Business
Natural Alternatives International, Inc. Announces 2023 Q4 and YTD Results
CARLSBAD, Calif., Sept. 21, 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., Sept. 21, 2023 /PRNewswire/ -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, today announced net income of $2.0 million, or $0.35 per diluted share, on net sales of $35.9 million for the fourth quarter of fiscal year 2023 compared to net income of $3.1 million, or $0.52 per diluted share, in the fourth quarter of the prior fiscal year. \n\nNet sales during the three months ended June 30, 2023, decreased $16.6 million, or 31.7%, to $35.9 million as compared to $52.5 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased 35.2% to $32.3 million. Private-label contract manufacturing sales decreased for most of our customers primarily due to excess inventory levels associated with softening consumer demand. Many of our customers maintained larger inventory balances during the previous twelve months due to concerns about supply constraints and now that supply chain conditions are improving they have begun to release these excess inventory positions.\nCarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 36.1% to $3.6 million during the fourth quarter of fiscal year 2023, as compared to $2.6 million for the fourth quarter of fiscal year 2022. The increase was primarily due to increased raw material sales and favorable changes in estimates for volume rebates.\nNet income for fiscal year 2023 was $2.5 million, or $0.43 per diluted share, compared to net income of $10.7 million, or $1.74 per diluted share, for fiscal year 2022. Net income for fiscal year 2023 included a benefit of $3.5 million related to anticipated refunds from the Employee Retention Tax Credit program and $1.4 million in recovery of accounts receivable written-off in a prior fiscal year.\nNet sales during the year ended June 30, 2023, decreased $17.0 million, or 9.9%, to $154.0 million as compared to $171.0 million recorded in the comparable prior year. During the year ended June 30, 2023, private-label contract manufacturing sales decreased $9.5 million, or 6.1%, from the comparable period last year. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 46.1% to $8.7 million during the year ended June 30, 2023, a...