(Operator Instructions) Welcome to the Fourth Quarter 2008 Prestige Brand Holding, Inc. Earnings Conference Call. I will now turn the call over to Dean Siegal, Director of Investor Relations.

Welcome to our Fiscal 2008 Fourth Quarter Conference Call. During this call statements may be made by management of their beliefs and expectations as to the company’s future operating results. Statements of managements expectations of what might occur with respect to future operating results are what as know as forward looking statements. All forward looking statements involve risks and uncertainties which in many cases are beyond the control of the company and may cause actual results to differ materially from managements expectations. Additional information concerning the factors that might cause actual results to differ from management’s expectations is contained in the company’s annual and quarterly reports that are filed with the US Securities and Exchange Commission. Now I’d like to introduce Mark Pettie, Chairman and CEO.

In addition to Dean, with me is Pete Anderson, Prestige’s Chief Financial Officer and also joining us today is Chuck Jolly our General Council. I will begin today’s call with a brief overview of our fourth quarter and full fiscal 2008 results. Pete will then review the financials for the quarter in more detail and I’ll come back with highlights of our segment performance and our outlook for fiscal 2009. In addition I will discuss our progress against the four strategic growth thrusts I highlighted on our last call. We’ll then open the call for questions. Let’s get started with our reported total revenues for the fourth quarter which were $80.4 million a 3% increase over last year. As you know, organic sales growth in the quarter is the same as total growth as we have now lapped the Wartner acquisition which closed in late September 2006. Reported net income for the quarter of $10.4 million was $2 million or 24% greater than last year’s reported net income of $8.4 million. The increase in net income compared to prior year was driven by improved gross margin resulting from sales increase and reduced cost of goods sold combined with favorable G&A and interest expense. Finally, we generated $9.6 million of free cash in the quarter. Our continued strong cash generation helped us to pay down an additional $15 million on our term loan reducing total debt to $411.2 million at March 31. Now let’s take a brief look at annual results for the 2008 fiscal year. Total revenue for the year was $326.6 million, $8 million or 3% greater than fiscal year 2007. Organic sales which remove the April to September benefits of the Wartner acquisition were up $2.6 million or 1%. Net income of $33.9 million with $2.2 million or 7% below fiscal year 2007 reported net income of $36.1 million. As you may recall fiscal year 2007 net income benefited from favorable non cash income tax adjustments in the third and fourth quarters amounting to $2.2 million. After adjusting for this benefit fiscal 2008 net income was equivalent to fiscal 2007 net income. Finally, free cash flow for the year was $44.5 million and we paid down $52.1 million in term loan debt during fiscal 2008. That’s the brief summary for the quarter and the year and now I’d like to turn the call over to Pete who will provide additional commentary and financial detail.

As Mark mentioned net revenues for the quarter of $80.4 million were 3% ahead of prior year net revenues. Operating income of $24.8 million was $2.2 million or 10% above last year’s operating income of $22.6 million and net income of $10.4 million was $2 million or 24% better than last year’s reported net income of $8.4 million. Cost of sales for the quarter of $39.2 million was $400,000 or 1% higher than cost of sales last year. As a percent of revenue, cost of sales declined from 49.7% in fiscal year 2007 to 48.8% in fiscal year 2008. This cost of sales decline was primarily due to a reduction in obsolescence expenses in fiscal year 2008 as last year included charges related to cough/cold products which were facing expiration dating. Advertising and promotion expense of $6.3 million was $100,000 greater than spending of $6.2 million last year. G&A expense of $7.4 million was $300,000 lower than the prior year’s expense of $7.7 million. Lower professional service expenses primarily related to reduced expenses for Sarbanes-Oxley compliance testing were partially offset by increased legal expenses. As we saw in our fiscal third quarter our legal expenses continue to run ahead of last year’s levels but the absolute amount of spending was lower than the previous quarter reflecting the successful resolution of the OraSure litigation in December. However, as we mentioned on our last call the litigation to defend our Doctor’s Night Guard patents and trademarks is ongoing. As a result we anticipate legal expenses to continue to exceed what we would consider to be a normal run rate until this case is concluded. Interest expenses of $8.6 million during the quarter were $1.2 million or 12% lower than the prior year as a result of the reduction in debt achieved throughout…

