Mannatech Reports First Quarter 2013 Financial Results
Net sales for
Net sales for
Net sales for
Recruiting increased 16.6% in the first quarter 2013 as compared to the
first quarter of 2012. The number of new independent associates and
members for the first quarter of 2013 was approximately 23,900, as
compared to 20,500 in 2012. The total number of independent associates
and members based on a 12-month trailing period was approximately
231,000 as of
Dr.
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CONSOLIDATED BALANCE SHEETS – (UNAUDITED) (in thousands, except share and per share amounts) |
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| ASSETS |
March 31, |
December 31, |
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| Cash and cash equivalents | $ | 15,087 | $ | 14,377 | ||||
| Restricted cash | 1,513 | 1,515 | ||||||
| Accounts receivable, net of allowance of $31 and $20 in 2013 and 2012, respectively | 173 | 324 | ||||||
| Income tax receivable | 893 | 884 | ||||||
| Inventories, net | 13,651 | 15,154 | ||||||
| Prepaid expenses and other current assets | 2,797 | 2,487 | ||||||
| Deferred tax assets | 533 | 561 | ||||||
| Total current assets | 34,647 | 35,302 | ||||||
| Property and equipment, net | 4,270 | 4,825 | ||||||
| Construction in progress | 9 | 8 | ||||||
| Long-term restricted cash | 3,624 | 3,736 | ||||||
| Other assets | 3,093 | 3,187 | ||||||
| Long-term deferred tax assets | 444 | 502 | ||||||
| Total assets | $ | 46,087 | $ | 47,560 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current portion of capital leases and other financing arrangements | $ | 1,118 | $ | 780 | ||||
| Accounts payable | 4,101 | 4,154 | ||||||
| Accrued expenses | 7,101 | 6,348 | ||||||
| Commissions and incentives payable | 5,203 | 7,373 | ||||||
| Taxes payable | 4,715 | 3,901 | ||||||
| Current deferred tax liability | 177 | 179 | ||||||
| Deferred revenue | 1,253 | 1,486 | ||||||
| Total current liabilities | 23,668 | 24,221 | ||||||
| Capital leases, excluding current portion | 819 | 938 | ||||||
| Long-term deferred tax liabilities | 3 | 2 | ||||||
| Other long-term liabilities | 1,723 | 2,178 | ||||||
| Total liabilities | 26,213 | 27,339 | ||||||
| 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 March 31, 2013 and December 31, 2012, respectively | — | — | ||||||
| Additional paid-in capital | 42,567 | 42,614 | ||||||
| Accumulated deficit | (6,276 | ) | (6,920 | ) | ||||
| Accumulated other comprehensive loss | (1,621 | ) | (677 | ) | ||||
| Less treasury stock, at cost, 121,237 shares in 2013 and 2012 | (14,796 | ) | (14,796 | ) | ||||
| Total shareholders’ equity | 19,874 | 20,221 | ||||||
| Total liabilities and shareholders’ equity | $ | 46,087 | $ | 47,560 | ||||
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CONSOLIDATED STATEMENTS OF OPERATIONS – (UNAUDITED) (in thousands, except per share information) |
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Three months ended March 31, |
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| 2013 | 2012 | |||||||
| Net sales | $ | 41,666 | $ | 44,502 | ||||
| Cost of sales | 7,697 | 8,275 | ||||||
| Gross profit | 33,969 | 36,227 | ||||||
| Operating expenses: | ||||||||
| Commissions and incentives | 17,541 | 18,985 | ||||||
| Selling and administrative expenses | 8,631 | 9,655 | ||||||
| Depreciation and amortization | 637 | 2,458 | ||||||
| Other operating costs | 6,505 | 7,185 | ||||||
| Total operating expenses | 33,314 | 38,283 | ||||||
| Income (loss) from operations | 655 | (2,056 | ) | |||||
| Interest income (expense) | (13 | ) | (53 | ) | ||||
| Other income, net | 417 | 892 | ||||||
| Income (loss) before income taxes | 1,059 | (1,217 | ) | |||||
| Provision for income taxes | (415 | ) | (183 | ) | ||||
| Net income (loss) | $ | 644 | $ | (1,400 | ) | |||
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Income (loss) per common share: |
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| Basic | $ | 0.24 | $ | (0.53 | ) | |||
| Diluted | $ | 0.24 | $ | (0.53 | ) | |||
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Weighted-average common shares outstanding: |
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| Basic | 2,648 | 2,648 | ||||||
| Diluted | 2,650 | 2,648 | ||||||
The approximate number of new and continuing independent associates and
members who purchased our packs or products during the twelve months
ended
| 2013 | 2012 | |||||||||
| New | 99,000 | 42.9 | % | 80,000 | 35.2 | % | ||||
| Continuing | 132,000 | 57.1 | % | 147,000 | 64.8 | % | ||||
| Total | 231,000 | 100.0 | % | 227,000 | 100.0 | % | ||||
About
Please Note: This release contains “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by use of phrases
or terminology such as “anticipate,” “believe,” “will,” “intend” or
other similar words or the negative of such terminology. Similarly,
descriptions of Mannatech’s objectives, strategies, plans, goals or
targets contained herein are also considered forward-looking statements.
Source:
Mannatech, Incorporated
Donna Giordano, 972-471-6512
Manager,
Executive Office Administration
ir@mannatech.com
www.mannatech.com