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Health & Nutrition Systems Announces 2Q04 Results,Possible Bankruptcy
October 11, 2004
1 Min Read
Health & Nutrition Systems Announces 2Q04 Results,Possible Bankruptcy
WEST PALM BEACH, Fla.Health& Nutrition Systems International Inc. (NASDAQ: HNNS) nnounced its resultsof operations for the three months ended June 30 (2Q04).
Net sales for 2Q04 were $1.4 million, a $46,378 decrease fromits net sales reported in the same quarter the previous year (2Q03).
Gross profit for 2Q04 was $689,994, or 50 percent of netrevenue, compared to gross profit of $883,265, or 61 percent of net revenue, for2Q03.
The company reported a net loss of $868,947 (-$0.23 per share)for the period, compared to a net profit of $68,390 ($.02 per share) in the sameperiod in 2003 (2Q03).
According to the companys board of directors, industrytrends as well as deteriorating operating performance have caused the board toseek strategic alternatives for the company, including the evaluation ofreorganization under federal bankruptcy laws.
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