Schiff Nutrition International, Inc., (NYSE:WNI), announced
results for the fiscal 2011 fourth quarter and year ended May 31,
2011.
Tarang Amin, president and chief executive officer, stated:
“Schiff Nutrition delivered a solid fiscal year 2011, posting
annual year-over-year net sales growth of 4% despite a headwind in
joint care. More importantly, during the past quarter, we began
executing on our focused growth strategies: building premium
brands, leading innovation, expanding the channel and geographic
footprint of the company, pursuing acquisitions, and driving
world-class operations.”
Fiscal Fourth Quarter 2011 Results
For the three months ended May 31, 2011, Schiff Nutrition’s net
sales were $51.9 million, compared to $49.3 million for the same
period in 2010. The 5% increase reflects growth in the branded
business. Net income for the three months ended May 31, 2011 was
$3.1 million, after $1.2 million in pre-tax expenses related to the
recent acquisition of a probiotics business. This compares to net
income of $2.4 million for the same period of 2010. Earnings per
diluted share were $0.10 for the fiscal fourth quarter of 2011,
compared to $0.08 for the fiscal fourth quarter of 2010.
Fiscal 2011 Results
Schiff Nutrition’s fiscal 2011 net sales were $213.6 million,
compared to fiscal 2010 net sales of $204.9 million, primarily
reflecting overall improved branded business. Net income for fiscal
2011 was $12.6 million, after $1.9 million in pre-tax CEO
transition expenses and $1.2 million in pre-tax expenses related to
the acquisition noted above. This compares to net income of $18.4
million for fiscal 2010. Earnings per diluted share were $0.43 for
fiscal 2011, compared to $0.64 for fiscal 2010.
Company Outlook
“Our employees’ commitment to delivering high quality products
has helped the company build leading brands such as Schiff MegaRed®
and Schiff MoveFree®. Next, we intend to accelerate growth through
increasing advertising support behind these premium brands,
launching more new items, and participating in faster growing
sub-categories such as our recent entry into the probiotics space,”
concluded Amin.
The company currently expects fiscal year 2012 net sales
percentage growth of high single-digit to low double-digit. Gross
profit percentage is expected to be in the range of 41.0% to 44.0%,
reflecting a higher mix of branded sales volume together with a
reduction in private label business. Selling and marketing expenses
as a percentage of net sales are estimated to be in the range of
22.0% to 24.0% and other operating expenses are estimated at
approximately $22.0 million to $24.0 million. The company currently
anticipates a very high single-digit operating margin for fiscal
2012.
Conference Call Information
Schiff Nutrition International will hold a conference call
today, July 21st at 11 a.m. ET. The U.S. access number is
866-730-5767. International participants should dial 857-350-1591.
The participant pass code is 43661063. Please call in approximately
ten minutes in advance. The conference call will be broadcast live
over the Internet at
http://www.schiffnutrition.com/press_conference_calls.asp, and the
webcast will be available through August 17, 2011. A replay of the
call will be available by dialing 888-286-8010 for domestic callers
and 617-801-6888 for international callers, and entering access
code 55311451. The telephone replay will be available through July
27, 2011.
About Schiff Nutrition
Schiff Nutrition International, Inc. develops, manufactures,
markets and distributes branded and private label vitamins,
nutritional supplements and nutrition bars in the United States and
throughout the world. Schiff’s portfolio of well-known brands
includes Schiff Move Free®, Schiff® Vitamins, Schiff MegaRed®,
Schiff Mega-D3™, Schiff Tiger's Milk®, Schiff Sustenex, and Schiff
Digestive Advantage. To learn more about Schiff, please visit the
web site www.schiffnutrition.com.
Forward-Looking Statements
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 that are based
on management’s beliefs and assumptions, current expectations,
estimates, and projections. These statements, including those under
the heading “Company Outlook,” are subject to known and unknown
risks and uncertainties, certain of which are beyond the company’s
ability to control or predict, and therefore, actual results may
differ materially. For example, statements concerning Schiff
Nutrition’s financial condition, possible or expected results of
operations, commercialization of new products, growth opportunities
and plans of management are all forward-looking statements. Any
forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only
as of the date hereof. Schiff Nutrition disclaims any obligation to
update any forward-looking statements whether as a result of new
information, future events or otherwise. You are cautioned not to
place undue reliance on these forward-looking statements.
