Schiff Nutrition International, Inc., (NYSE:WNI), today announced
results for the fiscal 2007 fourth quarter and year ended May 31,
2007. The company also announced plans to return $1.50 per share to
shareholders through a special cash dividend payable on August 13,
2007 to shareholders of record at the close of business on July 31,
2007. Financial Results Schiff Nutrition�s net sales were $43.2
million for the three months ended May 31, 2007, compared to $45.3
million for the same period in fiscal 2006. For the fiscal 2007
fourth quarter, Schiff Nutrition reported net income of $3.7
million, or $0.13 per diluted share, compared to net income of $6.2
million, or $0.23 per diluted share, for the same period a year
ago. The company�s effective tax rate for the fiscal 2007 fourth
quarter was 47.5 percent, compared to less than one percent for the
prior year quarter. For fiscal 2007, Schiff Nutrition�s net sales
were $172.7 million, compared to fiscal 2006 net sales of $178.4
million. For fiscal 2007, Schiff Nutrition reported net income of
$12.4 million, or $0.45 per diluted share, compared to net income
of $15.8 million, or $0.59 per diluted share, for fiscal 2006.
Fiscal 2006 financial results were favorably impacted by
reimbursement of approximately $2.7 million in import related
costs, recognition of $1.6 million in foreign currency gain related
to liquidation of certain foreign entities subsequent to the Weider
and Haleko business divestitures, and an approximate overall 13
percent effective tax rate. Bruce Wood, President and Chief
Executive Officer, stated, �We continued to experience intense
competitive conditions in the fourth quarter, which contributed to
a modest decline in both branded and private label net sales,
versus the year ago quarter. At the same time, we were encouraged
by the improvement in both our gross and operating margins. We
remain confident in the long-term prospects for our Schiff� branded
business, and plan to continue to invest in the Schiff business,
particularly our flagship Move Free� joint care brand.� Special
Dividend Schiff Nutrition�s Board of Directors approved a $1.50 per
share special cash dividend, payable on August 13, 2007 to
shareholders of record at the close of business on July 31, 2007.
Schiff�s Class A common stock will begin trading on an ex-dividend
basis on August 14, 2007, the day after the payment date, in
accordance with NYSE rules. Shareholders who sell their shares on
or before the August 13, 2007 payment date will also be selling
their right to receive the $1.50 per share cash dividend.
Shareholders are advised to contact their financial advisor before
selling their shares. Wood commented, �We are pleased to make this
special distribution to our shareholders. The company has continued
to generate positive cash flows from operations and as of May 31,
2007 has available approximately $80.3 million in cash and
short-term investments. The dividend payment also reflects our
confidence the company will continue to generate positive cash
flows from operations during fiscal 2008 while highlighting our
commitment to our shareholders. We believe our cash position after
the dividend payment provides us with the financial flexibility to
continue investing in our business and funding growth initiatives.�
In connection with the declaration of the special dividend, the
Board of Directors approved certain dividend equivalent rights,
allowing holders of other Schiff equity awards, including stock
options and restricted stock units, to receive dividend equivalents
in the form of cash on each share underlying the stock options and
restricted stock units. In aggregate, at July 31, 2007, the record
date, the company expects approximately 29.9 million potential
common shares to be outstanding, including approximately 26.6
million shares of outstanding Class A and Class B common stock,
approximately 1.8 million shares of Class A common stock underlying
outstanding stock options and approximately 1.5 million shares of
Class A common stock underlying outstanding restricted stock units.
The aggregate amount of the special dividend is approximately $44.9
million, presuming 100 percent vesting of shares underlying equity
awards. To the extent outstanding stock options and restricted
stock units are unvested at July 31, 2007, the $1.50 per share
dividend will not be distributed until after such equity awards
become vested. In connection with the dividend equivalents paid or
payable on stock options and certain restricted stock units, the
company expects to recognize a compensation charge during its
fiscal year 2008. The pre-tax charge may amount to approximately
$5.0 million, with approximately $3.0 million recognized during the
fiscal first quarter. For U.S. federal income tax purposes,
shareholders will receive a Form 1099-DIV in early 2008 to notify
them of the division, if any, between the dividend and return of
capital portions of the special dividend. The determination of
these amounts, requiring a comprehensive review and analysis of the
company�s history, is ongoing. Shareholders are encouraged to
consult with their own tax and financial advisors regarding the
implications of the special dividend. Conference Call Information
Schiff Nutrition International will hold a conference call today,
July 19 at 11 a.m. ET. The U.S. domestic access number is
866-314-5232. International participants should dial 617-213-8052.
The participant pass code is 59809745. 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 70361620. The telephone replay will be available
through July 23, 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 and Section 21E of the Securities Exchange
Act of 1934 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, including China), the mix between branded and private label
products, the ability to grow and/or maintain branded and private
label sales, the inability to enforce or protect our intellectual
property rights against infringement, 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) � � Three Months Ended May 31,
Year EndedMay 31, � � 2007 2006 2007 2006 � (unaudited) � Net sales
$ 43,188 $ 45,258 $ 172,656 $ 178,372 Cost of goods sold � 24,213 �
27,040 � 103,959 � 119,303 � Gross profit � 18,975 � 18,218 �
68,697 � 59,069 Operating expenses: Selling and marketing 6,893
8,354 32,032 28,957 Other operating expenses, net � 5,870 � 4,237 �
18,990 � 15,071 Total operating expenses � 12,763 � 12,591 � 51,022
� 44,028 � Income from operations 6,212 5,627 17,675 15,041 Other
income, net � 806 � 562 � 2,935 � 3,318 Income from continuing
operations before income taxes 7,018 6,189 20,610 18,359 Income tax
expense � 3,335 � 9 � 8,174 � 2,393 � Income from continuing
operations 3,683 6,180 12,436 15,966 Loss from discontinued
operations, net of tax � � � � � � � (127 ) � Net income $ 3,683 $
6,180 $ 12,436 $ 15,839 � Weighted average common shares
outstanding � diluted � 27,375 � 27,317 � 27,343 � 26,999 � � Net
income per share - diluted: Income from continuing operations $
0.13 $ 0.23 $ 0.45 $ 0.59 Loss from discontinued operations � � � �
� � � � � Net income $ 0.13 $ 0.23 $ 0.45 $ 0.59 SCHIFF NUTRITION
INTERNATIONAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (IN
THOUSANDS) � � May 31, � 2007 2006 � Cash and cash equivalents $
34,463 $ 24,899 Available-for-sale securities 45,817 40,120
Receivables, net 17,732 20,431 Inventories 23,698 23,515 Other
current assets � 4,143 � 4,863 � Total current assets 125,853
113,828 � Property and equipment, net 14,438 13,287 � Other assets,
net � 4,788 � 4,500 � Total assets $ 145,079 $ 131,615 � Current
liabilities $ 20,984 $ 23,312 � Deferred taxes � 796 �
Stockholders� equity � 124,095 � 107,507 � Total liabilities &
stockholders� equity $ 145,079 $ 131,615
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