COPPELL, Texas--(BW HealthWire)--May 16, 2002--Mannatech, Inc. (Nasdaq:MTEX) today announced financial results for the first quarter ended March 31, 2002 of net income of $596,000 or $0.02 per share (basic and diluted), versus a net loss for the quarter in 2001 of ($309,000) or ($0.01) per share. Net sales of $32.9 million for the quarter were down 3.8% versus the same period a year ago.
The net income improvement of $905,000 reflected effective cost controls in all operating markets. Chief Executive Officer Bob Henry stated, "We are extremely pleased with the progress shown in our earnings results for the first quarter. All of our operating teams around the world have contributed strongly to our positive earnings turnaround. We are also encouraged by the increase of pack sales for the quarter of $1.0 million or more than 16% compared to last year, as we believe pack sales are a leading indicator of future sales potential."
Mannatech, Inc. develops innovative, high-quality, proprietary nutritional supplements, weight management products, and topicals that are sold through a global network-marketing system throughout the United States and the international markets of Canada, Australia, the United Kingdom, and Japan.
Some of the statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to certain events, risks and uncertainties that may be outside of Mannatech's control. Actual results and developments could materially differ from those expressed in or implied by such statements due to a number of factors. In some cases, forward-looking statements may be identified by terminology such as "may," "believes," or "approximates," or the negative of such terms and other comparable terminology. Although Mannatech believes that the expectations reflected in these forward-looking statements are reasonable, it cautions its readers to consider these forward-looking statements and keep in mind the risk factors and or any other cautionary statements in this release as all of the forward-looking statements contained herein speak only as of the date of this press release.