Business
Natural Alternatives International, Inc. Announces 2024 Q2 and YTD Results
CARLSBAD, Calif., Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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. 13, 2024 (GLOBE NEWSWIRE) -- Natural Alternatives International, Inc. (\"NAI\") (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, today announced a net loss of $3.1 million, or $0.52 per diluted share, on net sales of $25.2 million for the second quarter of fiscal year 2024 compared to net income of $1.8 million, or $0.31 per diluted share, in the second quarter of the prior fiscal year. Net sales during the three months ended December 31, 2023, decreased $17.1 million, or 40%, to $25.2 million as compared to $42.3 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased 44% to $23.0 million. Private-label contract manufacturing sales decreased primarily due to reduced orders from several of our larger customers associated with their efforts to reduce excess on-hand inventories, partially offset by increased shipments from other existing customers and shipments to new customers. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 48% to $2.2 million during the second quarter of fiscal year 2024, as compared to $1.5 million for the second quarter of fiscal year 2023. The increase in CarnoSyn® beta-alanine royalty, licensing, and raw material sales revenue during the second quarter of fiscal 2024 was primarily due to an increase in orders from existing customers, increased royalty income, and favorable volume rebate activity. Our net loss for the six months ended December 31, 2023, was $3.8 million, or $0.64 per diluted share, compared to net income of $2.9 million, or $0.49 per diluted share, for the six months ended December 31, 2022. Net sales during the six months ended December 31, 2023, decreased $26.2 million, or 31%, to $59.2 million as compared to $85.4 million recorded in the comparable prior year period. During the six months ended December 31, 2023, private-label contract manufacturing sales decreased 33% to $55.2 million, as compared to $82.6 million in the comparable prior period. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 40% to $3.9 million during the first six months of fiscal 2024, as compared to $2.8 million for the first six months of fiscal 2023. We experienced a loss from operations during t...