Irinquiries@prestigebrands.com
Prestige Consumer Healthcare Inc.
660 White Plains Road – Ste 250
Tarrytown, NY 10591
Telephone: 914-524-6819
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 15, 2008
PRESTIGE
BRANDS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
| Delaware | 001-32433 |
20-1297589
|
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) | 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
15, 2008, Prestige Brands Holdings, Inc. (the “Registrant”) announced financial
results for the fiscal quarter and year ended March 31, 2008. A copy of
the press release announcing the Registrant’s earnings results for the fiscal
quarter and year ended March 31, 2008 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, or otherwise subject to the liabilities of that section,
unless the Registrant specifically states that the information is to be
considered “filed” under the Securities Exchange Act of 1934 or incorporates it
by reference into a filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934.
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.
| (d) | Exhibits. |
| Exhibit | Description | |
| 99.1 | Press Release dated May 15, 2008 announcing the Registrant's financial results for the fiscal quarter and year ended March 31, 2008 (furnished only). | |
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.
| PRESTIGE BRANDS HOLDINGS, INC. | |||
|
Dated:
May 15, 2008
|
By:
|
/s/ Peter J. Anderson | |
| Name: Peter J. Anderson | |||
| Title: Chief Financial Officer | |||
| EXHIBIT INDEX | ||
| Exhibit | Description | |
| 99.1 | Press Release dated May 15, 2008 announcing the Registrant's financial results for the fiscal quarter and year ended March 31, 2008 (furnished only). | |
Exhibit
99.1
Prestige
Brands Holdings, Inc. Reports Fiscal ’08 and Fourth Quarter
Results;
Quarterly
Revenue Up 3%, Net Income Up 24%
Irvington, NY, May 15,
2008—Prestige Brands Holdings, Inc. (NYSE-PBH) today announced results for the
fourth quarter and fiscal year ended March 31, 2008.
Fourth
Quarter, Fiscal Year 2008
The
Company reported revenues of $80.4 million for the quarter ended March 31, 2008,
a 3% increase over the comparable quarter of the prior fiscal year when the
Company reported revenues of $78.0 million. The quarter’s revenue increase was
driven by sales increases in the Company’s over-the-counter healthcare and
household products segments.
Operating
income of $24.8 million for the fourth fiscal quarter was 10% above the prior
year comparable quarter’s $22.6 million. The improvement in operating income was
primarily due to an increase in gross profit resulting from higher revenues, a
reduction in obsolescence costs, and a slight reduction in general and
administrative expenses.
Net
income for the fourth fiscal quarter was $10.4 million, a $2.0 million (24%)
increase over the prior year comparable quarter’s reported net income of $8.4
million. This translates to $0.21 per diluted share, compared to $0.17 per
diluted share in the comparable quarter last year.
Results
by Segment for the Fourth Fiscal Quarter Ended March 31, 2008
Over-the-Counter
Healthcare Products
The
over-the-counter healthcare segment’s fourth quarter revenues of $46.2 million
were $2.9 million, 7% greater than revenues in the prior year comparable
quarter. The increase
was due
to the growth of several businesses in this segment, most notably Murine™
Earigate®, which has led the overall Murine brand to the #1 position in the OTC
ear care category, according to independent audit surveys. Clear Eyes® eye care
products enjoyed double digit growth, as a result of the introduction of Clear
Eyes Maximum Redness and several new 1-ounce sizes of Clear Eyes most popular
products. Chloraseptic® sore throat treatments also contributed to fourth
quarter results due to increased demand as the cold/flu season modestly
rebounded in February and March.
Household
Cleaning Products
The
household cleaning products segment reported net revenues of $29.7 million, 2%
greater than the comparable period’s results of $29.0 million. The segment’s
newest product, Comet® SprayGel Mildew Stain Remover, contributed to this growth
as a result of higher levels of distribution over the prior year comparable
quarter. These gains were partially offset by decreases in the Spic and Span®
and Chore Boy® lines.
Personal
Care Products
Revenues
for the personal care products segment were $4.5 million or $1.3 million less
than the prior year comparable quarter, in line with expectations. This is the
smallest segment of our business, accounting for approximately 7% of total
revenues.
