Prestige Consumer Healthcare Inc. Reports Fiscal 2019 Fourth Quarter and Full-Year Results
Revenue was $241.0 Million in Q4 and $975.8 Million in Full-Year Fiscal 2019
Organic Revenue Grew 3.2% in Q4 and 0.1% in Fiscal 2019
Reduced Debt by $200 Million and Repurchased $50 Million of Shares in Fiscal 2019
Board of Directors Authorizes New $50 Million Share Repurchase Program
TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-May 9, 2019-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its fourth quarter and twelve months ended March 31, 2019.
“We again executed against our three-pillar strategy in fiscal 2019, delivering solid earnings, cash flow and market share gains. These performance metrics were further enhanced by disciplined capital allocation throughout the year and has us well-positioned for further long-term value creation in both our coming fiscal year and in the future,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.
Fourth Fiscal Quarter Ended March 31, 2019
Reported revenues in the fourth quarter of fiscal 2019 decreased 5.8% to $241.0 million, compared to $256.0 million in the fourth quarter of fiscal 2018. Revenues increased 3.2% on an organic basis, which excludes the impact related to the divested Household Cleaning segment and foreign currency. The increase in organic revenues for the quarter was primarily driven by consumption growth in the Company’s core brand portfolio as well as the previously announced change in accounting policies around revenue recognition and the timing of related expenses.
Reported gross profit margin in the fourth quarter fiscal 2019 was 57.4%, compared to 55.2% for the fourth quarter of fiscal 2018. The improvement versus the prior year was driven primarily by the divestiture of the Household Cleaning segment.
Reported net loss for the fourth quarter of fiscal 2019 totaled $139.3 million versus the prior year comparable quarter’s net loss of $39.7 million. A diluted loss per share of $2.68 for the fourth quarter of fiscal 2019 compared to a $0.75 diluted earnings per share loss in the prior year comparable period. Non-GAAP adjusted net income for the fourth quarter of fiscal 2019 was $37.6 million, an increase of 13.9% from the comparable prior year period’s adjusted net income of $33.0 million. Non-GAAP adjusted earnings per share was $0.72 per share for the fourth quarter of fiscal 2019 compared to $0.62 per share in the prior year comparable period.
Adjustments to net income in the fourth quarter of fiscal 2019 related to non-cash tradename impairments associated primarily with the Company’s Fleet, DenTek, and Efferdent brand names, a goodwill impairment and associated tax adjustments. The impairment resulted from an increased discount rate related to market risk assumptions as well as how the individual brands performed versus the original projections used at the time of acquisition, among other factors.
Adjustments to net income in fourth quarter fiscal 2018 included income tax adjustments related to the domestic Tax Cuts and Jobs Act, and tradename impairment associated with the Company’s Beano and Comet brands and associated tax adjustments, and certain integration, transition, legal and various other costs associated with acquisitions and divestitures and the related income tax effects of the adjustments as well as accelerated amortization of debt origination costs, loss on extinguishment of debt related and other additional expense related to refinancing activities.
Fiscal Year Ended March 31, 2019
Reported revenues for the fiscal year 2019 decreased 6.3% to $975.8 million compared to $1,041.2 million for the fiscal year ended March 31, 2018. Revenues for fiscal 2019 were driven by continued positive consumption levels across the Company’s core brands, offset by the divestiture of the Household Cleaning segment in the second quarter of fiscal 2019. Organic revenue increased 0.1% for the fiscal year, as consumption growth was offset by inventory reductions at certain key retailers and the transition of new packaging for the Company’s BC and Goody’s brands.
Reported gross profit margin in fiscal 2019 was 56.9%, compared to 55.4% for fiscal 2018. The gross profit margin improvement versus the previous year was driven by the positive impact of the divestiture of the Household Cleaning segment,
The following information was filed by Prestige Brands Holdings, Inc. (PBH) on Thursday, May 9, 2019 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.