BOHEMIA, N.Y., Jan. 25 /PRNewswire-FirstCall/ -- NBTY, Inc.
(NYSE:NTY) (http://www.nbty.com/), a leading global manufacturer
and marketer of nutritional supplements, today announced record
results for the fiscal first quarter ended December 31, 2006. For
the fiscal first quarter ended December 31, 2006, net sales were
$506 million compared to $455 million for the fiscal first quarter
ended December 31, 2005, an increase of $51 million or 11%. Net
income for the fiscal first quarter ended December 31, 2006
increased 122% to $51 million, or $0.73 per diluted share, compared
to $23 million, or $0.33 per diluted share, for the fiscal first
quarter ended December 31, 2005. The rise in net income for the
fiscal first quarter reflects the following: the aforementioned
sales increase of $51 million along with an increase in total gross
profit margin to 51% from 46%; greater overall manufacturing
efficiencies; a significant reduction in SG&A costs as a
percentage of sales and a decrease in interest expense. NBTY
remains focused on controlling costs. During this quarter, SG&A
costs decreased as a percentage of sales to 30% from 32% in the
prior like quarter. At December 31, 2006, NBTY had working capital
of $422 million and total assets of $1.4 billion. OPERATIONS FOR
THE FISCAL FIRST QUARTER ENDED DECEMBER 31, 2006 Net sales for the
Wholesale/US Nutrition division, which markets Nature's Bounty,
Sundown and Solgar brands, increased $22 million or 10% to $247
million from $224 million for the prior like quarter. Gross profit
for the Wholesale operation increased to 40%, compared with 32% for
the prior like quarter. Product returns for the fiscal first
quarter were $5 million compared with $11 million for the prior
like quarter. The net sales increases are primarily due to a higher
level of promotional activity which we expect to continue
throughout the entire fiscal year. As US Nutrition offered a mix of
better selling products, we experienced improved product placement
on customer shelves. This had the effect of increasing sales and
reducing returns. The Wholesale/US Nutrition division continues to
utilize valuable consumer preference sales data generated by the
Company's Vitamin World retail stores and Puritan's Pride Direct
Response/E-Commerce operations to empower its wholesale customers
with this latest information. The Vitamin World stores are
effectively used as a laboratory for new ideas and have become a
significant tool for determining and monitoring consumer
preferences. This information, as well as scanned sales data from
the Vitamin World stores, is shared with NBTY's wholesale
customers. While the North American Retail division's net sales
decreased $3 million, or 6% to $55 million compared with $58
million for the fiscal first quarter ended December 31, 2005, the
operation achieved its fourth consecutive quarter of profitability.
Same store sales for Vitamin World increased 2% for the fiscal
first quarter ended December 31, 2006. Vitamin World closed a total
of 4 underperforming stores and opened 1 new store during the
fiscal first quarter. At the end of the fiscal first quarter, the
North American Retail division operated a total of 566 stores with
473 stores in the United States and 93 in Canada. In addition,
approximately 19 under-performing stores will be closed during the
remainder of fiscal 2007. European Retail is operating in a
difficult retail environment. European Retail net sales for the
fiscal first quarter ended December 31, 2006 increased $13 million,
or 10% to $153 million from $140 million for the prior like period.
European Retail division same store sales in local currency were
unchanged. The European Retail division continues to leverage its
premier status, high street locations and brand awareness to
achieve these results. The European Retail division's results
include sales generated by 499 Holland & Barrett and 32 GNC
stores in the UK, 19 Nature's Way stores in Ireland, and 69
DeTuinen stores in the Netherlands. During the fiscal first quarter
ended December 31, 2006, the European Retail division opened 2
stores and at the end of the fiscal first quarter operated a total
of 619 stores. Net sales from Direct Response/Puritan's Pride
operations for the fiscal first quarter ended December 31, 2006
increased $19 million, or 56% to $52 million from $33 million for
the comparable prior period. The net sales increase reflects a
strong consumer response to a highly promotional catalog offered in
this quarter. This promotional program proved very effective as
Puritan's Pride received 137,000 more orders than in the prior like
quarter, a 31% increase, and the average order size increased to
$85 as compared to $66. Puritan's Pride varies its promotional
strategy throughout the fiscal year. Therefore, in less promotional
quarters, Puritan Pride would anticipate lower results. Puritan's
Pride historical results reflect this pattern and should therefore
be viewed on an annual and not quarterly basis. Online sales
increased to 36% of total Direct Response/E-Commerce sales.
