Schiff Nutrition International, Inc., (NYSE:WNI), today
announced results for the fiscal 2010 second quarter and six months
ended November 30, 2009.
For the second quarter, Schiff Nutrition’s net sales were $53.8
million, compared to $47.3 million for the same period in fiscal
2009. For its fiscal 2010 second quarter, Schiff Nutrition reported
net income of $5.9 million, or $0.20 per diluted share. This
compares to fiscal 2009 second quarter net income of $2.9 million,
or $0.10 per diluted share.
For the six months ended November 30, 2009, Schiff Nutrition’s
net sales were $102.3 million, compared to $95.1 million for the
same period in fiscal 2009. For the first six months of fiscal
2010, Schiff Nutrition reported net income of $10.3 million, or
$0.36 per diluted share. This compares to $6.2 million, or $0.22
per diluted share, for the same period a year ago.
Bruce Wood, president and chief executive officer, stated, “We
were very encouraged with our second quarter results. Overall net
sales increased nearly 14% in the fiscal 2010 second quarter versus
the prior year period, driven by a solid performance on our branded
business, coupled with an increase on private label business. At
the same time, we experienced significant improvement in both our
gross margin and operating margin percentage for our fiscal 2010
second quarter, as compared to the prior year quarter. We continued
to generate positive cash flows during the quarter, adding to our
already strong financial position.”
Wood added, “We were pleased with the sales performance of our
flagship Move Free® brand, and our MegaRed® krill oil product
delivered particularly strong growth. In addition, we continue to
invest in other organic growth initiatives, and we continue to
explore acquisition opportunities. Competitive conditions remain
intense, particularly in the joint care category, but we remain
confident about our near and long-term prospects.”
Conference Call Information
Schiff Nutrition International will hold a conference call
today, December 17 at 11 a.m. ET. The U.S. domestic access number
is 866-730-5769. International participants should dial
857-350-1593. The participant pass code is 87238517. Please call in
approximately ten minutes in advance. The conference call will be
broadcast live over the Internet at
http://www.schiffnutrition.com/press_conference_calls.asp, and the
webcast will be available through January 7, 2010. 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
21532194. The telephone replay will be available through December
22, 2009.
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 and
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
(particularly relating to the limited number of krill oil
suppliers) 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 our products or other 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 FDA enforcement
and challenges to marketing, advertising or product claims, the
inability or increased cost 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, 2009 2008 2009 2008 Net
sales $ 53,754 $ 47,293 $ 102,319 $ 95,083 Cost of goods sold
29,519 29,690 58,922 59,602
Gross profit 24,235 17,603 43,397
35,481 Operating expenses: Selling and marketing 8,825 8,412 15,459
16,545 Other operating expenses 5,940 4,729
11,442 9,455 Total operating expenses 14,765
13,141 26,901 26,000 Income from operations
9,470 4,462 16,496 9,481 Other income (expense), net (81 )
260 (45 ) 539 Income before income
taxes 9,389 4,722 16,451 10,020 Income tax expense 3,506
1,810 6,177 3,859 Net income $ 5,883 $
2,912 $ 10,274 $ 6,161 Weighted average common shares
outstanding - diluted 28,838 28,629 28,785
28,649 Net income per share - diluted $ 0.20 $ 0.10 $
0.36 $ 0.22
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
November 30,2009 May 31,2009 (unaudited)
Cash and cash equivalents $ 46,533 $ 52,648
Available-for-sale securities 7,970 4,241 Receivables, net 23,995
20,716 Inventories 32,516 30,024 Other current assets 3,987
3,620 Total current assets 115,001 111,249
Property and equipment, net 14,146 13,920 Other assets, net
6,205 5,028 Total assets $ 135,352 $ 130,197
Current liabilities $ 26,097 $ 19,034
Long-term liabilities 3,070 1,470 Stockholders’ equity
106,185 109,693 Total liabilities &
stockholders’ equity $ 135,352 $ 130,197
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