SAN MARCOS, Calif., May 2 /PRNewswire-FirstCall/ -- Natural Alternatives International (NAI), Inc. (Nasdaq: NAII), a leading formulator and manufacturer of customized nutritional supplements, reported net income of $759,000 or $0.13 per share on revenues of $12.8 million in its third quarter ended March 31, 2002.
Net income for the quarter increased to $759,000 or $0.13 per share compared to a loss of $234,000 or $0.04 per share in the same quarter last year. Revenues for the third quarter of fiscal 2002 increased 24.1% to $12.8 million from $10.3 million in the third quarter of fiscal 2001.
Revenues for the nine months ended March 31, 2002 increased to $35.4 million from $31.8 million in 2001, an increase of 11.2%. Net income for the nine months ended March 31, 2002 was $165,000 or $0.03 per share compared to $414,000 or $0.07 per share in fiscal 2001.
CFO Randell Weaver said, "We believe the third quarter results released today are indicative of our improved operating performance and increasing financial stability. During the quarter, we invested substantially in our popular Dr. Cherry Direct-To-Consumer product line as part of an ongoing campaign to improve service and position the brand for future growth. We also incurred additional separation costs related to management restructuring and increased our inventory levels of certain materials to better serve our customers and more timely meet their needs. Our receipt of the previously announced litigation settlement proceeds allowed us to make these investments in the past quarter and still increase liquidity and profitability."
CEO Mark LeDoux stated, "We have successfully addressed a number of challenges this year, and while we have much more to do, we are pleased with results this quarter as well as our overall progress. We feel NAI is uniquely positioned, financially and operationally, to take advantage of numerous opportunities both domestically and internationally."
Weaver added, "We are focused on enhancing shareholder value through increased sales, operational improvements and control of our expenditures. We continue to work toward improving results and are actively seeking profitable growth opportunities. We believe our strong balance sheet will allow us to take advantage of carefully selected growth opportunities in the future."
Natural Alternatives International, Inc., headquartered in San Marcos, California, is a leading formulator and manufacturer of nutritional supplements providing strategic partnering services to its customers. The Company's comprehensive partnership approach offers a wide range of innovative nutritional products and services to the client including: scientific research, clinical studies, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging and delivery system design, regulatory review and international product registration assistance. For more information about Natural Alternatives International, please see our website at http://www.nai-online.com .
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent the Company's intentions, expectations and beliefs concerning future events, including, among other things, expectations and beliefs with respect to future financial and operating results; the ability to sustain profitability, contain costs, maintain adequate financing, improve liquidity, enhance direct-to-consumer programs, and implement its strategic plan. The Company wishes to caution and advise readers that these statements involve risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. The Company's financial performance and the forward-looking statements contained herein are further qualified by other risks including those set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission, including the Company's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.