Schiff Nutrition second quarter net sales decreases to $52.6 million

NewsGuard 100/100 Score

Schiff Nutrition International, Inc., (NYSE: WNI), today announced results for the fiscal 2011 second quarter and six months ended November 30, 2010.

For the second quarter, Schiff Nutrition's net sales were $52.6 million, compared to $53.8 million for the same period in fiscal 2010. For its fiscal 2011 second quarter, Schiff Nutrition reported net income of $1.8 million, or $0.06 per diluted share. As reported in the company's October 15, 2010 press release, Schiff recognized $3.6 million in long term incentive plan expenses as a result of accelerated vesting of outstanding awards triggered by the Weider Health and Fitness - TPG Growth stock transaction. Fiscal 2010 second quarter net income of $5.9 million, or $0.20 per diluted share.

For the six months ended November 30, 2010, Schiff Nutrition's net sales were $104.0 million, compared to $102.3 million for the same period in fiscal 2010. For the first six months of fiscal 2011, Schiff Nutrition reported net income of $5.5 million, or $0.19 per diluted share. This compares to $10.3 million, or $0.36 per diluted share, for the same period a year ago.

Bruce Wood, President and Chief Executive Officer, stated, "The second quarter comparable sales results proved more challenging than our strong first quarter sales trend. As compared to our fiscal 2010 second quarter overall net sales decreased 2.1%, with a modest branded sales decline offsetting a modest increase in private label net sales. Our gross profit and operating margins were in line with our expectations, although tighter margins on private label business, ongoing promotion activity, and the incentive plan expense impacted our bottom line.

"In our second quarter, Schiff® MegaRed® Krill Oil continued to perform very well, and although our flagship Move Free® joint care brand registered a net sales decline, it outperformed virtually all other brands in the growth challenged joint care category as measured by IRI. At the same time, we were pleased with the consumer response to the second quarter marketing support behind our Schiff Mega-D3™ new product, which remained in limited retail distribution."

Wood concluded, "We remain optimistic about our future prospects, and are pleased to have distributed a $0.70 per share special dividend to our shareholders on October 26th. We are excited about the presence of our new significant shareholder TPG Growth, as a result of the transaction that closed on October 14th. We believe with TPG Growth now a part of the Schiff team, we will enhance our ability to execute organic growth initiatives, global sourcing programs, and in particular, acquisition opportunities."

Source:

Schiff Nutrition International, Inc.

Posted in:

Tags: ,

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
DFG's position paper on boosting food and nutrition research in Germany