Puritan's Pride views the Internet as the future driver of growth
and is incorporating new technologies to expand this business. NBTY
remains the leader in the direct response and e-commerce sectors
and continues to increase the number of products available via its
catalog and web sites. NBTY Chairman and CEO, Scott Rudolph, said:
"We are pleased by the record revenue and profitability attained in
this quarter. These increases reflect the success of our ongoing
initiatives to further drive sales, increase market share, enhance
profitability and expand our premier leadership position within the
industry. We continue to strive to grow the business while
controlling costs and increasing long-term shareholder value and
remain confident in the long-term outlook for NBTY." ABOUT NBTY
NBTY is a global leading vertically integrated manufacturer,
marketer and distributor of a broad line of high-quality,
value-priced nutritional supplements in the United States and
throughout the world. Under a number of NBTY and third party
brands, the Company offers over 22,000 products, including products
marketed by the Company's Nature's Bounty(R), Vitamin World(R),
Puritan's Pride(R), Holland & Barrett(R), Rexall(R),
Sundown(R), MET-Rx(R), WORLDWIDE Sport Nutrition(R), American
Health(R), GNC (UK)(R), DeTuinen(R), LeNaturiste(TM), SISU(R),
Solgar(R) and Ester-C(R) brands. This release refers to non-GAAP
financial measures, such as Adjusted EBITDA. "ADJUSTED EBITDA" is
defined as net income, excluding the aggregate amount of all
non-cash losses reducing net income, plus interest, taxes,
depreciation and amortization. This non-GAAP financial measure is
not prepared in accordance with generally accepted accounting
principles and may be different from non-GAAP financial measures
used by other companies. Non- GAAP financial measures should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. A
reconciliation of the non-GAAP measure to the comparable GAAP
measure is included in the attached financial tables. Management
believes the presentation of Adjusted EBITDA is relevant and useful
because Adjusted EBITDA is a measurement industry analysts utilize
when evaluating NBTY's operating performance. Management also
believes Adjusted EBITDA enhances an investor's understanding of
NBTY's results of operations because it measures NBTY's operating
performance exclusive of interest and non-cash charges for
depreciation and amortization. Management also provides this
non-GAAP measurement as a way to help investors better understand
its core operating performance, enhance comparisons of NBTY's core
operating performance from period to period and to allow better
comparisons of NBTY's operating performance to that of its
competitors. This release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to our financial condition, results
of operations and business. These forward-looking statements can be
identified by the use of terminology such as "subject to,"
"believe," "expects," "plan," "project," "estimate," "intend,"
"may," "will," "should," "can," or "anticipates," or the negative
thereof, or variations thereon, or comparable terminology, or by
discussions of strategy. Although all of these forward looking
statements are believed to be reasonable, they are inherently
uncertain. Factors which may materially affect such forward-looking
statements include: (i) slow or negative growth in the nutritional
supplement industry; (ii) interruption of business or negative
impact on sales and earnings due to acts of God, acts of war,
terrorism, bio- terrorism, civil unrest or disruption of mail
service; (iii) adverse publicity regarding nutritional supplements;
(iv) inability to retain customers of companies (or mailing lists)
recently acquired; (v) increased competition; (vi) increased costs;
(vii) loss or retirement of key members of management; (viii)
increases in the cost of borrowings and/or unavailability of
additional debt or equity capital; (ix) unavailability of, or
inability to consummate, advantageous acquisitions in the future,
including those that may be subject to bankruptcy approval or the
inability of NBTY to integrate acquisitions into the mainstream of
its business; (x) changes in general worldwide economic and
political conditions in the markets in which NBTY may compete from
time to time; (xi) the inability of NBTY to gain and/or hold market
share of its wholesale and/or retail customers anywhere in the
world; (xii) unavailability of electricity in certain geographical
areas; (xiii) the inability of NBTY to obtain and/or renew
insurance and/or the costs of the same; (xiv) exposure to and
expense of defending and resolving product liability and
intellectual property claims and other litigation; (xv) the ability
of NBTY to successfully implement its business strategy; (xvi) the
inability of NBTY to manage its retail, wholesale, manufacturing
and other operations efficiently; (xvii) consumer acceptance of
NBTY's products; (xviii) the inability of NBTY to renew leases for
its retail locations; (xix) the inability of NBTY's retail stores
to attain or maintain profitability; (xx) the absence of clinical
trials for many of NBTY's products; (xxi) sales and earnings
volatility and/or trends for the Company and its market segments;
(xxii) the efficacy of NBTY's Internet and on-line sales and
marketing strategies; (xxiii) fluctuations in foreign currencies,
including the British Pound, the Euro and the Canadian dollar;
(xxiv) import-export controls on sales to foreign countries; (xxv)
the inability of NBTY to secure favorable new sites for, and delays
in opening, new retail locations; (xxvi) introduction of and
compliance with new federal, state, local or foreign legislation or
regulation or adverse determinations by regulators anywhere in the
world (including the banning of products) and more particularly
proposed Good Manufacturing Practices in the United States, the
Food Supplements Directive and Traditional Herbal Medicinal
Products Directive in Europe and Section 404 requirements of the
Sarbanes-Oxley Act of 2002; (xxvii) the mix of NBTY's products and
the profit margins thereon; (xxviii) the availability and pricing
of raw materials; (xxix) risk factors discussed in NBTY's filings
with the U.S. Securities and Exchange Commission; (xxx) adverse
effects on NBTY as a result of increased gasoline prices and
potentially reduced traffic flow to NBTY's retail locations; (xxxi)
adverse tax determinations; (xxxii) the loss of a significant
customer of the Company; and (xxxiii) other factors beyond the
Company's control. Readers are cautioned not to place undue
reliance on forward-looking statements. NBTY cannot guarantee
future results, trends, events, levels of activity, performance or
achievements. NBTY does not undertake and specifically declines any
obligation to update, republish or revise forward- looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrences of unanticipated events.
