 
 
1,926
 
Impairment of goodwill and intangible assets
 
 
2,751
 
Stock-based compensation costs
3,575
 
 
2,085
 
Loss on extinguishment of debt
300
 
 
2,166
 
Amortization of debt discount
702
 
 
 
Loss on disposal of equipment
153
 
 
 
Changes in operating assets and liabilities, net of effects of purchases of businesses
 
 
 
 
Accounts receivable
4,918
 
 
6,404
 
Inventories
12,443
 
 
(3,351
)
Prepaid expenses and other current assets
154
 
 
(3,559
)
Accounts payable
1,784
 
 
(3,127
)
Accrued liabilities
12,056
 
 
(192
)
Net cash provided by operating activities
86,670
 
 
59,427
 
 
 
 
 
Investing Activities
 
 
 
 
 
Purchases of equipment
(655
)
 
(673
)
Proceeds from sale of property and equipment
12
 
 
 
Proceeds from sale of discontinued operations
4,122
 
 
7,993
 
Acquisition of Blacksmith, net of cash acquired
(202,044
)
 
 
Acquisition of Dramamine
(77,115
)
 
 
Net cash (used in) provided by investing activities
(275,680
)
 
7,320
 
 
 
 
 
Financing Activities
 
 
 
 
 
Proceeds from issuance of debt
 
 
296,046
 
Proceeds from issuance of Senior Notes
100,250
 
 
 
Proceeds from issuance of Senior Term Loan
112,936
 
 
 
Payment of deferred financing costs
(830
)
 
(6,627
)
Repayment of long-term debt
(51,087
)
 
(350,250
)
Proceeds from exercise of stock options
331
 
 
 
Shares surrendered as payment of tax withholding
(353
)
 
 
Net cash provided by (used in) financing activities
161,247
 
 
(60,831
)
(Decrease) increase in cash
(27,763
)
 
5,916
 
Cash - beginning of year
41,097
 
 
35,181
 
Cash - end of year
$
13,334
 
 
$
41,097
 
 
 
 
 
Interest paid
$
17,509
 
 
$
24,820
 
Income taxes paid
$
11,894
 
 
$
15,494
 
 
 
 
 
 
 
 
 

 

 

Prestige Brands Holdings, Inc.
Consolidated Statements of Operations
Business Segments
(Unaudited)
 
Three Months Ended March 31, 2011
 
Over-the-
Counter
Healthcare
 
Household
Cleaning
 
Consolidated
(In thousands)
 
 
 
 
 
Net sales
$
71,390
 
 
$
24,239
 
 
$
95,629
 
Other revenues
175
 
 
559
 
 
734
 
 
 
 
 
 
 
 
 
 
Total revenues
71,565
 
 
24,798
 
 
96,363
 
Cost of sales
33,233
 
 
16,825
 
 
50,058
 
 
 
 
 
 
 
 
 
 
Gross profit
38,332
 
 
7,973
 
 
46,305
 
Advertising and promotion
12,834
 
 
1,288
 
 
14,122
 
 
 
 
 
 
 
 
 
 
Contribution margin
$
25,498
 
 
$
6,685
 
 
32,183
 
Other operating expenses
 
 
 
 
 
 
13,559
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
18,624
 
Other expense
 
 
 
 
 
 
8,809
 
Provision for income taxes
 
 
 
 
 
 
3,401
 
Income from continuing operations
 
 
 
 
 
 
6,414
 
Income from discontinued operations, net of income tax
 
 
 
 
 
 
 
Loss on sale of discontinued operations, net of income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
$
6,414
 
 
 
Year Ended March 31, 2011
 
Over-the-
Counter
Healthcare
 
Household
Cleaning
 
Consolidated
(In thousands)
 
 
 
 
 
Net sales
$
234,042
 
 
$
99,673
 
 
$
333,715
 
Other revenues
543
 
 
2,252
 
 
2,795
 
 
 
 
 
 
 
 
 
 
Total revenues
234,585
 
 
101,925
 
 
336,510
 
Cost of sales
97,710
 
 
67,922
 
 
165,632
 
 
 
