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Mannatech Sales, Earnings Up
July 21, 2003
1 Min Read
Mannatech Sales, Earnings Up
COPPELL, Texas--Mannatech Inc. reported for its first quarter(1Q03), ended March 31 and reported May 15, sales and earnings improved.
Sales increased to $40.5 million from $32.9 million, and gross margin rose to43.1 percent of sales from 40.1 percent. Operating expenses increased, too, to$15.6 million from $12 million. Net income came in at $1.4 million, or $.06 pershare earned, compared to 1Q02's $.6 million, or $.02 per share earned.
On April 15, Samuel Caster was appointed chief executive officer (CEO) by thecompany's board of directors; for the second quarter (2Q03), the company intendsto incur a charge of approximately $1.3 million for severance costs related tothe resignation of its former CEO.
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