COPPELL, Texas--(BUSINESS WIRE)--Aug. 11, 2003--Mannatech, Inc. (Nasdaq:MTEX) today announced that net sales for the three months ended June 30, 2003 reached $46.5 million, an increase of $11.1 million, or 31.4%, as compared to the same quarter in 2002. Mannatech reported net income for the three months ended June 30, 2003 of $1.2 million, or $0.04 per diluted share, which resulted in an increase of $1.0 million, or $0.03 per diluted share, as compared to the same quarter in 2002. Net sales for the six months ended June 30, 2003 increased $18.7 million, or 27.4%, to $87.0 million, as compared to the same period in 2002. Net income for the six months ended June 30, 2003 increased $1.8 million, or 225.0%, to $2.6 million, or $0.10 per diluted share, which was an increase in earnings per share of $0.07 per diluted share, or 233.3%, as compared to the same period in 2002.
Sam Caster, Mannatech's Chairman and CEO, stated "We are extremely pleased with the strong positive trend in our business. Our record breaking net sales level of $46.5 million for the second quarter of 2003 set a new quarterly record for Mannatech and shows the strength of our sales and the momentum we have built. We believe this achievement reflects the combined efforts of our associates and employees working closely together, around the world. We look forward to introducing our new antioxidant product, Ambrotose A.O., at the end of August. Ambrotose A.O. is the culmination of years of research and we believe it has the potential to become a new industry standard for nutraceuticals."
For nearly a decade, Mannatech has been a wellness solution provider that develops innovative, high-quality, proprietary nutritional supplements, weight management products and topical products that are sold through a global network-marketing system throughout the United States and the international markets of Canada, Australia, the United Kingdom, Japan and New Zealand.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are subject to certain events, risks and uncertainties that may be outside of Mannatech's control. Actual results and developments could materially differ from those expressed in or implied by such statements due to a number of factors. In some cases, forward-looking statements may be identified by terminology such as "may," "should," "believes," or "approximates," or the negative of such terms and other comparable terminology. Although Mannatech believes that the expectations reflected in these forward-looking statements are reasonable, it cautions its readers to consider the risk factors and any other cautionary statements in this release, as well as those set forth in Mannatech's filings with the Securities and Exchange Commission. All of the forward-looking statements contained herein speak only as of the date of this press release.