COPPELL, Texas--(BUSINESS WIRE)--Mar. 28, 2018--
Mannatech,
Incorporated(NASDAQ: MTEX),
a global health and wellness company committed to transforming lives to
make a better world, today announced financial results for its fourth
quarter of 2017.
Quarter End Results
Fourth quarter net sales for 2017 were $46.4 million, an increase of
$3.8 million, or 8.9%, as compared to $42.6 million in the fourth
quarter of 2016. Income (loss) from operations increased to $1.1 million
for the fourth quarter 2017, from ($0.2) million in the same period in
2016. Net (loss) was ($3.7) million, or ($1.37) per diluted share, for
the fourth quarter 2017, as compared to ($1.1) million, or ($0.42) per
diluted share, for the fourth quarter 2016.
On July 1, 2017, we revised our 2017 Associate Compensation Plan, which
was designed to stimulate business growth and development for our active
business building associates and to maximize the buying experience for
our preferred customers. In doing so, the Company hopes to better
utilize commission dollars to stimulate Company growth. The 2017
Associate Compensation Plan provides revised income streams, new
leadership levels and titles, and modified various volume requirements
for our associates. In addition, the 2017 Associate Compensation Plan
re-designated members as preferred customers and modified their pricing
structure.
For the three months ended December 31, 2017, Mannatech’s operations
outside of Americas accounted for approximately 67.5% of Mannatech’s
consolidated net sales.
For the three months ended December 31, 2017 and 2016, net sales for
North America and South America ("the Americas") decreased by $1.1
million, or 6.8%, to $15.1 million, as compared to $16.2 million for the
same period in 2016. In constant dollars (a non-GAAP financial measure),
fourth quarter 2017 net sales would have remained the same at $15.1
million.
For the three months ended December 31, 2017, Asia/Pacific net sales
increased by $4.8 million, or 20.9%, to $27.8 million, as compared to
$23.0 million for the same period in 2016. Net sales comparisons for the
fourth quarter were affected by the impact of fluctuations in foreign
currency exchange rates. In constant dollars (a non-GAAP financial
measure), fourth quarter 2017 net sales would have been $0.8 million
lower, or $27.0 million. The currency impact was primarily due to the
appreciation of the Korean Won and Australian Dollar, partially offset
by the depreciation of the Japanese Yen.
For the three months ended December 31, 2017, net sales for Europe, the
Middle East and Africa (“EMEA”) increased by $0.1 million, or 2.9%, to
$3.5 million, as compared to $3.4 million for the same period in 2016.
In constant dollars (a non-GAAP financial measure), net sales for the
fourth quarter 2017 would have been $0.2 million lower, or $3.3 million.
The currency impact was primarily due to the appreciation of the Euro
and South African Rand.
As a result of higher sales, product mix and favorable exchange rates,
gross profit increased by $2.2 million to $36.5 million for the three
months ended December 31, 2017, as compared to $34.3 million for the
same period in 2016.
Due to transition costs associated with implementing the 2017 Associate
Compensation Plan, commissions as a percentage of net sales were 40.6%
for the three months ended December 31, 2017, as compared to 39.3% for
the same period in the prior year. Incentive costs as a percentage of
net sales were 2.8% for the three months ended December 31, 2017, as
compared to 3.4% for the same period in 2016.
For the three months ended December 31, 2017, overall selling and
administrative expenses decreased by $0.3 million to $8.7 million, as
compared to $9.0 million for the same period in 2016. The decrease in
selling and administrative expenses consisted primarily of a $0.8
million decrease in payroll related costs and a $0.2 million decrease in
stock based compensation expense, partially offset by a $0.5 million
increase in marketing costs and $0.2 million increase in warehouse costs
as we expand our non-direct selling business in China.
For the three months ended December 31, 2017, other operating costs
decreased by $0.7 million to $6.2 million, as compared to $6.9 million
for the same period in 2016. The decrease in other operating costs was
primarily due to a decrease in legal and consulting fees as well as
office expenses.
