Prestige Brands Takes 4Q Loss On $220M Impairment

IRVINGTON, N.Y. (AP) — Prestige Brands Holdings Inc., which sells drugs and personal care products, posted a large fiscal fourth-quarter loss Thursday after writing down the value of its business by more than $200 million.

The company reported an after-tax impairment charge of $220.1 million as it wrote down the value of goodwill and other intangible assets. It reported a loss of $211.1 million, or $4.22 per share, compared with a profit of $10.4 million, or 21 cents per share, last year. Sales fell in all three of the company's divisions, and total revenue fell 12 percent, to $70.9 million.

Prestige Brands, which sells items including Chloraseptic sore throat treatments, Murine eye and ear care products and Comet brand cleansers, said it earned $9 million, or 18 cents per share, excluding the impairment charge and other one-time items.

Analysts were expecting profits of 17 cents per share and revenue of $78.3 million, according to Thomson Reuters.

For the three months ended March 31, Prestige Brands said over-the-counter drug revenue fell 14 percent, to $39.8 million, household products revenue slipped 10 percent, to $26.7 million, and personal care revenue edged down to $4.3 million.