Business
Natural Alternatives International, Inc. Announces 2021 Q1 Results
- Record Quarterly Sales and Significant Increase in Net Income and Diluted EPS - Provides Fiscal Year 2021 Outlook: 30-50% Net Sales Increase - Liquidity,
About this update from Natural Alternatives International, Inc.
[{"type":"text","content":"- Record Quarterly Sales and Significant Increase in Net Income and Diluted EPS\n - Provides Fiscal Year 2021 Outlook: 30-50% Net Sales Increase\n - Liquidity, Working Capital Position and Backlog Remain Strong\n\n\nCARLSBAD, Calif,, Nov. 10, 2020 /PRNewswire/ -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer and marketer of customized nutritional supplements, today announced net income of $2.3 million, or $0.35 per diluted share, on net sales of $39.7 million for the first quarter of fiscal year 2021 ended September 30, 2020 compared to net income of $0.01 million, or $0.01 per diluted share, in the first quarter of our prior fiscal year. Net income during the first quarter of fiscal 2021 also included a discrete tax benefit of $0.9 million.\nNet sales during the three months ended September 30, 2020 increased $10.5 million, or 36.1%, from $29.2 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales increased $11.0 million, or 42.4%, from the comparable quarter last year. Private-label contract manufacturing sales increased primarily due to higher sales to our largest customer including increased shipments of existing products and sales of a newly awarded product, as well as sales of new products to other new and existing customers, partially offset by a reduction due to a discontinued customer relationship. A significant portion of these sales were related to higher sales of immune and wellness products sold by our customers during the COVID-19 pandemic. We currently believe this sales trend will continue for at least the remainder of our fiscal 2021 year. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 15.9% to $2.7 million during the first quarter of fiscal 2021, as compared to $3.2 million for the first quarter of fiscal 2020. \nBased on our current sales order volumes and future period sales forecasts we have received from our customers, we expect our annualized fiscal 2021 net sales to increase between 30% to 50% as compared to fiscal 2020. We also expect to generate operating income between 5% to 7% of net sales for our fiscal year ending June 30, 2021. \nAs of September 30, 2020, NAI had cash and cash equivalents of $27.4 million and working capital of $49.3 million ...