SAN MARCOS, Calif., Sept 11, 2006 /PRNewswire-FirstCall via COMTEX/ -- Natural Alternatives International, Inc. ("NAI") (NAII) , a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced fourth quarter net income of $1.2 million or $0.16 per diluted share on revenues of $34.2 million and net income of $2.7 million or $0.39 per diluted share for the fiscal year.
Fourth quarter revenue increased 38.5% to $34.2 million from $24.7 million for the comparable quarter last year. Income before income taxes increased to $1.7 million from $640,000 in the comparable quarter last year. Net income increased to $1.2 million or $0.16 per diluted share from $285,000 or $0.04 per diluted share for the comparable quarter last year.
For the fiscal year ended June 30, 2006, net income increased 21.4% to $2.7 million or $0.39 per diluted share from $2.2 million or $0.34 per diluted share in the prior year. Revenue increased 8.3% to $99.1 million from $91.5 million in the prior year.
As of June 30, 2006, NAI had cash and working capital of $2.2 million and $13.2 million, respectively, compared to $1.9 million and $14.4 million, respectively, in the prior year. As of June 30, 2006, we had $2.3 million available under our working capital line of credit.
President Randell Weaver stated, "We are pleased to report our fifth consecutive year of increased revenue and operating profits. We are particularly pleased to report record quarterly revenue of $34.2 million in the fourth quarter. Of that amount, $9.0 million represents initial shipments of a single product for a new customer. The fourth quarter revenue for this product should not be considered representative of our ongoing business level for this product as it includes initial inventory supplies for the customer. We look forward to benefiting from this new relationship, as well as the historically strong and reliable relationships we have cultivated with our existing customers. We also anticipate continuing to invest in expanding and marketing our existing Direct to Consumer brands as well as our brands we recently acquired through the acquisition of Real Health Laboratories (RHL)."
CEO Mark LeDoux added, "We are pleased to begin realizing operational benefits from the acquisition of RHL. Following the integration of previously outsourced fulfillment activities during the third quarter, we initiated the integration of call center activities for our Dr. Cherry Pathway to Healing(R) product line into RHL's existing operation. We expect the call center integration to be completed in the first quarter of fiscal 2007."
NAI, headquartered in San Marcos, California, is a leading formulator, manufacturer and marketer of nutritional supplements and provides strategic partnering services to its customers. Our comprehensive partnership approach offers a wide range of innovative nutritional products and services to our clients including: scientific research, clinical studies, proprietary ingredients, 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 NAI, please see our website at 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 our intentions, expectations and beliefs concerning future events, including, among other things, our expectations and beliefs with respect to future financial and operating results, including the amount of our future revenue and profits, our ability to successfully integrate RHL's operations within specified time periods and the impact on profitability of such integration, our ability to realize strategic, operational and financial benefits from the acquisition and integration of RHL, to continue to implement our strategic plans, to expand and successfully market our brands, and to develop, maintain or increase sales to new and existing customers. We wish to caution readers 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. NAI'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 us with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.