Before we get underway with my Q4 remarks I’ll again quickly remind you that when I speak of consumption I’m talking about consumption across all channels which include traditional food, drug and mass as measures by IRI plus actual sales results in non-measured channels. These non-measured channels which include dollar stores, clubs and major mass merchandiser can account for more than half of total movement for some of our brands. Focusing exclusively on our IRI data can at times be a misleading indicator of our brands overall performance. Moving to the OTC segment while several of our key brands exhibited strong growth during the quarter our Murine ear care business again led the way with sales up 100% on the continued success of our Murine earigate product and its halo effect on the entire Murine ear line. Importantly consumer take away also remained quite strong during this period as Murine Ear consumption was up over 140%. This performance allowed Murine to extend its share leadership position in the ear care category having grown nearly eight share points in fiscal 2008. Our largest OTC brand Clear eyes also enjoyed strong growth in Q4. This is attributable to a combination of continued consumption growth and the benefit of incremental distribution from the launch of our new one ounce skus. Quarter performance was also helped by the re-launch of our Clear eyes Allergy sku. Time to coincide with the start of allergy season this re-launch included changing the product name from the somewhat obtuse Clear eyes ACR to the much more consumer friendly Clear eyes for Itchy Eyes. Advertising support for this launch began in April and the response to this campaign has been very encouraging. I’m also pleased to report than Chloraseptic enjoyed strong sales growth in the fourth quarter due to…

(Operator Instructions) Your first question comes from Bill Chappell – Suntrust Robinson Humphrey. Bill Chappell – Suntrust Robinson Humphrey: I’ll dig into my favorite question of your guidance. I understand on the top line 2% to 4% growth that makes sense but on the bottom line you should be able to do 8% to 10% EPS growth just with de-leveraging. Can you give us an idea, can operating income grow faster than EPS this year or are we still kind of rebuilding that?

I think we’re still primarily in investment mode when you talk to that level of P&L. We do expect certainly expect growth in the operating income line this year. Bill Chappell – Suntrust Robinson Humphrey: In terms of looking at the Personal Care side of the business is it a sense that we’ve hit some stabilization it seems just to continue to be a drag on top line growth. What are your expectations there to still get the 2% to 4% growth?

You may recall from the Q3 call that entire set of businesses including Personal Care and the small OTC brands that we remain interested in divesting for the right value represents in aggregate about a 1% drag on our top line expectation. I would say that within Personal Care we’re seeing a mixed bag. A couple of the brands do seem to be finding their new equilibrium Prell in particular seems to be stabilizing. Although it’s very early the move we’ve made on Cutex back to the classic iconic clear bottle in the course of April seems to have done some good things for our POS. There is perhaps the opportunity as we head into this year for the rate of descent on that business to start to moderate as well. Bill Chappell – Suntrust Robinson Humphrey: Is a 1% drag still a good metric to use for this year?

I think in aggregate it’s still the right number to use. Its early days on the stuff I just mentioned. Bill Chappell – Suntrust Robinson Humphrey: Since you’ve reclassified the business is there any way to look at it how fast your two thirds of the business which you’re investing in is growing versus the one third where you’re not.

I would just offer that for certain we expect the two thirds to grow at a rate faster than the 2% to 4% in the aggregate. Bill Chappell – Suntrust Robinson Humphrey: The new Chloraseptic and Little Remedies products and I walking around with goop under my nose three or four times during the day or does this actually blend in?

As I mentioned in the remarks its clear, odorless, invisible, its colorless so while you do apply it topically right underneath your nostrils if you and I were looking at each other from two feet away I wouldn’t recognize it.

Your next question comes from Joe Altobello – Oppenheimer. Joe Altobello – Oppenheimer: I just wanted to go back to the price increases. First, could you lay out what price increases you took in the quarter and then secondly how much of a pre-buying occurred during the quarter?

