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Matrixx Initiatives, Inc. Reports Third-Quarter Net Sales Increased 26% to $38.7 Million, Net Income Increased to $4.8 Million, or $0.50 Earnings Per Share
Date:1/26/2009

sales to our higher margin products. Our gross margin for the quarter was 71% versus 64% last year. For the nine months ended December 31 2008, gross margin was 69% compared to 65% last year. We expect that our full year gross margin will be no less than 69%."

Mr. Hemelt continued, "This year's cold and flu seasons have gotten off to very slow starts and, to date, are tracking below last year's historically low level. For the 12 weeks ended December 28, 2008, retail unit sales (three-outlet syndicated scanner data, not including Wal-Mart or club stores) of Zicam products decreased approximately 3%, while the total cough/cold category declined approximately 1% compared to last year. However, when including mass merchants and club stores, Zicam retail unit sales increased during the quarter ended December 31, 2008 versus the quarter ended December 31, 2007. While we are disappointed with the slow start to the season, we believe that, unlike last year, certain retailers did not enter the season in an over-stock position and are managing their buying to match increasing retail sales. We anticipate continued sales growth for our proprietary swab delivery products and have moved forward with building a second swab manufacturing machine to come on line in early fall 2009 to meet increasing consumer demand for our swab products."

"As discussed previously, we had planned our marketing program to better coincide with the incidence of colds and shifted approximately $3 million in spending from the third quarter to the fourth quarter. The reduced marketing spending in the third quarter was the principal reason operating expense decreased as compared to last year. The decrease was offset in part by the accrual of $835,000 for 75% of the annual incentive bonus, and the recording of $525,000 compensation expense related to our CEO's retirement. No officer incentives were accrued in fiscal 2008."

"Progress continued in our p
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SOURCE Matrixx Initiatives, Inc.
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