Nutraceutical Reports Fiscal 2009 ... ( PARK CITY Utah April 30 /- Nutraceuti...)

Nutraceutical Reports Fiscal 2009 Q2 Results

Date:4/30/2009

PARK CITY, Utah, April 30 /PRNewswire-FirstCall/ -- Nutraceutical International Corporation (Nasdaq: NUTR) today reported results for the fiscal 2009 second quarter ended March 31, 2009. Net sales for the fiscal 2009 second quarter were $42.0 million compared to $44.4 million for the same quarter of fiscal 2008.

Primarily as a result of the ongoing U.S. and global economic recession and the related turmoil in the equity markets, there has been a significant and prolonged decrease in the Company's stock price and related market capitalization over the past six months. The ongoing economic recession also has negatively impacted the Company during this period, both domestically and internationally. Based on these factors, the Company determined that an interim goodwill impairment analysis was necessary and performed this goodwill impairment analysis on each of its reporting units during the second quarter of fiscal 2009 in accordance with Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets. Based on the results of this goodwill impairment analysis, a non-cash goodwill impairment charge of $37.5 million ($27.3 million after tax, or $2.51 per diluted share) was recorded during the second quarter of fiscal 2009.

This non-cash goodwill impairment charge resulted in a net loss of $(23.4) million, or $(2.15) per diluted share, for the second quarter of fiscal 2009, compared to net income of $4.4 million, or $0.39 per diluted share, for the same quarter of fiscal 2008. Excluding the above non-cash impairment charge, net income for the second quarter of fiscal 2009 would have been $3.9 million, or $0.36 per diluted share.

Net sales for the six months ended March 31, 2009 were $81.6 million compared to $85.5 million for the same period in fiscal 2008. The non-cash goodwil
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