 
 
 
 
 
 
 
Gross profit
136,875
 
 
34,003
 
 
170,878
 
Advertising and promotion
36,752
 
 
6,145
 
 
42,897
 
 
 
 
 
 
 
 
 
 
Contribution margin
$
100,123
 
 
$
27,858
 
 
127,981
 
Other operating expenses
 
 
 
 
 
 
51,836
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
76,145
 
Other expense
 
 
 
 
 
 
27,617
 
Provision for income taxes
 
 
 
 
 
 
19,349
 
Income from continuing operations
 
 
 
 
 
 
29,179
 
Income from discontinued operations, net of income tax
 
 
 
 
 
 
591
 
Loss on sale of discontinued operations, net of income tax
 
 
 
 
(550
)
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
$
29,220
 

 

 

Prestige Brands Holdings, Inc.
Consolidated Statements of Operations
Business Segments
(Unaudited)
 
 
Three Months Ended March 31, 2010
 
Over-the-
Counter
Healthcare
 
Household
Cleaning
 
Consolidated
(In thousands)
 
 
 
 
 
Net sales
$
39,848
 
 
$
26,526
 
 
$
66,374
 
Other revenues
3,122
 
 
445
 
 
3,567
 
 
 
 
 
 
 
 
 
 
Total revenues
42,970
 
 
26,971
 
 
69,941
 
Cost of sales
16,631
 
 
18,353
 
 
34,984
 
 
 
 
 
 
 
 
 
 
Gross profit
26,339
 
 
8,618
 
 
34,957
 
Advertising and promotion
4,965
 
 
1,579
 
 
6,544
 
 
 
 
 
 
 
 
 
 
Contribution margin
$
21,374
 
 
$
7,039
 
 
28,413
 
Other operating expenses
 
 
 
 
 
 
10,741
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
17,672
 
Other expense
 
 
 
 
 
 
8,738
 
Provision for income taxes
 
 
 
 
 
 
3,133
 
Income from continuing operations
 
 
 
 
 
 
5,801
 
Loss from discontinued operations, net of income tax
 
 
 
 
 
 
(2,514
)
Gain on sale of discontinued operations, net of income tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
$
3,287
 
 
 
 
Year Ended March 31, 2010
 
Over-the-
Counter
Healthcare
 
Household
Cleaning
 
Consolidated
(In thousands)
 
 
 
 
 
Net sales
$
178,755
 
 
$
108,797
 
 
$
287,552
 
Other revenues
3,151
 
 
1,899
 
 
5,050
 
 
 
 
 
 
 
 
 
 
Total revenues
181,906
 
 
110,696
 
 
292,602
 
Cost of sales
67,040
 
 
72,118
 
 
139,158
 
 
 
 
 
 
 
 
 
 
Gross profit
114,866
 
 
38,578
 
 
153,444
 
Advertising and promotion
24,264
 
 
6,659
 
 
30,923
 
 
 
 
 
 
 
 
 
 
Contribution margin
$
90,602
 
 
$
31,919
 
 
122,521
 
Other operating expenses
 
 
 
 
 
 
44,196
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
78,325
 
Other expense
 
 
 
 
 
 
25,591
 
Provision for income taxes
 
 
 
 
 
 
20,664
 
Income from continuing operations
 
 
 
 
 
 
32,070
 
Loss from discontinued operations, net of income tax
 
 
 
 
(112
)
Gain on sale of discontinued operations, net of income tax
 
 
 
 
 
 
157
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
$
32,115
 
 

 
WebFilings | EDGAR view
 

Exhibit 99.2

 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

 


 

Primary IR Contact

Irinquiries@prestigebrands.com
Prestige Consumer Healthcare Inc.
660 White Plains Road – Ste 250
Tarrytown, NY 10591
Telephone: 914-524-6819

Transfer Agent

AST
6201 15th Avenue
Brooklyn, NY 11219
Telephone: (800) 937-5449
help@astfinancial.com
https://www.astfinancial.com

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