Business
Natural Alternatives International, Inc. Announces 2020 Q3 and YTD Results
CARLSBAD, Calif., May 14, 2020 /PRNewswire/ -- Natural Alternatives International, Inc. ("NAI") (Nasdaq: NAII), a leading formulator, manufacturer and
About this update from Natural Alternatives International, Inc.
[{"type":"text","content":" CARLSBAD, Calif., May 14, 2020 /PRNewswire/ -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced a net loss of $4.0 million, or $0.61 per diluted share, for the quarter ended March 31, 2020. \nNet sales during the three months ended March 31, 2020 decreased $10.0 million, or 28.1%, from $35.5 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased $9.1 million, or 28.7%, from the comparable quarter last year. Third quarter contract manufacturing sales decreased primarily due to lower sales to our largest contract manufacturing customer.\nCarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 23.3% to $2.8 million during the third quarter of fiscal 2020, as compared to $3.7 million for the third quarter of fiscal 2019. \nWe recorded a net loss of $4.0 million, or $0.61 per diluted share, for the three months ended March 31, 2020 as compared to net income of $2.0 million, or $0.27 per diluted share in the third quarter of fiscal 2019. Our results for the third quarter of fiscal 2020 were negatively impacted by a non-cash $4.3 million accounts receivable and inventory reserve related to a former customer. \nNet sales during the nine months ended March 31, 2020 decreased $24.3 million, or 22.4%, from $108.0 million recorded in the comparable prior year period. For the nine months ended March 31, 2020, private-label contract manufacturing sales decreased $21.0 million, or 22.2%, from the comparable period last year. Sales to our largest customer declined $22.3 million or 38.3% for the nine months ended March 31, 2020. This sales decline was partially offset by increased sales to other new and existing customers. \nCarnoSyn® beta-alanine royalty, licensing and raw material sales revenue during the nine months ended March 31, 2020 decreased $3.2 million, or 23.9%, from $13.5 million during the comparable period last year. We believe this decline was impacted by certain customers discontinuing the use of our CarnoSyn® beta-alanine in favor of generic beta-alanine and lower overall consumer demand for our customers' CarnoSyn® products. These sales declines were further compounded by the challenges to point of sale tra...