Schiff Nutrition International, Inc., (NYSE:WNI), announced
results for the three- and six-month periods ended November 30,
2011.
“Our fiscal 2012 second quarter sales grew 16% and, consistent
with our strategy, were driven by our branded business including
our newly acquired probiotics brands, partially offset by an
expected decline in private label,” stated Tarang Amin, president
and chief executive officer. “Importantly, branded sales grew 31%,
which represents growth across our key brands with contributions
from new products such as Schiff MegaRed® Extra Strength and Schiff
Move Free® Ultra. Branded revenue also benefited from a significant
increase in advertising.”
Results for the Three Months Ended November 30, 2011
For the fiscal 2012 second quarter ended November 30, 2011, net
sales were $61.0 million, compared to $52.6 million for the same
period in fiscal 2011. The 16% increase reflects growth in key
brands and a full quarter’s contribution from the probiotics
acquisition. Branded sales results were partially offset by an
expected decline in private label business. Net income for the
fiscal 2012 second quarter was $2.4 million, compared to net income
of $1.8 million for the same period of fiscal 2011. Earnings per
diluted share were $0.08 for the fiscal 2012 second quarter,
compared to $0.06 for the same period in fiscal 2011. Adjusted
EBITDA, which is defined as income from operations before
depreciation, amortization and stock-based compensation, was $6.4
million for the fiscal 2012 second quarter, compared to $7.1
million for the same period of fiscal 2011.
Results for the Six Months Ended November 30, 2011
For the first six months of fiscal 2012, net sales were $119.3
million, compared to $104.0 million for the same period in fiscal
2011. Net income for the first six months of fiscal 2012 was $7.1
million, compared to net income of $5.5 million for the same period
of fiscal 2011. Earnings per diluted share were $0.24 for the first
six months of fiscal 2012, compared to $0.19 for the same period in
fiscal 2011. Adjusted EBITDA was $16.0 million for the first six
months of fiscal 2012, compared to $14.1 million for the same
period of fiscal 2011.
“We are pleased with our financial performance for the first
half of fiscal 2012, which has benefitted from our strategies to
build premium brands and lead innovation. Based on our performance
in the first half of fiscal 2012 and our current expectations, we
are adjusting our fiscal 2012 outlook, including raising net sales
and increasing operating expenses,” concluded Amin.
Company Outlook
The company adjusted its fiscal year 2012 expectations. Net
sales are expected to grow 12% to 15% as compared to fiscal year
2011. Gross profit percentage is expected to be in the range of 43%
to 45%. Selling and marketing expenses, as a percentage of net
sales, are estimated to be in the range of 22.5% to 24.5%. Other
operating expenses are estimated at approximately $26.0 million to
$28.0 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, December 15th at 11:00 a.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 866-788-0544 for
domestic callers and 857-350-1682 for international callers. The
participant access code is 27087881. 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
38797592. The telephone replay will be available through December
21, 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. is a leading nutritional
supplement company offering 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®. Focused on
quality for 75 years, Schiff’s headquarters and award-winning
manufacturing and distribution facility are based in Salt Lake
City, Utah. 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 EndedNovember 30,
Six Months EndedNovember 30,
2011 2010 2011 2010 Net sales $ 61,030 $ 52,622 $ 119,268 $
104,041 Cost of goods sold 34,203 32,417
66,399 63,531 Gross profit 26,827
20,205 52,869 40,510 Operating expenses: Selling and
marketing 15,524 9,050 27,255 18,335 Other operating expenses
7,042 8,096 13,600 13,254 Total
operating expenses 22,566 17,146 40,855
31,589 Income from operations 4,261 3,059 12,014 8,921 Other
expense, net 231 31 582 78
Income before income taxes 4,030 3,028 11,432 8,843 Income tax
expense 1,594 1,192 4,293 3,318
Net income $ 2,436 $ 1,836 $ 7,139 $ 5,525
Weighted average common shares outstanding
- diluted
29,389 29,032 29,423 29,073 Net
income per share - diluted $ 0.08 $ 0.06 $ 0.24 $ 0.19
SCHIFF NUTRITION INTERNATIONAL,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(in thousands)
(unaudited)
November 30, May 31, 2011 2011 Cash and cash
equivalents $ 15,762 $ 39,547 Available-for-sale securities 8,566
5,938 Receivables, net 25,949 27,339 Inventories 43,421 34,923
Other current assets 5,338 4,812 Total current
assets 99,036 112,559 Property and equipment,
net 13,952 14,219 Other assets, net:
Intangible assets and goodwill 42,605 4,346 Other assets 790
1,442 Total other assets, net 43,395
5,788 Total assets $ 156,383 $ 132,566 Line-of-credit
$ 10,000 $ — Other current liabilities 36,523 32,938
Total current liabilities 46,523 32,938
Long-term liabilities 5,373 3,168
Stockholders’ equity 104,487 96,460 Total
liabilities & stockholders’ equity $ 156,383 $ 132,566
SCHIFF NUTRITION INTERNATIONAL,
INC.
ADJUSTED EBITDA RECONCILIATION
(in thousands)
(unaudited)
Three Months EndedNovember 30,
Six Months EndedNovember 30,
2011 2010 2011 2010 Income from operations $ 4,261 $
3,059 $ 12,014 $ 8,921 Depreciation 934 817 1,886 1,625
Amortization 423 — 830 — Stock based compensation,
non-cash 789 3,236 1,314 3,575
Adjusted EBITDA $ 6,407 $ 7,112 $ 16,044 $ 14,121
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