SALT LAKE CITY--(BUSINESS WIRE)-- <\/p>\n
Schiff Nutrition International, Inc., (NYSE:WNI - News), announced results for the three- and nine-month periods ended February 29, 2012. <\/p>\n
We are pleased with our third quarter performance, stated Tarang Amin, president and chief executive officer. Net sales grew 25%, which was driven by a 53% increase in our branded business. These results reflect successful execution against Schiffs growth strategy as we invest to build premium brands and lead innovation in our categories. Our core brands Schiff Move Free and Schiff MegaRed, in particular, benefited from strong marketing and sales execution as well as traction from new items. <\/p>\n
Three Months Results Ended February 29, 2012 <\/p>\n
For the fiscal 2012 third quarter ended February 29, 2012, net sales were $72.2 million, compared to $57.7 million for the same period in fiscal 2011. The 25% increase reflects growth in key brands, new product introductions and a full quarters contribution from the probiotics acquisition. Branded sales results were partially offset by an expected decline in private label business. Selling and marketing expenses were $17.8 million, or 25% of revenue, compared to $7.9 million, or 14% of revenue. Net income for the fiscal 2012 third quarter was $4.6 million, compared to net income of $4.0 million for the same period in fiscal 2011. Earnings per diluted share were $0.16 for the fiscal 2012 third quarter, compared to $0.14 for the same period in fiscal 2011. Adjusted EBITDA, which is defined as income from operations before depreciation, amortization and stock-based compensation, was $9.3 million for the fiscal 2012 third quarter, compared to $7.4 million for the same period in fiscal 2011. <\/p>\n
Nine Months Results Ended February 29, 2012 <\/p>\n
For the first nine months of fiscal 2012, net sales were $191.5 million, compared to $161.8 million for the same period in fiscal 2011. Selling and marketing expenses were $45.0 million, or 24% of revenue, compared to $26.2 million, or 16% of revenue. Net income for the first nine months of fiscal 2012 was $11.8 million, compared to net income of $9.6 million for the same period in fiscal 2011. Earnings per diluted share were $0.40 for the first nine months of fiscal 2012, compared to $0.33 for the same period in fiscal 2011. Adjusted EBITDA was $25.3 million for the first nine months of fiscal 2012, compared to $21.5 million for the same period in fiscal 2011. <\/p>\n
We are positioning Schiff for long-term growth. Our sales and gross margins continue to benefit from our investments in brand building. It is gratifying the business has responded to these efforts so positively in fiscal 2012, concluded Amin. <\/p>\n
Company Outlook <\/p>\n
The company adjusted its fiscal year 2012 expectations. Net sales are expected to grow 16% to 19% as compared to fiscal year 2011 net sales of $213.6 million. Gross profit percentage is expected to be in the range of 44% to 46%. Selling and marketing expenses, as a percentage of net sales, are estimated to be in the range of 23.0% to 24.5%. Other operating expenses are estimated at approximately $27.5 million to $29.0 million. The company continues to anticipate a very high single-digit operating margin for fiscal 2012. <\/p>\n<\/p>\n
Read more: SALT LAKE CITY--(BUSINESS WIRE)-- Schiff Nutrition International, Inc., (NYSE:WNI - News), announced results for the three- and nine-month periods ended February 29, 2012. Continue reading
\nSchiff Nutrition International, Inc. Announces Fiscal 2012 Third Quarter Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"