Nutraceutical International Q1 Showed Increased Net SalesNutraceutical International Q1 Showed Increased Net Sales
January 27, 2011
PARK CITY, UtahNutraceutical International Corporations (Nasdaq: NUTR) net sales for the fiscal 2011 first quarter were $45.2 million compared to $44.8 million for the same quarter of fiscal 2010, according to results for the fiscal 2011 first quarter ended Dec. 31, 2010. For the first quarter of fiscal 2011, net income was $3.9 million, or $0.38 diluted earnings per share, compared to net income of $3.9 million, or $0.37 diluted earnings per share, for the same quarter of fiscal 2010.
Operating cash flow for the fiscal 2011 first quarter ended Dec. 31, 2010 was $6.3 million compared to $6.0 million for the same period of fiscal 2010. This operating cash flow, combined with net borrowings of $2.0 million, was primarily used to invest $7.1 million in acquisitions of branded natural product businesses and $1.5 million in purchases of property and equipment.
Bill Gay, chairman and chief executive officer, commented, "Our fiscal 2011 first quarter net sales, net income and EBITDA remained strong. At the same time, the health and natural foods retail market remains very competitive. It appears to us that during this quarter many retailersboth large and smallcontinued to struggle with mixed operating success as a result of the marginal economic environment."
Gay continued, "We completed two small acquisitions in the first quarter. One of the acquisitions, which was acquired through a bankruptcy sale, provided us with a facility and liquid manufacturing capabilities. This facility also provided a platform for us to begin consolidation of many of our existing liquid products as well as products acquired as part of the second acquisition. Our focus remains on identifying small- to medium-size companies that primarily provide new product offerings not currently found in our current product portfolio. In addition, we will continue to refine and improve our sales and marketing programs in an effort to further strengthen them. We look forward to another successful and solid financial year."
Nutraceutical International is an integrated manufacturer, marketer, distributor and retailer of branded nutritional supplements and other natural products sold primarily to and through domestic health and natural food stores. Internationally, it markets and distributes branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.
It manufactures and sells nutritional supplements and other natural products under numerous brands including Solaray®, KAL®, Nature's Life®, LifeTime®, Natural Balance®, bioAllers®, Herbs for Kids, NaturalCare®, Health from the Sun®, Life-flo®, Organix South®, Pioneer® and Monarch Nutraceuticals.
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