We took pricing on about just a little under 40% of the volume of US and so it was kind of across the board range from Clear Eyes to Comet powder to Chloraseptic lozenges. Again very much in line with how we’ve previously taken price increases. We look at the competition; we look at our cost profile, etc. It was about 40% of US volume and we believe that the forward buying was in the range of maybe 1%, it was not huge. Joe Altobello – Oppenheimer: Of the 40% of the volumes that you took pricing on, what the average price increase?

About 6%. Joe Altobello – Oppenheimer: Secondly, if you go back to February you guys were still looking towards 1% to 3% organic growth this year and as you said you did come at the low end of that range maybe slightly below that. What was going on in the third maybe fourth quarter that caused you to be at the low end of that range was it the recall or was it the cough/cold season.

We identified the 1% to 3% we already instituted the withdrawal on the Little Remedies that was factored into that number. Obviously the cough/cold season while it came back at the end took some time to come back and so through December and even into January we were underwater on that. That certainly pushed down our performance. Those were the two major factors one of which we had a caveat for in the 1% to 3% one of which has continued at substandard levels during an important part of the year for the Chloraseptic business. Joe Altobello – Oppenheimer: Lastly, for modeling purposes how much were your legal expense in fiscal ’08 and what are you baking in for ’09?

It was a good try but we don’t give any exact numbers there. Joe Altobello – Oppenheimer: It will be up directionally though?

No, legal expenses will definitely be a lot less unless something we do not foresee now happens.

What Pete said in his remarks is they’ll be above our historical run rates but below the dramatic spike we took in fiscal ’08.

Your next question comes from Neely Tamminga – Piper Jaffray. Neely Tamminga – Piper Jaffray: I was hoping if you guys could give a little of explanation when in the market you’ve got Zyrtec which just launched as a strong launch in OTC allergy relief historically do you think that when Claritin did this was this a good move for the category because it raises awareness in general, it keeps people in that aisle or is this a take share potential issues. I’m just wondering if you could help frame that up a little bit for me.

In terms of the allergy category in general or in terms of our proposed investment. Neely Tamminga – Piper Jaffray: Your offering within the allergy category specifically.

I think that our offering because of its unique nature the fact that its drug free and more preventative than curative is going to build the category more than trying to steal share. It’s a totally different method of addressing allergies I think folks that have been previously reluctant to get into the category because they didn’t like the medicated effects of the current offering are going to be much more attracted to the category now that there’s an alternative out there. I also think that the pediatric market is going to respond favorably particularly given the drug free nature of this. As we look at this we look at this as an opportunity to attract more consumers to the category and further build out growth the category is already experiencing.

Your next question comes from Chris Ferrara – Merrill Lynch. Chris Ferrara – Merrill Lynch: The pre-buy I think Pete said was 1% is that 1% of total company sales for the quarter?

Yes, correct. Chris Ferrara – Merrill Lynch: In other words you’d expect that would be the drag you’d expect to Q1 sales as well?

Yes. Chris Ferrara – Merrill Lynch: I wanted to ask about the down counter pricing coming down in a cryogenic remover business. I guess that won’t really show up until wart season hits is that right and how big of deal, could you give us, size that for us as far as what kind of percentage and what kind of dollar impact you think that can have on your business?

We took the price reduction effective with shipments starting at April 1 so in terms of its impact on our revenue it will show up this quarter. In fact, the prices are already starting to be reflected in market in certain accounts. It’s a fairly sizeable decrease but recall we also took a downsize in the number of applications at the same time. The decreases on our Compound W cryogenic products and our Wartner products were in the 35% plus range. The expectation is that will stimulate unit growth in the cryogenic category so some of the revenue decline will be recovered by increased unit sales as we move forward.

For those of you out there who are updating your models we looked at a combination of the price increases that we took in the month of March and netted that against he price decreases on the cryogenic business and it amount to approximately one half of 1% of a net price increase or benefit that we’ll get throughout FY09. Chris Ferrara – Merrill Lynch: You said you took across 40% of the US volume roughly 6% price increase is that right? So that would have been a little less than three points for the business and it gets knocked over down to plus a half because of the cryogenic changes, am I thinking about that right?

