COPPELL, TX, Nov 09, 2005 (MARKET WIRE via COMTEX) -- (MTEX) Mannatech, Inc. today announced financial results for the three months ending September 30, 2005, which included reporting record net income of $8.7 million and record earnings per share (diluted) of $0.32. Consolidated net sales for the 2005 quarter as compared to the same quarter in 2004 increased by 29%, or $22.6 million, to $100.2 million and exceeded the $100 million mark for the second consecutive quarter. Consolidated net income increased by 28% as compared to the prior period in 2004 and earnings per share (diluted) increased 28%. In addition, income before tax increased by 44% to $13.0 million as compared to the same quarter in 2004.
Consolidated net sales for the nine months ended September 30, 2005, increased 37%, or $77.7 million to $287.9 million as comparable to 2004. In addition, income before tax increased by 38% to $30.3 million as compared to 2004, consolidated net income increased by 23.9% to $19.2 million, and earnings per share (diluted) increased 21% to $0.69 as compared to 2004. Mannatech believes the increase in its operations for both the three months and the nine months is the result of increasing the number of independent associates and members by 37%, who purchase our products and/or packs, a successful launch of its new product Advanced Ambrotose(TM) continued international expansion such as opening operations in Taiwan, as well as selling its packs and products in Denmark.
Sam Caster, Chairman and C.E.O. of Mannatech, stated, "We believe our record earnings and income for the quarter reflect the ongoing strength of our U.S. business combined with aggressive international expansion and continue the successful sales and profit momentum shown by Mannatech for the past several years. Once again we exceeded the sales level of $100 million for the quarter, and this notable achievement was accompanied by record profit and earnings as well. For the quarter, our income before tax of $13.0 million increased by more than 43% compared to the same period in 2004, which more than matched our continued sales trend. We are proud of the efforts of our independent Associates around the world to grow this company, and of the support provided by our staff to allow this growth trend to continue."
Based in Coppell, Texas, Mannatech, Incorporated is a wellness solutions provider that develops innovative, high-quality, proprietary nutritional supplements, topical products and weight management products, which are sold through a global network-marketing system operating throughout the United States and the international markets of Canada, Australia, the United Kingdom, Japan, New Zealand, the Republic of Korea, Taiwan, and Denmark.
Please Note: This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as "may," "believes," "estimates," "projects"," well positioned," "feels," and "plans" or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Mannatech's inability to attract and retain associates and members, increases in competition, litigation, regulatory changes, and its planned growth into new international markets. Although Mannatech believes that its expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions its readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K, and other filings filed with the Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.