SALT LAKE CITY--(BUSINESS WIRE)-- <\/p>\n
Schiff Nutrition International, Inc., (SHF), announced results for the three- and twelve-month periods ended May 31, 2012. <\/p>\n
We are pleased with our fourth quarter performance as it reflects strong execution against our growth strategy, stated Tarang Amin, president and chief executive officer. Net sales grew 30%, driven by a 59% increase in our branded business. Our gross profit margin grew 1,100 basis points to 49.5%, reflecting our progress building premium brands, leading innovation, expanding the channel and geographic footprint of the company, pursuing acquisitions, and driving world-class operations. Our probiotics and Airborne acquisitions added to the strong contribution of our core brands MegaRed and Move Free.\" <\/p>\n
Fiscal 2012 Fourth Quarter Results <\/p>\n
For the fiscal 2012 fourth quarter ended May 31, 2012, net sales were $67.4 million, compared to $51.9 million for the same period in fiscal 2011. The 30% increase reflects growth in key brands, new product introductions and contribution from acquisitions. Branded sales of $59.9 million were partially offset by an expected decline in the private label business. The higher mix of branded sales resulted in gross profit margin of 49.5%, compared to 38.2% a year ago. Total operating expenses increased to $27.1 million from $14.9 million a year ago reflecting the anticipated increase in selling and marketing expenses and $3.4 million in acquisition related costs, $2.0 million of which was non-deductible for income tax purposes. Net income for the fiscal 2012 fourth quarter was $2.0 million, compared to net income of $3.1 million for the same period in fiscal 2011. Earnings per diluted share were $0.07 for the fiscal 2012 fourth quarter, compared to $0.10 for the same period in fiscal 2011. Adjusted EBITDA, which is defined as income from operations before depreciation, amortization, stock-based compensation and completed acquisition related costs, was $12.4 million for the fiscal 2012 fourth quarter, compared to $7.5 million for the same period in fiscal 2011. <\/p>\n
Fiscal 2012 Full Year Results <\/p>\n
For the fiscal year 2012, net sales were $258.9 million, compared to $213.6 million for fiscal 2011. Selling and marketing expenses were $60.3 million, or 23% of revenue, compared to $34.7 million, or 16% of revenue. Gross margin for the fiscal year 2012 was 46.1%, compared to 38.0% for fiscal 2011. Net income for the fiscal year 2012 was $13.7 million, compared to net income of $12.6 million for fiscal 2011. Earnings per diluted share were $0.47 for the fiscal year 2012, compared to $0.43 for fiscal 2011. Adjusted EBITDA was $38.7 million for the fiscal year 2012, compared to $28.9 million for fiscal 2011. <\/p>\n
We are positioning Schiff as a leader in the nutritional supplements category. Our fiscal year 2012 investments in brand building and innovation drove strong sales and gross margin growth. For fiscal 2013, we are committed to building upon this momentum, concluded Amin. <\/p>\n
Company Outlook <\/p>\n
Fiscal 2013 net sales are expected to grow 40.0% to 43.0% as compared to fiscal year 2012 net sales of $258.9 million. Expected sales growth includes contributions from new products, brand building and Airborne, which was acquired on March 30th. As previously announced, Airborne had net sales of approximately $72 million for the twelve months ended February 29, 2012. Gross profit percentage is expected to be in the range of 48.0% to 50.0%. Selling and marketing expenses, as a percentage of net sales, are estimated to be in the range of 25.0% to 27.0%. Other operating expenses are estimated at approximately $35.0 million to $37.0 million. The company anticipates its operating margin will be in the range of 12.5% to 14.0%. <\/p>\n<\/p>\n
See more here: SALT LAKE CITY--(BUSINESS WIRE)-- Schiff Nutrition International, Inc., (SHF), announced results for the three- and twelve-month periods ended May 31, 2012. We are pleased with our fourth quarter performance as it reflects strong execution against our growth strategy, stated Tarang Amin, president and chief executive officer. Net sales grew 30%, driven by a 59% increase in our branded business. Continue reading
\nSchiff Nutrition International, Inc. Announces Fiscal 2012 Fourth Quarter and Year-End Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"