SALT LAKE CITY--(BUSINESS WIRE)--March 21, 2002--Weider Nutrition International, Inc. (NYSE:WNI) today announced results for the three and nine-month periods ended February 28, 2002.
For the third quarter ended February 28, 2002, Weider Nutrition's net revenues were $79.1 million, compared to $91.5 million in the quarter ended February 28, 2001. For its fiscal 2002 third quarter, Weider Nutrition reported net income of $1.2 million or $0.05 per share (diluted), compared to a net loss of $652,000 or $0.02 per share (diluted) for the same period a year ago.
For the nine-month period ended February 28, 2002, Weider Nutrition's net revenues were $244.2 million, compared to $261.2 million in the period ended February 28, 2001. For its fiscal 2002 nine-month results, Weider Nutrition reported a net loss of $3.0 million or $0.11 per share (diluted), compared to net income of $1.1 million or $0.04 per share (diluted) for the same period a year ago.
Nutritional supplement and private label revenues were approximately $221.0 million and $231.0 million, respectively, for the nine months ending February 28, 2002 and 2001. Domestic operating income for the nine months ended February 28, 2002 was $10.7 million, compared to $9.2 million for the nine months ended February 28, 2001. International operating results included $4.3 million and $758,000, respectively, in operating loss for the nine-month periods ended February 28, 2002 and 2001.
Bruce Wood, President and CEO, stated: "Weider returned to profitability in the third quarter, as strong gross margin performance and cost cutting measures offset declines in both domestic and international revenues. We continue to proactively address soft industry conditions. In particular, to reduce the impact of private label competition on our flagship Schiff(R) Move Free(TM) business, we are making adjustments to promotional activity and expect to introduce new Move Free(TM) branded items. We remain committed to supporting and developing our core brands. On the international front, we are encouraged by overall performance of our nutrition business, and by operating margin improvement in our apparel business during the quarter."
Weider Nutrition International, Inc. develops, manufactures, markets and sells branded and private label vitamins, nutritional supplements and sports nutrition products in the United States and throughout the world and sells a line of sports apparel in Europe. To learn more about Weider, please visit the Web site www.weider.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. Weider 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 inability to achieve cost savings and operational efficiencies through reorganization, dependence on individual products, the inability to successfully restructure Haleko and make it profitable, the inability to successfully utilize available cash resulting from suspension of the Company's quarterly dividend, dependence on individual customers, the impact of competitive products and pricing, market and industry conditions including pricing, demand for products, level of trade inventories and raw materials availability and pricing, the success of product development and new product introductions into the marketplace, changes in laws and regulations, litigation and government regulatory action against the Company, lack of available product liability insurance for products containing ephedra, uncertainty of market acceptance of new products, adverse publicity regarding the consumption of nutritional supplements, 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 website (www.sec.gov).