Mannatech Sees FY02 Sales Up

Mannatech Sees FY02 Sales Up

COPPELL, Texas--Mannatech Inc. reported March 17that for its fiscal year (FY02), ended Dec. 31, it credited its 9.5-percentsales increase to an improvement in all markets--excluding Canada.

Net sales rose to $140.9 million from $128.7 million for theyear prior, while gross margin decreased to 40.6 percent of sales from 41.3percent logged in FY01. Operating expenses also decreased to $54.2 million from$57.1 million. The company experienced a net profit of $1.9 million, or $.08 pershare earned, compared to FY01's net loss of $3.7 million, or $.15 per sharelost.

"All of our geographic markets, except Canada, recordedincreases in net sales in FY02, which is a tribute to our associates andemployees around the world," said Bob Henry, chief executive officer. Thecompany's best sales increases were seen in Australia (72.7 percent) and Japan(57.9 percent).

On March 21, the company announced filing a 13-D to control theelection of board members, to promote and protect the company's existing networkmarketing model, and to provide the company's board with additional flexibility.

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