Yes. A sizeable change in the cryogenic segment led by Dr. Scholl’s. Chris Ferrara – Merrill Lynch: On the Chloraseptic, on your innovation in the allergy side did you guys do a lot of research on the portability of the Chloraseptic brand to allergy, and the relevance between sore throat and allergy? I’m wondering how you guys thought about that and whether you guys did consumer testing as far as receptivity of that to the Chloraseptic brand.

Very good question and you’re absolutely right. One of the things we did last year and you may recall me remarking on this in one or more of the calls particularly in ’08 is really to get a better understanding of the extendibility of our brand. We had some empirical evidence of brand extendibility with Comet in ’08 stretching itself very successfully into the mildew category which they’d never been. We wanted to consumer test the extendibility of certain of our other leading brands and Chloraseptic was right at the top of the list. We did extensive research, Chloraseptic in terms of how far the consumer would give us permission to move that beyond sore throats and we’re very encouraged by what we heard. In addition to allergy which came back very strongly there are other areas that are adjacent to but not directly on top of sore throat that represent fertile ground for Chloraseptic going forward. Yes, we got a lot of consumer confirmation that allergy was a very acceptable place for Chloraseptic to stretch to.

Your next question comes from Jon Andersen – William Blair. Jon Andersen – William Blair: I was wondering if you could provide some commentary on retail inventory levels, what you’re seeing there, what your level of comfort is at present. An update with respect to your debt covenants and whether you can go out in the market now and repurchase shares and if not when you see that on the horizon.

With respect to trade inventories we are very comfortable with where they are on virtually all our brands. If there is one area of softness or low if you will that we see coming into this year its in Murine earigate where they trade took a very strong position against some merchandising programs in Q4 and frankly probably overbought a little bit. We have turned the television back on effective with the start of April and we’re seeing the lift and response to that advertising to be as impressive as they were when we first turned it on last fall. We’re confident that we’ll move through that inventory overhang quickly at retail but it does represent one area of watch out for us as we head into this fiscal year. Otherwise we feel like we’re in good shape from a retail inventory standpoint in virtually all of our other goods.

On the covenant issue the debt to EBITDA ratio limits our ability to potentially buy back shares or do a dividend and we’ve got to get down to 3.5% to be able to do anything. We are at the end of the year about 3.97% so we’re moving towards the 3.5% and I would expect that it would be not until the end of the FY09 fiscal year that we would get it down to about 3.5% or below.

Your next question comes from Chris Ferrara – Merrill Lynch. Chris Ferrara – Merrill Lynch: Following up on the pricing, would you say that the dollar amount of your price increases that you’re doing excluding the cryogenic reduction in price is that a fair reflection of the type of raw materials inflation you’re seeing in your cost of goods sold line?

Yes, definitely. Chris Ferrara – Merrill Lynch: Is it a fair characterization that you’re offsetting 100% of your raw materials price increases?

In those products that we took price increases on yes. As we’ve consistently said over the years there are some categories and some brands where because of our competitive position in the marketplace we’ve had cost increases like everybody else but we’ve not been able to take pricing actions because the leaders in the segment have not raised their prices. For the products that we have taken the price increases on yes but there are some products out there where costs have gone up and just because of competitive pressures we’ve not been able to take a price increase.

Your next question comes from Reza Vahabzadeh – Lehman Brothers. Reza Vahabzadeh – Lehman Brothers: As far as the POS data that you provided which was very helpful what I wasn’t sure is on a consolidated basis if you were to gauge your own consumer take away at retail where would you put the number for the quarter?

For aggregate POS? Reza Vahabzadeh – Lehman Brothers: Yes, just your best guess of your aggregate POS for the quarter.

It differs by brand. On the focus brands I spoke about it was up 2% to 3% and on some of the brands that are down on the divest list obviously a drag on us and those were down in the high single digit area. It’s a mix of pluses and minuses across the portfolio but importantly where we are electing to focus our energy and resources the consumption measures are positive. Reza Vahabzadeh – Lehman Brothers: If I were to get through a weighted average of all that would you be neutral, slightly higher, and slightly lower for the quarter?

