Mannatech Downsizes Staff, Expenses

COPPELL, Texas—Mannatech Inc. (NASDAQ: MTEX) announced it will immediately eliminate approximately 60 positions out of 449 at its corporate headquarters here, which accounts for roughly 15 percent of its U.S. workforce. As part of the company’s strategic review, select positions will be eliminated in tandem with other discretionary expense reductions to improve its profitability.

Wayne Badovinus, president and CEO, said: “Mannatech’s executive management team has made this difficult decision which will reposition the company for improved profitability and enhancement of shareholder value. We have an opportunity to realize immediate efficiencies by streamlining projects and priorities that deliver the most value to our overall business and dedicated independent sales associations around the world. We are committed to working with current and former employees as we move through this process. Our ultimate goal is to create a stronger, leaner organization that will restore domestic sales growth.”

As the market closed July 10, MTEX stock closed at $5.67, down $0.10 from the day’s opening price and significantly down from its 52-week high of $12.36 in mid-2007.