UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 13, 2004
------------------
--------------------
THE QUIGLEY CORPORATION
-----------------------
(Exact Name of Registrant as Specified in Charter)
Nevada 0-21617 23-2577138
------ ------- ----------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Kells Building, 621 Shady Retreat Road, P.O. Box 1349, Doylestown, PA 18901
----------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (215) 345-0919
--------------
N/A
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.06 MATERIAL IMPAIRMENTS.
On September 13, 2004, The Quigley Corporation (the "Company") notified its
customers of its decision to discontinue the Cold-EEZE(R) Cold Remedy Nasal
Spray product within our line of cold remedy products. The decision was made
because the product has not developed into a viable entry in the nasal spray
cold remedy category. Since its launch approximately one year ago, the product
has not met either the Company's sales expectations or its return on investment
projections. Based on the Company's preliminary estimates, the discontinuation
of the nasal spray product will result in an approximately $422,000 write-off of
inventory and an approximately $974,000 charge to net sales resulting from
anticipated customer returns of the product. As a result of all charges, the
Company's results for the third quarter will be adversely impacted by
approximately $1,361,000. At this time, the Company does not anticipate any
additional future charges.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE QUIGLEY CORPORATION
(Registrant)
Date: October 13, 2004
By: /s/ George J. Longo
-------------------------------
Name: George J. Longo
Title: Vice President and Chief
Financial Officer