SALT LAKE CITY, Jan 12, 2006 (BUSINESS WIRE) -- Schiff Nutrition International, Inc. (formerly Weider Nutrition International, Inc.), (WNI), today announced results for the fiscal 2006 second quarter and six months ended November 30, 2005.
Schiff Nutrition's net sales were $35.5 million for the second quarter, compared to $44.3 million for the same period in fiscal 2005. For its fiscal 2006 second quarter, Schiff Nutrition reported net income of $1.5 million, or $0.06 per share, compared to $3.5 million, or $0.13 per share, for the same period a year ago.
Schiff Nutrition's net sales were $83.5 million for the six months ended November 30, 2005, compared to $88.0 million for the same period in fiscal 2005. For the first six months of fiscal 2006, Schiff Nutrition reported net income of $6.5 million, or $0.24 per share, compared to $7.2 million, or $0.27 per share, for the same period a year ago.
Bruce Wood, president and chief executive officer, stated, "Second quarter sales declined as expected, primarily due to the discontinuance of certain private label business. Our branded sales also declined slightly in the quarter, but they are up approximately 8 percent for the first six months. Moreover, we are encouraged by the current overall strong performance in our branded sales at the retail level, as measured by Information Resources, Inc. and customer point of sale data."
Wood continued, "We expect to build our branded sales with the fiscal third quarter introduction of new Move Free(R) Advanced Formula. Based on clinical research, we believe Move Free Advanced is superior to typical glucosamine chondroitin combination products, which have already been proven effective in promoting joint health. We will be providing substantial marketing support for this proprietary new product, beginning in our fiscal third quarter.
"Our positive fiscal year to date branded sales results, coupled with the introduction of Move Free Advanced, give us reason to believe that our continued strategic focus on profitable branded growth will positively impact fiscal 2007 and beyond."
About Schiff Nutrition
Schiff Nutrition International, Inc. (formerly Weider Nutrition International, Inc.) develops, manufactures, markets and sells branded and private label vitamins, nutritional supplements and nutrition bars in the United States and throughout the world. To learn more about Schiff, please visit the web site www.schiffnutrition.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates, and projections. These statements are subject to risks and uncertainties, certain of which are beyond the company's ability to control or predict, and, therefore, actual results may differ materially. Schiff Nutrition disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
Important factors that may cause these forward-looking statements to be false include, but are not limited to: the ability to successfully launch Move Free Advanced, the inability to successfully implement marketing and spending programs behind our Move Free brand and other new branded products, the impact of raw material pricing and availability (particularly relating to joint care products), the mix between branded and private label products and our ability to grow branded sales, the inability to achieve cost savings and operational efficiencies, the inability to increase operating margins and increase revenues, dependence on individual products, dependence on individual customers, the impact of competitive products and pricing (including private label), market and industry conditions (including pricing, demand for products and level of trade inventories), the impact of clinical studies regarding nutritional supplements, particularly relating to the joint care category, the success of product development, the inability to obtain customer acceptance of new product introductions, changes in laws and regulations, litigation and government regulatory action, uncertainty of market acceptance of new products, adverse publicity regarding the consumption of nutritional supplements, the inability to find strategic acquisitions or the inability to successfully consummate or integrate an acquisition, changes in accounting standards, and other factors indicated from time to time in the company's SEC reports, copies of which are available upon request from the company's investor relations department or may be obtained at the SEC's web site (www.sec.gov).