Nature's Sunshine Products Reports Third Quarter Results
PROVO, Utah, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Nature's Sunshine Products, Inc. (Nasdaq:NATR), a leading manufacturer and marketer of nutritional supplements and complementary products, today reported an increase in net sales revenue of 0.7 percent to $86.1 million for the third quarter of 2010, compared with $85.5 million in the same quarter a year ago. Operating income from continuing operations decreased by 40.8 percent to $3.9 million, compared to $6.5 million in the same quarter a year ago. Net income from continuing operations increased 11.8 percent to $2.7 million from $2.4 million in the same quarter a year ago. Basic and diluted net income per share from continuing operations was $0.17, compared with $0.15 for the same quarter a year ago.
Revenue for the third quarter grew slightly as a result of significant growth in several key Synergy Worldwide markets, offset by a decline in the NSP U.S. business. Operating income decreased primarily due to lower operating income in the NSP International segment as described below. The increase in net income from continuing operations is the result of a lower effective tax rate as compared to the prior year due to a deduction for the Company's investment in its Brazilian subsidiary and the utilization of foreign tax credits offset by net increases in tax liabilities associated with uncertain tax positions.
During the third quarter, the Company ceased operations in Brazil as a result of increased import regulation. As a result, the company reported a charge of $8.2 million during the quarter, of which $7.4 million is a non-cash write-off of accumulated currency translation adjustments. NSP's operations in Brazil represented less than 0.3 percent of the Company's consolidated revenue over the past five years. The total loss from discontinued operations was $8.4 million, compared with $0.3 million in the same quarter a year ago. Basic and diluted net losses per share from discontinued operations were a loss of $0.54, compared with a loss of $0.02 for the same quarter a year ago.
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