17.02.10

Natural Alternatives International: Fiscal 2010 Q2 Results

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Natural Alternatives International, Inc., a leading formulator, manufacturer and marketer of customized nutritional supplements, announced net income of $674,000 or $0.10 per diluted share on net sales from continuing operations of $17.2 million for the quarter ended December 31, 2009. Â

Net sales from continuing operations during the quarter ended December 31, 2009 decreased $367,000 from $17.6 million reported in the comparable prior year period. Â Operating income from continuing operations increased to $736,000 for the second quarter of fiscal 2010 as compared to an operating loss in the comparable prior year quarter of $2.1 million. The improvement in operating income from continuing operations was primarily attributable to lower raw material costs, decreased manufacturing labor and overhead expenses, and reductions in selling and general administrative expenses, including restructuring charges, associated with our cost reduction programs implemented during fiscal 2009.

For the quarter ended December 31, 2009, contract manufacturing sales declined $303,000 or 1.8% from the comparable quarter last year due primarily to lower sales volumes from various customers and the discontinuance of a customer relationship during the first quarter of fiscal 2010. Net sales from our branded products totaled $574,000 for the second quarter of fiscal 2010 compared to $638,000 for the prior year period. This decrease was associated with the continued softening of our Pathway to Healing® product line sales.  During late fiscal 2009 we revamped our Dr. Cherry website and increased our direct-to-consumer marketing and advertising efforts, which helped reduce the historical sales decline for these products during the second quarter of fiscal 2010. During late fiscal 2010 we intend to further increase our Dr. Cherry marketing and advertising efforts and plan to re-launch various product offerings including new formulations, labeling and packaging in an effort to expand our future sales opportunities.

Net income from continuing operations in the second quarter of fiscal 2010 was $614,000 or $0.09 per diluted share compared to a net loss of $2.5 million or $0.36 per share in the second quarter of fiscal 2009.

During the second quarter of fiscal 2010 we also generated net income from discontinued operations of $60,000 or $0.01 per diluted share as compared to a net loss of $756,000 or $0.11 per share in the second quarter of fiscal 2009. Â The net loss from discontinued operations in the prior year quarter was primarily attributable to a deferred tax asset valuation allowance totaling $621,000. On July 31, 2009, we sold substantially all of the remaining assets of Real Health Laboratories (RHL) and anticipate the remaining wind-down business activity of RHL will be completed during the second half of fiscal 2010. Â

As of December 31, 2009, NAI had cash and certificates of deposit of $5.3 million and working capital of $15.9 million compared to $4.7 million and $13.9 million, respectively, as of June 30, 2009. Â As of December 31, 2009, we had $3.8 million available under our working capital line of credit.

Mark A. LeDoux, Chief Executive Officer, stated, "Our continued focus on operational improvements and efficiencies has demonstrated positive results.  We have found ways of doing more with less and intend to continue to focus on adding value to our client partnerships. We also have expanded our efforts and footprint in generating commercial value from our patent estate with our CarnoSyn® beta-alanine compound. We are evaluating new packaging systems to improve customer retention and compliance with daily regimens of supplementation and provide portability to consumers â?? further enhancing customer loyalty and helping improve nutritive status."

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 applicable securities laws 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 financial and operating results, including the amount of our future revenue and profits and our future financial condition, the timing of the completion of the wind-down of RHL, and our ability to further reduce operating costs, reduce our debt, expand and retain our contract manufacturing business, grow our Dr. Cherry business and the timing of our increased marketing efforts and the re-launch of this product line, develop, maintain or increase sales to new and existing customers, expand the commercial value of our patent estate, as well as future economic conditions and the impact of such conditions on our business. 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 â?? 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 STATEMENTS OF INCOME (LOSS)
 (In thousands, except per share data)
 (Unaudited)
 
 Three Months Ended Six Months Ended
 December 31, December 31,
 -------------------- --------------------
 2009 2008 2009 2008
 ---- ---- ---- ----
 
