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Biotech / Medical : GUMM - Eliminate the Common Cold
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From: StockDung9/2/2009 6:12:02 PM
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GUMM leaves Canada and has a 1.5 $ m charge to do so

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Canadian Operations

As previously disclosed, the Company formed Zicam Canada, Inc. in May 2008 to commercialize sales of Zicam products in Canada. During fiscal 2009, international sales in Canada accounted for approximately $1 million (less than 1%) of the Company’s net sales. The Company has decided to discontinue its operations in Canada in connection with its efforts to rebuild its sales in the United States market. The cessation of sales in Canada will result in a charge of approximately $1.5 million [pre-tax] during the current fiscal quarter. This amount includes the cost to discontinue sales, destroy existing inventory and process accrual reversals for promotions and returns.

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