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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

roduct liability litigation, as we received additional court rulings in our favor that excluded the testimony of plaintiffs' expert witnesses because of a lack of scientific support for their claims, and litigation expense declined to $380,000 for the December 2008 quarter, compared to $444,000 for the comparable quarter of the prior year. We believe that going forward, quarterly product liability litigation expense will continue at the lower end of our previously announced range of $500,000 to $750,000. However, we expect this reduction will be offset by legal expense associated with our product recall and defending our intellectual property against infringement by private label manufacturers."

"The Company's cash position remains strong and the Company generated over $8.3 million of cash from operations in the nine months ended December 31, 2008. During the quarter ended December 31, 2008 we repurchased 168,542 shares of common stock, our cash position grew to $30.6 million, and we continued to have no debt. Further, our Board of Directors authorized a new stock repurchase program allowing the repurchase of up to one million shares or our common stock in the open market."

Barring changes in current expectations of the cold season or economic environment, the Company confirms earlier guidance of fiscal 2009 revenue increasing 5% to 10% above the $101 million achieved in fiscal 2008 (resulting in expected revenue from $106 million to $111.1 million) and net income increasing 20% to 30% above the $10.4 million earned in fiscal 2008 (resulting in net income in the range of $12.5 million to $13.6 million).

There will be a teleconference Tuesday, January 27, 2009 at 11:00 a.m. EDT to discuss the fiscal third quarter financial results. To access the teleconference, please call (877) 719-9804 (domestic) or (719) 325-4753 (international). To listen to the teleconference via the Internet, go to

SOURCE Matrixx Initiatives, Inc.
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