Fourth graph, third sentence of release dated March 22, 2011,
the company’s reference to a demographic data point should read:
“According to the U.S. Census Bureau, the number of consumers aged
55 and over is expected to increase by 2.5 percent per year on an
annualized basis for the next 10 years." (sted: "... the
number of consumers aged 55 and over is expected to increase by 8.6
percent per year ...")
The corrected release reads:
SCHIFF NUTRITION INTERNATIONAL, INC.
ANNOUNCES FISCAL 2011 THIRD QUARTER RESULTS
- Reports Revenue Growth of 8% -
Schiff Nutrition International, Inc., (NYSE:WNI), today
announced results for the fiscal 2011 third quarter and nine months
ended February 28, 2011.
Tarang Amin, who was appointed president and chief executive
officer on March 7th, stated, “For the third quarter of fiscal 2011
we delivered eight percent revenue growth over the same quarter of
fiscal 2010. Top-line growth was driven by an increase in private
label sales volume and complemented by an increase in branded
sales, most notably our MegaRed® krill oil product. While a higher
mix of private label sales and CEO transition costs impacted
margins, we were pleased with our bottom line.”
Financial Results
For the third quarter of fiscal 2011, Schiff Nutrition’s net
sales were $57.7 million, compared to $53.3 million for the same
period in fiscal 2010. For its fiscal 2011 third quarter, Schiff
Nutrition reported net income of $4.0 million, or $0.14 per diluted
share, compared to $5.7 million, or $0.20 per diluted share, in the
third quarter of fiscal 2010. Included in net income for the third
quarter of fiscal 2011 are $1.9 million in expenses primarily
related to the CEO transition. For the nine months ended February
28, 2011, Schiff Nutrition’s net sales were $161.8 million,
compared to $155.6 million for the same period in fiscal 2010. For
the first nine months of fiscal 2011, Schiff Nutrition reported net
income of $9.6 million, or $0.33 per diluted share, compared to
$16.0 million, or $0.55 per diluted share, for the same period in
fiscal 2010.
Amin continued, "We delivered a strong quarter despite ongoing
intense pricing and margin pressures on our private label business
and softness in the joint care category. We continue to see strong
growth on MegaRed and our other brands. According to the U.S.
Census Bureau, the number of consumers aged 55 and over is expected
to increase by 2.5 percent per year on an annualized basis for the
next 10 years. We intend to take advantage of this favorable
demographic shift for health and wellness products by leading
innovation, pursuing opportunities to expand channel and geographic
presence, as well as introducing new branded products. Overall, I
am very optimistic about our long-term prospects and am committed
to driving operational excellence to build a world-class
company."
Conference Call Information
Schiff Nutrition International will hold a conference call
today, March 22 at 11 a.m. ET. The U.S. domestic access number is
800-295-4740. International participants should dial 617-614-3925.
The participant pass code is 36146478. 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 April 18, 2011. A replay of the
call will be available by dialing 888-286-8010 for domestic callers
and 617-801-6888 for international callers, and entering access
code 65651029. The telephone replay will be available through
March 29, 2011.
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. Schiff’s portfolio of well-known brands
includes Move Free®, Schiff® Vitamins, MegaRed®, Mega-D3™, Tiger's
Milk® and Fi-Bar®. To learn more about Schiff, please visit the web
site www.schiffnutrition.com.
Forward-Looking Statements
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 actual results of Schiff
Nutrition to differ materially from those expressed or implied by
such forward-looking statements include, but are not limited to:
dependence on sales of our Move Free product and the joint care
category, dependence on individual customers, adverse publicity or
consumer perception regarding our nutritional supplements and/or
their ingredients, similar products distributed by other companies
or the nutritional supplement industry generally, the impact of
competitive products and pricing pressure (including expansion of
private label products), the inability to successfully bid on new
and existing private label business, the impact of raw material
pricing, availability and quality (particularly relating to joint
care products and ingredients from third-party suppliers outside
the United States, including China), claims that our products
infringe the intellectual property rights of others, the inability
to enforce or protect our intellectual property rights and
proprietary techniques against infringement, the inability to
successfully launch and maintain sales (especially in the joint
care and omega-3 categories) outside of the United States while
maintaining the integrity of the products sold and complying with
local regulations, the inability to appropriately respond to
changing consumer preferences and demand for new products, the
inability to gain or maintain market distribution for new products
or product enhancements, litigation and government or
administrative regulatory action in the United States and
internationally, including FDA enforcement and product liability
claims, the inability or increased cost to obtain sufficient levels
of product liability and general insurance, the inability to comply
with existing or new regulations, both in the United States and
abroad, and adverse actions regarding product formulation, claims
or advertising, product recalls or a significant amount of product
returns, dependence on a single manufacturing facility and
potential disruptions of our manufacturing operations, the
inability to find strategic transaction opportunities or the
inability to successfully consummate or integrate a strategic
transaction, the inability to maintain or attract key personnel,
interruptions to our information technology systems, control by our
principal stockholders, 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 EndedFebruary 28,
Nine Months EndedFebruary 28,
2011 2010 2011 2010 Net sales $ 57,735 $ 53,318 $ 161,776 $
155,637 Cost of goods sold 36,863 31,137
100,394 90,059 Gross profit 20,872
22,181 61,382 65,578 Operating expenses: Selling and
marketing 7,906 8,436 26,241 23,896 Other operating expenses
6,613 5,261 19,867 16,702 Total operating
expenses 14,519 13,697 46,108 40,598
Income from operations 6,353 8,484 15,274 24,980 Other
expense, net 121 72 199 117
Income before income taxes 6,232 8,412 15,075 24,863 Income tax
expense 2,187 2,679 5,505 8,856
Net income $ 4,045 $ 5,733 $ 9,570 $ 16,007
Weighted average common shares outstanding
- diluted
29,388 29,044 29,178 28,871 Net
income per share - diluted $ 0.14 $ 0.20 $ 0.33 $ 0.55
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
February 28, May 31, 2011 2010
(unaudited)
Cash and cash equivalents $ 31,927 $ 31,768
Available-for-sale securities 6,051 13,641 Receivables, net 23,374
19,732 Inventories 38,340 35,081 Other current assets 4,796
3,862 Total current assets 104,488 104,084
Property and equipment, net 14,258 13,882 Other assets, net
6,351 12,014 Total assets $ 125,097 $ 129,980
Current liabilities $ 30,054 $ 24,667
Long-term liabilities 2,545 4,865 Stockholders’ equity
92,498 100,448 Total liabilities &
stockholders’ equity $ 125,097 $ 129,980
Schiff Nutrit (NYSE:WNI)
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