On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act
("Act"). Among other things, the Act changed the U.S. statutory rate to
21% effective January 1, 2018. The income tax provision for the three
months ended December 31, 2017 was $4.4 million. We remeasured certain
deferred tax assets and liabilities based on the rates at which they are
expected to reverse in the future, which is generally 21%. In addition,
the one-time transition tax is based on our total unrepatriated earnings
and profits not previously subject to U.S. income tax.
The approximate number of new and continuing independent associate and
member positions held by individuals in Mannatech’s network and
associated with purchases of our packs or products as of December 31,
2017 and 2016 were approximately 215,000 and 222,000, respectively.
Recruiting decreased 18.9% in the fourth quarter of 2017 as compared to
the fourth quarter of 2016. The number of new independent associate and
member positions in the company’s network for the fourth quarter of 2017
was approximately 21,000 as compared to 25,900 in 2016.
Year End Results
Overall net sales decreased $3.6 million, or 2.0%, for 2017, as compared
to 2016. During 2017, fluctuations in foreign currency exchange rates
had an overall favorable impact on our net sales. During 2017, our net
sales declined 3.3% on a Constant dollar basis (a Non-GAAP financial
measure); favorable foreign exchange during 2017 caused an increase of
$2.3 million. Net loss for 2017 was ($1.8) million, or ($0.66) per
diluted share, as compared to ($0.6) million, or ($0.22) per diluted
share, for 2016.
For the year ended December 31, 2017, our operations outside of the
Americas accounted for approximately 63.7% of our consolidated net
sales, whereas in the same period in 2016, our operations outside of the
Americas accounted for approximately 61.1% of our consolidated net sales.
Sales for the Americas decreased by $6.0 million, or 8.5%, to $64.2
million for 2017 as compared to $70.2 million for the same period in
2016. During 2017, Asia/Pacific sales increased by $2.6 million, or
2.7%, to $98.8 million, as compared to $96.2 million for 2016. During
2017, EMEA sales decreased by $0.2 million, or 1.4%, to $13.7 million,
as compared to $13.9 million for 2016.
Gross profit as a percentage of net sales increased to 79.8% for 2017,
as compared to 79.7% for 2016.
Commission expenses increased for the year ended December 31, 2017, by
1.1%, or $0.8 million, to $71.3 million, as compared to $70.5 million
for the same period in 2016. Commissions as a percentage of net sales
were 40.4% for the year ending December 31, 2017 and 39.1% for the same
period in the prior year due to transition costs as we transitioned from
our legacy Associate Compensation Plan to the launch of our new
Associate Compensation Plan on July 1, 2017.
Incentive costs decreased for the year ended December 31, 2017 by 13.5%,
or $0.5 million, to $3.2 million, as compared to $3.7 million, for the
same period in 2016. The costs of incentives, as a percentage of net
sales increased to 1.8% for the year ended December 31, 2017, as
compared to 2.1% for the same period in 2016.
For the year ended December 31, 2017, overall selling and administrative
expenses decreased by $1.7 million, or 4.7%, to $35.5 million, as
compared to $37.2 million for the same period in 2016. The decrease in
selling and administrative expenses consisted of a $1.5 million decrease
in payroll related costs as we had a greater number of employees in the
prior comparative period, a $0.2 million decrease in marketing costs,
and a $0.4 million decrease in stock based compensation expense. These
decreases were partially offset by a $0.4 million increase in warehouse
costs as we expand our non-direct selling business in China.
For the year ended December 31, 2017, other operating costs decreased by
$3.1 million, or 10.5%, to $26.6 million, as compared to $29.7 million
for the same period in 2016. For the year ended December 31, 2017, other
operating costs, as a percentage of net sales, were 15.1%, as compared
to 16.5% for the same period in 2016. The decrease was due to a $1.2
million decrease in travel and entertainment costs, a $0.5 million
decrease in legal and consulting fees, a $0.3 million decrease in office
expenses, and a $0.2 million decrease in each of the following expense
categories: bad debt expense, accounting and auditing fees, and research
and development. In addition, the decrease was further caused by a $0.4
million impairment of internally developed software during the third
quarter of 2016.
