Highlights
- First quarter fiscal 2008 revenue of $25.5 million, an increase of
$360,000, or 1.4%, from $25.2 million in the same quarter last year.
- First quarter fiscal 2008 net income of $423,000, an increase of $36,000,
or 9%, from $387,000 in the same quarter last year.
SAN MARCOS, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Natural
Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading
formulator, manufacturer and marketer of customized nutritional
supplements, today announced revenue of $25.5 million and net income of
$423,000 or $0.06 per diluted share for the three months ended September
30, 2007.
Revenue of $25.5 million in the first quarter of fiscal 2008
represented an increase of $360,000 from the same quarter last year. The
increase was primarily due to a $848,000, or 4%, increase in private label
contract manufacturing sales partially offset by a $488,000, or 12%,
decrease in branded products sales.
Net income in the first quarter of fiscal 2008 increased to $423,000 or
$0.06 per diluted share from $387,000 or $0.05 per diluted share in the
comparable quarter last year. Income from operations in the first quarter
of fiscal 2008 decreased to $670,000 from $832,000 in the comparable
quarter last year.
Cash flows used in operating activities for the three months ended
September 30, 2007 were $578,000. As of September 30, 2007, NAI had cash
and working capital of $3.2 million and $16.6 million, respectively,
compared to $4.9 million and $16.2 million, respectively, as of June 30,
2007. As of September 30, 2007, we had $8.2 million available under our
working capital line of credit.
CEO Mark LeDoux stated, "We are generally pleased with our financial
results for the first quarter and are also pleased with the progress we
have made in new business development. The investments we have made in our
facility along with our TGA certification are being well received by
potential customers both internationally and domestically. Our Dr. Cherry
Pathway to Healing(R) product line continued to be negatively impacted by
the cessation of Dr. Cherry's weekly television program. We intend to
continue working with Dr. Cherry to evaluate alternative marketing programs
and revise marketing plans to replace the weekly television program."
President Randell Weaver commented, "Looking forward, we expect reduced
net sales of approximately $3 million to $5 million, in the aggregate, in
both private label contract manufacturing and branded products in the
second quarter of fiscal 2008, as compared to the second quarter in fiscal
2007. The anticipated reduction in second quarter revenues is primarily
attributable to a single contract manufacturing customer. We are in
discussions with several potential new private label contract manufacturing
customers and expect to begin shipments to at least some of these customers
in the second half of fiscal 2008."
NAI, headquartered in San Marcos, California, is a leading formulator,
manufacturer and marketer 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 our clients 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, including the amount of our future net
sales and profits, our ability to develop, maintain or increase sales to
new and existing customers and to support the Dr. Cherry product line, and
the timing of shipments to potential new customers. We wish to caution
readers 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 - Randell L. Weaver, President, Natural Alternatives
International, Inc., 760-736-7700 or investor@nai-online.com.
NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, June 30,
2007 2007
------------- ------------
ASSETS
Cash and cash equivalents $3,240 $4,876
Accounts receivable, net 6,799 5,264
Inventories, net 13,845 14,099
Deferred income taxes 1,441 1,441
Other current assets 1,542 2,204
------------- ------------
Total current assets 26,867 27,884
Property and equipment, net 14,565 15,059
Goodwill and purchased intangibles, net 4,204 4,268
Other assets 169 169
------------- ------------
Total Assets $45,805 $47,380
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $10,253 $11,668
Long-term debt, less current
installments 2,407 2,756
Deferred income taxes 1,620 1,620
Deferred rent 1,222 1,238
Long-term pension liability 88 76
------------- ------------
Total Liabilities 15,590 17,358
------------- ------------
Stockholders' Equity 30,215 30,022
------------- ------------
Total Liabilities and Stockholders' Equity $45,805 $47,380
============= ============
NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
September 30,
-------------------------
2007 2006
------------ -----------
NET SALES $25,521 $25,161
Cost of goods sold 20,226 19,646
------------ -----------
Gross profit 5,295 5,515
Selling, general & administrative
expenses 4,625 4,683
------------ -----------
INCOME FROM OPERATIONS 670 832
Other expense, net 29 230
------------ -----------
INCOME BEFORE INCOME TAXES 641 602
Provision for income taxes 218 215
------------ -----------
NET INCOME $423 $387
============ ===========
NET INCOME PER COMMON SHARE:
Basic $0.06 $0.06
============ ===========
Diluted $0.06 $0.05
============ ===========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 6,914,114 6,720,167
============ ===========
Diluted 7,021,691 7,200,944
============ ===========
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SOURCE Natural Alternatives International, Inc.
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Related links:
http://www.nai-online.com
CONTACT:
Randell L. Weaver, President of Natural
Alternatives International, Inc., +1-760-736-7700,
investor@nai-online.com
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