Business
Natural Alternatives International, Inc. Announces 2022 Q3 and YTD Results
2022 Q3: Net Income Increased 30.7% and Diluted EPS Increased 36.7%Q4 Fiscal 2022 Outlook: 18% - 21% Net Sales IncreaseCARLSBAD, Calif., May 13, 2022
About this update from Natural Alternatives International, Inc.
[{"type":"text","content":"2022 Q3: Net Income Increased 30.7% and Diluted EPS Increased 36.7%Q4 Fiscal 2022 Outlook: 18% - 21% Net Sales IncreaseCARLSBAD, Calif., May 13, 2022 /PRNewswire/ -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, today announced net income of $2.5 million, or $0.41 per diluted share, on net sales of $42.4 million for the third quarter of fiscal year 2022 compared to net income of $1.9 million, or $0.30 per diluted share, in the third quarter of the prior fiscal year. \nNet sales during the three months ended March 31, 2022, decreased $3.9 million, or 8.5%, to $42.4 million as compared to $46.3 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased 10.8% to $37.6 million. Private-label contract manufacturing sales decreased primarily due to a 40% reduction in sales to our largest customer partially offset by sales to other existing customers and a new customer. Sales backlog for the quarter ended March 31, 2022 totaled approximately $10.0 million primarily related to supply chain issues, labor shortages, and logistical constraints.\nCarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 15.2% to $4.8 million during the third quarter of fiscal year 2022, as compared to $4.1 million for the third quarter of fiscal year 2021. The increase in patent and trademark licensing revenue during the third quarter of fiscal 2022 was primarily due to increased shipments to existing customers related in part to athletic activities and gyms reopening in accordance with easing COVID-19 restrictions across the USA as compared to significant restrictions in athletic activities primarily impacting the first nine months of fiscal 2021.\nNet income for the nine months ended March 31, 2022 was $7.6 million, or $1.22 per diluted share, compared to net income of $7.8 million, also $1.22 per diluted share, for the nine months ended March 31, 2021. Net income for the first nine months of fiscal 2021 included a $0.9 million discrete tax benefit while the first nine months of fiscal 2022 did not have a corresponding discrete item.\nNet sales during the nine months ended March 31, 2022 decreased $15.7 million, or 11.7%, from $134.1 million recorded in...