As of December 31, 2017, our cash and cash equivalents increased by
31.4%, or $9.0 million, to $37.7 million from $28.7 million as of
December 31, 2016. Cash provided by operating activities increased by
$10.0 million for the year ended December 31, 2017 compared to the same
period in 2016. During the year ended December 31, 2017, we invested
$1.1 million in computer hardware and software, $0.1 million for
leasehold improvements and $0.1 million in office furniture and
equipment. During this period, our financing activities included
repayments of $1.6 million for capital lease obligations, payments of
$1.4 million for dividends to shareholders, and repurchases of $0.2
million in common stock.
Our accounts payable balance at December 31, 2017 increased to $6.0
million, compared to $5.2 million at December 31, 2016, primarily due to
event costs. At December 31, 2017, our commissions and incentives
payable increased to $9.7 million from $8.8 million at December 31,
2016, due to a new schedule of commission payments that was implemented
with the rollout of the 2017 Compensation Plan.
Non-GAAP Measures
In addition to results presented in accordance with GAAP, this press
release and related tables include certain non-GAAP financial measures,
including a presentation of constant dollar measures. We disclose
operating results that have been adjusted to exclude the impact of
changes due to the translation of foreign currencies into U.S. dollars,
including changes in: Net Sales, Gross Profit, and Income from
Operations.
We believe that these non-GAAP financial measures provide useful
information to investors because they are an indicator of the strength
and performance of ongoing business operations. The constant currency
figures are financial measures used by management to provide investors
an additional perspective on trends. Although we believe the non-GAAP
financial measures enhance investors’ understanding of our business and
performance, these non-GAAP financial measures should not be considered
an exclusive alternative to accompanying GAAP financial measures. Please
see the accompanying table entitled "Non-GAAP Financial Measures" for a
reconciliation of these non-GAAP financial measures.
We have included a second non-GAAP measure, which reconciles net loss,
as reported to net earnings, as adjusted. This presentation isolates the
effects of some items that vary from period to period without any
correlation to core operating performance and eliminates certain items
that management believes do not reflect the Company’s operations and
underlying operational performance. Please see Schedule A:
Reconciliation of Non-GAAP Financial Measures (Net Earnings, as
Adjusted).
Conference Call
The live call was webcast and can be accessed on Mannatech’s website at http://ir.mannatech.com.
For those unable to listen to the live broadcast, a replay is available.
The toll-free replay number is (855) 859-2056 (International (404)
537-3406); the Conference ID to access the call is 2992948.
Individuals interested in Mannatech’s products or in exploring its
business opportunity can learn more at Mannatech.com.
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| MANNATECH, INCORPORATED AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
|
(in thousands, except share information)
|
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|
December 31, 2017 |
|
|
December 31, 2016 |
| ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
37,682
|
|
|
|
$
|
28,687
|
|
|
Restricted cash
|
|
|
|
|
1,514
|
|
|
|
|
1,510
|
|
|
Accounts receivable, net of allowance of $582 and $463 in 2017 and
2016, respectively
|
|
|
|
|
273
|
|
|
|
|
298
|
|
|
Income tax receivable
|
|
|
|
|
907
|
|
|
|
|
1,587
|
|
|
Inventories, net
|
|
|
|
|
9,385
|
|
|
|
|
11,961
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
2,607
|
|
|
|
|
3,483
|
|
|
Deferred commissions
|
|
|
|
|
3,880
|
|
|
|
|
3,229
|
|
| Total current assets |
|
|
|
|
56,248 |
|
|
|
|
50,755 |
|
|
Property and equipment, net
|
|
|
|
|
3,537
|
|
|
|
|
3,611
|
|
|
Construction in progress
|
|
|
|
|
777
|
|
|
|
|
1,012
|
|
|
Long-term restricted cash
|
|
|
|
|
7,565
|
|
|
|
|
6,429
|
|
|
Other assets
|
|
|
|
|
3,876
|
|
|
|
|
4,013
|
|
|
Long-term deferred tax assets, net
|
|
|
|
|
4,239
|
|
|
|
|
5,368
|
|
| Total assets |
|
|
|
$ |
76,242 |
|
|
|
$ |
71,188 |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current portion of capital leases
|
|
|
|
$
|
228
|
|
|
|
$
|
357
|
|
|
Accounts payable
|
|
|
|
|
6,008
|
|
|
|
|
5,223
|
|
|
Accrued expenses
|
|
|
|
|
5,771
|
|
|
|
|
5,605
|
|
|
Commissions and incentives payable
|
|
|
|
|
9,658
|
|
|
|
|
8,799
|
|
|
Taxes payable
|
|
|
|
|
2,404
|
|
|
|
|
1,040
|
|
|
Current notes payable
|
|
|
|
|
815
|
|
|
|
|
801
|
|
|
Deferred revenue
|
|
|
|
|
8,561
|
|
|
|
|
8,156
|
|
| Total current liabilities |
|
|
|
|
33,445 |
|
|
|
|
29,981 |
|
|
Capital leases, excluding current portion
|
|
|
|
|
144
|
|
|
|
|
261
|
|
|
Long-term deferred tax liabilities
|
|
|
|
|
1,147
|
|
|
|
|
29
|
|
|
Long-term notes payable
|
|
|
|
|
—
|
|
|
|
|
567
|
|
|
Other long-term liabilities
|
|
|
|
|
1,265
|
|
|
|
|
1,465
|
|
| Total liabilities |
|
|
|
|
36,001 |
|
|
|
|
32,303 |
|
|
Commitments and contingencies (Note 11 and Note 12)
|
|
|
|
|
|
|
|
| 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,
2,742,857 shares issued and 2,702,940 shares outstanding as of
December 31, 2017 and 2,758,275 shares issued and 2,688,790 shares
outstanding as of December 31, 2016
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
|
|
34,928
|
|
|
|
|
38,190
|
|
|
Retained earnings
|
|
|
|
|
4,190
|
|
|
|
|
7,331
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
5,984
|
|
|
|
|
1,834
|
|
|
Treasury stock, at average cost, 39,917 shares as of December 31,
2017 and 69,485 shares as of December 31, 2016, respectively
|
|
|
|
|
(4,861
|
)
|
|
|
|
(8,470
|
)
|
| Total shareholders’ equity |
|
|
|
|
40,241 |
|
|
|
|
38,885 |
|
| Total liabilities and shareholders’ equity |
|
|
|
$ |
76,242 |
|
|
|
$ |
71,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MANNATECH, INCORPORATED AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(in thousands, except per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended December 31,
|
|
|
For the years ended
December 31,
|
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Net sales |
|
|
|
$ |
46,372 |
|
|
|
$ |
42,640 |
|
|
|
$ |
176,696 |
|
|
|
$ |
180,304 |
|
|
Cost of sales
|
|
|
|
|
9,886
|
|
|
|
|
8,339
|
|
|
|
|
35,667
|
|
|
|
|
36,564
|
|
| Gross profit |
|
|
|
|
36,486 |
|
|
|
|
34,301 |
|
|
|
|
141,029 |
|
|
|
|
143,740 |
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions and incentives
|
|
|
|
|
20,105
|
|
|
|
|
18,195
|
|
|
|
|
74,550
|
|
|
|
|
74,215
|
|
|
Selling and administrative expenses
|
|
|
|
|
8,667
|
|
|
|
|
9,018
|
|
|
|
|
35,470
|
|
|
|
|
37,217
|
|
|