Consequently, such forward-looking statements should be regarded
solely as NBTY's current plans, estimates and beliefs. Contact:
Harvey Kamil Carl Hymans NBTY, Inc. G.S. Schwartz & Co.
President and Chief Financial Officer 212-725-4500 631-200-2020
NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED) (In thousands, except per share amounts) For the
three months ended December 31, 2006 2005 Net sales $506,237
$455,270 Costs and expenses: Cost of sales 247,047 245,949
Advertising, promotion and catalog 26,763 25,160 Selling, general
and administrative 151,939 145,655 425,749 416,764 Income from
operations 80,488 38,506 Other income (expense): Interest (5,063)
(8,992) Miscellaneous, net 1,339 1,149 (3,724) (7,843) Income
before provision for income taxes 76,764 30,663 Provision for
income taxes 25,908 7,743 Net income $50,856 $22,920 Net income per
share: Basic $0.76 $0.34 Diluted $0.73 $0.33 Weighted average
common shares outstanding: Basic 67,213 67,193 Diluted 69,331
69,034 SALES (Unaudited) THREE MONTHS ENDED (In thousands) DECEMBER
31, Percentage 2006 2005 Change Wholesale / US Nutrition $246,728
$224,239 10% North American Retail / Vitamin World 54,973 58,442
-6% European Retail / Holland & Barrett / GNC (UK) 152,966
139,566 10% Direct Response / Puritan's Pride 51,570 33,023 56%
Total $506,237 $455,270 11% GROSS PROFIT PERCENTAGES (Unaudited)
THREE MONTHS ENDED DECEMBER 31, % 2006 2005 Increase Wholesale / US
Nutrition 40% 32% 8% North American Retail / Vitamin World 60% 57%
3% European Retail / Holland & Barrett / GNC (UK) 63% 61% 2%
Direct Response / Puritan's Pride 62% 58% 4% Total 51% 46% 5%
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)
THREE MONTHS ENDED (In thousands) DECEMBER 31, 2006 Pretax
Depreciation Income and Non-cash Adjusted (Loss) amortization
Interest charges EBITDA Wholesale / US Nutrition $49,589 $ 2,789 $
- $ - $52,378 North American Retail / Vitamin World 1,087 1,137 -
353 2,577 European Retail / Holland & Barrett / GNC (UK) 38,824
2,828 - - 41,652 Direct Response / Puritan's Pride 15,593 1,265 - -
16,858 Segment Results 105,093 8,019 - 353 113,465 Corporate /
Manufacturing (28,329) 6,212 5,063 - (17,054) Total $76,764 $14,231
$5,063 $353 $96,411 THREE MONTHS ENDED DECEMBER 31, 2006 Pretax
Depreciation Income and Non-cash Adjusted (Loss) amortization
Interest charges EBITDA Wholesale / US Nutrition $23,981 $ 2,554 $
- $ - $26,535 North American Retail / Vitamin World (3,392) 1,473 -
2,125 206 European Retail / Holland & Barrett / GNC (UK) 35,788
2,658 - - 38,446 Direct Response / Puritan's Pride 6,628 1,255 - -
7,883 Segment Results 63,005 7,940 - 2,125 73,070 Corporate /
Manufacturing (32,342) 6,204 8,992 - (17,146) Total $30,663 $14,144
$8,992 $2,125 $55,924 ** SINCE ADJUSTED EBITDA IS NOT A MEASURE OF
PERFORMANCE CALCULATED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ("GAAP"), IT SHOULD NOT BE CONSIDERED IN
ISOLATION OF, OR AS A SUBSTITUTE FOR OR SUPERIOR TO, OTHER MEASURES
OF FINANCIAL PERFORMANCE PREPARED IN ACCORDANCE WITH GAAP, SUCH AS
OPERATING INCOME, NET INCOME AND CASH FLOWS FROM OPERATING
ACTIVITIES. IN ADDITION, THE COMPANY'S DEFINITION OF ADJUSTED
EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED MEASURES
REPORTED BY OTHER COMPANIES. NBTY, INC. and SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS (In thousands,
except per share amounts) December 31, September 30, 2006 2006
Current assets: Cash and cash equivalents $49,996 $89,805
Investments 59,874 - Accounts receivable, less allowance for
doubtful accounts of $10,080 and $10,361, respectively 94,102
89,154 Inventories 366,735 354,496 Deferred income taxes 26,670
26,636 Prepaid expenses and other current assets 39,000 42,261
Total current assets 636,377 602,352 Property, plant and equipment,
