Glyconutrient specialist continues to grow
recent run of success in its second quarter, once again reporting
greatly increased sales and income, led by an increase in pack
sales.
Net sales for the three months ending 30 June were up 59.8 percent compared to the same period last year, from $46.5 million to a high of $74.3 million. Meanwhile, net income shot up to $5.6 million or $0.20 earnings per diluted share, from $1.2 million, or $0.04 earnings per diluted share, in 2003.
The biggest increase in sales was in those regions that currently contribute least to Mannatech's balance sheet, such as the UK and New Zealand. In these areas, the net sales increase over the same period in 2003 was 160 percent and 93.8 percent respectively, though the base figures were fairly low. Even with this growth, the UK still only contributed $2.6 million and New Zealand $3.1 million to the final sales total of $74.3 million.
The US, which generates around two-thirds of the company's sales, saw solid growth of 56.2 percent, hence net sales of $49.5 million.
"Along with this growth in our current markets, we are excited about introducing Mannatech products to South Korea in September 2004," said the company chairman and CEO Sam Castor. "Another sign of our strong growth is the increase in pack sales, which increased by 101.8 percent."
In addition to its plans to open operations in South Korea in September 2004, Mannatech hopes to enter the Taiwanese market during the first quarter of 2005.
This year Mannatech has been able to build on the progress it made in 2003, when it attributed a more than three-fold increase in profit to growth in international markets and the launch of its first antioxidant, Ambrotose AO.
Mannatech is a direct sales supplement company, which specializes in glyconutrients, and has a number of foreign patents for its products.
