SAN MARCOS, Calif., Aug. 30 /PRNewswire-FirstCall/ -- Natural Alternatives
International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator and
manufacturer of customized nutritional supplements, today announced that its
net sales for fiscal 2004 were $78.5 million, the highest level in the
company's history. Net income for the fiscal year ended June 30, 2004 was
$3.0 million, or $0.48 per diluted share. Net income improved $1.9 million,
or 171%, over the prior year.
For the fiscal year ended June 30, 2004 net sales increased 40% to
$78.5 million from $56.0 million in the prior year. Sales growth included a
50% increase in private label contract manufacturing sales. Net income
increased to $3.0 million or $0.48 per diluted share, which compared favorably
to $1.1 million or $0.18 per diluted share in the prior year.
NAI also reported record net sales for its fourth quarter ended June
30, 2004. Fourth quarter net sales of $23.3 million represents an increase of
$2.1 million, or 10%, over the prior quarter, which was the Company's previous
high. Net sales increased $7.3 million, or 45%, over the comparable quarter
last year. Net income for the fourth quarter increased to $1.0 million or
$0.15 per diluted share from $247,000 or $0.04 per diluted share for the
comparable quarter last year.
As of June 30, 2004, NAI had cash and working capital of $7.5 million and
$17.5 million, respectively, compared to $5.5 million and $12.3 million,
respectively, at June 30, 2003. During fiscal 2004, inventory increased
$5.0 million in response to higher anticipated net sales and customer delivery
requirements. In addition, the Company invested $3.3 million primarily in
manufacturing equipment in fiscal 2004.
"We continue to focus on serving the needs of our valued primary customers
and celebrate their tremendous growth," stated CEO Mark Le Doux. "In fiscal
2004 we were also able to leverage our product formulation, regulatory affairs
and the introduction of innovative products containing proprietary ingredients
to obtain new customers. Our fiscal 2004 accomplishments demonstrate our
team's commitment to providing our customers with superior science-based
products and value added services while building long term value for our
stockholders."
President Randell Weaver commented, "We are pleased with the fourth
quarter and the full year. We have now posted three consecutive years of
increased revenues and operating profits and expect to continue these trends.
Our balance sheet reflects an improved cash position due to increased profits,
effective working capital management and long-term borrowings from our new
credit facilities. Cash flow from operations was $3.3 million even with
significant investments in inventory and accounts receivable. During the
year, we invested heavily in our facilities and equipment and expect to
continue those investments in fiscal 2005. We also continue to evaluate
expansion opportunities that could increase product lines or enhance our
manufacturing capabilities."
NAI, headquartered in San Marcos, California, is a leading formulator and
manufacturer of nutritional supplements and provides strategic partnering
services to its customers. Our comprehensive partnership approach offers a
wide range of innovative nutritional products and services to the client
including: scientific research, clinical studies, proprietary ingredients,
customer-specific nutritional product formulation, product testing and
evaluation, marketing management and support, packaging and delivery system
design, regulatory review and international product registration assistance.
For more information about NAI, please see our website at
http://www.nai-online.com.
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934 that are not historical
facts and information. These statements represent our intentions,
expectations and beliefs concerning future events, including, among other
things, our expectations and beliefs with respect to future financial and
operating results and our ability to continue to improve profitability,
maintain adequate financing, improve liquidity, maintain revenue growth, and
implement our strategic plan. We wish to caution readers that these
statements involve risks and uncertainties that could cause actual results and
outcomes for future periods to differ materially from any forward-looking
statement or views expressed herein. NAI's financial performance and the
forward-looking statements contained herein are further qualified by other
risks including those set forth from time to time in the documents filed by us
with the Securities and Exchange Commission, including our most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q.
CONTACT - John R. Reaves, Chief Financial Officer, Natural Alternatives
International, Inc., 760-736-7700 or investor@nai-online.com.
NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, June 30,
2004 2003
--------- ---------
ASSETS
Cash and cash equivalents $7,495 $5,482
Accounts receivable, net 8,889 5,668
Inventories, net 12,863 7,845
Deferred income taxes 1,010 --
Other current assets 633 766
--------- ---------
Total current assets 30,890 19,761
Property and equipment, net 11,380 10,820
Other assets 198 143
--------- ---------
Total Assets $42,468 $30,724
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $13,422 $7,440
Deferred income taxes 717 --
Long-term debt, less current installments 3,841 2,386
Deferred rent 220 --
Long-term pension liability 140 121
--------- ---------
Total Liabilities 18,340 9,947
--------- ---------
Stockholders' Equity 24,128 20,777
--------- ---------
Total Liabilities and Stockholders' Equity $42,468 $30,724
========= =========
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three months ended Year ended
June 30, June 30,
--------------------- --------------------
2004 2003 2004 2003
--------- --------- --------- ---------
NET SALES $23,350 $16,061 $78,534 $55,962
Cost of goods sold 17,874 12,414 59,964 42,781
--------- --------- --------- ---------
Gross profit 5,476 3,647 18,570 13,181
Selling, general &
administrative expenses 4,279 3,347 15,188 12,012
--------- --------- --------- ---------
INCOME FROM OPERATIONS 1,197 300 3,382 1,169
Other expense, net (242) (27) (358) (17)
--------- --------- --------- ---------
INCOME BEFORE INCOME
TAXES 955 273 3,024 1,152
Provision (benefit)
for income taxes (47) 26 24 47
--------- --------- --------- ---------
NET INCOME $1,002 $247 $3,000 $1,105
========= ========= ========= =========
NET INCOME PER
COMMON SHARE:
Basic $0.17 $0.04 $0.51 $0.19
========= ========= ========= =========
Diluted $0.15 $0.04 $0.48 $0.18
========= ========= ========= =========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic shares 5,881,440 5,815,132 5,843,241 5,809,140
========= ========= ========= =========
Diluted shares 6,606,264 6,071,709 6,304,167 6,021,155
========= ========= ========= =========
SOURCE Natural Alternatives International, Inc.
 back to top
Related links:
http://www.nai-online.com
CONTACT:
John R. Reaves, Chief Financial Officer of
Natural Alternatives International, Inc., +1-760-736-7700,
investor@nai-online.com
|
