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Matrixx Initiatives, Inc. Reports Fiscal 3rd Quarter Net Sales of $30.8 Million and Net Loss of ($0.07) Per Share
Date:1/30/2008

we believe this product is better suited as a physician-dispensed item, which will allow dental professionals to educate consumers about the product's benefits. Launching a new product through dental professionals carries different risks than our retail model. In order to better manage those risks, we expect to test launch Zicare in select markets and gauge consumer response to several marketing programs with a phased rollout thereafter."

According to William Hemelt, Executive Vice President and Chief Financial Officer, "Average gross margin was 64% for the quarter ended December 31, 2007, equivalent to the 64% average gross margin realized in the quarter ended December 31, 2006. Gross margin continued to be affected by product returns associated with certain discontinued cough and flu products. Gross margin was also affected by product display costs during the quarter. Additionally, ongoing sales of our new multi-symptom products have initial gross margins below our cold remedy and allergy sinus products. Last quarter we implemented a 3% gross price increase on our Cold Remedy products, which we believe will help increase our average gross margin in the future. The Company continues to generate strong cash flow and is debt free. During the quarter ended December 31, 2007, we used cash from operations to repurchase 233,194 shares of our common stock pursuant to the Company's existing stock repurchase program."

Mr. Hemelt continued, "We are continuing to progress with the product liability litigation. Product liability defense costs decreased to approximately $445,000 (which is net of approximately $165,000 for insurance reimbursements) in the quarter, compared to $1.1 million in the prior year's quarter. For the nine months ended December 31, 2007, product liability defense costs decreased to $1.7 million (net of $485,000 for insurance reimbursements), compared to $4.8 million for the nine months ended December 31, 2006. General legal expense for the q
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SOURCE Matrixx Initiatives, Inc.
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