Fiscal
Year 2008
The
Company reported total revenues of $326.6 million for the fiscal year ended
March 31, 2008, 3% greater than fiscal 2007 revenues of $318.6
million.
Operating
income of $91.4 million for fiscal 2008 was $3.3 million or 4% less than
operating income of $94.7 million in fiscal 2007.
The
Company’s reported net income of $33.9 million was $2.2 million or 6% below
fiscal 2007 reported net income of $36.1 million. This translates to $0.68 per
diluted share compared to $0.72 per diluted share in fiscal 2007. Net
income for fiscal 2007
included
a favorable non-cash income tax adjustment of $2.2 million. Excluding that
favorable 2007 tax benefit, net income was unchanged from fiscal 2007 to fiscal
2008.
Free
Cash Flow & Debt Repayment
Free cash
flow is a “non-GAAP financial measure”. Free cash flow is presented
here because management believes this 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 less capital
expenditures.
The
Company’s free cash flow for the fourth quarter ended March 31, 2008 was $9.6
million, composed of operating cash flow of $9.7 million less capital
expenditures of $0.1 million, a 42% decrease over free cash flow of $16.5
million, composed of operating cash flow of $16.6 million less capital
expenditures of $0.1 million generated in the fourth quarter ended March 31,
2007. The decrease in free cash flow for the quarter is primarily related to an
increase in accounts receivable. For fiscal year 2008, free cash flow
totaled $44.5 million, composed of operating cash flow of $45.0 million less
capital expenditures of $0.5 million.
Our
strong free cash flow enabled the Company to pay down $15 million of its term
loan during the fourth quarter. For fiscal 2008, the Company reduced its debt by
$52.1 million, bringing total debt outstanding to $411.2 million at March 31,
2008.
According
to Mark Pettie, Chairman and CEO, “We are generally pleased with the results of
the quarter and the fiscal year, and believe we are on the road to sustainable
organic growth. Importantly, during fiscal 2008, we identified the strategic
changes necessary to deliver this growth and are well down the road to
implementing them as we head into fiscal 2009. The key elements of disciplined
portfolio management, breakthrough innovation, international growth, and
improved organizational effectiveness set the stage for what we anticipate will
be improved organic growth performance in the new fiscal year and
beyond.”
Conference
Call
The
Company will host a conference call today at 8:30 a.m. EDT. To access the call,
listeners calling from within North America may dial 866-271-6130 at least 15
minutes prior to the call. To access the call from outside North America,
callers should dial 617-213-8894. The conference pass code is
“prestige”. The Company will provide a live internet webcast as well
as an archived replay which can be accessed from the Investor Relations page of
http://www.prestigebrandsinc.com.
Telephonic replays will be
available for two weeks following completion of the live call. The access
numbers are 888-286-8010 within North America, and 617-801-6888 outside of North
America. The pass code is 79362068.
About
Prestige Brands Holdings, Inc.
Located
in Irvington, New York, Prestige Brands Holdings, Inc. is a marketer and
distributor of brand name over-the-counter healthcare, personal care, and
household products sold throughout the U.S., Canada, and certain international
markets. Key brands include Compound W® wart remover, Chloraseptic®
sore throat treatment, New-Skin® liquid bandage, Clear Eyes® eye care and
Murine® eye and ear care products, Little Remedies® pediatric over-the-counter
products, Cutex® nail polish remover, Comet® and Spic and Span® household
products, and other well-known brands.
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,” “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’ market and the demand for its
products, earnings per share, future cash flows from operations, future revenues
and margin requirements and expansion, the success of new product introductions,
growth in costs and expenses, and the impact of acquisitions, divestitures,
restructurings and other unusual items, including Prestige Brands Holdings’
ability to integrate and obtain the anticipated results and synergies from its
acquisitions. These projections and 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 projected as a result of certain factors. A discussion of factors that
could cause results to vary is included in the Company’s Annual Report on Form
10-K and periodic and other reports filed with the Securities and Exchange
Commission.
