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Matrixx Initiatives, Inc. Announces Fiscal 2008 Revenue of $101 Million and Net Income Growth of 59% to $10.4 Million, or $1.04 Earnings Per Share Versus $0.66 in the Prior Year
Date:5/12/2008

ncome margins above 20% in fiscal 2009. For fiscal 2009, the Company anticipates revenue increasing 5% to 10% above the $101 million achieved in fiscal 2008. The Company also expects net income to increase 20% to 30% above the $10.4 million recognized in fiscal 2008. We expect new Zicam product offerings in fiscal 2009 and anticipate initial international sales to begin in Canada."

According to William Hemelt, Executive Vice President and Chief Financial Officer, "We continue to make progress on the product liability front. In April, we reported on a unanimous jury decision in favor of the Company in a trial in California. Together with the eight favorable Daubert decisions, we have now established a strong legal record that affirms our position that allegations linking Zicam Cold Remedy to anosmia lack scientific foundation. Although we incurred higher legal expense for the recent trial, product liability defense costs decreased to $2.5 million (net of $560,000 for insurance reimbursements) for the year ended March 31, 2008, compared to $4.1 million for the twelve months ended March 31, 2007 (net of $1.6 million for insurance reimbursements). We anticipate legal defense costs will be $500,000 to $750,000 per quarter during fiscal 2009."

Mr. Hemelt continued, "Gross margin increased to 67% for the quarter ended March 31, 2008, compared to 63% for the quarter ended March 31, 2007. Fourth quarter gross margin was adversely affected by the recording of an additional $1.1 million to the inventory reserve to account for expiring products and obsolete components. Additionally, gross margin was adversely affected by the recognition of approximately $1.0 million for product returns of expired and discontinued products in excess of our customary return provision. We achieved average gross margins of 66% for fiscal 2008, which was affected by the aforementioned adjustments, and was comparable to 66% in the prior year."

"Fiscal 2008 net income was favorabl
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SOURCE Matrixx Initiatives, Inc.
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