Nutraceutical boosts 4Q sales

Nutraceutical International last week reported net sales for the fourth quarter ended September 30, 2002 rose to $29.3 million from $24.6 million for the same period last year. Net income for the quarter also increased to $2.8 million from $1.9 million for the same quarter of 2001.

Fourth quarter diluted earnings per share were $0.25 compared to $0.17 last year.

Nutraceutical added that it gained $0.3 million ($0.2 million after tax effect) for payment in settlement of price-fixing litigation to which the company was a plaintiff.

The company saw net sales of $110.9 million for the fiscal year compared to $103.6 million for fiscal 2001. It added that income before change in accounting principle increased significantly to $12.4 million from $7.0 million last year.

Bill Gay, chairman and chief executive officer, said: "It was great to have a solid year despite tough economic and nutrition industry conditions…The increases in sales and income reflect moderate improvements in our core domestic and international branded business as well as contributions from our new neighborhood natural food markets, which were acquired in mid-2002.​

He added that the balance sheet and cash flow continued to be strong with reduced inventories and $13.0 million in outstanding bank debt repaid. Focus for next year is on strategic and financial strengths and operational improvements.​

Nutraceutical brands include Solaray, KAL, NaturalMax, VegLife, Premier One, Sunny Green, Natural Sport, ActiPet, Action Labs and Thompson. The company also makes bulk materials for use in its own products and for sale to other manufacturers and marketers of nutritional supplements under the trade names Monarch Nutritional Laboratories and Great Basin Botanicals. The company also operates neighborhood natural food markets.​