The Quigley Corporation Reports First Quarter 2008 Results - Increases Investment in Pharmaceutical ...( DOYLESTOWN Pa. April 24 /- The Qu...),Health

DOYLESTOWN, Pa., April 24 /PRNewswire-FirstCall/ -- The Quigley Corporation (Nasdaq: QGLY) today reported net sales from continuing operations of $5.3 million, for the first quarter ended March 31, 2008, compared to $6.1 million reported for the same period in 2007.

The first quarter of 2008 reflects a net sales decrease for the Company's Cold Remedy segment of $829,000 as compared to the first quarter of 2007. The change during 2008 as compared to 2007 includes inaugural sales of two new COLD-EEZE(R) branded line extensions, Organix Cough and Sore Throat Drops and COLD-EEZE ISC-10 and a price increase that commenced during the third quarter of 2007 totaling $700,000.

According to industry analysts, the 2007 cold season has resulted in the least incidence of colds by consumers in the last eight years, which started to improve by the end of the cold season, but was too late to impact sales for the first quarter of 2008. This timing of cold incidence mitigated the impact of positive initiatives undertaken by the Company.

Loss from continuing operations for the first quarter ended March 31, 2008 was $2.4 million, or ($0.19) per share compared to a loss of $1.6 million, or ($0.13) per share, for the same period last year. Net loss for the quarter ended March 31, 2008 was $1.6 million, or ($0.12) per share, compared to net loss of $1.9 million or ($0.15) per share, for the comparable period in 2007.

The increase in loss from continuing operations for the first quarter ended March 31, 2008 as compared to the same period in 2007 is principally due to lower gross profits from the aforementioned related net sales change and increases in operating expenses for costs associated with research and development, payroll and l
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