Weider Writes Off Goodwill, Takes Big Loss for 1Q03

Weider Writes Off Goodwill, Takes Big Loss for 1Q03

SALT LAKE CITY--Weider Nutrition InternationalInc. (NYSE:WNI) reported that for its first quarter (1Q03), ended Aug. 31 andreported Sept. 26, it registered a large loss due to a $15.4 million write-offin goodwill.

Net sales for the quarter were down 5.6 percent to $76.2million, although gross margin increased from 32.9 percent of sales recorded in1Q02 to 39.6 percent for 1Q03. Operating expenses decreased from $25.3 millionto $21.9 million. Net loss for the quarter was $10.9 million, or $.42 per sharelost, compared to 1Q02's loss of $352,000, or $.01 per share lost.

"We continue to see the benefits of our lower coststructure, allowing us to move toward our long-term goal of building shareholdervalue," said Bruce Wood, president and chief executive officer. "Weare aggressively working to address continuing soft industry conditions, as wellas ongoing pressure from private label competition on our flagship Schiff MoveFree business, with new product and marketing plans for fiscal 2003."