Prestige Brands Holdings Inc. (PBH) posted a profit in fourth-quarter ended March 31, 2013, mainly driven by strong growth in both the legacy and acquired core brands in the Company's Over-the-Counter Healthcare or OTC segment.
Net income for the quarter was $19.35 million, compared to a loss of $15 thousand last year.
In the fourth fiscal quarter, the company's earnings per share were $0.37 compared to $0.00 in the prior year comparable period. The latest-quarter includes a deferred tax benefit and other items of $0.01 per share. Excluding this, fourth quarter earnings per share would have been $0.36, an increase of 38.5% over the prior year adjusted fourth quarter earnings per share of $0.26.
Operating income for the fourth fiscal quarter was $50.2 million, an increase of $27.6 million, or 122%, over the prior year comparable quarter's operating income of $22.6 million. The prior year comparable period was impacted by $15.3 million of costs associated primarily with the GSK brands acquisition and an unsolicited proposal. Excluding these charges, operating income for the fourth quarter of fiscal 2013 would have increased 33%.
Revenues for the fourth fiscal quarter were $154.5 million, an increase of $20.5 million, or 15.3%, above the prior year comparable quarter's revenues of $134.0 million. The revenue increase was primarily due to the growth of the Company's 14 core OTC brands which increased 9.3% over the prior year comparable period. The prior year comparable period results include revenues from two months of ownership of 15 of the 17 brands acquired from GSK on January 31, 2012. The remaining two brands closed on March 30, 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenues of $157.81 million for the quarter. Analysts' estimates typically exclude special items.
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