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Chattem's Ban

This article was originally published in The Tan Sheet

Executive Summary

Deep discounting of the antiperspirant line during December by former owner Bristol-Myers Squibb resulted in "pantry loading," causing product sales to remain soft during Chattem's second quarter ending May 31, the Chattanooga-based company says. Chattem purchased the antiperspirant/deodorant franchise March 24 ("The Tan Sheet" March 2, p. 3). Overall, the addition of Ban and the performance of the Sunsource dietary supplement line drove Chattem's sales up 49.4% to $58.5 mil. for the quarter. Net income for the quarter rose to $8.2 mil. from $3.1 mil. last year, although the gain reflects both $6.5 mil. from the sale of the Cornsilk brand and a $1.9 mil. extraordinary loss for early extinguishment of debt...

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