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Natural Alternatives International, Inc. Announces Second Quarter Results
Date:2/8/2008

Highlights

- Second quarter fiscal 2008 net sales of $20.4 million versus $24.1

million in the same quarter last year. - New private label contract manufacturing relationships established with

initial shipments expected during the second half of fiscal 2008.

SAN MARCOS, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Natural Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced net sales of $20.4 million and a net loss of $180,000 or $0.03 per share for the three months ended December 31, 2007.

Net sales of $20.4 million in the second quarter of fiscal 2008 declined $3.7 million as compared to $24.1 million for the same quarter last year. The decrease included a $2.8 million decline in private label contract manufacturing sales associated primarily with one of our largest customers and a $900,000 decrease in our branded product business related primarily to the continued softening of our Dr. Cherry Pathway to Healing(R) product line.

For the second quarter of fiscal 2008 we reported a net loss of $180,000, or $0.03 per share, on 7.0 million weighted-average shares outstanding. For the second quarter of fiscal 2007 we reported net income of $554,000, or $0.08 per diluted share, on 7.2 million weighted-average shares outstanding.

Cash flows provided by operating activities for the six months ended December 31, 2007 were $2.0 million. As of December 31, 2007, NAI had cash and working capital of $5.0 million and $16.8 million, respectively, compared to $4.9 million and $16.2 million, respectively, as of June 30, 2007. As of December 31, 2007, we had $7.5 million available under our working capital line of credit.

President Randell Weaver commented, "As we previously anticipated, our second quarter sales and profits were significantly impacted by the reduction in volume from one of our largest private label customers. Looking forward, during the second half of fiscal 2008 we anticipate sales to this customer will trend towards sales levels experienced during the comparable period of fiscal 2007. Additionally, we have established relationships with two new customers and anticipate initial shipments of these products during late third or early fourth quarter of this year. We also expect our branded product sales to improve over our second quarter results as we enter our stronger catalog season during the third and fourth quarters."

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 within our branded products business, and the timing of shipments to 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)

December 31, June 30,

2007 2007

(Unaudited)

ASSETS

Cash and cash equivalents $5,000 $4,876

Accounts receivable, net 5,839 5,264

Inventories, net 12,890 14,099

Deferred income taxes 1,441 1,441

Other current assets 1,949 2,204

Total current assets 27,119 27,884

Property and equipment, net 14,084 15,059

Goodwill and purchased intangibles, net 4,141 4,268

Other assets 169 169

Total Assets $45,513 $47,380

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities $10,283 $11,668

Long-term debt, less current portion 2,050 2,756

Deferred income taxes 1,620 1,620

Deferred rent 1,205 1,238

Long-term pension liability 101 76

Total Liabilities 15,259 17,358

Stockholders' Equity 30,254 30,022

Total Liabilities and Stockholders' Equity $45,513 $47,380

NATURAL ALTERNATIVES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

Three Months

Ended Six Months Ended

December 31, December 31,

2007 2006 2007 2006

NET SALES $20,410 $24,049 $45,929 $49,210

Cost of goods sold 16,158 18,347 36,383 37,993

Gross profit 4,252 5,702 9,546 11,217

Selling, general &

administrative expenses 4,524 4,737 9,149 9,420

(LOSS) INCOME FROM OPERATIONS (272) 965 397 1,797

Other expense, net 27 119 55 349

(LOSS) INCOME BEFORE INCOME TAXES (299) 846 342 1,448

(Benefit) Provision for

income taxes (119) 292 99 507

NET (LOSS) INCOME $(180) $554 $243 $941

NET (LOSS) INCOME PER COMMON

SHARE:

Basic $(0.03) $0.08 $0.03 $0.14

Diluted $(0.03) $0.08 $0.03 $0.13

WEIGHTED AVERAGE COMMON SHARES

OUTSTANDING:

Basic 6,980,195 6,840,314 6,947,155 6,780,240

Diluted 6,980,195 7,184,910 7,044,402 7,189,213


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SOURCE Natural Alternatives International, Inc.
Copyright©2008 PR Newswire.
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