Contact:
Dean Siegal
914-524-6819
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Operations
|
Three
Months Ended March 31
|
||||||||
|
(In
thousands, except per share data)
|
2008
|
2007
|
||||||
|
Revenues
|
||||||||
|
Net
sales
|
$ | 80,096 | $ | 77,683 | ||||
|
Other
revenues
|
337 | 353 | ||||||
|
Total
revenues
|
80,433 | 78,036 | ||||||
|
Cost
of Sales
|
||||||||
|
Cost
of sales
|
39,221 | 38,797 | ||||||
|
Gross
profit
|
41,212 | 39,239 | ||||||
|
Operating
Expenses
|
||||||||
|
Advertising
and promotion
|
6,290 | 6,196 | ||||||
|
General
and administrative
|
7,375 | 7,655 | ||||||
|
Depreciation
and amortization
|
2,754 | 2,755 | ||||||
|
Total
operating expenses
|
16,419 | 16,606 | ||||||
|
Operating
income
|
24,793 | 22,633 | ||||||
|
Other
(income) expense
|
||||||||
|
Interest
income
|
(151 | ) | (185 | ) | ||||
|
Interest
expense
|
8,936 | 10,000 | ||||||
|
Miscellaneous
|
(187 | ) | -- | |||||
|
Total
other (income) expense
|
8,598 | 9,815 | ||||||
|
Income
before income taxes
|
16,195 | 12,818 | ||||||
|
Provision
for income taxes
|
5,844 | 4,423 | ||||||
|
Net
income
|
$ | 10,351 | $ | 8,395 | ||||
|
Basic
earnings per share
|
$ | 0.21 | $ | 0.17 | ||||
|
Diluted
earnings per share
|
$ | 0.21 | $ | 0.17 | ||||
|
Weighted
average shares outstanding:
Basic
|
49,842 | 49,607 | ||||||
|
Diluted
|
50,037 | 50,027 | ||||||
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Operations
|
Year
Ended March 31
|
||||||||||||
|
(In
thousands, except per share data)
|
2008
|
2007
|
2006
|
|||||||||
|
Revenues
|
||||||||||||
|
Net
sales
|
$ | 324,621 | $ | 316,847 | $ | 296,239 | ||||||
|
Other
revenues
|
1,982 | 1,787 | 429 | |||||||||
|
Total
revenues
|
326,603 | 318,634 | 296,668 | |||||||||
|
Cost
of Sales
|
||||||||||||
|
Cost
of sales
|
158,096 | 153,147 | 139,430 | |||||||||
|
Gross
profit
|
168,507 | 165,487 | 157,238 | |||||||||
|
Operating
Expenses
|
||||||||||||
|
Advertising
and promotion
|
34,665 | 32,005 | 32,082 | |||||||||
|
General
and administrative
|
31,414 | 28,416 | 21,158 | |||||||||
|
Depreciation
and amortization
|
11,014 | 10,384 | 10,777 | |||||||||
|
Impairment
of goodwill
|
-- | -- | 1,892 | |||||||||
|
Impairment
of intangible asset
|
-- | -- | 7,425 | |||||||||
|
Total
operating expenses
|
77,093 | 70,805 | 73,334 | |||||||||
|
Operating
income
|
91,414 | 94,682 | 83,904 | |||||||||
|
Other
(income) expense
|
||||||||||||
|
Interest
income
|
(675 | ) | (972 | ) | (568 | ) | ||||||
|
Interest
expense
|
38,068 | 40,478 | 36,914 | |||||||||
|
Miscellaneous
|
(187 | ) | -- | -- | ||||||||
|
Total
other (income) expense
|
37,206 | 39,506 | 36,346 | |||||||||
|
Income
before income taxes
|
54,208 | 55,176 | 47,558 | |||||||||
|
Provision
for income taxes
|
20,289 | 19,098 | 21,281 | |||||||||
|
Net
income
|
$ | 33,919 | 36,078 | 26,277 | ||||||||
|
Basic
earnings per share
|
$ | 0.68 | $ | 0.73 | $ | 0.54 | ||||||
|
Diluted
earnings per share
|
$ | 0.68 | $ | 0.72 | $ | 0.53 | ||||||
|
Weighted
average shares outstanding:
Basic
|
49,751 | 49,460 | 48,908 | |||||||||
|
Diluted
|
50,039 | 50,020 | 50,008 | |||||||||
Prestige
Brands Holdings, Inc.
Consolidated Balance Sheets
|
(In
thousands)
|
March
31
|
|||||||
|
Assets
|
2008
|
2007
|
||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 6,078 | $ | 13,758 | ||||
|
Accounts
receivable
|
44,219 | 35,167 | ||||||
|
Inventories
|
29,696 | 30,173 | ||||||
|
Deferred
income tax assets
|
3,066 | 2,735 | ||||||
|
Prepaid
expenses and other current assets
|
2,316 | 1,935 | ||||||
|
Total
current assets
|
85,375 | 83,768 | ||||||
|
Property
and equipment
|
1,433 | 1,449 | ||||||
|
Goodwill
|
308,915 | 310,947 | ||||||
|
Intangible
assets
|
646,683 | 657,157 | ||||||
|
Other
long-term assets
|
6,750 | 10,095 | ||||||
|
Total
Assets
|
$ | 1,049,156 | $ | 1,063,416 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
liabilities
|
||||||||
|
Accounts
payable
|
$ | 20,539 | $ | 19,303 | ||||
|
Accrued
interest payable
|
5,772 | 7,552 | ||||||
|
Other
accrued liabilities
|
8,030 | 10,505 | ||||||
|
Current
portion of long-term debt
|
3,550 | 3,550 | ||||||
|
Total
current liabilities
|
37,891 | 40,910 | ||||||
|
Long-term
debt
|
407,675 | 459,800 | ||||||
|
Other
long-term liabilities
|
2,377 | 2,801 | ||||||
|
Deferred
income tax liabilities
|
122,140 | 114,571 | ||||||
|
Total
Liabilities
|
570,083 | 618,082 | ||||||
|
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 March 31, 2008 and 2007
|
501 | 501 | ||||||
|
Additional
paid-in capital
|
380,364 | 379,225 | ||||||
|
Treasury
stock, at cost – 59 shares and 55 shares at March 31, 2008 and 2007,
respectively
|
(47 | ) | (40 | ) | ||||
|
Accumulated
other comprehensive income
|
(999 | ) | 313 | |||||
|
Retained
earnings
|
99,254 | 65,335 | ||||||
|
Total
stockholders’ equity
|
479,073 | 445,334 | ||||||
|
Total
Liabilities and Stockholders’ Equity
|
$ | 1,049,156 | $ | 1,063,416 | ||||
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Cash Flows
|
Year
Ended March 31
|
||||||||||||
|
2008
|
2007
|
2006
|
||||||||||
|
(In
thousands)
|
||||||||||||
|
Operating
Activities
|
||||||||||||
|
Net
income
|
$ | 33,919 | $ | 36,078 | $ | 26,277 | ||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
|
Depreciation
and amortization
|
11,014 | 10,384 | 10,777 | |||||||||
|
Amortization
of financing costs
|
3,007 | 3,257 | 2,649 | |||||||||
|
Impairment
of goodwill and intangible assets
|
-- | -- | 9,317 | |||||||||
|
Deferred
income taxes
|
10,096 | 9,662 | 14,976 | |||||||||
|
Stock-based
compensation costs
|
1,139 | 655 | 383 | |||||||||
|
Changes
in operating assets and liabilities, net of effects of purchases of
businesses
|
||||||||||||
|
Accounts
receivable
|
(9,052 | ) | 4,875 | (1,350 | ) | |||||||
|
Inventories
|
477 | 4,292 | (7,156 | ) | ||||||||
|
Prepaid
expenses and other assets
|
(381 | ) | (1,235 | ) | 2,623 | |||||||
|
Accounts
payable
|
(975 | ) | (186 | ) | (6,037 | ) | ||||||
|
Income
taxes payable
|
-- | (1,795 | ) | 1,795 | ||||||||
|
Other
accrued liabilities
|
(4,255 | ) | 5,912 | (393 | ) | |||||||
|
Net
cash provided by operating activities
|
44,989 | 71,899 | 53,861 | |||||||||
|
Investing
Activities
|
