Weider posts Q1 profit
quarter making a profit of $2.2 million compared to heavy losses in
the first quarter of 2003.
Salt Lake City-based Weider Nutrition saw sales drop in fiscal 2004 first quarter to $63.6 million, compared to $69.3 million for the same period in fiscal 2003.
Last year's sales include $3.1 million relating to the American Body Building and Science Foods businesses, which were sold in that quarter.
The company, which manufactures and markets branded and private label vitamins and supplements, said net income reached $2.2 million in the quarter, compared to a net loss of $10.9 million, for the same period a year ago.
The prior year quarter reflects the impact of adopting SFAS No. 142, which resulted in an after-tax charge of $15.4 million for the write-off of certain goodwill.
Bruce Wood, president and CEO of Weider, said: "We began fiscal 2004 with a strengthened financial position, which has allowed us to continue implementation of marketing programs aimed at growing our flagship Move Free joint care brand and the global Weider brand. We were encouraged that our first quarter results may indicate revenues have started to stabilize."
