Operating cash flow for the fiscal 2009 first quarter ended
Mr. Gay continued, "The U.S. and global economic environment will continue to present ongoing uncertainties and challenges as we strive to serve our customers and maintain our competitive position within the Healthy Foods Channel. Management will focus on preserving our revenue base through continued promotions and reducing controllable costs. Our long term business strategy of selling primarily to the Healthy Foods Channel and growing through add-on acquisitions has served our stakeholders well over the last ten years as a public company and we are appreciative of those who support us in our efforts."
We are an integrated manufacturer, marketer, distributor and retailer of branded nutritional supplements and other natural products sold primarily to and through domestic health and natural food stores. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers. Our core business strategy is to acquire, integrate and operate, from beginning to end, the manufacturing, marketing and distribution of branded nutritional supplement businesses in the natural products industry. We believe that the consolidation and integration of these acquired businesses provides ongoing financial synergies through increased scale and market penetration, as well as strengthened customer relationships.
We sell branded nutritional supplements and other natural products under the trademarks Solaray(R), VegLife(R), KAL(R), Nature's Life(R),
We own neighborhood natural food markets, which operate under the trade names The Real Food Company (TM), Thom's Natural Foods(TM) and Cornucopia Community Market(TM). We also own health food stores, which operate under the trade names Fresh Vitamins(TM), Granola's(TM) and Pilgrim's Natureway(TM).
We manufacture and/or distribute one of the broadest branded product lines in the industry with over 4,000 SKUs, including over 700 SKUs sold internationally. We believe that as a result of our emphasis on innovation, quality, loyalty, education and customer service, our brands are widely recognized in health and natural food stores and among their customers.
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business. These forward-looking statements can be identified by the use of terms such as "believe," "expects," "plan," "intend," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy. Although these statements are believed to be reasonable, they are inherently uncertain. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Press Release. Important factors that may cause our results to differ from these forward-looking statements include, but are not limited to: (i) slow or negative growth in the nutritional supplement industry or the healthy foods channel, (ii) interruption of business or negative impact on sales and earnings due to acts of God, acts of war, terrorism, bio-terrorism or civil unrest, (iii) adverse publicity or negative consumer perception regarding nutritional supplements, (iv) changes in government regulations, (v) product liability claims and litigation, (vi) insurance coverage issues, (vii) increased competition or costs, (viii) intellectual property rights of other parties, (ix) the loss of key personnel, (x) disruptions from acquisitions, (xi) issues with obtaining raw materials of adequate quality or quantity, (xii) problems with information management systems, manufacturing efficiencies and operations, (xiii) changes in general worldwide economic or political conditions, (xiv) the volatility of the stock market generally and of our stock specifically, (xv) litigation generally, and (xvi) other factors indicated from time to time in our SEC reports, copies of which are available upon request from our investor relations group or which may be obtained at the SEC's website (www.sec.gov).
(C) 2009 Nutraceutical Corporation. All rights reserved.
NUTRACEUTICAL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; dollars in thousands) December 31, September 30, ------------ ------------- 2008 2008 Assets Current assets, net $51,891 $55,577 Property, plant and equipment, net 55,633 52,356 Goodwill 37,161 37,632 Other non-current assets, net 16,123 16,099 ------ ------ $160,808 $161,664 -------- -------- Liabilities and Stockholders' Equity Current liabilities $14,258 $19,239 Long-term liabilities 30,613 28,965 Stockholders' equity 115,937 113,460 ------- ------- $160,808 $161,664 -------- -------- NUTRACEUTICAL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; dollars in thousands, except per share data) Three months ended December 31, ------------------ 2008 2007 Net sales $39,629 $41,086 Cost of sales 18,197 18,773 ------ ------ Gross profit 21,432 22,313 Operating expenses Selling, general and administrative 15,773 16,628 Amortization of intangible assets 159 167 --- --- Income from operations 5,500 5,518 Interest and other (income)/expense, net 510 380 --- --- Income before provision for income taxes 4,990 5,138 Provision for income taxes 1,878 1,927 ----- ----- Net income $3,112 $3,211 ------ ------ Net income per common share Basic $0.29 $0.29 Diluted 0.28 0.28 Weighted average common shares outstanding Basic 10,849,221 11,123,792 Diluted 10,931,812 11,270,089 NUTRACEUTICAL INTERNATIONAL CORPORATION EBITDA SCHEDULE (unaudited; dollars in thousands) Three months ended December 31, -------------- 2008 2007 Net income $3,112 $3,211 Provision for income taxes 1,878 1,927 Interest and other (income)/ expense, net (1) 510 380 Depreciation and amortization 1,634 1,312 ----- ----- EBITDA $7,134 $6,830 ------ ------ (1) Includes amortization of deferred financing fees.
SOURCE Nutraceutical International Corporation