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Prestige Brands Holdings Inc.(PBH)

 
123Jump Rating: - Avoid   Underwriters: Merrill Lynch & Co.
     
Status: Priced  
 
Address: FiledDate: 11/12/2004
     
  Filed Price Range ($): $14.00-16.00
       
Telephone: Filed Offer Amount ($ Million): $448.00
       
Fax: Shares Offered (Millions): 28
       
Websites: Shares Outstanding (Millions):
       
Management: IPO Date: 02/10/2005
     
  Final Offer Price ($): $16.00
       
Industry: Pharmaceuticals Final Offer Size (Millions of Shares): 0.00
       
Employees: Final Offer Amount ($ Million): $0.00
       
Competitors: S-1 Forms:
     
   
       
     
     
     
       
 
- Avoid        - Value Gap        - Short-Term Growth        - Long-Term Growth        - Long-Term Value

Company Links
Executives Products Services
Major Stock Holders   (Prior To Offering)

Name

David A. Donnini NA NA NA NA NA NA
GTCR Funds NA NA NA NA NA NA
Peter C. Mann NA NA NA NA NA NA
TCW/Crescent Funds NA NA NA NA NA NA
Vincent J. Hemmer NA NA NA NA NA NA

Company Strategy
The Company sells well-recognized, brand name over-the-counter drug, household cleaning and personal care products.

Product/Services Portfolio
The Company’s portfolio of over-the-counter drugs consists of Clear eyes, Murine, Chloraseptic, the Compound W wart removal products, the Little Remedies line of pediatric over-the-counter healthcare products and first aid products such as New-Skin and Dermoplast. Other niche brands in this category include Percogesic and Momentum, Freezone, Mosco and Outgro, Sleep-Eze, Compoz and Heet.

Clear eyes, Murine Tears and Murine Ear Care are leading brands in the over-the-counter personal eye and ear care categories. The 0.5 oz. container of Clear eyes redness relief eye drops is the number one selling product in the eye redness relief category and Clear eyes is the number two brand in that category with 16.9% market share. The ear drop category is composed of products that loosen earwax, treat trapped water (swimmer's ear) and treat ear aches. Murine is the number three ear care brand with 16.8% market share.

Chloraseptic's 6 oz. cherry liquid sore throat spray is the number one selling product in the sore throat liquids/sprays segment. The Chloraseptic brand has an ACV of 95% and is number one in sore throat liquids/sprays with 47.3% market share.

Compound W products are specially designed to provide relief of common and plantar warts and are sold in multiple forms of treatment depending on the consumer's need, including Fast-Acting Liquid, Fast-Acting Gel, One Step Pads for Kids, One Step Pads for Adults and Freeze Off.

Little Noses was first introduced to the market in 1992 and is marketed as a product for the relief of childhood nasal discomfort containing no alcohol, saccharin, artificial flavors or coloring dyes. The Little Noses product line consists of saline nasal spray/drops, decongestant nose drops, a nasal aspirator for the removal of mucous from nasal passages and moisturizing nasal gel.

Little Colds was first introduced to the market in 2001 and is marketed as a product for the relief of childhood cold symptoms containing no alcohol, saccharin, artificial flavors or coloring dyes. The Little Colds product line includes six different products consisting of a multi-symptom cold relief formula, dissolvable sore throat relief strips, sore throat relief Saf-T-Pops, cough relief formula, decongestant formula and a combined decongestant plus cough relief formula.

Little Tummy's was first introduced to the market in 1994 and is marketed as a product for the relief of childhood stomach discomfort containing no alcohol, saccharin, artificial flavors or coloring dyes. The Little Tummy's product line consists of gas relief drops, laxative drops and a nausea relief aid.

Investment Analysis
Net sales increased by $48.4 million, or 249.7% from $19.4 million for the quarter ended June 30, 2003 to $67.8 million for the quarter ended June 30, 2004.

Gross profit increased by $19.3 million or 156.6% from $12.3 million for the quarter ended June 30, 2003 to $31.6 million for the quarter ended June 30, 2004.

General and administrative expenses increased by $2.5 million, or 101.6%, from $2.4 million for the quarter ended June 30, 2003 to $4.9 million for the quarter ended June 30, 2004.

Interest expense, net increased by $8.9 million, or 409%, from $2.2 million in the quarter ended June 30, 2003 to $11.0 million in the quarter ended June 30, 2004.

Income Data 
Year Revenues Costs Oper Income Taxes Net Income EPS
2002 46201 18699 9704 311 560 0.00
2003 76439 27475 17341 3902 -14422 0.00
2004 69059 26254 12234 1684 2393 0.00

Balance Sheet Data

Year

Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2003 3530 12663 5597 23637 33098 615 143910 61414 44797
2004 3393 15391 9748 30754 14545 880 326622 146694 126509

Cash Flow Summary

Year

Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2002 3940 -4412 5526 5054
2003 12519 -2165 -14708 -4354
2004 7843 -576 -8629 -1362
*As of period from Apr. 1, 2003 to Feb.5, 2004
 

 

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