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Natural Alternatives International, Inc. Announces Fiscal 2014 Q1 Results | Natural Alternatives International, Inc. News

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Natural Alternatives International, Inc. Announces Fiscal 2014 Q1 Results

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SAN MARCOS, Calif., Nov. 13, 2013 -- Natural Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced net income of $88,000 or $0.01 per diluted share on net sales of $17.2 million for the quarter ended September 30, 2013.

Net sales during the three months ended September 30, 2013 increased $700,000 or 4.2% from $16.5 million recorded in the comparable prior year period. For the quarter ended September 30, 2013, private label contract manufacturing sales increased $600,000 or 4.0% from the comparable quarter last year due primarily to higher sales of existing products and new customer product sales. This increase was partially offset by lower average sales prices for a portion of our higher volume products, an unfavorable sales mix and lower average EUR foreign exchange rates. Patent and trademark licensing revenue increased to $1.52 million or 10.5% during the first quarter of fiscal 2013 as compared to $1.37 million for the comparable prior year period. Our branded products sales totaled $317,000 for the first quarter of fiscal 2013 as compared to $342,000 for the comparable prior year period.

Our revenue concentration risk for our two largest customers decreased to 58% as a percentage of our total private label contract manufacturing sales for the first three months of fiscal 2014 compared to 72% in the first three months of fiscal 2013.

Net income in the first quarter of fiscal 2014 was $88,000 or $0.01 per diluted share compared to net income of $697,000 or $0.10 per diluted share in the first quarter of fiscal 2013. The decrease was primarily attributable to an unfavorable sales mix, lower average sales prices and lower average EUR foreign exchange rates.

As of September 30, 2013, NAI had cash of $14.8 million and working capital of $29.5 million compared to $16.7 million and $29.4 million, respectively, as of June 30, 2013. As of September 30, 2013, we had $5.6 million available under our line of credit agreements.

Mark A. Le Doux, Chairman and Chief Executive Officer noted, "There is no doubt that NAI management is disappointed with our profitability performance during this past quarter, however the customer driven activities that resulted in our profit shortfalls including inventory reductions, new packaging reconfigurations and shipment delays are expected to be completed during the present quarter. We have also added new clients who are experiencing successful launches in their target markets, and continue to see growth in certain parts of Europe as well as Asia. Several of our existing customers have also increased their order requirements from NAI to meet demand in markets such as Australia, Malaysia and South Korea. As a result, we believe our future operating results will improve as evidenced by our expanding open order backlog. We remain committed to executing on our business strategy and growing the business both domestically and internationally."

NAI, headquartered in San Marcos, California, is a leading formulator, manufacturer and marketer of nutritional supplements and provides strategic partnering services to its customers. Our comprehensive partnership approach offers a wide range of innovative nutritional products and services to our clients including: scientific research, clinical studies, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging and delivery system design, regulatory review and international product registration assistance. For more information about NAI, please see our website at http://www.nai-online.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent our intentions, expectations and beliefs concerning future events, including, among other things, our expectations and beliefs with respect to: our future financial and operating results, revenue, profits and financial condition, our ability to expand our contract manufacturing business, contain our fixed costs, expand our market presence, protect our intellectual property and manage the costs thereof, our ability to execute our business plan, and develop, maintain or increase sales to new and existing customers, as well as future economic conditions and the impact of such conditions on our business. We wish to caution readers these statements involve risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. NAI's financial performance and the forward-looking statements contained herein are further qualified by other risks including those set forth from time to time in the documents filed by us with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
CONTACT – Kenneth Wolf, Chief Operating and Chief Financial Officer, Natural Alternatives International, Inc., at 760-736-7700 or investor@nai-online.com.