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Natural Alternatives International, Inc. Announces Fiscal 2024 Q4 and YTD Results
来源: Nasdaq GlobeNewswire / 27 9月 2024 19:20:36 America/New_York
CARLSBAD, Calif., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Natural Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, today announced a net loss of $1.9 million, or ($0.32) per diluted share, on net sales of $29.5 million for the fourth quarter of fiscal year 2024 compared to a net income of $2.0 million, or $0.35 per diluted share, in the fourth quarter of the prior fiscal year.
Net sales during the three months ended June 30, 2024, decreased $6.4 million, or 18%, to $29.5 million as compared to $35.9 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased 14% to $27.6 million. Private-label contract manufacturing sales decreased primarily due to reduced orders from one of our larger customers associated with their efforts to reduce excess on-hand inventories, partially offset by increased shipments from other existing customers and shipments to new customers.
CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 48% to $1.85 million during the fourth quarter of fiscal year 2024, as compared to $3.57 million for the fourth quarter of fiscal year 2023. The decrease in CarnoSyn® beta-alanine royalty, licensing, and raw material sales revenue during the fourth quarter of fiscal 2024 was primarily due to decreased raw material sales and unfavorable changes in estimates for volume rebates.
Our net loss for fiscal year 2024 was $7.2 million, or ($1.23) per diluted share, compared to net income of $2.5 million, or $0.43 per diluted share, for fiscal year 2023.
Net sales during the year ended June 30, 2024, decreased $40.2 million, or 26%, to $113.8 million as compared to $154.0 million recorded in the comparable prior year period. During the year ended June 30, 2024, private-label contract manufacturing sales decreased 27% to $105.4 million, as compared to $145.3 million in the comparable prior period. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 3% to $8.4 million during the fiscal 2024, as compared to $8.7 million for fiscal 2023.
We experienced a loss from operations during the three and twelve months ended June 30, 2024. This was primarily due to a slowdown in sales across our private-label contract manufacturing segment. Although our overall sales forecast for fiscal 2025 includes a significant increase in sales as compared to fiscal 2024, we currently anticipate we will experience a net loss in the first half of fiscal 2025, net income in the second half of fiscal 2025, and we will break-even or have a slight profit for the full fiscal 2025 year.
As of June 30, 2024, we had cash of $12.0 million and working capital of $38.1 million, compared to $13.6 million and $41.1 million respectively, as of June 30, 2023. As of June 30, 2024, we had $12.0 million of borrowing capacity on our credit facility of which we had outstanding borrowings of $3.4 million.
Mark A. Le Doux, Chairman and Chief Executive Officer of NAI stated, “As planned, our Carlsbad powder facility re-opened in the fourth quarter with on-going production to meet our customer requirements. We continue to gain traction with new business opportunities and expect these efforts to bear fruit in the coming months. Our new business opportunity pipeline remains healthy, and we are optimistic these opportunities will generate positive sales growth and pave our pathway back to profitability.”
“We recently attended the ESPEN conference in Milan, Italy where we debuted our groundbreaking new patent pending carnosine boosting ingredient called TriBsynTM to researchers, healthcare professionals, and brands within the medical foods industry. This was an exciting event for us to introduce TriBsynTM which is the world’s first paresthesia free beta-alanine to the industry, and we are encouraged by the reception it received.”
An updated investor presentation will be posted to the investor relations page on our website later today (https://www.nai-online.com/our-company/investors/).
NAI, headquartered in Carlsbad, California, is a leading formulator, manufacturer and marketer of nutritional supplements and provides strategic partnering services to its customers. Our comprehensive partnership approach offers a wide range of innovative nutritional products and services to our clients including scientific research, clinical studies, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging, and delivery system design, regulatory review, and international product registration assistance. For more information about NAI, please see our website at http://www.nai-online.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent our intentions, expectations and beliefs concerning future events, including, among other things, our ability to develop, maintain or increase sales to new and existing customers, our future revenue, profits and financial condition, as well as current and future economic conditions and the impact of such conditions on our business. We wish to caution readers these statements involve risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. NAI's financial performance and the forward-looking statements contained herein are further qualified by other risks, including those set forth from time to time in the documents filed by us with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
SOURCE – Natural Alternatives International, Inc.
CONTACT – Michael Fortin, Chief Financial Officer, Natural Alternatives International, Inc., at 760-736-7700 or investor@nai-online.com.
Web site: http://www.nai-online.com
NATURAL ALTERNATIVES INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended Year Ended June 30, June 30, 2024 2023 2024 2023 NET SALES $ 29,489 100.0 % $ 35,894 100.0 % $ 113,796 100.0 % $ 154,015 100.0 % Cost of goods sold 28,070 95.2 % 30,697 85.5 % 106,931 94.0 % 135,857 88.2 % Gross profit 1,419 4.8 % 5,197 14.5 % 6,865 6.0 % 18,158 11.8 % Selling, general & administrative expenses 3,944 13.4 % 2,023 5.6 % 15,399 13.5 % 13,445 8.7 % (LOSS) INCOME FROM OPERATIONS (2,525 ) -8.6 % 3,174 8.8 % (8,534 ) -7.5 % 4,713 3.1 % Other (expense) income, net (256 ) -0.9 % (435 ) -1.2 % (930 ) -0.8 % (1,158 ) -0.8 % (LOSS) INCOME BEFORE TAXES (2,781 ) -9.4 % 2,739 7.6 % (9,464 ) -8.3 % 3,555 2.3 % Income tax (benefit) expense (907 ) 702 (2,247 ) 1,033 NET (LOSS) INCOME $ (1,874 ) $ 2,037 $ (7,217 ) $ 2,522 NET (LOSS) INCOME PER COMMON SHARE: Basic: ($0.32 ) $0.35 ($1.23 ) $0.43 Diluted: ($0.32 ) $0.35 ($1.23 ) $0.43 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 5,916 5,850 5,871 5,863 Diluted 5,916 5,855 5,871 5,878
NATURAL ALTERNATIVES INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, June 30, 2024 2023 ASSETS Cash and cash equivalents $ 11,981 $ 13,604 Accounts receivable, net 16,891 7,022 Inventories, net 24,249 29,694 Other current assets 8,489 6,690 Total current assets 61,610 57,010 Property and equipment, net 52,211 53,841 Operating lease right-of-use assets 43,537 20,369 Other noncurrent assets, net 4,984 2,932 Total Assets $ 162,342 $ 134,152 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued liabilities 19,456 14,450 Line of Credit 3,400 - Mortgage note payable 9,229 9,517 Operating lease liability 47,662 21,413 Total Liabilities 79,747 45,380 Stockholders’ Equity 82,595 88,772 Total Liabilities and Stockholders’ Equity $ 162,342 $ 134,152 This press release was published by a CLEAR® Verified individual.
