Net sales for the fiscal 2008 fourth quarter were
Net sales for the fiscal year ended
Operating cash flow for the fiscal year ended
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), Sunny
Green(R), Action Labs(R), Natural Balance(R), NaturalMax(R), bioAllers(R),
Herbs for Kids(TM), Natra-Bio(R), NaturalCare(R), Zand(R), Health from the
Sun(R), Life-flo(R), Larenim(R), Living Flower Essences(R), Pioneer(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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. 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, government regulations, product liability claims and litigation, insurance coverage issues, a decrease in or slowing of the growth rate of the vitamin, mineral and supplement market, the success of the healthy foods channel, consumer perception of safety and quality of our products and similar products, competition, intellectual property rights of other parties, the loss of key personnel, disruptions from acquisitions, issues with obtaining raw materials of adequate quality or quantity, problems with information management systems, manufacturing efficiencies and operations, litigation generally, the volatility of the stock market generally and of our stock specifically, a general lack of adequate industry analyst coverage, and 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 (http://www.sec.gov).
(C) 2008 Nutraceutical Corporation. All rights reserved. NUTRACEUTICAL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; dollars in thousands) September 30, September 30, 2008 2007 Assets Current assets, net $55,577 $51,534 Property, plant and equipment, net 52,356 39,506 Goodwill 37,632 38,978 Other non-current assets, net 16,099 16,384 $161,664 $146,402 Liabilities and Stockholders' Equity Current liabilities $19,239 $20,275 Long-term liabilities 28,965 20,208 Stockholders' equity 113,460 105,919 $161,664 $146,402 NUTRACEUTICAL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; dollars in thousands, except per share data) Three months ended Twelve months ended September 30, September 30, 2008 2007 2008 2007 Net sales $40,899 $39,902 $166,885 $156,548 Cost of sales 18,914 18,429 76,106 71,622 Gross profit 21,985 21,473 90,779 84,926 Operating expenses Selling, general and administrative 16,434 16,217 66,973 61,905 Amortization of intangible assets 179 161 701 391 Impairment of goodwill and intangible asset 2,875 450 2,875 450 Income from operations 2,497 4,645 20,230 22,180 Interest and other (income)/expense, net 262 443 1,270 1,257 Income before provision for income taxes 2,235 4,202 18,960 20,923 Provision for income taxes 708 1,597 7,017 7,951 Net income $1,527 $2,605 $11,943 $12,972 Net income per common share Basic $0.14 $0.23 $1.09 $1.17 Diluted 0.14 0.23 1.07 1.15 Weighted average common shares outstanding Basic 10,846,018 11,136,702 10,993,505 11,054,828 Diluted 10,966,785 11,307,910 11,127,634 11,253,283 NUTRACEUTICAL INTERNATIONAL CORPORATION ADJUSTED EBITDA SCHEDULE (unaudited; dollars in thousands) Three months Twelve months ended ended September 30, September 30, 2008 2007 2008 2007 Net income $1,527 $2,605 $11,943 $12,972 Provision for income taxes 708 1,597 7,017 7,951 Interest and other (income)/expense, net (1) 262 443 1,270 1,257 Depreciation and amortization 1,603 1,292 5,859 4,793 Impairment of goodwill and intangible asset (2) 2,875 450 2,875 450 Adjusted EBITDA $6,975 $6,387 $28,964 $27,423 (1) Includes amortization of deferred financing fees. (2) A non-cash goodwill impairment charge of $2,875 related to the company's health food stores was recorded for the three months and twelve months ended September 30, 2008. A non-cash intangible asset impairment charge of $450 related to the re-branding of certain health food stores was recorded for the three months and twelve months ended September 30, 2007.
SOURCE Nutraceutical International Corporation