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Mannatech reports record 3Q

10-Nov-2003

Related topics: Industry

Supplements company Mannatech reported its highest quarterly sales in its ten-year history last week, thanks to good growth in international markets.

The Texas company saw net sales for the third quarter climb 44 per cent over the previous year's quarter to $49.7 million while net income for the quarter swelled to $2.9 million, from a mere $0.2 million, for the same quarter in 2002.

For the first nine months, net sales have increased 33 per cent to $136.7 million compared to the nine month-period of 2002 and net income for the year to date has increased fivefold to $5.5 million.

Mannatech chairman and CEO Sam Caster said: "The tremendous improvement in our financial results is very gratifying … and is a statement about our products and beliefs."

He added that the new antioxidant product Ambrotose AO, launched in September, contributed to the increase.

The direct-selling firm specialises in glyconutritionals and has a number of foreign patents for its technology. It currently has 185, 000 associates and operations in the United States, Canada, Australia, the United Kingdom and Japan.