Depreciation and amortization
|
|
|
|
|
485
|
|
|
|
|
471
|
|
|
|
|
1,864
|
|
|
|
|
1,898
|
|
|
Other operating costs
|
|
|
|
|
6,179
|
|
|
|
|
6,887
|
|
|
|
|
26,626
|
|
|
|
|
29,749
|
|
|
Total operating expenses
|
|
|
|
|
35,436
|
|
|
|
|
34,571
|
|
|
|
|
138,510
|
|
|
|
|
143,079
|
|
| Income (loss) from operations |
|
|
|
|
1,050 |
|
|
|
|
(270 |
) |
|
|
|
2,519 |
|
|
|
|
661 |
|
|
Interest income
|
|
|
|
|
216
|
|
|
|
|
180
|
|
|
|
|
274
|
|
|
|
|
174
|
|
|
Other expense, net
|
|
|
|
|
(542
|
)
|
|
|
|
(1,319
|
)
|
|
|
|
(333
|
)
|
|
|
|
(1,790
|
)
|
| Income (loss) before income taxes |
|
|
|
|
724 |
|
|
|
|
(1,409 |
) |
|
|
|
2,460 |
|
|
|
|
(955 |
) |
|
Income tax benefit (provision)
|
|
|
|
|
(4,440
|
)
|
|
|
|
279
|
|
|
|
|
(4,247
|
)
|
|
|
|
369
|
|
| Net loss |
|
|
|
$ |
(3,716 |
) |
|
|
$ |
(1,130 |
) |
|
|
$ |
(1,787 |
) |
|
|
$ |
(586 |
) |
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
(1.37
|
)
|
|
|
$
|
(0.42
|
)
|
|
|
$
|
(0.66
|
)
|
|
|
$
|
(0.22
|
)
|
|
Diluted
|
|
|
|
$
|
(1.37
|
)
|
|
|
$
|
(0.42
|
)
|
|
|
$
|
(0.66
|
)
|
|
|
$
|
(0.22
|
)
|
|
Weighted-average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
2,707
|
|
|
|
|
2,687
|
|
|
|
|
2,708
|
|
|
|
|
2,688
|
|
|
Diluted
|
|
|
|
|
2,707
|
|
|
|
|
2,687
|
|
|
|
|
2,708
|
|
|
|
|
2,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures (Sales, Gross Profit and Income From
Operations in Constant Dollars)
To supplement our financial results presented in accordance with
generally accepted accounting principles in the United States (“GAAP”),
we disclose operating results that have been adjusted to exclude the
impact of changes due to the translation of foreign currencies into U.S.
dollars, including changes in: Net Sales, Gross Profit, and Income from
Operations. We refer to these adjusted financial measures as constant
dollar items, which are non-GAAP financial measures. We believe these
measures provide investors an additional perspective on trends. To
exclude the impact of changes due to the translation of foreign
currencies into U.S. dollars, we calculate current year results and
prior year results at a constant exchange rate, which is the prior
year’s rate. Currency impact is determined as the difference between
actual growth rates and constant currency growth rates.
The table below reconciles fourth quarter 2017 constant dollar sales to
GAAP sales.
|
|
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|
Sales - Q4 2017 |
|
|
|
|
|
|
GAAP
Measure:
Total $ |
|
|
Non-GAAP
Measure:
Constant $
|
|
|
Constant $
Change
|
|
Americas
|
|
|
|
|
|
$
|
15.1
|
|
|
$
|
15.1
|
|
|
$
|
—
|
|
|
Asia Pacific
|
|
|
|
|
|
|
27.8
|
|
|
|
27.0
|
|
|
|
(0.8
|
)
|
|
EMEA
|
|
|
|
|
|
|
3.5
|
|
|
|
3.3
|
|
|
|
(0.2
|
)
|
|
Total
|
|
|
|
|
|
$ |
46.4 |
|
|
$ |
45.4 |
|
|
$ |
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below reconciles fiscal year 2016 and 2017 constant dollar net
sales, gross profit and income from operations to GAAP net sales, gross
profit and income from operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
Constant $ Change |
|
|
|
|
|
|
GAAP
Measure:
Total $ |
|
|
Non-GAAP
Measure:
Constant $
|
|
|
GAAP
Measure:
Total $
|
|
|
Dollar |
|
|
Percent |
|
Net sales
|
|
|
|
|
|
176.7
|
|
|
174.4
|
|
|
$
|
180.3
|
|
|
(5.9
|
)
|
|
|
(3.3
|
)%
|
|
Product
|
|
|
|
|
|
157.9
|
|
|
155.8
|
|
|
|
148.6
|
|
|
7.2
|
|
|
|
4.8
|
%
|
|
Pack and associate fees(a) |
|
|
|
|
|
14.2
|
|
|
14.0
|
|
|
|
26.7
