Mannatech Reports Fourth Quarter And Year End Results
Mannatech, Incorporated (NASDAQ: MTEX), a leading developer and provider of nutritional supplements and skin care products based on Real Food Technology® solutions, today reported a net loss of $7.0 million, or $2.63 per diluted share, for the fourth quarter ending December 31, 2011, compared to net loss of $2.7 million, or $1.04 per diluted share, for the fourth quarter of 2010. Included in the fourth quarter results was a $2.6 million settlement in the previously disclosed lawsuit with a supplier related to contractual purchase commitments.
Fourth quarter net sales for 2011 were $47.9 million, a decrease of 12.8% compared to $54.9 million in the fourth quarter of 2010. Net sales for United States and Canada declined 14.6% to $23.5 million compared to $27.5 million in the fourth quarter of 2010. International net sales of $24.4 million decreased 10.9% compared to $27.4 million in the fourth quarter of 2010.
Annual net sales for 2011 were $200.7 million, down 12.0% from $228.1 million for the full year 2010. The company reported a net loss for the full year of $20.7 million, compared to the full year net loss of $10.6 million in 2010. The loss per share, as adjusted for a 1-for-10 reverse stock split, was of $7.80 for the full year 2011 compared to the loss per share of $4.01 for the full year 2010.
Mark Nicholls, Chief Financial Officer, said, “Our losses during 2011 were primarily non-cash in nature as the cash from operations declined $2.9 million in comparison to the net loss of $20.7 million. The largest non-cash item is depreciation associated with the 2007 launch of our Enterprise Resource Planning system. It is anticipated future depreciation expenses will decline during 2012 to historical levels.”
Total independent Associates and Members based on a 12-month trailing period was approximately 372,000 as of December 31, 2011 compared to 403,000 as of December 31, 2010. New independent Associates and Members for the full year 2011 were 77,000 compared to 89,000 in 2010.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
