Texas
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000-24657
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75-2508900
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(State or other Jurisdiction of Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Exhibit
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99.1*
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Press release, dated August 8, 2012, entitled “Mannatech Reports Second Quarter 2012 Financial Results.”
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MANNATECH, INCORPORATED
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|||
Dated: August 8, 2012
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By:
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/s/ S. Mark Nicholls
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|
S. Mark Nicholls
Chief Financial Officer
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Exhibit Number
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Exhibit
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99.1*
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Press release, dated August 8, 2012, entitled “Mannatech Reports Second Quarter 2012 Financial Results.”
|
June 30,
2012
|
December 31,
2011
|
|||||||
ASSETS
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(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
12,103
|
$
|
18,057
|
||||
Restricted cash
|
1,512
|
1,263
|
||||||
Accounts receivable, net of allowance of $23 and $22 in 2012 and 2011, respectively
|
187
|
304
|
||||||
Income tax receivable
|
892
|
888
|
||||||
Inventories, net
|
18,185
|
17,786
|
||||||
Prepaid expenses and other current assets
|
2,179
|
2,497
|
||||||
Deferred tax assets
|
978
|
936
|
||||||
Total current assets
|
36,036
|
41,731
|
||||||
Property and equipment, net
|
6,374
|
9,566
|
||||||
Construction in progress
|
3
|
—
|
||||||
Long-term restricted cash
|
3,459
|
3,386
|
||||||
Other assets
|
3,124
|
2,815
|
||||||
Long-term deferred tax assets
|
846
|
772
|
||||||
Total assets
|
$
|
49,842
|
$
|
58,270
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current portion of capital leases
|
$
|
714
|
$
|
852
|
||||
Accounts payable
|
6,733
|
4,825
|
||||||
Accrued expenses
|
6,861
|
10,514
|
||||||
Commissions and incentives payable
|
5,813
|
8,567
|
||||||
Taxes payable
|
3,261
|
3,364
|
||||||
Current deferred tax liability
|
209
|
185
|
||||||
Deferred revenue
|
1,813
|
1,569
|
||||||
Total current liabilities
|
25,404
|
29,876
|
||||||
Capital leases, excluding current portion
|
1,112
|
1,358
|
||||||
Long-term deferred tax liabilities
|
1
|
1
|
||||||
Other long-term liabilities
|
5,767
|
5,382
|
||||||
Total liabilities
|
32,284
|
36,617
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding
|
—
|
—
|
||||||
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,768,972 shares issued and 2,647,735 shares outstanding as of June 30, 2012 and 2,769,756 shares issued and 2,648,518 shares outstanding as of December 31, 2011
|
—
|
—
|
||||||
Additional paid-in capital
|
42,529
|
42,408
|
||||||
Accumulated deficit
|
(9,387
|
)
|
(5,532
|
)
|
||||
Accumulated other comprehensive loss
|
(788
|
)
|
(427
|
)
|
||||
Less treasury stock, at cost, 121,237 shares in 2012 and 2011
|
(14,796
|
)
|
(14,796
|
)
|
||||
Total shareholders’ equity
|
17,558
|
21,653
|
||||||
Total liabilities and shareholders’ equity
|
$
|
49,842
|
$
|
58,270
|
Three months ended
June 30,
|
Six months ended
June 30,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
Net sales
|
$
|
43,611
|
$
|
51,362
|
$
|
88,113
|
$
|
102,262
|
|||||
Cost of sales
|
6,888
|
7,543
|
13,283
|
14,757
|
|||||||||
Commissions and incentives
|
18,637
|
22,896
|
37,622
|
44,603
|
|||||||||
25,525
|
30,439
|
50,905
|
59,360
|
||||||||||
Gross profit
|
18,086
|
20,923
|
37,208
|
42,902
|
|||||||||
Operating expenses:
|
|||||||||||||
Selling and administrative
|
11,793
|
14,811
|
23,277
|
30,829
|
|||||||||
Depreciation and amortization
|
921
|
2,687
|
3,379
|
5,488
|
|||||||||
Other operating costs
|
6,778
|
7,746
|
14,014
|
15,812
|
|||||||||
Total operating expenses
|
19,492
|
25,244
|
40,670
|
52,129
|
|||||||||
Loss from operations
|
(1,406
|
)
|
(4,321
|
)
|
(3,462
|
)
|
(9,227
|
)
|
|||||
Interest income (expense)
|
21
|
21
|
(32
|
)
|
1
|
||||||||
Other income (expense), net
|
(805
|
)
|
196
|
87
|
463
|
||||||||
Loss before income taxes
|
(2,190
|
)
|
(4,104
|
)
|
(3,407
|
)
|
(8,763
|
)
|
|||||
Provision for income taxes
|
(265
|
)
|
(1,146
|
)
|
(448
|
)
|
(1,265
|
)
|
|||||
Net loss
|
$
|
(2,455
|
)
|
$
|
(5,250
|
)
|
$
|
(3,855
|
)
|
$
|
(10,028
|
)
|
|
Net loss per share:
|
|||||||||||||
Basic
|
$
|
(0.93
|
)
|
$
|
(1.98
|
)
|
$
|
(1.46
|
)
|
$
|
(3.79
|
)
|
|
Diluted
|
$
|
(0.93
|
)
|
$
|
(1.98
|
)
|
$
|
(1.46
|
)
|
$
|
(3.79
|
)
|
|
Weighted-average common shares outstanding:
|
|||||||||||||
Basic
|
2,648
|
2,649
|
2,648
|
2,649
|
|||||||||
Diluted
|
2,648
|
2,649
|
2,648
|
2,649
|
2012
|
2011
|
||||||||
New
|
87,000
|
23.1
|
%
|
84,000
|
21.9
|
%
|
|||
Continuing
|
291,000
|
76.9
|
%
|
301,000
|
78.1
|
%
|
|||
Total
|
378,000
|
100.0
|
%
|
385,000
|
100
|
%
|