DOYLESTOWN, Pa., Feb. 26 /PRNewswire-FirstCall/ -- The Quigley Corporation, (Nasdaq: QGLY) www.quigleyco.com today reported net sales of $6.8 million, for the fourth quarter ended December 31, 2008, compared to $10.7 million reported for the same period in 2007. For the year ended December 31, 2008, net sales were $20.5 million compared to $28.2 million reported for the year ended December 31, 2007.
The decrease in net sales for the fourth quarter and twelve month periods of 2008 reflects a continued review by customers of inventory levels and product mix, particularly in light of market conditions. Consumer purchases of market-wide cold remedy products experienced a general decrease in 2008 compared to 2007 as reported by Information Resources Inc., ("IRI") data. The decrease reflects general economic weakness and overall reductions in consumer spending as well as the least incidence of colds by consumers in the last several years.
Net sales for the 2008 periods reflect the benefits of the Kids-EEZE(R) Chest Relief product line, which was launched in August 2008, and a price increase which commenced in the third quarter of 2007. As part of ongoing initiatives to support consumer awareness, the Company continued to implement its advertising and targeted couponing campaign to promote the COLD-EEZE(R) brand and brand extensions during 2008.
The Quigley Corporation reported a loss from continuing operations for the fourth quarter ended December 31, 2008 of $2.0 million, or ($0.15) per share, compared to income from continuing operations of $1.8 million, or $0.13 per share for the fourth quarter of 2007. Loss from continuing operations for the twelve months ended December 31, 2008 was $6.4 million, or ($0.5
|SOURCE Quigley Corporation|
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