COPPELL, Texas, Nov 7, 2003 (BUSINESS WIRE) -- Mannatech, Inc. (Nasdaq:MTEX) today announced net sales of $49.7 million for the third quarter ended September 30, 2003, the highest in its ten-year history. This amount is an increase of $15.2 million or 44.1% over net sales for the same quarter of 2002. Additionally, net income for the third quarter of 2003 strongly increased to $2.9 million, or $0.11 diluted earnings per share as compared to net income of $0.2 million, or $0.01 diluted earnings per share for the same quarter in 2002. For the nine months ended September 30, 2003, net sales increased $33.9 million or 33.0% to $136.7 million as compared to the nine months ended September 30, 2002. Additionally, net income for the nine months ended September 30, 2003 was $5.5 million, or $0.21 diluted earnings per share as compared to $1.1 million or $0.04 per diluted earnings per share for the same period in 2002.
Mannatech Chairman and CEO Sam Caster commented on the reported net sales and net income gains stating, "The tremendous improvement in our financial results is very gratifying because it reflects the dedication and loyalty of our Associates and employees alike, in all our countries around the globe, and is a statement about our products and beliefs. The September release of our new antioxidant product, Ambrotose(R) AO(TM), has contributed to our increase, and provides our Associates with yet another patent pending technology for achieving long-term growth."
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 "looking forward," or "believes," 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.