WEST PALM BEACH, Fla., Aug. 14 /PRNewswire-FirstCall/ -- Health & Nutrition Systems International Inc. (BULLETIN BOARD: HNNS) today announced its operating results for the second quarter.
The Company reported total revenue for the second quarter of 2002 of $1,227,433, a decrease of $207,794 or 14%, as compared to Net Sales of $1,435,227 for the three months ended June 30, 2001. Net Sales for the six months ended June 30, 2002 were $2,292,337, a decrease of $647,974 or 22%, as compared to Net Sales of $2,940,311 for the six months ended June 30, 2001.
Net Profit from operations was $150,561 for the three months ended June 30, 2002, compared to a Net Loss from operations of $(536,726) for the three months ended June 30, 2001. Net Profit was $138,786 or $0.04 per share for the three months ended June 30, 2002, as compared to a Net Loss of $(468,026) or $0.13 per share for the three months ended June 30, 2001. Net Profit from Operations was $192,612 for the six months ended June 30, 2002, as compared to a Net Loss from Operations $(456,265) for the six months ended June 30, 2001. Net Profit was $179,233 or $0.05 per share for the six months ended June 30, 2002, as compared to a Net Loss of $(426,338) or $0.12 per share for the six months ended June 30, 2001. The increase in profit for the three and six months ended June 30, 2002 was due primarily to the decrease in Operating Expenses.
About Health & Nutrition Systems International Inc.
HNS develops and markets weight management products in over 25,000 health, food and drug store locations. The Company's products can be found in CVS, GNC, Eckerd's, Rite Aid, Target, Vitamin Shoppe, Vitamin World and Walgreens, as well as independent health food stores, gyms and pharmacies through its division HNS Direct.
This news release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbor created by that act. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such factors and risks include, among others, the factors described in the Company's filing with the Securities and Exchange Commission, the recent terrorist attacks on the United States, possible responses by the U.S. government, general economic conditions, consumer confidence and changes in consumer preference, introduction of products that compete with the Company's products, and the availability and deployment of capital. Finally, recent government action and the surrounding publicity regarding ephedra-containing products may make it difficult for us to obtain and maintain product liability insurance for our products containing ephedra at current premiums. Certain of these factors and risks, as well as other risks and uncertainties are stated in more detail in the Company's annual report on Form 10-KSB. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why the actual results could differ from those projected in the forward- looking statements.