Business
Natural Alternatives International, Inc. Announces 2023 Q2 and YTD Results
CARLSBAD, Calif., Feb. 8, 2023 /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., Feb. 8, 2023 /PRNewswire/ -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, today announced net income of $1.8 million, or $0.31 per diluted share, on net sales of $42.3 million for the second quarter of fiscal year 2023 compared to net income of $1.8 million, or $0.30 per diluted share, in the second quarter of the prior fiscal year. \nNet sales during the three months ended December 31, 2022, increased $4.6 million, or 12.1%, to $42.3 million as compared to $37.7 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales increased 21.3% to $40.8 million. Private-label contract manufacturing sales increased primarily due to increased sales to two of our largest customers, partially offset by decreased sales to other customers and lower average exchange rates applied to sales denominated in Euro as compared to the prior year period. Sales backlog for the quarter ended December 31, 2022 was approximately $2.2 million, which was a decrease of approximately $6.0 million from the quarter ended September 30, 2022.\nCarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 64.0% to $1.5 million during the second quarter of fiscal year 2023, as compared to $4.1 million for the second quarter of fiscal year 2022. The decrease in CaronSyn® beta-alanine royalty, licensing and raw material sales revenue during the second quarter of fiscal 2023 was primarily due to a decrease in orders from existing customers as a result of market and inflationary factors along with a general slowdown in the Sports Nutrition sales channel. Included in the market factors in the three months ended December 31, 2021 was a unique ramp up of Sports Nutrition sales activity due to easing COVID restrictions on athletic activities with no corresponding factors in the three months ended December 31, 2022.\nNet income for the six months ended December 31, 2022 was $2.9 million, or $0.49 per diluted share, compared to net income of $5.1 million, or $0.81 per diluted share, for the six months ended December 31, 2021.\nNet sales during the six months ended December 31, 2022, increased $9.3 million, or 12.3%, to $85.4 million as compared to $76.1 million recorde...