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Nutraceutical Releases 2Q10 ResultsNutraceutical Releases 2Q10 Results

April 30, 2010

1 Min Read
Nutraceutical Releases 2Q10 Results

PARK CITY, Utah Nutraceutical International Corp. (NASDAQ: NUTR) released results for its fiscal 2010 second quarter (2Q10), ended March 31, 2010. Net sales were up slightly, to $47.9 million, compared to $42.0 million in the second quarter of fiscal 2009. Net income was up significantly, hitting $5.1 million, or $0.49 diluted earnings per share, compared to a net loss of $23.4 million or a loss of $2.15 per diluted share, for 2Q09; that quarter included a non-cash goodwill impairment charge of $37.5 million ($27.3 million after tax, or $2.51 per diluted share).

For the six months ended March 31, 2010, net sales hit $92.7 million compared to $81.6 million for the same period in fiscal 2009. Operating cash flow for the 2010 period was $11.0 million, compared to $11.8 million for the 2009 period. This operating cash flow, combined with net borrowings of $12.0 million, was primarily used to invest $8.2 million in purchases of property and equipment, $11.6 million in acquisitions of branded natural product businesses and $2.8 million in repurchases of common stock.

Bill Gay, chairman and CEO, commented, Our overall business continues to improve as Health and Natural Food Store consumers seek a broader selection of products, not offered in other channels, to help maintain their healthy lifestyle. Traditionally our second quarter is usually our best overall financial quarter of the fiscal year and this was no exception. Net sales of domestic and international branded products grew during the quarter primarily as a result of integrating our most recent acquisitions. Our quarterly increase in net income and Adjusted EBITDA was primarily generated by leveraging our selling, general and administrative expenses.

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