Nutraceutical International reports sales gains

Nutraceutical International reports sales gains

Fiscal 2012 net sales growth of 6.5 percent resulted primarily from acquisitions and increased branded domestic sales.

Nutraceutical International Corporation (NASDAQ: NUTR) today reported results for the fiscal 2012 fourth quarter ended September 30, 2012. Net sales for the fiscal 2012 fourth quarter were $50.3 million compared to $45.8 million for the same quarter of fiscal 2011. For the fourth quarter of fiscal 2012, net income was $4.2 million, or $0.42 diluted earnings per share, compared to net income of $3.3 million, or $0.32 diluted earnings per share, for the same quarter of fiscal 2011.

Net sales for the fiscal year ended September 30, 2012 were $200.4 million compared to $188.1 million for the same period in fiscal 2011. For the fiscal year ended September 30, 2012, net income was $15.8 million, or $1.59 diluted earnings per share, compared to net income of $15.7 million, or $1.51 diluted earnings per share, for the same period of fiscal 2011. Net income for the fiscal year ended September 30, 2012 included a non-cash intangible asset impairment charge of $0.6 million, net of tax, or $0.06 per diluted share, related to the consolidation of our Alan James Group™ brand into our Body Gold® brand. The charge represented the entire carrying amount of the Alan James Group™ brand. We believe this brand consolidation provides increased operational efficiencies and synergies and will enhance certain customer relationships.

Operating cash flow for the fiscal year ended September 30, 2012 was $27.2 million compared to $26.3 million for the same period of fiscal 2011. The fiscal 2012 operating cash flow was primarily used to invest $12.2 million in acquisitions of natural product businesses, $10.0 million in purchases of property, plant and equipment and $5.6 million in repurchases of common stock.

Bill Gay, chairman and chief executive officer, commented, "Our fiscal 2012 annual net sales reached $200 million. Fiscal 2012 net sales growth of 6.5 percent resulted primarily from acquisitions and increased branded domestic sales. Net sales from our international markets continued to be soft throughout the year. Adjusted EBITDA grew to over $35 million for the fiscal year. Substantial progress has been made in maximizing utilization of our manufacturing facilities but we believe that more synergies are possible in fiscal 2013. We will continue to focus on raw material cost savings, labor expense management and consolidating our marketing and sales infrastructure."

Mr. Gay stated, "The Health and Natural Foods Markets that we serve appear to remain strong with ongoing expansions at many chain stores in spite of challenges in other retail segments and in national and international markets. We will continue to make acquisitions that complement our current brands and product offerings. All in all, we believe it was a very good year when one considers that we were confronted by increasingly difficult economic headwinds. We remain optimistic but cautious as we approach next year. Our investors, management and employees are very much appreciated."


 

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