SAN MARCOS, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Natural Alternatives
International ("NAI"), Inc. (Nasdaq: NAII), a leading formulator and
manufacturer of customized nutritional supplements, today reported net income
of $537,000 or $0.09 per diluted share on net sales of $13.1 million in its
fiscal first quarter ended September 30, 2002.
First quarter net income increased $1.2 million to $537,000 or $0.09 per
diluted share from a net loss of ($658,000) or ($0.11) per diluted share for
the comparable quarter last year. Revenues increased 32% to $13.1 million
from $9.9 million for the comparable quarter last year. The revenue growth
resulted primarily from a 34% increase in contract manufacturing sales and a
29% increase in direct-to-consumer sales. Additionally, first quarter results
included receipt of the previously disclosed final litigation settlement
payment of $225,000. First quarter net income excluding the settlement
payment was $332,000 or $0.06 per diluted share.
At September 30, 2002, NAI had cash and working capital of approximately
$2.8 million and $9.6 million, respectively, compared to $640,000 and
$8.7 million, respectively, at June 30, 2002. Long-term debt was reduced by
$141,000 to $2.0 million during the quarter.
COO Randell Weaver said, "We are pleased that we have been able to
continue the turn around and see those efforts generate revenue growth and
improved profitability. We are focused on maintaining profitability on
limited revenue growth in the near future. The recent refinancing of NAI's
credit facility along with the cash flow generated from operations provides us
with the capital necessary to implement our business strategies."
CEO Mark LeDoux said, "Our quarterly results demonstrate our management
team is effectively leading NAI toward maintaining sustainable and profitable
growth. Our balance sheet continues to strengthen which will allow us to
capitalize on opportunities that may arise in the future."
NAI, headquartered in San Marcos, California, is a leading formulator and
manufacturer of nutritional supplements that provides 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 NAI, 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; the ability to sustain profitability, maintain adequate
financing, improve liquidity, maintain revenue growth, and implement its
strategic plan. 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 NAI's most
recent Annual Report on Form 10-K.
For further information please contact: x of Natural Alternatives International, Inc., 1-760-744-7340,
or [email protected].