Prestige Consumer Healthcare Inc. Reports Fiscal 2020 Fourth Quarter and Full-Year Results
•Revenue was $251.2 Million in Q4 and $963.0 Million in Full-Year Fiscal 2020
•Organic Revenue Grew 4.6% in Q4 and 1.3% in Fiscal 2020
•Generated Cash from Operations of $217.1 Million and Adjusted Free Cash Flow of $206.8 Million in Full-Year Fiscal 2020
•Net Debt Reduction of $135.2M in FY20; Proactively Increased Cash Balance to Nearly $100 Million at Fiscal Year-end
TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-May 7, 2020-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its fourth quarter and twelve months ended March 31, 2020.
“The continued focus on our three-pillar strategy and long-term brand building efforts delivered solid revenue, earnings and cash flow results in Q4 and the full-year Fiscal ’20. In addition to delivering against our objectives for the year, fourth quarter revenue and earnings benefited from a strong level of consumer demand for many of our brands driven by the COVID-19 pandemic late in the quarter. In addition to this, we continued to execute our disciplined capital allocation strategy during the fourth quarter using our strong cash generation primarily to build our cash balance and reduce net debt,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.
“As we enter Fiscal 2021, we anticipate a unique and uncertain business environment. However, our time-tested strategy, leading portfolio of brands and solid financial profile have us well prepared for the extraordinary business environment unfolding. At the forefront, we expect to do all this while protecting the health & safety of our employees, partners and community,” Mr. Lombardi concluded.
Fourth Fiscal Quarter Ended March 31, 2020
Reported revenues in the fourth quarter of fiscal 2020 increased 4.2% to $251.2 million, compared to $241.0 million in the fourth quarter of fiscal 2019. Revenues increased 4.6% on an organic basis, which excludes the impact related to foreign currency. The revenue performance for the quarter was driven by a strong international segment performance as well as consumption gains in the Company’s core brand portfolio domestically.
Reported gross profit margin in the fourth quarter fiscal 2020 was 57.3%, compared to 57.4% for the fourth quarter of fiscal 2019. Excluding transition costs associated with a new logistics provider and location, adjusted gross profit margin was 59.4% in fourth quarter fiscal 2020, an increase versus the prior year fourth quarter driven primarily by mix and higher volume.
Reported net income for the fourth quarter of fiscal 2020 totaled $37.0 million versus the prior year comparable quarter’s net loss of $139.3 million. Diluted earnings per share of $0.73 for the fourth quarter of fiscal 2020 compared to a $2.67 diluted per share loss in the prior year comparable period. Non-GAAP adjusted net income for the fourth quarter of fiscal 2020 was $41.9 million, an increase of 11.3% from the comparable prior year period’s adjusted net income of $37.6 million. Non-GAAP adjusted earnings per share was $0.82 per share for the fourth quarter of fiscal 2020, compared to $0.72 per share in the prior year comparable period.
Adjustments to net income in the fourth quarter of fiscal 2020 included costs associated with a new logistics provider and location and the related income tax effects of each adjustment. Adjustments to net income in the fourth quarter of fiscal 2019 related to non-cash tradename impairments associated
The following information was filed by Prestige Brands Holdings, Inc. (PBH) on Thursday, May 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.