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Prestige Brands "cautiously optimistic" for FY2011

This article was originally published in The Tan Sheet

Executive Summary

Higher sales of Clear Eyes, Murine and Compound W were offset by declines in Chloraseptic, Little Remedies and Allergen Block products during Prestige Brands Holdings' fourth quarter. Net sales were essentially flat for the Irvington, N.Y., firm, though the settlement of an intellectual property lawsuit regarding a Prestige OTC brand contributed to a reported $3.6 million in "other revenues" during the quarter. Prestige said May 13 its OTC segment generated net revenues of $42.6 million, up 7.1 percent, in the January-March period, while total revenues climbed 4 percent to $71.4 million. Fourth-quarter net income from continuing operations reached $3.3 million, compared to a net loss of $211.1 million a year ago, which reflected a substantial impairment charge. For fiscal 2010, Prestige's consolidated net sales dipped 1.3 percent to $296.9 million, with $32.1 million in net income. President and CEO Matthew Mannelly said the company enters fiscal 2011 with an air of "cautious optimism," based on the sales momentum of its core OTC brands and the "compelling marketing plans" developed for them. However, he acknowledged comparable-store sales growth remains a challenge for Prestige products as consumer spending stagnates
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