net of accumulated depreciation of $305,241 and $296,069,
respectively 319,634 309,437 Goodwill 248,064 235,959 Other
intangible assets, net 164,470 146,169 Other assets 29,107 10,393
Total assets $1,397,652 $1,304,310 NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) LIABILITIES AND
STOCKHOLDERS' EQUITY (In thousands, except per share amounts)
December 31, September 30, 2006 2006 Current liabilities: Current
portion of long-term debt $ 797 $ 18,660 Accounts payable 71,040
64,211 Accrued expenses and other current liabilities 142,495
127,768 Total current liabilities 214,332 210,639 Long-term debt,
net of current portion 209,671 191,045 Deferred income taxes 64,431
55,276 Other liabilities 10,920 7,918 Total liabilities 499,354
464,878 Commitments and contingencies Stockholders' equity: Common
stock, $0.008 par; authorized 175,000 shares; issued and
outstanding 67,214 shares and 67,212 shares at December 31, 2006
and September 30, 2006, respectively 538 538 Capital in excess of
par 138,809 138,777 Retained earnings 721,916 671,060 Accumulated
other comprehensive income 37,035 29,057 Total stockholders' equity
898,298 839,432 Total liabilities and stockholders' equity
$1,397,652 $1,304,310 NBTY, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
For the three months ended December 31, 2006 2005 Cash flows from
operating activities: Net income $50,856 $22,920 Adjustments to
reconcile net income to cash and cash equivalents provided by
operating activities: Provision relating to impairments and
disposals of property, plant and equipment 392 2,281 Depreciation
and amortization 14,231 14,144 Foreign currency transaction loss
318 276 Amortization and write-off of deferred financing costs
1,303 1,554 Amortization and write-off of bond discount 31 204
(Recovery of) provision for allowance for doubtful accounts (135)
255 Inventory reserves 2,292 2,783 Deferred income taxes 3,886
1,161 Excess income tax benefit from exercise of stock options (20)
(15) Changes in operating assets and liabilities, net of
acquisitions: Accounts receivable (2,516) (11,882) Inventories
(5,087) 52,750 Prepaid expenses and other current assets 4,443
10,056 Other assets (163) 2 Accounts payable 2,834 2,883 Accrued
expenses and other liabilities 10,241 240 Net cash provided by
operating activities 82,906 99,612 Cash flows from investing
activities: Purchase of property, plant and equipment (6,212)
(9,488) Proceeds from sale of property, plant, and equipment - 41
Purchase of available-for-sale marketable securities (214,718) -
Proceeds from available-for-sale marketable securities 154,844
39,900 Cash paid for acquisitions, net of cash acquired (38,219) -
Increase in restricted cash (18,360) - Purchase price settlements,
net - 1,586 Purchase of intangible assets - (228) Net cash (used
in) provided by investing activities (122,665) 31,811 Cash flows
from financing activities: Principal payments under long-term debt
agreements and capital leases (196) (121,220) Principal payments
under the Revolving Credit Facility - (6,000) Payments for
financing fees (1,649) - Excess income tax benefit from exercise of
stock options 20 15 Proceeds from stock options exercised 12 18 Net
cash used in financing activities (1,813) (127,187) Effect of
exchange rate changes on cash and cash equivalents 1,763 (1,660)
Net (decrease) increase in cash and cash equivalents (39,809) 2,576
Cash and cash equivalents at beginning of period 89,805 67,282 Cash
and cash equivalents at end of period $49,996 $69,858 DATASOURCE:
NBTY, Inc. CONTACT: Harvey Kamil, President and Chief Financial
Officer, NBTY, Inc., +1-631-200-2020; Carl Hymans, G.S. Schwartz
& Co., +1-212-725-4500, Web site: http://www.nbty.com/
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