||||||||||||
|
Purchases
of equipment
|
(488 | ) | (540 | ) | (519 | ) | ||||||
|
Purchases
of intangible assets
|
(33 | ) | -- | (22,655 | ) | |||||||
|
Change
in other assets due to purchase price adjustments
|
(16 | ) | 750 | -- | ||||||||
|
Purchases
of businesses, net
|
-- | (31,261 | ) | (30,989 | ) | |||||||
|
Net
cash used for investing activities
|
(537 | ) | (31,051 | ) | (54,163 | ) | ||||||
|
Financing
Activities
|
||||||||||||
|
Proceeds
from the issuance of notes
|
-- | -- | 30,000 | |||||||||
|
Payment
of deferred financing costs
|
-- | -- | (13 | ) | ||||||||
|
Repayment
of notes
|
(52,125 | ) | (35,280 | ) | (26,730 | ) | ||||||
|
Proceeds
from the issuance of equity, net
|
-- | -- | (63 | ) | ||||||||
|
Redemption
of equity interests
|
(7 | ) | (10 | ) | (26 | ) | ||||||
|
Net
cash provided by (used for) financing activities
|
(52,132 | ) | (35,290 | ) | 3,168 | |||||||
|
Increase
(decrease) in cash
|
(7,680 | ) | 5,558 | 2,866 | ||||||||
|
Cash
- beginning of year
|
13,758 | 8,200 | 5,334 | |||||||||
|
Cash
- end of year
|
$ | 6,078 | $ | 13,758 | $ | 8,200 | ||||||
Prestige
Brands Holdings, Inc.
Consolidating
Statement of Operations
|
Three
Months Ended March 31, 2008
|
||||||||||||||||
|
Over-the-
Counter
|
Household
|
Personal
|
||||||||||||||
|
(In
Thousands)
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
||||||||||||
|
Net
sales
|
$ | 46,197 | $ | 29,386 | $ | 4,513 | $ | 80,096 | ||||||||
|
Other
revenues
|
-- | 337 | -- | 337 | ||||||||||||
|
Total
revenues
|
46,197 | 29,723 | 4,513 | 80,433 | ||||||||||||
|
Cost
of sales
|
17,276 | 19,147 | 2,798 | 39,221 | ||||||||||||
|
Gross
profit
|
28,921 | 10,576 | 1,715 | 41,212 | ||||||||||||
|
Advertising
and promotion
|
5,108 | 1,009 | 173 | 6,290 | ||||||||||||
|
Contribution
margin
|
$ | 23,813 | $ | 9,567 | $ | 1,542 | 34,922 | |||||||||
|
Other
operating expenses
|
10,129 | |||||||||||||||
|
Operating
income
|
24,793 | |||||||||||||||
|
Other
expenses
|
8,598 | |||||||||||||||
|
Provision
for income taxes
|
5,844 | |||||||||||||||
|
Net
income
|
$ | 10,351 | ||||||||||||||
|
Three
Months Ended March 31, 2007
|
||||||||||||||||
|
Over-the-
Counter
|
Household
|
Personal
|
||||||||||||||
|
(In
Thousands)
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
||||||||||||
|
Net
sales
|
$ | 43,277 | $ | 28,624 | $ | 5,782 | $ | 77,683 | ||||||||
|
Other
revenues
|
-- | 353 | -- | 353 | ||||||||||||
|
Total
revenues
|
43,277 | 28,977 | 5,782 | 78,036 | ||||||||||||
|
Cost
of sales
|
17,403 | 18,120 | 3,274 | 38,797 | ||||||||||||
|
Gross
profit
|
25,874 | 10,857 | 2,508 | 39,239 | ||||||||||||
|
Advertising
and promotion
|
4,628 | 1,375 | 193 | 6,196 | ||||||||||||
|
Contribution
margin
|
$ | 21,246 | $ | 9,482 | $ | 2,315 | 33,043 | |||||||||
|
Other
operating expenses
|
10,410 | |||||||||||||||
|
Operating
income
|
22,633 | |||||||||||||||
|
Other
expenses
|
9,815 | |||||||||||||||
|
Provision
for income taxes
|
4,423 | |||||||||||||||
|
Net
income
|
$ | 8,395 | ||||||||||||||
Prestige
Brands Holdings, Inc.
