Schiff Nutrition International, Inc., (NYSE:WNI), announced results
for the fiscal 2008 fourth quarter and year ended May 31, 2008.
Financial Results Schiff Nutrition�s net sales were $50.4 million
for the three months ended May 31, 2008, compared to $43.2 million
for the same period in fiscal 2007. For the fiscal 2008 fourth
quarter, Schiff Nutrition reported net income of $2.8 million, or
$0.10 per diluted share, compared to net income of $3.7 million, or
$0.13 per diluted share, for the same period a year ago. Fiscal
2008 fourth quarter results included after-tax charges of $0.8
million related to pursuit of a potential acquisition and $0.4
million associated with the first quarter declaration of a special
dividend. Schiff Nutrition�s net sales were $176.9 million for the
year ended May 31, 2008, compared to $172.7 million for fiscal
2007. For fiscal 2008, Schiff Nutrition reported net income of
$11.3 million, or $0.40 per diluted share, compared to net income
of $12.4 million, or $0.45 per diluted share, for fiscal 2007.
Fiscal 2008 results included the after-tax charge of $0.8 million
noted above as well as an aggregate after-tax charge of $3.0
million associated with the special dividend. Bruce Wood, President
and Chief Executive Officer, stated, �Our fourth quarter sales
increased 16.8% versus the year ago period, reflecting continued
growth from our branded products, including the market test of a
new branded product, Schiff� MegaRed�, and renewed growth from our
private label products. While sales mix and raw material pricing
pressures impacted our fourth quarter gross margin, our overall
gross margin improved to 42.1% for fiscal 2008, from 39.8% for
fiscal 2007. At the same time, we continued to add to our cash
position, further strengthening our balance sheet.� Wood continued,
�During the quarter, we pursued a potentially significant
acquisition. While we were not successful, this undertaking
underscores our intent to explore strategic opportunities we
believe will build shareholder value. In the meantime, we remain
committed to our branded and private label strategies, which we
believe will result in sales growth in fiscal 2009.� Conference
Call Information Schiff Nutrition International will hold a
conference call today, August 12th at 11 a.m. ET. The U.S. domestic
access number is 866-356-3095. International participants should
dial 617-597-5391. The participant pass code is 93901917. 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 and available through
September 2, 2008. 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 85454964. The telephone
replay will be available through August 14, 2008. 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 level of
customer and consumer acceptance of MegaRed, the inability to gain
or maintain market distribution for MegaRed, 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 inability 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 or administrative regulatory
action in the United States and internationally, including
challenges to marketing, advertising or product claims, the
inability to comply with or maintain new good manufacturing
practices for the dietary supplement industry, the inability or
increased cost to obtain product liability and general insurance,
the uncertainty of market acceptance of new products, adverse
publicity regarding nutritional supplements and/or their
ingredients, the inability to find strategic transaction
opportunities or the inability to successfully consummate or
integrate a strategic transaction, 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 EndedMay 31,
Year EndedMay 31, 2008 � 2007 2008 � 2007 (unaudited) � Net sales $
50,444 $ 43,188 $ 176,914 $ 172,656 Cost of goods sold � 29,417 �
24,213 � 102,491 � 103,959 � Gross profit � 21,027 � 18,975 �
74,423 � 68,697 Operating expenses: Selling and marketing 9,262
6,892 31,366 32,031 Other operating expenses, net � 7,523 � 5,870 �
26,693 � 18,990 Total operating expenses � 16,785 � 12,762 � 58,059
� 51,021 � Income from operations 4,242 6,213 16,364 17,676 Other
income, net � 307 � 806 � 1,930 � 2,935 � Income before income
taxes 4,549 7,019 18,294 20,611 Income tax expense � 1,741 � 3,336
� 6,992 � 8,175 � Net income $ 2,808 $ 3,683 $ 11,302 $ 12,436 �
Weighted average common shares outstanding � diluted � 28,697 �
27,375 � 28,000 � 27,343 � Net income per share - diluted $ 0.10 $
0.13 $ 0.40 $ 0.45 � SCHIFF NUTRITION INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS) � May 31, 2008
� 2007 � Cash and cash equivalents $ 45,979 $ 34,463
Available-for-sale securities 3,298 45,817 Receivables, net 22,536
17,732 Inventories 29,233 23,698 Other current assets � 3,709 �
4,143 � Total current assets 104,755 125,853 � Property and
equipment, net 13,567 14,438 � Other assets, net � 6,164 � 4,788 �
Total assets $ 124,486 $ 145,079 � Current liabilities $ 23,274 $
20,984 � Long-term liabilities 1,725 � � Stockholders� equity �
99,487 � 124,095 � Total liabilities & stockholders� equity $
124,486 $ 145,079
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