ProPhase pares costs, preps relaunches
This article was originally published in The Tan Sheet
Executive Summary
The OTC firm, formerly known as Quigley, discontinues a candy product line and shutters a contract manufacturing facility, reducing first-quarter operating costs and expenses 51 percent to $2.2 million. ProPhase Labs' net sales in the January-March period also dropped 50.4 percent to $2 million, but its year-over-year net loss was halved to $1.1 million. Sales took a hit as retailer orders of cold and flu products, such as ProPhase's Cold-EEZE zinc lozenges, were front-loaded in fourth quarter 2009, according to CEO Ted Karkus. He added May 17 ProPhase is entering "a wonderful new phase," with redesigned packaging, a new mint frost Cold-EEZE flavor and the planned reintroduction of a Kids-EEZE non-liquid product line (1"The Tan Sheet" May 10, 2010, In Brief)
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Cold-EEZE continues brand transformation
ProPhase Labs hires media solutions firm Women's Marketing Inc. to develop and implement multimedia campaigns for the Cold-EEZE and Kids-EEZE lozenge brands. Doylestown, Pa.-based ProPhase additionally announced details for its Kids-EEZE line extension of symptom-specific chews, including Allergy, Chest Congestion and Cough/Cold formulas. ProPhase already is revising its existing products' packaging and flavors (1"The Tan Sheet" May 24, 2010, In Brief). "We are excited to join with WMI to create a dynamic media campaign that will introduce our new and improved products to new consumers and reinvigorate our loyal customers," ProPhase CEO Ted Karkus said Sept. 7
Quigley now ProPhase Labs
The maker of Cold-EEZE zinc lozenges changes its name to ProPhase Labs Inc., following a shareholder vote May 5. Company shares now trade on NASDAQ under the symbol "PRPH." CEO Ted Karkus said the corporate re-branding will include redesigned packaging for Cold-EEZE and Kids-EEZE cold remedies. Since ousting founder Guy Quigley in June 2009, Karkus has shaken things up at the Doylestown, Pa., firm, including forming an OTC joint venture with delivery technology developer Phosphagenics (1"The Tan Sheet" March 29, 2010)
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