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Prestige earnings rise 6 percent in 2Q

August
5

Prestige Brands Holdings Inc., an Irvington-based consumer products company that markets Comet cleanser, Compound W wart remover and Chloraseptic sore throat treatments, said that a 6 percent jump in quarterly profits resulted primarily from lower interest expense.

Interest costs for Prestige and other companies have fallen with interest rates near historic lows after Federal Reserve cuts to stimulate the economy.

Prestige reported net income of $8.3 million, or 17 cents a share, during its fiscal first quarter, up from net income of $7.8 million, or 16 cents a share, a year earlier.

Operating income declined 10 percent as the company continued to feel the effects of slower consumer spending during the recession. Revenues dropped 0.4 percent to $73.2 million.

“While our first quarter results were in line with our expectations, our outlook for the full year continues to be cautious in light of the prevailing macroeconomic environment,” Chief Executive Officer Mark Pettie said in a written statement.

This entry was posted on Wednesday, August 5th, 2009 at 2:05 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Earnings

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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