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Natural Alternatives International Posts Favorable 3Q04 Results
June 21, 2004
1 Min Read
Natural Alternatives International Posts Favorable 3Q04Results
SAN MARCOS, Calif.--Natural Alternatives International Inc. (NASDAQ:NAII)posted net income of $855,000, or $0.13 per diluted share, on revenue of $21.3million for the quarter ended March 31. Third-quarter revenue increased 55percent from $13.8 million for the same quarter last year. The growth in revenueis attributed to a 68 percent increase in private label contract manufacturingsales partially offset by an 8 percent decrease in direct-to-consumer sales.
Net income increased to $855,000 or $0.13 per diluted share from $172,000 or$0.03 per diluted share for theequivalent quarter last year, representing anearning per share increase of 333 percent.
The company also announced it obtained a new $12 million credit facility fromWells Fargo Bank. The new facility includes an $8 million working capital lineof credit with a 2.5-year term and $4.0 million in term loans and replaces anexisting $4 million working capital line of credit and $1.8 million term loan atinterest rates currently lower than the previous facility.
In other company news, Robert A. Kay, Ph.D., R.D. joined the company as vicepresident of science and technology. Kay brings to NAI nearly 15 years ofexperience in the nutrition industry. He will lead product development,regulatory affairs and quality assurance teams.
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