Business
Mannatech Reports Second Quarter End 2021 Financial Results
FLOWER MOUND, Texas--(BUSINESS WIRE)-- Mannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a
About this update from Mannatech, Incorporated
[{"type":"text","content":" FLOWER MOUND, Texas--(BUSINESS WIRE)--\nMannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, today announced financial results for its second quarter of 2021.\n\nSecond Quarter End Results\n\nSecond quarter net sales for 2021 were $42.5 million, an increase of $4.9 million, or 12.9%, as compared to $37.6 million in the second quarter of 2020. Income from operations increased to $2.0 million for the second quarter of 2021, from $1.1 million in the same period in 2020.\n\nNet income was $2.1 million, or $0.99 per diluted share, for the second quarter of 2021, as compared to net income of $1.1 million, or $0.47 per diluted share, for the second quarter of 2020.\n\nFor the three months ended June 30, 2021, overall selling and administrative expenses increased by $0.4 million to $7.6 million, as compared to $7.2 million for the same period in 2020. The increase in selling and administrative expenses consisted of a $0.3 million increase in payroll costs and a $0.1 million increase in distribution and warehouse costs.\n\nFor the three months ended June 30, 2021, other operating costs increased by $0.6 million, or 13.6%, to $5.4 million, as compared to $4.8 million for the same period in 2020. The increase in operating costs was primarily due to a $0.2 million increase in consulting fees, a $0.2 million increase in credit card fees, a $0.1 million increase in travel and entertainment costs and a $0.1 million increase in office expenses.\n\nFor the three months ended June 30, 2021, provision for taxes was $48,000, or an effective rate of 2.2%. For the three months ended June 30, 2020, provision for taxes was $0.2 million, or an effective rate of 12.3%. The effective tax rate for the three months ended June 30, 2021 and 2020 was determined based on the estimated annual effective income tax rate.\n\nThe approximate number of new and continuing independent associate and preferred customer positions held by individuals in Mannatech’s network and associated with purchases of products as of June 30, 2021 and 2020 were approximately 176,000 and 172,000, respectively. Recruitment of new independent associates and preferred customers increased by 13.0% to 21,527 in the second quarter of 2021 as compared to 19,047 in the second quarter of 2020.\n\nYear-to-date Second ...