Schiff Nutrition International, Inc. (NYSE:WNI), today announced
results for the fiscal 2007 second quarter and six months ended
November 30, 2006. Schiff Nutrition�s net sales were $38.8 million
for the second quarter, compared to $35.5 million for the same
period in fiscal 2006. For its fiscal 2007 second quarter, Schiff
Nutrition reported net income of $2.2 million, or $0.08 per diluted
share, as compared to $1.5 million, or $0.06 per diluted share, for
the fiscal 2006 second quarter. Schiff Nutrition�s net sales were
$84.5 million for the six months ended November 30, 2006, compared
to $83.5 million for the same period in fiscal 2006. For the first
six months of fiscal 2007, Schiff Nutrition reported net income of
$5.5 million, or $0.20 per diluted share, compared to $6.5 million,
or $0.24 per diluted share, for the same period a year ago. Fiscal
2006 six month results were favorably impacted by the recognition
of approximately $2.3 million reimbursement of import related
costs, the recognition of approximately $1.6 million of non-taxable
foreign currency related gain, and an overall effective tax rate of
approximately 11 percent. Bruce Wood, president and chief executive
officer, stated, �We were encouraged by the 9.5 percent net sales
increase in the second quarter versus the prior year period. Our
overall branded sales recorded a 2.2 percent increase in the
period, including a 10.5 percent increase in our flagship Move
Free� brand, and our private label net revenues increased 42
percent. At the same time, we experienced strong growth in our
gross margin, operating earnings, and earnings per share versus the
prior year quarter.� Wood added, �We continue to foresee very
intense competitive conditions in the joint care category. We
remain committed to very competitive levels of marketing support
behind our Move Free Advanced initiative. We are confident in the
long-term prospects for Move Free and our other Schiff� branded
business, and we are continuing our efforts on organic and
acquisition growth initiatives.� Conference Call Information Schiff
Nutrition International will hold a conference call today, January
11 at 11:00 a.m. ET. The U.S. domestic access number is
866-203-3436. International participants should dial 617-213-8849.
Please call in approximately ten minutes in advance. The conference
call will be broadcast live over the Internet at
http://www.schiffnutrition.com/press.asp. A replay of the call will
be available by dialing 888-286-8010 for domestic callers and
617-801-6888 for international callers; enter access code 85570434.
The telephone replay will be available through January 16, 2007.
About Schiff Nutrition Schiff Nutrition International, Inc.
develops, manufactures, markets and distributes branded and private
label vitamins, nutritional supplements and nutrition bars in the
United States and throughout the world. To learn more about Schiff,
please visit the web site www.schiffnutrition.com. This press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are
based on management�s beliefs and assumptions, current
expectations, estimates, and projections. These statements are
subject to risks and uncertainties, certain of which are beyond the
company�s ability to control or predict, and, therefore, actual
results may differ materially. Schiff Nutrition disclaims any
obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise. Important
factors that may cause these forward-looking statements to be false
include, but are not limited to: the level of customer and consumer
acceptance of Move Free Advanced, the inability to successfully
implement marketing and spending programs behind our Move Free
brand and other new branded products, the impact of raw material
pricing, availability and quality (particularly relating to joint
care products and ingredients from suppliers outside the United
States), the mix between branded and private label products, the
ability to grow and/or maintain branded and private label sales,
the inability to achieve cost savings and operational efficiencies,
the inability to increase operating margins and increase revenues,
dependence on individual products, dependence on individual
customers, the impact of competitive products and pricing
(including private label), market and industry conditions
(including pricing, demand for products and level of trade
inventories), the impact of clinical studies regarding nutritional
supplements, particularly relating to the joint care category, the
success of product development, the inability to obtain customer
acceptance of new product introductions, changes in laws and
regulations, litigation and government regulatory action in the
United States and internationally, the inability or increased cost
to obtain product liability and general insurance, the uncertainty
of market acceptance of new products, adverse publicity regarding
the consumption of nutritional supplements, the inability to find
strategic acquisitions or the inability to successfully consummate
or integrate an acquisition, changes in accounting standards, and
other factors indicated from time to time in the company�s SEC
reports, copies of which are available upon request from the
company�s investor relations department or may be obtained at the
SEC's web site (www.sec.gov). These risks and uncertainties should
be carefully considered before making an investment decision with
respect to shares of our common stock. SCHIFF NUTRITION
INTERNATIONAL, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS) (unaudited) � Three Months
EndedNovember 30, Six Months EndedNovember 30, � 2006� � 2005� �
2006� � 2005� � Net sales $ 38,817� $ 35,456� $ 84,469� $ 83,473�
Cost of goods sold � 22,640� � 24,246� � 51,176� � 59,554� � Gross
profit � 16,177� � 11,210� � 33,293� � 23,919� Operating expenses:
Selling and marketing 8,790� 6,060� 17,079� 12,076� Other operating
expenses � 4,741� � 3,761� � 9,236� � 6,677� Total operating
expenses � 13,531� � 9,821� � 26,315� � 18,753� � Income from
operations 2,646� 1,389� 6,978� 5,166� Other income, net � 728� �
305� � 1,413� � 2,254� Income from continuing operations before
income taxes 3,374� 1,694� 8,391� 7,420� Income taxes � 1,125� �
89� � 2,879� � 823� � Income from continuing operations 2,249�
1,605� 5,512� 6,597� Loss from discontinued operations, net of tax
� �� � (70) � � �� � (127) � � Net income $ 2,249� $ 1,535� $
5,512� $ 6,470� � Weighted average common sharesoutstanding �
diluted � 27,330� � 26,866� � 27,322� � 26,820� � � Net income per
share � diluted: Income from continuing operations $ 0.08� $ 0.06�
$ 0.20� $ 0.25� Loss from discontinued operations � �� � �� � �� �
(0.01) � � Net income $ 0.08� $ 0.06� $ 0.20� $ 0.24� SCHIFF
NUTRITION INTERNATIONAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS) � � November 30, May 31, 2006� 2006� (unaudited) �
Cash and cash equivalents $ 25,044� $ 24,899� Available-for-sale
securities 41,507� 40,120� Receivables, net 19,552� 20,431�
Inventories 29,423� 23,515� Other current assets � 4,966� � 4,863�
� Total current assets 120,492� 113,828� � Property and equipment,
net 14,294� 13,287� � Other assets, net � 4,581� � 4,500� � Total
assets $ 139,367� $ 131,615� � Total current liabilities $ 23,997�
$ 23,312� � Deferred taxes 13� 796� � Stockholders� equity �
115,357� � 107,507� � Total liabilities & stockholders� equity
$ 139,367� $ 131,615�
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