Last I checked, it's tough for a company to cost-cut its way to success. Yet, according to its Q1 earnings yesterday, that's exactly what Prestige Brands Holdings (NYSE:PBH) is trying to do.

The results were relatively flat when compared to its prior-year Q1. EPS were the exact same, and revenues increased by 4% as the result of the company's acquisition of Wartner wart treatment products. Absent this acquisition, total revenues actually experienced a 1% decline compared to the year-ago quarter. An area of notable weakness for Prestige was that operating income decreased 1% compared to last year's quarter as rising SG&A costs ate away the increase in gross profit.

Given that organic sales growth was flat for each of the company's three primary business segments, it just might be the time for upper management to break out some of its trademark Spic and Span and clean house.

Despite a lackluster quarter, company management remains confident that it is well positioned for its upcoming quarters. Mark Pettie, Chairman and CEO of Prestige Brands, noted his faith in efforts to strengthen the company's distribution chain and systematic cost-cutting measures, which he believes have both already begun to gain traction.

From a macro perspective, it has been a mixed quarter for consumer products makers. On a pro forma basis, Johnson & Johnson (NYSE:JNJ) reported a 4.6% increase in sales from its consumer segment in mid-July. Shares of Clorox (NYSE:CLX) got punished late last week, however, as the company reported lower-than-expected sales and volume growth.

In the instance of Clorox, the pullback in share price initiated a share buyback plan by the company, indicating a value opportunity to the firm and bargain hunters. With Prestige Brands, I'd like to wait and see how its Q2 results turn out before I'm sold on the viability for success of the initiatives that Mr. Pettie touched upon.

Prestige Brands isn't a dividend payer yet, but Johnson & Johnson is. And it's a Motley Fool Income Investor recommendation. Come check out the other great dividend payers that are helping the newsletter beat the market.

Fool contributor Billy Fisher does not own shares of any of the companies mentioned. The Fool has a disclosure policy.