Schiff Nutrition International, Inc., (NYSE:WNI), today announced
results for the fiscal 2009 second quarter and six months ended
November 30, 2008. For the second quarter, Schiff Nutrition�s net
sales were $47.3 million, compared to $39.5 million for the same
period in fiscal 2008. For its fiscal 2009 second quarter, Schiff
Nutrition reported net income of $2.9 million, or $0.10 per diluted
share. This compares to fiscal 2008 second quarter net income of
$2.8 million, or $0.10 per diluted share, which included an unusual
pre-tax compensation charge of $657,000 associated with the
declaration of a special dividend. For the six months ended
November 30, 2008, Schiff Nutrition�s net sales were $95.1 million,
compared to $80.3 million for the same period in fiscal 2008. For
the first six months of fiscal 2009, Schiff Nutrition reported net
income of $6.2 million, or $0.22 per diluted share. This compares
to $4.5 million, or $0.16 per diluted share, for the same period a
year ago, which included an unusual pre-tax compensation charge of
$3.7 million for the special dividend. Bruce Wood, President and
Chief Executive Officer, stated, �We experienced a 19.6% increase
in net sales in the second quarter, versus the year ago period.
This increase was driven by a substantial increase in our private
label business, primarily resulting from the incremental new
business acquired during the fiscal 2008 fourth quarter. Our
branded business also registered an increase during the quarter. At
the same time, gross profit and operating income increased modestly
in absolute dollars versus the year ago quarter. As expected
however, the respective percentage margins decreased due to higher
private label sales mix, marketing expenses and raw material
costs.� Wood added, �We continued to expand the distribution of our
Schiff MegaRed� Krill Oil new product during the quarter and
remained encouraged with MegaRed�s positive performance in our
initial test customer. Even in the tough general economic
conditions, we remain profitable and financially strong. We believe
we have the resources to capitalize upon new growth opportunities
that could enhance long term shareholder value, and we are
optimistic about our prospects.� Conference Call Information Schiff
Nutrition International will hold a conference call today, December
16 at 11 a.m. ET. The U.S. domestic access number is 866-788-0538.
International participants should dial 857-350-1676. The
participant pass code is 78795561. 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 the
webcast will be available through January 5, 2009. 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
47130664. The telephone replay will be available through December
19, 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 known
and unknown risks and uncertainties, certain of which are beyond
the company�s ability to control or predict, and, therefore, actual
results may differ materially. Any forward-looking statements are
made pursuant to the Private Securities Litigation Reform Act of
1995 and, as such, speak only as of the date hereof. Schiff
Nutrition disclaims any obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise. You are cautioned not to place undue reliance on these
forward-looking statements. 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, MegaRed and other 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) (unaudited) � � Three Months
EndedNovember 30, Six Months EndedNovember 30, 2008 � 2007 2008 �
2007 � Net sales $ 47,293 $ 39,535 $ 95,083 $ 80,262 Cost of goods
sold � 29,690 � 22,974 � 59,602 � 47,280 � Gross profit � 17,603 �
16,561 � 35,481 � 32,982 Operating expenses: Selling and marketing
8,412 6,737 16,545 13,493 Other operating expenses � 4,729 � 5,697
� 9,455 � 13,510 Total operating expenses(1) � 13,141 � 12,434 �
26,000 � 27,003 � Income from operations 4,462 4,127 9,481 5,979
Other income, net � 260 � 401 � 539 � 1,199 � Income before income
taxes 4,722 4,528 10,020 7,178 Income tax expense � 1,810 � 1,725 �
3,859 � 2,727 � Net income $ 2,912 $ 2,803 $ 6,161 $ 4,451 �
Weighted average common shares outstanding - diluted � 28,629 �
27,728 � 28,649 � 27,480 � Net income per share - diluted $ 0.10 $
0.10 $ 0.22 $ 0.16 � (1)� In association with declaration of a
special dividend, the three and six months ended November 30, 2007,
respectively, includes $657 and $3,660 compensation charge
associated with dividend equivalents paid or payable on stock
options and certain restricted stock units. � SCHIFF NUTRITION
INTERNATIONAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (IN
THOUSANDS) � � � November 30, May 31, 2008 2008 (unaudited) � Cash
and cash equivalents $ 44,580 $ 45,979 Available-for-sale
securities 673 3,298 Receivables, net 23,076 22,536 Inventories
41,757 29,233 Other current assets � 4,690 � 3,709 � Total current
assets 114,776 104,755 � Property and equipment, net 13,276 13,567
� Other assets, net � 6,066 � 6,164 � Total assets $ 134,118 $
124,486 � Current liabilities $ 27,156 $ 23,274 � Long-term
liabilities 1,739 1,725 � Stockholders� equity � 105,223 � 99,487 �
Total liabilities & stockholders� equity $ 134,118 $ 124,486
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