Schiff Nutrition International, Inc. (WNI), a manufacturer of vitamins and nutritional supplements, reported Tuesday a decrease in the third-quarter net income, despite higher sales, hurt by changes in sales mix and higher raw material costs.
For the third quarter, net income declined to $3.6 million, or $0.13 per share, from $4.0 million, or $0.14 per share, in the previous year. The quarterly results of last year included a pre-tax compensation charge of about $630 thousand related to the fiscal 2008 first quarter special dividend.
Schiff's net sales for the quarter increased to $49.9 million from $46.2 million in the year-ago period.
Bruce Wood, president and chief executive officer of Schiff Nutrition, attributed the increase in the quarterly sales to the sizeable growth in the company's private label business and expanded distribution of its new product, Schiff MegaRed. The results were partially offset by a slide in other branded business.
Wood noted that gross profit margin decreased due to the change in sales mix and higher raw material costs.
Total operating expenses reduced to $12.10 million from $14.27 million, with selling and marketing expenses decreasing to $8.23 million from $8.61 million in last year's third quarter.
For the year-to-date period, net income rose to $9.8 million, or $0.34 per share, from $8.5 million, or $0.31 per share, last year. The results of the period included a pre-tax compensation charge of about $4.3 million pertaining to last year's first quarter special dividend.
Net sales for the nine-month period grew to $145.0 million from $126.5 million in the prior-year period.
WNI closed Monday at $3.91 on the NYSE.
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