Prestige Brands Holdings, Inc. (NYSE - PBH) today provided estimated financial results for the fourth quarter ending March 31, 2012 and adjusted earnings per share guidance for fiscal 2013.
For the fiscal 2012 fourth quarter, Prestige Brands expects to report net revenues of approximately $133.0 million. This represents an increase of approximately 38% over $96.4 million in the prior year fourth quarter, including revenue growth from our nine core OTC brands above 10%. The Company expects to report adjusted net income for the fiscal 2012 fourth quarter of approximately $11.8 million, or approximately $0.23 per diluted share, up substantially from GAAP net income of $6.4 million, or $0.13 per diluted share, in the year-ago quarter. Consistent with prior disclosures, estimated adjusted earnings per share for the fourth quarter reflects no accretion from the acquisition of GSK brands. It also excludes costs related to the Transition Services Agreement (TSA) and integration, legal and professional expenditures, loss on the extinguishment of debt, as well as other acquisition-related costs. See attached table for GAAP reconciliation.
For fiscal year 2013, which begins on April 1, 2012, Prestige Brands expects to report diluted adjusted earnings per share in the range of $1.22 to $1.32. This estimate also excludes costs related to the TSA and integration, legal and professional expenditures, as well as other acquisition-related costs.
Matthew M. Mannelly, President and CEO of Prestige Brands, commented, “We are pleased with our strong performance this quarter, especially in light of the soft cold and flu season. Our expected results reflect the excellent market positions of our core OTC businesses, which are generating superior market growth, leading margins and good cash flow. The integration of the brands recently acquired from GSK is progressing well, and we will continue to focus on strategically managing our portfolio, executing on growth initiatives, and following our tested framework for value creation. We remain confident that our proven brand-building strategies will enable us to continue to deliver superior shareholder value.”
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