Prestige Brands Holding posts Q3 1 percent net revenue gain
IRVINGTON, N.Y. Prestige Brands Holdings on Thursday posted net revenues of $88.1 million for its second quarter ended Sept. 30, up 1 percent, primarily from increases in Cleary Eyes and Little Remedies brands in the over-the-counter sector, the company reported and the introduction of two products—Chloraseptic Allergen Block and Little Allergies Allergen Block.
Little Remedies grew 37 percent in the quarter, Mark Pettie, Prestige chairman and chief executive officer, told analysts during a conference call. The growth can be attributed the introduction of Little Noses Saline Mist, which delivers nonmedicated pediatric cough-cold relief in a new form, he said. “This product supplements our existing nasal spray business and is providing considerable incremental growth in the expanding pediatrics saline segment.”
Little Remedies also has benefited from dual placement in one of Prestige’s major drug customers. “Early returns on this program indicate strong incrementality for this customer and we expect continued success will make for a compelling selling story with other customers,” Pettie said.
Also helping to drive growth for Little Remedies was last month’s industrywide voluntary label change of children’s medicines marketed for use in children under age 4. “This change has allowed us to get our two voluntarily withdrawn SKUs reinstated in a number of accounts. But it came too late to influence the seasonal cough-cold resets in the majority of our customers. As a result, there will be a modest benefit to Little Remedies in fiscal ’09, but broad reinstatement will not be possible until the fiscal year ’10 cough-cold season,” Pettie said.
Pettie also noted that the company’s wart remover category continues to be down, slightly. “The cryogenic of the wart remover category took a rather steep price reduction as our fiscal year and the summer wart season began,” Pettie explained. “During our fiscal first quarter the Compound W Freeze Off business in particular was significantly depressed by the fact that our new, lower-priced eight application products did not get into certain retailer’s sets until late in the quarter, with some of that transition carrying into Q2. … We [had] projected that in the second quarter, wart care revenues would continue to be down versus one year ago due to the significant cryogenic segment price declines but that we would see meaningfully improved performance relative to Q1. That has proven to be the case, as the pricing came into line and we restored advertising support to Compound W.”
Schiff announces start-up networking site for active adults
SALT LAKE CITY Schiff Nutrition International officially announced Thursday the formulation of the Move Free Advanced Active Adults Club, a nationwide network of adults aged 50 and above who are committed to remaining active, physically fit and knowledgeable through their golden years.
MFAAAC is already comprised of more than 1,000 seniors who have opted-in to provide feedback on topics of interest to older adults, receive health information on natural supplements to ease joint discomfort, and tell their inspirational stories of self-expression, passion and age defying feats.
“We have received an overwhelming response from adults who want to share their story after trying Move Free Advanced, and here at Schiff we want to acknowledge and thank those individuals,” Luke Bucci, vice president of research at Schiff said. “We look forward to hearing from even more active adults across the country, and encourage people to share their success stories with us.”
To become a MFAAAC member, consumers can either sign up at www.keepmovingwithmovefree.com or call the Move Free Advanced Advocates Hotline at 866-914-2082 to receive a free 7-day starter. At times, members are asked to be a resource and provide feedback on their active adult lifestyle. There is no fee to join.
Home Diagnostics searches for new president, CEO
FORT LAUDERDALE, Fla. Home Diagnostics on Thursday announced that the board of directors has retained the executive search firm DavenportMajor to recruit a successor to J. Richard Damron, president and chief executive officer, who will be departing the company following a transition to the new president and chief executive officer.
Damron will remain in his present role until a transition is completed, which is expected to be in the first half of 2009.
“We appreciate the dedication that Dick has provided to Home Diagnostics over his eight-year tenure at the Company,” George Holley, chairman of Home Diagnostics, said. “[Damron’s] leadership in growing Home Diagnostics and the transition to public ownership has been invaluable in positioning the Company for future growth and success. We wish him the best in his future endeavors and appreciate his commitment to work with the company through the transition to a successor.”
“Since becoming president, chief executive officer and a director of Home Diagnostics in February 2001, we have achieved a number of major milestones,” Damron said. “With these accomplishments, I believe the company is poised for its next stage of growth and the time is appropriate for me to move on to my next professional challenge.”