Mannatech reports Q1 results

Mannatech reports Q1 results

Net sales for North America declined 8.9 percent to $20.5 million as compared to $22.5 million in the first quarter of 2012.

Mannatech Inc. (NASDAQ: MTEX), a leading developer and provider of nutritional supplements and skin care products based on Real Food Technology® solutions, reported a net income of $0.6 million, or $0.24 per diluted share, for the first quarter ending March 31, 2013, as compared to a net loss of $1.4 million, or $0.53 per diluted share, for the first quarter of 2012. Net sales for the first quarter of 2013 were $41.7 million, a decrease of 6.3 percent as compared to $44.5 million in the first quarter of 2012.

Net sales for North America declined 8.9 percent to $20.5 million as compared to $22.5 million in the first quarter of 2012. This decline was primarily due to the reduction in the average revenue per order.

Net sales for Asia/Pacific declined 1.7 percent to $17.8 million as compared to $18.1 million in the first quarter 2012 due to unfavorable fluctuations in foreign currency exchange rates. Excluding the fluctuation in foreign currency exchange rates, Asia/Pacific net sales increased by 1.1 percent.

Net sales for Europe, the Middle East and Africa (“EMEA”) declined 12.8 percent to $3.4 million as compared to $3.9 million in the first quarter of 2012. This decline was in part due to fluctuations in foreign currency exchange rates and in part due to the reduction in the number of orders processed. Excluding the fluctuation in foreign currency exchange rates, EMEA net sales declined by 5.1 percent in the first quarter of 2013, as compared to the net sales for the first quarter of 2012.

Recruiting increased 10.1 percent in the first quarter of 2013 as compared to the first quarter of 2012. The number of new independent associates and members for the first quarter of 2013 was approximately 23,900, as compared to 21,700 in 2012. The total number of independent associates and members based on a 12-month trailing period was approximately 231,000 as of March 31, 2013, as compared to 227,000 as of March 31, 2012.

Dr. Robert Sinnott, CEO and chief science officer, commented, “Our continued efforts to increase operational efficiency and stay focused on targeted sales initiatives has generated both net income and positive cash flow in the first quarter for Mannatech. We remain dedicated to profitability as we work with our independent associates to increase their sales success in our many global markets

 

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