Schiff Nutrition International, Inc., (NYSE:WNI), announced
results for the fiscal 2012 first quarter ended August 31,
2011.
Tarang Amin, president and chief executive officer, stated: “Our
results for the first quarter were strong with revenue increasing
13% over the first quarter of last year. Our branded business
increased 25% and reflects growth across all key brands and the
contribution from the recently acquired probiotics business. We
continue to focus on five key growth strategies: building premium
brands; leading innovation; expanding the channel and geographic
footprint of the company; pursuing acquisitions; and driving
world-class operations.”
Fiscal First Quarter 2012 Results
For the fiscal 2012 first quarter, Schiff Nutrition’s net sales
were $58.2 million, compared to $51.4 million for the same period
in fiscal 2011. The 13% increase reflects growth in all key brands
and includes a full quarter of results from the recently acquired
probiotics business. Branded sales results were partially offset by
an expected decline in private label business. Net income for the
fiscal 2012 first quarter was $4.7 million, compared to net income
of $3.7 million for the same period of fiscal 2011. Earnings per
diluted share were $0.16 for the fiscal 2012 first quarter,
compared to $0.13 for the same period in fiscal 2011. Adjusted
EBITDA, which is defined as income from operations before
depreciation, amortization and stock-based compensation, was $9.5
million for the fiscal 2012 first quarter, compared to Adjusted
EBITDA of $7.0 million for the same period of fiscal 2011.
“We are pleased with our fiscal 2012 first quarter financial
results. The combination of strong branded growth and the change in
sales mix increased the gross profit margin, which grew to 44.9%
from 39.5% last year, and contributed to diluted EPS of $0.16
versus $0.13 last year,” concluded Amin.
Company Outlook
The company continues to expect 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 42.0% to 44.0%,
reflecting a higher mix of branded sales volume and the launch of
new products, together with a significant reduction in the 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%.
Other operating expenses are estimated at approximately $23.0
million to $25.0 million. The company anticipates a very high
single-digit operating margin for fiscal 2012.
Conference Call Information
Schiff Nutrition International will hold a conference call
today, September 13th at 4:30 p.m. ET. The event will be webcast at
http://www.schiffnutrition.com/press_conference_calls.asp. The
webcast replay will be available for 90 days. If you do not have
Internet access, the dial-in number will be 866-783-2143 for
domestic callers and 857-350-1602 for international callers. The
participant access code is 81481143. 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
43544237. The telephone replay will be available through September
19, 2011.
Reconciliation of Adjusted EBITDA to Income from
Operations
This press release refers to non-GAAP financial measures. The
Company defines "Adjusted EBITDA" as income from operations before
depreciation, amortization and stock-based compensation. This
non-GAAP financial measure is not prepared in accordance with
generally accepted accounting principles (GAAP) and may be
different from non-GAAP financial measures used by other companies.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. A reconciliation of the non-GAAP
measure to the comparable GAAP measure is included in the attached
financial tables. Management believes the presentation of Adjusted
EBITDA is relevant and useful because Adjusted EBITDA is a
measurement industry analysts utilize when evaluating the Company’s
operating performance. Management also believes Adjusted EBITDA
enhances an investor's understanding of the Company’s results of
operations because it measures the Company’s operating performance
exclusive of non-cash charges for depreciation, amortization and
stock-based compensation. Management also provides this non-GAAP
measurement as a way to help investors better understand the
Company’s core operating performance, enhance comparisons of the
Company’s core operating performance from period to period and to
allow better comparisons of the Company’s operating performance to
that of its competitors.
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®, 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)
(unaudited)
Three Months EndedAugust 31,
2011 2010 Net sales $ 58,238 $ 51,419 Cost of goods
sold 32,083 31,114 Gross profit 26,155
20,305 Operating expenses: Selling and marketing 11,871
9,284 Other operating expenses 6,531 5,158
Total operating expenses 18,402 14,442 Income
from operations 7,753 5,863 Other expense, net 351 47
Income before income taxes 7,402 5,816 Income tax expense
2,699 2,127 Net income $ 4,703 $ 3,689
Weighted average common shares outstanding – diluted 29,457
29,114 Net income per share – diluted $ 0.16 $ 0.13
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
(unaudited)
August 31, May 31, 2011 2011
Cash and cash equivalents $ 49,243 $ 39,547 Available-for-sale
securities 5,540 5,938 Receivables, net 27,479 27,339 Inventories
38,655 34,923 Other current assets 5,297 4,812
Total current assets 126,214 112,559 Property
and equipment, net 14,291 14,219 Other assets,
net: Intangible assets and goodwill 40,440 4,346 Other assets
1,370 1,442 Total other assets, net
41,810 5,788 Total assets $ 182,315 $ 132,566
Line-of-credit $ 40,000 $ — Other current liabilities 38,089
32,938 Total current liabilities 78,089 32,938
Long-term liabilities 3,027 3,168
Stockholders’ equity 101,199 96,460 Total
liabilities & stockholders’ equity $ 182,315 $ 132,566
SCHIFF NUTRITION INTERNATIONAL,
INC.
ADJUSTED EBITDA RECONCILIATION
(in thousands)
(unaudited)
Three Months EndedAugust 31,
2011 2010 Income from operations $ 7,753 $ 5,863
Depreciation 952 808 Amortization 267 — Stock
based compensation, non-cash 525 339 Adjusted
EBITDA $ 9,497 $ 7,010
Schiff Nutrit (NYSE:WNI)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Schiff Nutrit (NYSE:WNI)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024