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Return to Operational Profitability with Income from Continuing Operations
of
The third quarter net sales from continuing operations represented a
decrease of
Net income from continuing operations in the third quarter of fiscal 2009
was
The net loss from discontinued operations of
As of
Chairman and Chief Executive Officer
NAI, headquartered in
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 financial and operating
results, including the amount of our future revenue and profits and our future
financial condition, and our ability to reduce operating costs, expand our
contract manufacturing business, and develop, maintain or increase sales to
new and existing customers, 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
CONTACT -
Web site: http://www.nai-online.com NATURAL ALTERNATIVES INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF LOSS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, ----------------------- 2009 2008 ------- ------- NET SALES $17,348 100.0% $18,921 100.0% Cost of goods sold 14,241 82.1% 16,356 86.4% ------ ---- ------ ---- Gross profit 3,107 17.9% 2,565 13.6% Selling, general & administrative expenses 1,724 9.9% 2,921 15.4% ----- ----- OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS 1,383 8.0% (356) -1.9% Other (expense) income, net (129) -0.7% 165 0.9% ---- ---- --- --- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES 1,254 7.2% (191) -1.0% (Benefit) Provision for income taxes (183) (213) ---- ---- INCOME (LOSS) FROM CONTINUING OPERATIONS 1,437 8.3% 22 0.1% LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (1,941) -11.2% (468) -2.5% ------ ---- NET LOSS $(504) $(446) ===== ===== NET (LOSS) INCOME PER COMMON SHARE: Basic: Continuing Operations $0.20 $0.00 Discontinued Operations ($0.27) ($0.07) ------ ------ Net Loss ($0.07) ($0.06) ====== ====== Diluted: Continuing Operations $0.21 $0.00 Discontinued Operations ($0.28) ($0.07) ------ ------ Net Loss ($0.07) ($0.06) ====== ====== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 7,067 7,014 ===== ===== Diluted 7,004 6,969 ===== ===== Nine Months Ended March 31, ----------------------- 2009 2008 ------- ------- NET SALES $54,490 100.0% $60,208 100.0% Cost of goods sold 48,211 88.5% 50,527 83.9% ------ ---- ------ ---- Gross profit 6,279 11.5% 9,681 16.1% Selling, general & administrative expenses 7,180 13.2% 8,888 14.8% ----- ----- OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS (901) -1.7% 793 1.3% Other (expense) income, net (562) -1.0% 146 0.2% ---- ---- --- --- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES (1,463) -2.7% 939 1.6% (Benefit) Provision for income taxes (3) 24 --- --- INCOME (LOSS) FROM CONTINUING OPERATIONS (1,460) -2.7% 915 1.5% LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (3,745) -6.9% (1,118) -1.9% ------ ------ NET LOSS $(5,205) $(203) ======= ===== NET (LOSS) INCOME PER COMMON SHARE: Basic: Continuing Operations ($0.21) $0.13 Discontinued Operations ($0.53) ($0.16) ====== ====== Net Loss ($0.74) ($0.03) ====== ====== Diluted: Continuing Operations ($0.21) $0.13 Discontinued Operations ($0.53) ($0.16) ====== ====== Net Loss ($0.74) ($0.03) ====== ====== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 7,052 7,014 ===== ===== Diluted 7,032 7,034 ===== ===== NATURAL ALTERNATIVES INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, June 30, 2009 2008 --------- --------- ASSETS Cash and cash equivalents $2,712 $3,518 Certificate of deposit $699 - Accounts receivable, net 5,747 6,401 Inventories, net 12,220 14,135 Income tax receivable 175 1,354 Current Assets of discontinued operations 1,161 6,299 Other current assets 1,505 1,223 ----- ----- Total current assets 24,219 32,930 Property and equipment, net 14,308 12,823 Other noncurrent assets, net 159 160 --- --- Total Assets $38,686 $45,913 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued liabilities $7,925 $10,034 Line of credit 1,820 - Current portion of long-term debt 1,626 2,730 Current liabilities of discontinued operations 829 1,724 Deferred income taxes - 61 Deferred rent 1,089 1,164 Long-term pension liability 236 198 --- --- Total Liabilities 13,525 15,911 ------ ------ Stockholders' Equity 25,161 30,002 ------ ------ Total Liabilities and Stockholders' Equity $38,686 $45,913 ======= =======
SOURCENatural Alternatives International, Inc. -0-05/13/2009 /CONTACT:Kenneth Wolf , Chief Financial Officer ofNatural Alternatives International, Inc. , +1-760-736-7700, investor@nai-online.com/ /Web Site: http://www.nai-online.com / (NAII) CO:Natural Alternatives International, Inc. ST:California IN: REA HEA FOD BEV SU: ERN PR -- LA15220 -- 837005/13/2009 17:15 EDT http://www.prnewswire.com