Important factors that may cause actual results of Schiff
Nutrition to differ materially from those expressed or implied by
such forward-looking statements include, but are not limited
to: dependence on sales of Schiff Move Free product and the
joint care category, dependence on sales of Schiff MegaRed product,
dependence on individual customers, adverse publicity or consumer
perception regarding our nutritional supplements and/or their
ingredients, similar products distributed by other companies or the
nutritional supplement industry generally, the impact of
competitive products and pricing pressure (including expansion of
private label products), the inability to successfully bid on new
and existing private label business, the impact of raw material
pricing, availability and quality (particularly relating to joint
care products and ingredients from third-party suppliers outside
the United States, including China), claims that our products
infringe the intellectual property rights of others, the inability
to enforce or protect our intellectual property rights and
proprietary techniques against infringement, the inability to
successfully launch and maintain sales (especially in the joint
care and omega-3 categories) outside of the United States while
maintaining the integrity of the products sold and complying with
local regulations, the inability to appropriately respond to
changing consumer preferences and demand for new products, the
inability to gain or maintain market distribution for new products
or product enhancements, including products in the probiotic space,
litigation and government or administrative regulatory action in
the United States and internationally, including FDA enforcement
and product liability claims, the inability or increased cost to
obtain sufficient levels of product liability and general
insurance, the inability to comply with existing or new
regulations, both in the United States and abroad, and adverse
actions regarding product formulation, claims or advertising,
product recalls or a significant amount of product returns,
dependence on a single manufacturing facility and potential
disruptions of our manufacturing operations, the inability to find
strategic transaction opportunities or the inability to
successfully consummate or integrate a strategic transaction
(including the inability to successfully integrate the assets
recently acquired from Ganeden), the inability to maintain or
attract key personnel, interruptions to our information technology
systems, control by our principal stockholders, and other factors
indicated from time to time in the company’s SEC reports, copies of
which are available upon request from the company’s investor
relations department or may be obtained at the SEC's web site
(www.sec.gov). These risks and
uncertainties should be carefully considered before making an
investment decision with respect to shares of our common stock.
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED STATEMENTS OF
INCOME
(in thousands, except per share
amounts)
Three Months EndedMay 31, Year EndedMay 31, 2011
2010 2011 2010 (unaudited) Net sales $ 51,872
$ 49,250 $ 213,648 $ 204,887 Cost of goods sold 32,078
29,778 132,472 119,837 Gross profit
19,794 19,472 81,176 85,050 Operating
expenses: Selling and marketing 8,427 9,715 34,666 33,611 Other
operating expenses 6,449 5,927 26,317
22,629 Total operating expenses 14,876 15,642
60,983 56,240 Income from operations 4,918 3,830
20,193 28,810 Other expense, net (104 ) (51 )
(303 ) (168 ) Income before income taxes 4,814 3,779
19,890 28,642 Income tax expense 1,742 1,340
7,248 10,196 Net income $ 3,072 $ 2,439 $ 12,642 $
18,446 Weighted average common shares outstanding - diluted
29,473 29,098 29,252 28,928 Net
income per share - diluted $ 0.10 $ 0.08 $ 0.43 $ 0.64
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
May 31, 2011 2010 Cash and cash
equivalents $ 39,547 $ 31,768 Available-for-sale securities 5,938
13,641 Receivables, net 27,339 19,732 Inventories 34,923 35,081
Other current assets 4,812 3,862 Total current
assets 112,559 104,084 Property and equipment, net 14,219
13,882 Other assets, net 5,788 12,014
Total assets $ 132,566 $ 129,980 Current liabilities $
32,938 $ 24,667 Long-term liabilities 3,168 4,865
Stockholders’ equity 96,460 100,448 Total
liabilities & stockholders’ equity $ 132,566 $ 129,980
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