I think when you roll all of our business together it would be up. Business and channels, you’ll recall my opening remarks about unmeasured channels as well and we do a considerable amount of our business in the unmeasured channels. On average if you take a look at the business we call it out. Reza Vahabzadeh – Lehman Brothers: You mentioned that the advance buying ahead of the price increase was just 1% of aggregate sales so just under $1 million. That seems kind of low for the kind of price increase you took 6% on almost half of your business. What’s your level of visibility on that advance buying?

One thing that we’re happy about and one thing that gives us pretty good confidence that indeed it was that 1% is that we very deliberately took the price increases not at the end of March but in the middle of March. The reason we did that was because the last thing we wanted to do was to have a flurry of sales that took place right before the end of the fourth quarter and then wind up having no business in the month of April. When we talk about 1% what we’ve done is taken from our sales group and from subsequent sales that we’ve seen through April and basically looked at the amount of the extra inventory the retailers took in. The large amount of what was purchased before the price increase was sold through in the last two weeks of the month of March. The worst thing in the world is to sit here and do a price increase right at the end of a quarter or month, pat yourself on the back and then find out that you’ve got absolutely no business after that. We very deliberately wanted to do that pricing action so that it wouldn’t crazily skew our results. Reza Vahabzadeh – Lehman Brothers: You talked about the price increase on the business. What kind of cost increase or cost inflation are you anticipating in the year ahead?

Like everybody else we’re sitting here with baited breath waiting to see what a barrel of oil is going to do because for us that really is the biggest driver. Obviously effects both transportation costs as well as probably the biggest single other item that we had which is resin which goes into plastic bottles. It’s anybody’s guess what oil is going to do. Reza Vahabzadeh – Lehman Brothers: On a per unit basis for your products are we expecting 3% to 4% cost inflation, 2% to 3%, something higher, lower? I’m trying to see how much of the price increase is going to flow to the bottom line if any.

Where we expected going into the year about a 3% to 4% increase.

One of the things that we were quite pleased with last year was the impact our inaugural cost reduction program had on our overall COS profile and it was quite helpful in offsetting inflationary impacts that accelerated as we went through the year. We are counting on that program to continue to deliver benefits to us this year. A 3% or 4% increase that Pete was alluding to we don’t expect to be able to mitigate all of that obviously but we do expect to be able to claw back some of that as we move through the year, build out year two of our specific cost reduction program. Reza Vahabzadeh – Lehman Brothers: On free cash flow the use of free cash flow for fiscal ’09 will it be for debt repayment, acquisitions, any color on that?

Just the same perspective that we have been providing all along which is absent any acquisitions and you heard my remarks about a strong bias against those as we head into the fiscal year and continue to focus on driving organic growth. Absent any acquisitions it goes right to paying down our debt. Reza Vahabzadeh – Lehman Brothers: On SG&A you’re really selling advertising and promotional spending. The number has moved around in recent quarters and it also moves around as a percentage of sales. Is there any color on that for the year ahead, do we expect that to be more level, do we expect that to be somewhat higher as a percentage of sales as you support your brands more?

If you’re talking about the advertising and promotion component of that we would expect that to be higher as we get into full year support behind the new products we introduced last year in particular earigate spray gel and also put the appropriate level of marketing support behind the innovation I spoke about that’s coming forward in ’09. As far as our G&A component which we isolate from advertising and promotion and was influenced in large part by legal expenses last year as a percent of sales we do expect that to decline in the coming year. Reza Vahabzadeh – Lehman Brothers: The A&P spending increase would be what kind of magnitude.

We don’t give out specific numbers but we’re committed to supporting our new item introductions very, very strongly.

There are no more questions at this time I’ll turn the call back over to Mark for closing remarks.

I want to thank you all for listening and your questions throughout the last fiscal year and look forward to talking with you in the months ahead about our progress against the four strategic thrusts and our performance results. Thank you, have a great day.

Thank you for your participation in today’s conference. This concludes our presentation and you may now disconnect. Have a wonderful day.