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Net sales from continuing operations during the three months ended
Net income from continuing operations in the first quarter of fiscal 2010 was
During the first quarter of fiscal 2010 we also generated net income from discontinued operations of
As of
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 further reduce operating costs, expand our contract manufacturing business, grow our Dr. Cherry business and the timing of the re-launch of this product line 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
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NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
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2009 2008
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NET SALES $16,961 100.0% $19,526 100.0%
Cost of goods sold 13,806 81.4% 17,126 87.7%
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Gross profit 3,155 18.6% 2,400 12.3%
Selling, general & administrative expenses 1,748 10.3% 2,618 13.4%
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INCOME (LOSS) FROM CONTINUING OPERATIONS 1,407 8.3% (218) -1.1%
Other income (expense), net 11 0.1% (313) -1.6%
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INCOME (LOSS) BEFORE INCOME TAXES AND
DISCONTINUED OPERATIONS 1,418 8.4% (531) -2.7%
Provision (benefit) for income taxes 172 (182)
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INCOME (LOSS) BEFORE DISCONTINUED
OPERATIONS 1,246 7.3% (349) -1.8%
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, NET OF TAX 95 0.6% (1,048) -5.4%
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NET INCOME (LOSS) $1,341 $(1,397)
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NET INCOME (LOSS) PER COMMON SHARE:
Basic:
Continuing Operations $0.18 ($0.05)
Discontinued Operations $0.01 ($0.15)
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Net Income (Loss) $0.19 ($0.20)
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Diluted:
Continuing Operations $0.18 ($0.05)
Discontinued Operations $0.01 ($0.15)
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Net Income (Loss) $0.19 ($0.20)
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 7,069 7,033
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Diluted 7,111 7,033
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NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, June 30,
2009 2009
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(Unaudited)
ASSETS
Cash and cash equivalents $5,182 $4,694
Accounts receivable, net 5,271 5,685
Inventories, net 10,872 9,320
Current assets of discontinued
operations 433 1,187
Deferred income taxes 225 0
Other current assets 1,639 1,261
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Total current assets 23,622 22,147
Property and equipment, net 14,358 14,133
Other noncurrent assets, net 159 159
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Total Assets $38,139 $36,439
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued
liabilities $8,108 $6,982
Current portion of long-term debt 405 669
Current liabilities of discontinued
operations 163 599
Deferred rent 1,020 1,054
Long-term debt, less current portion 559 598
Long-term pension liability 468 505
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Total Liabilities 10,723 10,407
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Stockholders' Equity 27,416 26,032
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Total Liabilities and Stockholders'
Equity $38,139 $36,439
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SOURCE
Kenneth Wolf, Chief Financial Officer of Natural Alternatives International, Inc., +1-760-736-7700, investor@nai-online.com