PURCHASE, N.Y., Nov 08, 2007 (BUSINESS WIRE) -- Nutrition 21, Inc. (NXXI) , the developer and marketer of nutritional supplements under the Chromax(R), Diabetes Essentials(TM) and Iceland Health(R) brands that help consumers manage blood sugar levels, improve cardiovascular health, enhance memory and reduce chronic joint pain, today announced financial results for the first quarter of fiscal year 2008 ended September 30, 2007.
The Company reported a 171% increase in total revenues to $12.7 million compared to $4.7 million in the comparable quarter a year ago. Net loss for the quarter was $4.1 million, or $(0.07) per fully diluted share, a slight improvement compared to the net loss of $4.1 million, or $(0.08) per fully diluted share in the first quarter of fiscal year 2007.
Paul Intlekofer, president and chief executive officer of Nutrition 21, Inc., said, "We are very pleased with the revenue growth achieved during the quarter. Our sales, through the direct response channel continue to be strong. The retail marketing and distribution plans for our Chromax, Iceland Health and Diabetes Essentials brands are achieving traction and delivering measurable results as evidenced by our expanding retail presence. This time last year, Chromax was sold in 21,000 retail store locations and one Diabetes Essentials SKU was sold in 11,100 locations. As of today, Chromax is sold in 27,000 store locations, the Diabetes Essentials line of up to 4 SKUs is sold in 16,000 store locations, Iceland Health Maximum Strength Omega-3 is sold in 21,000 locations, Iceland Health Joint Relief is in 16,000 locations and Core4Life(TM) Advanced Memory Formula(TM) was just launched into 14,000 locations. We are pleased with the execution of this important component of our strategic business plan. We have programs in place to leverage this expanded distribution and increase sales."
Mr. Intlekofer continued, "As Americans become acutely aware of the impact of obesity, diabetes and aging on their lives, our clinically-proven products provide natural solutions that address a number of conditions, including blood sugar control, heart health, memory enhancement and chronic joint pain. Working closely with our retail drug store distributors, we are in the early stages of developing brand loyalty which we believe will expand as the 'Baby Boomer' generation increasingly embraces natural solutions that can improve their quality of life. These are large and growing markets and we are dedicated to becoming a trusted partner to all consumers dedicated to living healthy and active lives."
About Nutrition 21
Nutrition 21, Inc. (NXXI) , headquartered in Purchase, NY, is a nutritional bioscience company and the maker of chromium picolinate-based and omega-3 fish oil-based supplements with health benefits substantiated by clinical research. Nutrition 21 holds more than 30 patents for nutrition products and uses. Nutrition 21's portfolio of health and wellness brands include: Chromax(R), Core4Life(TM) Advanced Memory Formula(TM), Diabetes Essentials(TM), Iceland Health(R) Maximum Strength Omega-3 and Iceland Health(R) Joint Relief. The company also manufactures private label supplements and ingredients for third parties. Nutrition 21 distributes its products nationally through more than 29,000 major food, drug and super center retailers as well as internationally. For more information please visit http://www.nutrition21.com.
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This press release may contain certain forward-looking statements. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended June 30, 2006. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.