 NET
 SALES $17,249 100.0% $17,616 100.0% $34,210 100.0% $37,142 100.0%
 Cost of
 goods
 sold 14,779 85.7% 16,844 95.6% 28,585 83.6% 33,970 91.5%
 ------- ------ ------- ------ ------- ------ ------- ------
 Gross
 profit 2,470 14.3% 772 4.4% 5,625 16.4% 3,172 8.5%
 
 Selling,
 general &
 administrative
 expenses 1,734 10.1% 2,838 16.1% 3,482 10.2% 5,456 14.7%
 ----- ----- ----- -----
 
 OPERATING
 INCOME
 (LOSS)
 FROM
 CONTINUING
 OPERATIONS 736 4.3% (2,066) -11.7% 2,143 6.3% (2,284) -6.1%
 
 Other
 expense,
 net (28) -0.2% (120) -0.7% (17) 0.0% (433) -1.2%
 ----- ---- ---- ---- ---- ---- ---- ----
 INCOME (LOSS)
 FROM
 CONTINUING
 OPERATIONS
 BEFORE
 TAXES 708 4.1% (2,186) -12.4% 2,126 6.2% (2,717) -7.3%
 
 Provision
 for income
 taxes 94 362 266 180
 ---- ----- ---- -----
 INCOME (LOSS)
 FROM
 CONTINUING
 OPERATIONS 614 3.6% (2,548) -14.5% 1,860 5.4% (2,897) -7.8%
 
 INCOME (LOSS)
 FROM
 DISCONTINUED
 OPERATIONS,
 NET OF TAX 60 0.3% (756) -4.3% 155 0.5% (1,804) -4.9%
 ---- ----- ---- ------
 
 NET INCOME
 (LOSS) $674 $(3,304) $2,015 $(4,701)
 ==== ======= ====== =======
 
 
 NET INCOME
 (LOSS) PER
 COMMON
 SHARE:
 Basic:
 Continuing
 Operations $0.09 ($0.36) $0.26 ($0.41)
 Discontinued
 Operations $0.01 ($0.11) $0.02 ($0.26)
 ----- ------ ===== ======
 Net Income
 (Loss) $0.10 ($0.47) $0.28 ($0.67)
 ===== ====== ===== ======
 
 Diluted:
 Continuing
 Operations $0.09 ($0.36) $0.26 ($0.41)
 Discontinued
 Operations $0.01 ($0.11) $0.02 ($0.26)
 ----- ------ ===== ======
 Net Income
 (Loss) $0.10 ($0.47) $0.28 ($0.67)
 ===== ====== ===== ======
 
 WEIGHTED
 AVERAGE
 COMMON
 SHARES
 OUTSTANDING:
 Basic 7,071 7,058 7,070 7,045
 ===== ===== ===== =====
 Diluted 7,097 7,058 7,104 7,045
 ===== ===== ===== =====
 
 

 
 
 NATURAL ALTERNATIVES INTERNATIONAL, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 (Unaudited)
 
 December 31, June 30,
 2009 2009
 ------------ --------
 ASSETS
 Cash and cash equivalents $4,553 $3,995
 Certificate of deposit 699 699
 Accounts receivable, net 5,614 5,685
 Inventories, net 8,599 9,320
 Deferred income taxes 368 0
 Current Assets of discontinued operations 171 1,187
 Other current assets 1,398 1,261
 ------ ------
 Total current assets 21,402 22,147
 Property and equipment, net 14,113 14,133
 Other noncurrent assets, net 159 159
 ------ ------
 Total Assets $35,674 $36,439
 ======= =======
 
 LIABILITIES AND STOCKHOLDERSâ?? EQUITY
 Accounts payable and accrued liabilities $5,255 $6,982
 Current portion of long-term debt 155 669
 Current liabilities of discontinued operations 100 599
 Deferred rent 985 1,054
 Long-term debt, less current portion 520 598
 Long-term pension liability 480 505
 ------ ------
 Total Liabilities 7,495 10,407
 ------ ------
 Stockholdersâ?? Equity 28,179 26,032
 ------ ------
 Total Liabilities and Stockholdersâ?? Equity $35,674 $36,439

Source:
Natural Alternatives International
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