PARK CITY, Utah, Jan. 29 /PRNewswire-FirstCall/ -- Nutraceutical
International Corporation (NASDAQ:NUTR) today reported results for
the fiscal 2009 first quarter ended December 31, 2008. Net sales
for the fiscal 2009 first quarter were $39.6 million compared to
$41.1 million for the same quarter of fiscal 2008. For the first
quarter of fiscal 2009, net income was $3.1 million, or $0.28
diluted earnings per share, compared to net income of $3.2 million,
or $0.28 diluted earnings per share, for the same quarter of fiscal
2008. Operating cash flow for the fiscal 2009 first quarter ended
December 31, 2008 was $3.1 million compared to $2.8 million for the
same period of fiscal 2008. This operating cash flow, combined with
net borrowings of $1.5 million, was used to invest $4.8 million in
purchases of property and equipment. Bill Gay, chairman and chief
executive officer, commented, "Net income, cash flow and EBITDA
remained strong under very difficult retail conditions. Net sales
to many of our domestic and international customers were adversely
affected by the accelerated decline in world economies during the
first quarter of fiscal 2009. Management was able to partially
mitigate the decline through promotional activities targeted at
helping Health and Natural Food Stores overcome the reluctance to
maintain normal inventory levels. Despite this decrease in net
sales, we were able to maintain gross profit margins of 54.1% as a
result of our continued focus on raw material sourcing and control
of manufacturing costs. Additionally, synergies were achieved
through reductions in operational and transitional costs related to
businesses acquired in fiscal 2007 and fiscal 2008 as well as
year-over-year cost improvements in many of our selling, general
and administrative areas." Mr. Gay continued, "The U.S. and global
economic environment will continue to present ongoing uncertainties
and challenges as we strive to serve our customers and maintain our
competitive position within the Healthy Foods Channel. Management
will focus on preserving our revenue base through continued
promotions and reducing controllable costs. Our long term business
strategy of selling primarily to the Healthy Foods Channel and
growing through add-on acquisitions has served our stakeholders
well over the last ten years as a public company and we are
appreciative of those who support us in our efforts." ABOUT
NUTRACEUTICAL We are an integrated manufacturer, marketer,
distributor and retailer of branded nutritional supplements and
other natural products sold primarily to and through domestic
health and natural food stores. Internationally, we market and
distribute branded nutritional supplements and other natural
products to and through health and natural product distributors and
retailers. Our core business strategy is to acquire, integrate and
operate, from beginning to end, the manufacturing, marketing and
distribution of branded nutritional supplement businesses in the
natural products industry. We believe that the consolidation and
integration of these acquired businesses provides ongoing financial
synergies through increased scale and market penetration, as well
as strengthened customer relationships. We sell branded nutritional
supplements and other natural products under the trademarks
Solaray(R), VegLife(R), KAL(R), Nature's Life(R), Sunny Green(R),
Action Labs(R), Natural Balance(R), NaturalMax(R), bioAllers(R),
Herbs for Kids(TM), Natra-Bio(R), NaturalCare(R), Zand(R), Health
from the Sun(R), Life-flo(R), Larenim(R), Living Flower
Essences(R), Pioneer(R), Thompson(R), Natural Sport(R), Supplement
Training Systems(R), Premier One(R), Montana Big Sky(TM),
ActiPet(R), FunFresh Foods(TM), Dowd & Rogers(TM),
CompliMed(R), AllVia(TM), Oakmont Labs(R), Healthway(R), Body
Gold(R), Sayge BioSciences(TM), Monarch Nutraceuticals(TM) and
Great Basin Botanicals(TM). Under the name Woodland Publishing(TM),
we publish, print and market a line of books and booklets to, among
others, book distributors, national retail bookstores and health
and natural food stores. We also distribute branded products of
certain third parties. We own neighborhood natural food markets,
which operate under the trade names The Real Food Company (TM),
Thom's Natural Foods(TM) and Cornucopia Community Market(TM). We
also own health food stores, which operate under the trade names
Fresh Vitamins(TM), Granola's(TM) and Pilgrim's Natureway(TM). We
