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Nutrition 21 Announces Fiscal First Quarter 2010 Financial Results
Date:11/4/2009

PURCHASE, N.Y., Nov. 4 /PRNewswire-FirstCall/ -- Nutrition 21, Inc. (OTC Bulletin Board: NXXI), the developer and marketer of ingredients and finished products under the Iceland Health®, Chromax®, and Diabetes Essentials®( )brands that help consumers manage blood sugar levels, improve cardiovascular health, enhance memory and reduce chronic joint pain, today announced financial results for the first quarter of fiscal year 2010 ended September 30, 2009.

The Company reported total revenues of $4.6 million for the first quarter ended September 30, 2009, compared to $12.7 million in the corresponding quarter a year ago. Net loss for the first quarter this year was $0.6 million, or $(0.01) per diluted common share, compared to net income of $0.2 million, or $0.00 per diluted common share, in the first quarter a year ago.

The Company's continuing emphasis on controlling its expenses reduced operating expenses by $3.9 million, or 62%, from $6.3 million in the first quarter last year to $2.4 million in the first quarter this year. The reduction in expenses was the primary reason for the Company's $0.4 million operating profit for the first quarter of this fiscal year.

Michael Zeher, president and chief executive officer, said, "While economic conditions continue to be extremely challenging, we are aggressively managing our expenses and, as a result, were profitable on an operating basis in the first quarter. We also continue to work diligently to arrange new financing to replace the current line that we will pay off on November 15, 2009. Moreover, we continue to work with the Iceland Health principals to reach an accommodation on the $2.5 million plus interest that we owe them and secured with the Iceland Health trademark."

"Additionally, in the first quarter we signed a non-binding letter of intent for the sale of certain assets and liabilities of our retail and direct response businesses to a priva
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SOURCE Nutrition 21, Inc.
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