Natural Alternatives International, Inc. Announces 2023 Q4 and YTD Results
- Net income for Q4 FY2023 was $2.0 million, a decrease from $3.1 million in Q4 FY2022.
- CarnoSyn® beta-alanine royalty, licensing, and raw material sales revenue increased 36.1% to $3.6 million in Q4 FY2023.
- Net income for FY2023 was $2.5 million, a decrease from $10.7 million in FY2022.
- Net sales for FY2023 decreased by $17.0 million, or 9.9%, compared to the prior year.
- The temporary closure of the Carlsbad facility in October 2023 was announced due to excess inventory levels at a major customer.
- Cash and working capital decreased as of June 30, 2023, compared to the previous year.
- Private-label contract manufacturing sales and CarnoSyn® beta-alanine royalty, licensing, and raw material sales revenue decreased during FY2023.
- Overall net loss is expected in fiscal year 2024.
Net sales during the three months ended June 30, 2023, decreased
CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased
Net income for fiscal year 2023 was
Net sales during the year ended June 30, 2023, decreased
On August 16, 2023, we announced the temporary closure of our new facility in
As of June 30, 2023, we had cash of
Mark A. Le Doux, Chairman and Chief Executive Officer of NAI stated, "Despite our near-term challenges and continued headwinds within our industry and the economy in general, we remain optimistic about our future growth. We continue to aggressively seek opportunities to diversify and increase our sales both through relationship development and product innovation."
"We believe the foundation we have built over the past several years, including the strength of our balance sheet, will help us weather the turbulence we expect to encounter over the next several quarters."
An updated investor presentation will be posted to the investor relations page on our website later today (https://www.nai-online.com/our-company/investors/).
NAI, headquartered in
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, our ability to develop, maintain or increase sales to new and existing customers, our ability to timely attract and retain sufficient labor, the availability of raw materials, our future revenue profits and financial condition, as well as future economic conditions and the impact of such conditions on our business. We wish to caution readers 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. NAI'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 investor@nai-online.com.
Web site: http://www.nai-online.com
NATURAL ALTERNATIVES INTERNATIONAL, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
NET SALES | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Cost of goods sold | 30,697 | 85.5 % | 44,237 | 84.2 % | 135,857 | 88.2 % | 140,457 | 82.2 % | |||||||
Gross profit | 5,197 | 14.5 % | 8,289 | 15.8 % | 18,158 | 11.8 % | 30,509 | 17.8 % | |||||||
Selling, general & administrative expenses | 2,023 | 5.6 % | 4,513 | 8.6 % | 13,445 | 8.7 % | 16,830 | 9.8 % | |||||||
INCOME FROM OPERATIONS | 3,174 | 8.8 % | 3,776 | 7.2 % | 4,713 | 3.1 % | 13,679 | 8.0 % | |||||||
Other (expense) income, net | (435) | -1.2 % | 103 | 0.2 % | (1,158) | -0.8 % | (20) | 0.0 % | |||||||
INCOME BEFORE TAXES | 2,739 | 7.6 % | 3,879 | 7.4 % | 3,555 | 2.3 % | 13,659 | 8.0 % | |||||||
Income tax expense | 702 | 774 | 1,033 | 2,947 | |||||||||||
NET INCOME | $ 2,037 | $ 3,105 | $ 2,522 | $ 10,712 | |||||||||||
NET INCOME PER COMMON SHARE: | |||||||||||||||
Basic: | |||||||||||||||
Diluted: | |||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 5,850 | 5,966 | 5,863 | 6,117 | |||||||||||
Diluted | 5,855 | 5,971 | 5,878 | 6,155 |
NATURAL ALTERNATIVES INTERNATIONAL, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands) | |||
June 30, | June 30, | ||
2023 | 2022 | ||
ASSETS | |||
Cash and cash equivalents | |||
Accounts receivable, net | 7,022 | 17,422 | |
Inventories, net | 29,694 | 32,475 | |
Other current assets | 6,690 | 5,016 | |
Total current assets | 57,010 | 76,746 | |
Property and equipment, net | 53,841 | 44,573 | |
Operating lease right-of-use assets | 20,369 | 21,701 | |
Other noncurrent assets, net | 2,932 | 2,983 | |
Total Assets | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Accounts payable and accrued liabilities | 14,450 | 25,641 | |
Mortgage note payable | 9,517 | 9,795 | |
Operating lease liability | 21,413 | 22,047 | |
Total Liabilities | 45,380 | 57,483 | |
Stockholders' Equity | 88,772 | 88,520 | |
Total Liabilities and Stockholders' Equity |
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SOURCE Natural Alternatives International, Inc.