manufacture and/or distribute one of the broadest branded product
lines in the industry with over 4,000 SKUs, including over 700 SKUs
sold internationally. We believe that as a result of our emphasis
on innovation, quality, loyalty, education and customer service,
our brands are widely recognized in health and natural food stores
and among their customers. This Press Release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to our
financial condition, results of operations and business. These
forward-looking statements can be identified by the use of terms
such as "believe," "expects," "plan," "intend," "may," "will,"
"should," "can," or "anticipates," or the negative thereof, or
variations thereon, or comparable terminology, or by discussions of
strategy. Although these statements are believed to be reasonable,
they are inherently uncertain. These statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, level of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these
statements. We undertake no obligation to update forward-looking
statements to reflect events or circumstances occurring after the
date of this Press Release. Important factors that may cause our
results to differ from these forward-looking statements include,
but are not limited to: (i) slow or negative growth in the
nutritional supplement industry or the healthy foods channel, (ii)
interruption of business or negative impact on sales and earnings
due to acts of God, acts of war, terrorism, bio-terrorism or civil
unrest, (iii) adverse publicity or negative consumer perception
regarding nutritional supplements, (iv) changes in government
regulations, (v) product liability claims and litigation, (vi)
insurance coverage issues, (vii) increased competition or costs,
(viii) intellectual property rights of other parties, (ix) the loss
of key personnel, (x) disruptions from acquisitions, (xi) issues
with obtaining raw materials of adequate quality or quantity, (xii)
problems with information management systems, manufacturing
efficiencies and operations, (xiii) changes in general worldwide
economic or political conditions, (xiv) the volatility of the stock
market generally and of our stock specifically, (xv) litigation
generally, and (xvi) other factors indicated from time to time in
our SEC reports, copies of which are available upon request from
our investor relations group or which may be obtained at the SEC's
website (http://www.sec.gov/). (C) 2009 Nutraceutical Corporation.
All rights reserved. NUTRACEUTICAL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; dollars in
thousands) December 31, September 30, ------------ -------------
2008 2008 Assets Current assets, net $51,891 $55,577 Property,
plant and equipment, net 55,633 52,356 Goodwill 37,161 37,632 Other
non-current assets, net 16,123 16,099 ------ ------ $160,808
$161,664 -------- -------- Liabilities and Stockholders' Equity
Current liabilities $14,258 $19,239 Long-term liabilities 30,613
28,965 Stockholders' equity 115,937 113,460 ------- -------
$160,808 $161,664 -------- -------- NUTRACEUTICAL INTERNATIONAL
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; dollars in thousands, except per share data) Three
months ended December 31, ------------------ 2008 2007 Net sales
$39,629 $41,086 Cost of sales 18,197 18,773 ------ ------ Gross
profit 21,432 22,313 Operating expenses Selling, general and
administrative 15,773 16,628 Amortization of intangible assets 159
167 --- --- Income from operations 5,500 5,518 Interest and other
(income)/expense, net 510 380 --- --- Income before provision for
income taxes 4,990 5,138 Provision for income taxes 1,878 1,927
----- ----- Net income $3,112 $3,211 ------ ------ Net income per
common share Basic $0.29 $0.29 Diluted 0.28 0.28 Weighted average
common shares outstanding Basic 10,849,221 11,123,792 Diluted
10,931,812 11,270,089 NUTRACEUTICAL INTERNATIONAL CORPORATION
EBITDA SCHEDULE (unaudited; dollars in thousands) Three months
ended December 31, -------------- 2008 2007 Net income $3,112
$3,211 Provision for income taxes 1,878 1,927 Interest and other
(income)/ expense, net (1) 510 380 Depreciation and amortization
1,634 1,312 ----- ----- EBITDA $7,134 $6,830 ------ ------ (1)
Includes amortization of deferred financing fees. DATASOURCE:
Nutraceutical International Corporation CONTACT: Cory McQueen, Vice
President and Chief Financial Officer of Nutraceutical
International Corporation, +1-435-655-6106
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