Natural Alternatives International, Inc. Announces That It Has Repaid All Amounts Outstanding Under Its Credit Line
CARLSBAD, Calif., Feb. 3, 2021 /PRNewswire/ — Natural Alternatives International, Inc. (“NAI”) (Nasdaq: NAIi) , a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced that yesterday it fully repaid all of its outstanding debt by paying off its $10 million credit line with Wells Fargo Bank.
The credit line was initially drawn down to provide safety to the balance sheet during the initial uncertainty brought on by the declaration of the pandemic in March of 2020, and has remained on our balance sheet until this repayment. This line of credit is now again available to NAI to draw upon through its term ending November of 2022.
Mark A. Le Doux, Chairman and Chief Executive Officer of NAI stated, “We thank our commercial banking partner for their steadfast support of our enterprise during the last 30+ years of our relationship. With the robust business environment of the past year for our company, brought on by a confluence of factors, the need for this capital on our balance sheet has been deemed unnecessary by our senior management team. The shift in consumer sentiments expressed by the overwhelming adoption of consumer behavior in support of dietary supplementation to help bolster overall health is not showing any signs of subsiding, and free cash flow as a consequence has been sufficient to meet all of our financial needs.”
NAI, headquartered in Carlsbad, 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, the impact of COVID-19 and our future revenue profits and financial condition. We wish to caution readers that 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. NAl’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 – Michael Fortin, Chief Financial Officer, Natural Alternatives International, Inc., at 760-736-7700 or [email protected] online.com.