Prestige Brands Holdings, Inc. reported that revenues for the fiscal 2008 thirdquarter ended Dec. 31, 2008 were flat. These results are largely attributable to a slowing retail environment and trade inventory reductions, according to the company.
Mark Pettie, chairman and chief executive officer, said, “In today’s challenging economic climate, we are generally satisfied that our total revenues are expected to be even with last year. Importantly, most of our focus brands performed better than their respective categories during the quarter.
“It is worthy to note that despite the economic circumstances affecting our revenue growth, the company continues to generate healthy free cash flow. Our recent decision to enhance our liquidity position by building our cash reserves to approximately $30 million is proceeding as planned with over $27 million on hand at Dec. 31.”