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Mannatech Reports Third Quarter 2013 Financial Results

Mannatech®, Incorporated (NASDAQ: MTEX) a pioneer of nutritional glycobiology and leading innovator of naturally-sourced supplements based on Real Food Technology® solutions, today reported net sales for the third quarter of 2013 were $44.4 million, an increase of 3.3% as compared to $43.0 million in the third quarter of 2012 and a net loss of $0.8 million, or $0.30 per diluted share, for the third quarter ending September 30, 2013, as compared to a net income of $2.2 million, or $0.83 per diluted share, for the third quarter of 2012.

During the third quarter of 2013, we implemented a global loyalty program for our associates and members who purchase products using a qualified automatic order. Participating associates and members earn loyalty points, which can be applied to future purchases. The company defers the dollar equivalent in revenue for these loyalty points until the points are applied or forfeited. During the third quarter of 2013, the company deferred net sales of $2.5 million due to the loyalty program.

Net sales for Asia/Pacific increased 23.6% to $22.0 million as compared to $17.8 million in the third quarter 2012 due to an increase in the number of active associates and an increase in the revenue generated per active associate and member. The increases were offset by a net sales deferral of $1.2 million for the loyalty program and a $1.2 million unfavorable impact on net sales due to fluctuations in foreign currency exchange rates.

Net sales for North America declined 9.7% to $18.7 million as compared to $20.7 million in the third quarter of 2012. The decline in revenue is due to the net sales deferral of $1.2 million for the loyalty program in the third quarter of 2013 and a net reduction in active members and associates.

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