HAUPPAUGE, N.Y.--Twinlab Corp. (NASDAQ:TWLB)
reported that although the company saw a net loss in profits for its second
quarter (2Q02), ended June 30 and released July 30, $17 million in outstanding
debt was paid off.
Sales dropped 12.8 percent to $42.7 million, although gross
margin increased to 34.4 percent of sales. Operating expenses were cut by
approximately $4 million, helping the company's net loss of $3.6 million, or
$.13 per share lost, an improvement over 2Q01's net loss of $7.1 million, or
$.25 per share lost.
According to Ross Blechman, chairman, president and chief
executive officer, the company plans to focus on making strategic investments in
product development, as well as expand its sales force. "We continue to
experience unfavorable sales comparisons to prior year comparable periods
primarily as a result of lower sales to one major customer," Blechman said,
adding the company was able to repay $17 million of outstanding debt during
2Q02.
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