The Quigley Corporation Revenue For the Year Up 29%

DOYLESTOWN, Pa., Mar 19, 2003 -- The Quigley Corporation (Nasdaq: QGLY) today reported revenue from continuing operations of $11.4 million for the fourth quarter ended December 31, 2002, a 37% increase over the $8.3 million reported for the same period in 2001. For the year ended December 31, 2002, revenue from continuing operations was $29.4 million, a 29% increase over $22.8 million for the comparable period in 2001.

The increase in revenue from continuing operations for the fourth quarter and the year ended December 31, 2002 reflects significantly improved performance resulting from the Company's Health and Wellness business segment. The Company's cold remedy business segment are at a reduced level from the comparable periods in 2001.

Loss from continuing operations for the fourth quarter 2002 was $1.8 million, or ($0.16) per share, compared to a profit from continuing operations of $1.4 million or $0.13 per share for the same period a year ago. Loss from continuing operations for the year ended December 31, 2002 was $5.1 million, or ($0.47) per share, compared to income from continuing operations of $934,000 or $0.09 per share, for the comparable period in 2001. Net loss for the fourth quarter 2002 was $2.8 million, or ($0.26) per share, compared to a net income of $986,000 or $0.09 per share for the same period a year ago. Net loss for the year ended December 31, 2002 was $6.5 million, or ($0.59) per share, compared to net income of $216,000 or $0.02 per share, for the comparable period in 2001.

Loss from continuing operations in 2002, as compared with 2001, increased during the fourth quarter or during the year from additional advertising, research and development costs associated with Quigley Pharma and other clinical studies; non-cash charges for warrants granted in connection with consulting services; lower net licensing fees from settled litigation that occurred during 2001; and overall reduced gross profit margin. The reduced gross profit margin resulted from the significant increase in Health and Wellness revenue, which has a lower gross profit margin than Cold Remedy product revenues, combined with the decrease in Cold Remedy revenue. These additional losses were offset by profits reflected year-to-date 2002 from the Health and Wellness business segment.

No tax benefits to reduce losses are provided for the fourth quarters and the years ended December 31, 2002 and 2001, since the Company is in a net operating loss carry-forward position, which began in the fourth quarter of 1999, from the cumulative effect of deductions attributed to options, warrants and unrestricted stock from previous years' taxable income.

In January 2003, the Company completed the sale of its 60% equity interest in Caribbean Pacific Natural Products, Inc. to Suncoast Naturals, Inc. by exchanging its 60% controlling interest in Caribbean Pacific Natural Products, Inc. for 750,000 Shares of Common Stock and 100,000 Shares of Redeemable Preferred Stock of Suncoast Naturals, Inc. The results of operations and impairment loss of Caribbean Pacific Natural Products, Inc. are reflected as discontinued operations of the Company for all periods presented. Net loss for 2002 includes $1.3 million as compared with $700,000 of losses in 2001 associated with discontinued operations of Caribbean Pacific Natural Products, Inc.

Guy J. Quigley, Chairman, President and Chief Executive Officer stated, "With our divestiture of the Carribbean Pacific Natural Products, Inc., we are continuing to develop and expand those business segments that provide good diversification and multiple revenue streams. Our Health and Wellness segment and our Cold-Eeze branded products continue to produce a solid revenue base while our Quigley Pharma segment offers a wealth of potential new opportunities in the field of patented prescription drugs."

	Consolidated Statements of Operations (Unaudited)
	
	The following represents condensed financial data (in thousands, except
	continuing operating income (loss) and diluted net income (loss) per share and
	diluted weighted average common shares) for the three-months and years ended
	December 31, 2002 and 2001:
	
	                            Three-    Three-
	                            Months    Months        Year      Year
	                            Ended     Ended        Ended      Ended
	                          12/31/02  12/30/01     12/31/02   12/30/01
	                             ($)       ($)          ($)        ($)
	                          --------  ---------   ---------   ----------
	Sales:
	   Sales                   12,291      9,194      31,286       23,048
	   Co-operative advertising
	    promotions                892      1,031       2,014        1,822
	Net Sales                  11,399      8,163      29,272       21,226
	Licensing fees                  -        136         149        1,547
	Gross profit                5,035      4,673      12,212       12,551
	Sales & marketing expenses  2,423        644       4,941        3,221
	Administrative expenses     3,654      2,285       9,892        7,430
	Research & development        766        361       2,663        1,332
	Income taxes (Benefit)          -          -           -            -
	Income (Loss) from:
	    Continuing
	     operations            (1,774)     1,426      (5,132)         934
	    Discontinued
	     operations            (1,029)      (440)     (1,322)        (718)
	Net income (Loss)          (2,803)       986      (6,454)         216
	  Diluted income (loss) -
	    Continuing operations
	     per share:            ($0.16)     $0.13      ($0.47)       $0.09
	    Discontinued operations
	     per share:            ($0.10)    ($0.04)     ($0.12)      ($0.07)
	  Diluted net income
	  (loss) per share:        ($0.26)     $0.09      ($0.59)       $0.02
	  Diluted weighted
	    average common
	    shares:            10,964,597 10,777,192  10,893,944   10,750,687
	
	Consolidated Balance Sheets (Unaudited)
	
	The following represents condensed financial data (in thousands) at December
	31, 2002 and December 31, 2001:
	
	                                                 2002         2001
	                                                  ($)          ($)
	                                             ----------     ---------
	Cash & cash equivalents                         12,897         9,684
	Accounts receivable, net                         4,188         4,175
	Inventory                                        4,527         6,091
	Total current assets                            22,566        22,582
	Total assets                                    24,935        24,756
	Total current liabilities                        6,512         3,556
	Total stockholders' equity                      18,423        21,200