<<The GUMM fraud continues its collapse...>>
And they were just beginning to wup QGLY's butt:
DOLYESTOWN, Pa., Feb. 18 /PRNewswire/ -- The Quigley Corporation (Nasdaq: QGLY) today announced results for the fourth quarter and year ended December 31, 1999. The Company reported three-month and year-end revenues of $12.5 million and $24.8 million, compared to revenues of $17.0 million and $36.4 million for the comparable periods ended December 31, 1998. Net losses for 1999 were $1.3 million, or $0.12 per share, for the fourth quarter and $4.2 million, or $0.37 per share for the year. In 1998, net income for the three months and year ended December 31 were $2.5 million and $6.8 million, or diluted earnings per share of $0.18 and $0.46.
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Lower revenues for the fourth quarter as well as the year of 1999, compared to 1998 revenues, can be attributed to the following market conditions:
-- New herbal and other so called "natural" cold treatments reported by the media as the latest "cure for the common cold," as well as, inaccurate reports on the efficacious claims of COLD-EEZE(R). The Company is permitted currently, as in the past, to make advertising claims that COLD-EEZE has been proven, in two double-blind placebo controlled studies at prestigious institutions, to reduce the duration and severity of the common cold symptoms by 42%;
-- Consumer confusion caused by other zinc products that are not clinically proven to work, along with some of these products being discontinued and sold at severely discounted prices;
-- Change in the purchase patterns of wholesalers, retailers and the consumers to buy COLD-EEZE only when needed as opposed to previously having up to an eight week supply; and
-- Consolidation of many retailers leading to reduced pipeline inventories and subsequent reorders of COLD-EEZE, as well as their merchandising efforts, which were confusing to the consumer. |