Consolidating
Statement of Operations
|
Year
Ended March 31, 2008
|
||||||||||||||||
|
Over-the-
Counter
|
Household
|
Personal
|
||||||||||||||
|
(In
Thousands)
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
||||||||||||
|
Net
sales
|
$ | 183,641 | $ | 119,224 | $ | 21,756 | $ | 324,621 | ||||||||
|
Other
revenues
|
51 | 1,903 | 28 | 1,982 | ||||||||||||
|
Total
revenues
|
183,692 | 121,127 | 21,784 | 326,603 | ||||||||||||
|
Cost
of sales
|
69,344 | 75,459 | 13,293 | 158,096 | ||||||||||||
|
Gross
profit
|
114,348 | 45,668 | 8,491 | 168,507 | ||||||||||||
|
Advertising
and promotion
|
26,188 | 7,483 | 994 | 34,665 | ||||||||||||
|
Contribution
margin
|
$ | 88,160 | $ | 38,185 | $ | 7,497 | 133,842 | |||||||||
|
Other
operating expenses
|
42,428 | |||||||||||||||
|
Operating
income
|
91,414 | |||||||||||||||
|
Other
expenses
|
37,206 | |||||||||||||||
|
Provision
for income taxes
|
20,289 | |||||||||||||||
|
Net
income
|
$ | 33,919 | ||||||||||||||
|
Year
Ended March 31, 2007
|
||||||||||||||||
|
Over-the-
Counter
|
Household
|
Personal
|
||||||||||||||
|
(In
Thousands)
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
||||||||||||
|
Net
sales
|
$ | 174,704 | $ | 117,249 | $ | 24,894 | $ | 316,847 | ||||||||
|
Other
revenues
|
-- | 1,787 | -- | 1,787 | ||||||||||||
|
Total
revenues
|
174,704 | 119,036 | 24,894 | 318,634 | ||||||||||||
|
Cost
of sales
|
65,601 | 73,002 | 14,544 | 153,147 | ||||||||||||
|
Gross
profit
|
109,103 | 46,034 | 10,350 | 165,487 | ||||||||||||
|
Advertising
and promotion
|
24,201 | 6,679 | 1,125 | 32,005 | ||||||||||||
|
Contribution
margin
|
$ | 84,902 | $ | 39,355 | $ | 9,225 | 133,482 | |||||||||
|
Other
operating expenses
|
38,800 | |||||||||||||||
|
Operating
income
|
94,682 | |||||||||||||||
|
Other
expenses
|
39,506 | |||||||||||||||
|
Provision
for income taxes
|
19,098 | |||||||||||||||
|
Net
income
|
$ | 36,078 | ||||||||||||||
Prestige
Brands Holdings, Inc.
Consolidating
Statement of Operations
|
Year
Ended March 31, 2006
|
||||||||||||||||
|
Over-the-
Counter
|
Household
|
Personal
|
||||||||||||||
|
(In
Thousands)
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
||||||||||||
|
Net
sales
|
$ | 160,942 | $ | 107,372 | $ | 27,925 | $ | 296,239 | ||||||||
|
Other
revenues
|
-- | 429 | -- | 429 | ||||||||||||
|
Total
revenues
|
160,942 | 107,801 | 27,925 | 296,668 | ||||||||||||
|
Cost
of sales
|
58,491 | 65,088 | 15,851 | 139,430 | ||||||||||||
|
Gross
profit
|
102,451 | 42,713 | 12,074 | 157,238 | ||||||||||||
|
Advertising
and promotion
|
22,424 | 6,495 | 3,163 | 32,082 | ||||||||||||
|
Contribution
margin
|
$ | 80,027 | $ | 36,218 | $ | 8,911 | 125,156 | |||||||||
|
Other
operating expenses
|
41,252 | |||||||||||||||
|
Operating
income
|
83,904 | |||||||||||||||
|
Other
expenses
|
36,346 | |||||||||||||||
|
Provision
for income taxes
|
21,281 | |||||||||||||||
|
Net
income
|
$ | 26,277 | ||||||||||||||