Mannatech, Incorporated (NASDAQ: MTEX), a leading developer and provider of nutritional supplements and skin care products based on Real Food Technology® solutions, today announced financial results for its fourth quarter and year end 2013.
Fourth Quarter Results
Fourth quarter net sales for 2013 were $46.5 million, an increase of 9.9% as compared to $42.3 million in the fourth quarter of 2012. Our net sales increased 13.5% in constant dollars, which is a non-GAAP financial measure that excludes the impact of fluctuations in foreign currency exchange rates.
Net sales for Asia/Pacific increased 16.4% to $20.6 million as compared to $17.7 million in the fourth quarter 2012 due to a 21.8% increase in the number of active associates and members in the region. The increases were offset by a $1.1 million unfavorable impact on net sales due to fluctuations in foreign currency exchange rates.Net sales for North America increased 5.9% to $21.7 million as compared to $20.5 million in the fourth quarter of 2012. The increase in revenue was due to a 13.7% increase in the revenue generated per active associate and member, which was offset by a decline in the number of active associates and members in the region. Net sales for Europe, the Middle East and Africa increased 2.4% to $4.2 million as compared to $4.1 million in the fourth quarter of 2012. This increase was primarily due to a 13.9% increase in the number of active associates and members, which was offset by a $0.4 million unfavorable impact on net sales due to fluctuations in foreign currency exchange rates for the region. Net income was $2.6 million, or $0.94 per diluted share, for the fourth quarter of 2013, compared to net income of $0.3 million, or $0.10 per diluted share, for the fourth quarter of 2012.
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