Navigation Links
Natural Alternatives International, Inc. Announces Fiscal 2008 Results
Date:9/22/2008

SAN MARCOS, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Natural Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced a net loss of $371,000 or $0.05 per share for fiscal year 2008. These results included income from continuing operations of $912,000 or $0.13 per diluted share offset by a $1.3 million loss from discontinued operations or $0.18 per share. Net sales from continuing operations decreased by $4.8 million or 5.6% from $86.6 million in fiscal 2007 to $81.8 million in fiscal 2008.

For the fourth quarter of fiscal 2008 revenues from continuing operations increased slightly to $21.5 million from $21.4 million in the prior year period. This increase was primarily due to increased private label contract manufacturing sales partially offset by a decrease in our Dr. Cherry Pathway to Healing(R) product line sales. The net loss in the fourth quarter of fiscal 2008 was $168,000 or $0.02 per share compared to a net loss of $6.6 million or $0.96 per share in the prior year. The net loss in fiscal 2007 was primarily attributable to the $7.0 million non-cash goodwill impairment charge related to legacy RHL that was discontinued in the fourth quarter of fiscal 2008.

As of June 30, 2008, NAI had cash and working capital of $3.5 million and $18.1 million, respectively, compared to $4.1 million and $16.2 million, respectively, in the prior year. As of June 30, 2008, we had $7.5 million available under our working capital line of credit.

President Randell Weaver stated, "During the fourth quarter of fiscal 2008 in an effort to enhance stockholder value, improve working capital and enable us to focus on our core contract manufacturing businesses, we elected to narrow our branded products focus and portfolio and developed a plan to sell some of our branded products assets. In addition, we have taken steps to significantly reduce our operating costs. While we expect our continuing operations to be profitable, we also expect to incur losses from discontinued operations in the first quarter of fiscal 2009 which are likely to exceed profits from continuing operations. Going forward, we believe focusing on our core private label contract manufacturing operations will significantly improve our overall profitability and allow us to better pursue our growth initiatives."

CEO Mark LeDoux added, "Our balance sheet remains strong, and we believe the sale of selected assets will further strengthen our balance sheet. Obviously, in today's economic climate, there are significant challenges. Our strong balance sheet and international scope should position us to meet these challenges effectively. We believe the steps we have taken will enable us to effectively capitalize on opportunities as we move forward."

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 our future growth and financial and operating results, including the amount of our future revenue and profits and our future financial condition, our ability to implement our strategic plans, to enhance stockholder value, improve working capital and reduce operating costs, to grow our contract manufacturing business, to sell our branded products assets, and to develop, maintain or increase sales to new and existing 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 - Kenneth Wolf, Chief Financial Officer, Natural Alternatives International, Inc., at 760-736-7700 or investor@nai-online.com.

Web site: http://www.nai-online.com

NATURAL ALTERNATIVES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

June 30, June 30,

2008 2007

ASSETS

Cash and cash equivalents $3,518 $4,095

Accounts receivable, net 6,401 4,944

Inventories, net 14,135 13,346

Income tax receivable 1,354 546

Current assets of discontinued operations 6,379 2,758

Other current assets 1,969 2,195

Total current assets 33,756 27,884

Property and equipment, net 12,823 14,483

Other noncurrent assets, net 431 169

Long-term assets of discontinued operations - 4,844

Total Assets $47,010 $47,380

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued liabilities $10,034 $8,413

Current portion of long-term debt 2,730 1,825

Current liabilities of discontinued

operations 2,882 1,430

Deferred income taxes - 223

Deferred rent 1,164 1,238

Long-term debt, less current portion - 2,756

Long-term pension liability 198 76

Long-term liabilities of discontinued

operations - 1,397

Total Liabilities 17,008 17,358

Stockholders' Equity 30,002 30,022

Total Liabilities and Stockholders' Equity $47,010 $47,380

NATURAL ALTERNATIVES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

2008 2007

NET SALES $21,547 100.0% $21,365 100.0%

Cost of goods sold 18,316 85.0% 17,952 84.0%

Gross profit 3,231 15.0% 3,413 16.0%

Selling, general & administrative

expenses 2,950 13.7% 2,773 13.0%

OPERATING INCOME FROM CONTINUING

OPERATIONS 281 1.3% 640 3.0%

Other income (expense), net (44) -0.2% 47 0.2%

INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES 237 1.1% 687 3.2%

Provision for income taxes 240 357

(LOSS) INCOME FROM CONTINUING

OPERATIONS (3) 0.0% 330 1.5%

LOSS FROM DISCONTINUED OPERATIONS,

NET OF TAX (165) -0.8% (6,925) -32.4%

NET LOSS $(168) $(6,595)

NET INCOME (LOSS) PER COMMON SHARE:

Basic:

Continuing Operations ($0.00) $0.05

Discontinued Operations ($0.02) ($1.01)

Net Loss ($0.02) ($0.96)

Diluted:

Continuing Operations ($0.00) $0.04

Discontinued Operations ($0.02) ($0.97)

Net Loss ($0.02) ($0.93)

WEIGHTED AVERAGE COMMON SHARES

OUTSTANDING:

Basic 7,023 6,898

Diluted 7,023 7,124

NATURAL ALTERNATIVES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In thousands, except per share data)

(Unaudited)

For The Year Ended

June 30,

2008 2007

NET SALES $81,755 100.0% $86,566 100.0%

Cost of goods sold 68,843 84.2% 70,844 81.8%

Gross profit 12,912 15.8% 15,722 18.2%

Selling, general & administrative

expenses 11,838 14.5% 11,956 13.8%

OPERATING INCOME FROM CONTINUING

OPERATIONS 1,074 1.3% 3,766 4.4%

Other income (expense), net 102 0.1% (320) -0.4%

INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES 1,176 1.4% 3,446 4.0%

Provision for income taxes 264 739

(LOSS) INCOME FROM CONTINUING

OPERATIONS 912 1.1% 2,707 3.1%

LOSS FROM DISCONTINUED OPERATIONS,

NET OF TAX (1,283) -1.6% (7,992) -9.2%

NET LOSS $(371) $(5,285)

NET INCOME (LOSS) PER COMMON SHARE:

Basic:

Continuing Operations $0.13 $0.40

Discontinued Operations ($0.18) ($1.17)

Net Loss ($0.05) ($0.77)

Diluted:

Continuing Operations $0.13 $0.37

Discontinued Operations ($0.18) ($1.11)

Net Loss ($0.05) ($0.74)

WEIGHTED AVERAGE COMMON SHARES

OUTSTANDING:

Basic 6,983 6,836

Diluted 7,038 7,176


'/>"/>
SOURCE Natural Alternatives International, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Natural Childbirth Moms More Attuned to Babies Cry
2. Penn researchers identify natural tumor suppressor
3. Too Hot for Wigs: Bald Women Go Natural in Nevada
4. Natural Harmony Foods Breakfasts to be National in Tree of Life
5. New Skin Revitalizing Product Uses Naturally Occurring Serum for the Repair of Sun Damaged Skin
6. New Natural Product from Zurich Pharmaceuticals Downs Appetite
7. Vytex(TM) Natural Rubber Latex Manufacturing Test Results Get International Latex Conference Buzzing
8. Fat Grafting Provides Permanent, Natural Looking Results - Dr. Michael Law Explains Fat Injections as a New Trend in Facial Plastic Surgery
9. Sweet Dreams, Sweet Breath: MedGen Inc. Retains TransMedia Group to Send Media a Wake-Up Call About an All-Natural, Quick New Way to Slumber Land
10. The Chopra Center for Wellbeing Introduces Ayurnas: A Soothing Natural Remedy for Sinus Congestion, Chronic Headaches, and Cold Symptoms
11. Breast Augmentation Raleigh Natural Looking Results with Saline or Silicone Implants
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... ... February 10, 2016 , ... A ... Safety Congress and Expo event March 9-11, 2016. Hosted by Ohio's Bureau of ... , As the longest running and largest worker's compensation event in Ohio, ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Everseat digital self-scheduling readily available to physicians. The integration will enable Allscripts ... and select appointments via Everseat’s free mobile app. , The partnership gives Everseat ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Jacksonville, FL 32224, February 26th: Amateur & Professional Divisions - Time: 7:00pm ... 7:00pm – 10:00pm | Ticket Prices $30, Social Media: http://www.USPoleSportsFed.org , ...
(Date:2/10/2016)... ... ... Workrite Ergonomics, who is celebrating their 25th year of business in 2016, is ... recognized leader in their industry. , "We are very proud of our heritage and ... “Workrite recognized the importance of good ergonomics before most of our competition even knew ...
(Date:2/10/2016)... ... 2016 , ... Anxiety of older Americans over steep cost increases of prescription ... decade ago, according to The Senior Citizens League (TSCL). Since last ... with rapidly rising costs. “The implications are chilling, particularly for people with chronic ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... 2016 ALSP, Inc. announced that it has appointed ... Medical Affairs in preparation for its move into clinical trials ... CEO, stated, "We are pleased to welcome Dallas Hack ... with an individual of such practical knowledge and far-reaching experience ... deeply on his broad experience and success as a clinician ...
(Date:2/10/2016)... , Feb. 10, 2016 Intouch Solutions, a ... identified an industry-wide trend regarding the evolution of ... organizations to efficiently deliver compelling sales presentations via ... and another in 2015, Intouch uncovered that while ... devices and DSAs, many are not using them ...
(Date:2/10/2016)... 2016  Until recently, the options for reducing the ... the FDA approved the non-invasive Coolsculpting treatment, which removes ... originally approved in 2010 for the abdomen and this ... chin. With this add-on approval, the experts at Laser ... applicator, the CoolMini, to address smaller areas of fat. ...
Breaking Medicine Technology: