SAN MARCOS, Calif., Sept. 4 /PRNewswire-FirstCall/ -- Natural Alternatives International (NAI), Inc. (Nasdaq: NAII), a leading formulator and manufacturer of customized nutritional supplements, reported net income of $3,879,000 or $0.67 per share on revenues of $50.0 million for its fiscal year ended June 30, 2002.
Revenues for the fourth quarter of fiscal 2002 increased 41% to $14.7 million from $10.4 million in the fourth quarter of fiscal 2001. Net income for the fourth quarter of fiscal 2002 was $3,714,000 or $0.64 per share compared to a net loss of $5,003,000 or $0.93 in fiscal 2001. Net income for the fourth quarter included $2.4 million received from the settlement of litigation. Net income for the year included total proceeds of approximately $3.4 million from the settlement of the same litigation.
Income from Operations in the fourth quarter of fiscal 2002 was $529,000 or $0.09 per share compared to a Loss from Operations of $2,579,000 or $0.45 per share in fiscal 2001, an improvement in Income from Operations of $3,108,000 or $0.54 per share.
NAI also announced it has been granted an additional extension through October 31, 2002 under its amended and restated $2.5 million line of credit. The terms are consistent with the previous extension announced on July 2.
Chairman and CEO Mark LeDoux said, "We are appreciative that the hard work and sacrifices we have made over the past couple of years have begun to show results in the form of increased revenues and a considerable improvement in both net income and income from operations. The growth in NAI's revenues and income from operations demonstrates that our commitment to quality manufacturing standards, effective science-based products and enduring partnerships are beginning to show the kind of financial results we hope to achieve."
CFO Randell Weaver said, "We have negotiated an extension of our amended and restated line of credit while we attempt to complete an improved long term financing package. Our balance sheet has been significantly strengthened as a result of improved operating results, cash management and the receipt of the previously announced litigation proceeds. During our fiscal year ended June 30, 2002, we reduced our total debt by more than $2.5 million and increased working capital by approximately $3.7 million. We continue to believe NAI is positioned both operationally and financially to take advantage of numerous growth opportunities."
CEO Mark LeDoux added, "Our focus continues to be on enhancing shareholder value by increasing and diversifying our revenues, controlling costs, pursuing increased operational efficiencies and increasing our commitment to quality manufacturing and customer service. We have enjoyed a number of successes this year and look forward to continued improvement in fiscal 2003 and beyond."
Natural Alternatives International, Inc., headquartered in San Marcos, California, is a leading formulator and manufacturer of nutritional supplements providing strategic partnering services to its customers. The Company's comprehensive partnership approach offers a wide range of innovative nutritional products and services to the client including: scientific research, clinical studies, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging and delivery system design, regulatory review and international product registration assistance. For more information about Natural Alternatives International, please see our website at http://www.nai-online.com .
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent the Company's intentions, expectations and beliefs concerning future events, including, among other things, expectations and beliefs with respect to future financial and operating results, and the ability to obtain adequate financing. The Company wishes to caution and advise readers that these statements involve risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. The Company's financial performance and the forward-looking statements contained herein are further qualified by other risks including those set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission, including the Company's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.