|
|
|
(12.7
|
)
|
|
|
(47.6
|
)%
|
|
Other
|
|
|
|
|
|
4.6
|
|
|
4.6
|
|
|
|
5.0
|
|
|
(0.4
|
)
|
|
|
(8.0
|
)%
|
|
Gross profit
|
|
|
|
|
|
141.0
|
|
|
139.2
|
|
|
|
143.7
|
|
|
(4.5
|
)
|
|
|
(3.1
|
)%
|
|
Income from operations
|
|
|
|
|
|
2.5
|
|
|
1.9
|
|
|
|
0.7
|
|
|
1.2
|
|
|
|
171.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a)Coincident with the introduction of the 2017 Associate
Compensation Plan, which was implemented on July 1, 2017, the Company
collects associate fees, which each associate pays to the Company
annually in order to be entitled to earn commissions, benefits and
incentives for that year. The Company collected associate fees within
the United States, Canada, South Africa, Japan, Australia, New Zealand,
Singapore, Hong Kong, and Taiwan during the year ended December 31,
2017. Prior to the change, associates purchased packs that were bundles
of products within these respective geographic markets. Since
implementing the 2017 Associate Compensation Plan, total associate fees
represented an immaterial amount of total sales.
Schedule A: Reconciliation of Non-GAAP Financial Measures (Net
Earnings, as Adjusted)
(Unaudited and unreviewed), (Table provides Dollars in thousands)
In addition to its reported results and guidance calculated in
accordance with GAAP, the Company has included in this release adjusted
net earnings, a performance measure that the Securities and Exchange
Commission defines as a “non-GAAP financial measure.” Management
believes that such non-GAAP financial measures, when read in conjunction
with the Company’s reported results, in each case calculated in
accordance with GAAP, can provide useful supplemental information for
investors because they facilitate a period to period comparative
assessment of the Company’s operating performance relative to its
performance based on reported results under GAAP, while isolating the
effects of some items that vary from period to period without any
correlation to core operating performance and eliminate certain items
that management believes do not reflect the Company’s operations and
underlying operational performance.
The following is a reconciliation of net loss, presented and reported in
accordance with U.S. generally accepted accounting principles, to net
earnings, as adjusted for certain items:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Net loss, as reported
|
|
|
|
$
|
(3,716
|
)
|
|
|
$
|
(1,130
|
)
|
|
|
$
|
(1,787
|
)
|
|
|
$
|
(586
|
)
|
|
Expenses related to moving the corporate headquarters
|
|
|
|
|
266
|
|
|
|
|
—
|
|
|
|
|
266
|
|
|
|
|
—
|
|
|
Legal settlements
|
|
|
|
|
200
|
|
|
|
|
—
|
|
|
|
|
700
|
|
|
|
|
—
|
|
|
Provisional tax impact(a) |
|
|
|
|
3,381
|
|
|
|
|
—
|
|
|
|
|
3,381
|
|
|
|
|
—
|
|
| Net earnings, as adjusted |
|
|
|
$ |
131 |
|
|
|
$ |
(1,130 |
) |
|
|
$ |
2,560 |
|
|
|
$ |
(586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Relates to the estimated income tax effect of the Tax Cuts
and Jobs Act on the Company’s Consolidated Financial Statements as of
December 31, 2017 as discussed in Note 7, Income Taxes, to the
Consolidated Financial Statements included in the annual report on form
10-K for the year ended December 31, 2017.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180328006162/en/
Source: Mannatech, Incorporated
Mannatech, Incorporated
Donna Giordano, 972-471-6512
Manager,
Executive Office Administration
ir@mannatech.com
www.mannatech.com