Delaware
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001-14608
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87-0563574
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||
(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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||
2002 South 5070 West
Salt Lake City, Utah
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84104-4726
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|||
(Address of principal
executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit No.
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Description
|
|
99.1
|
Press release dated July 31, 2012.
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By:
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/s/ Joseph W. Baty
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Name: Joseph W. Baty
|
|
Title: Executive Vice President and Chief Financial Officer
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Exhibit No.
|
Description
|
|
99.1
|
Press release dated July 31, 2012.
|
Schiff Nutrition Contact:
Joseph W. Baty, CFO
(801) 975-5186
email: joeb@schiffnutrition.com
www.schiffnutrition.com
|
IR Agency Contact:
Kirsten Chapman / Becky Herrick
LHA
(415) 433-3777
email: bherrick@lhai.com
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Three Months Ended May 31,
|
Year Ended May 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales
|
$
|
67,432
|
$
|
51,872
|
$
|
258,911
|
$
|
213,648
|
||||||||
Cost of goods sold
|
34,030
|
32,078
|
139,553
|
132,472
|
||||||||||||
Gross profit
|
33,402
|
19,794
|
119,358
|
81,176
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling and marketing
|
15,286
|
8,427
|
60,330
|
34,666
|
||||||||||||
Other operating expenses
|
11,768
|
6,449
|
33,566
|
26,317
|
||||||||||||
Total operating expenses
|
27,054
|
14,876
|
93,896
|
60,983
|
||||||||||||
Income from operations
|
6,348
|
4,918
|
25,462
|
20,193
|
||||||||||||
Other expense, net
|
(1,967
|
)
|
(104
|
)
|
(2,661
|
)
|
(303
|
)
|
||||||||
Income before income taxes
|
4,381
|
4,814
|
22,801
|
19,890
|
||||||||||||
Income tax expense
|
2,423
|
1,742
|
9,074
|
7,248
|
||||||||||||
Net income
|
$
|
1,958
|
$
|
3,072
|
$
|
13,727
|
$
|
12,642
|
||||||||
Weighted average common shares outstanding - diluted
|
29,568
|
29,473
|
29,447
|
29,252
|
||||||||||||
Net income per share - diluted
|
$
|
0.07
|
$
|
0.10
|
$
|
0.47
|
$
|
0.43
|
May 31,
|
||||||||
2012
|
2011
|
|||||||
Cash and cash equivalents
|
$
|
8,607
|
$
|
39,547
|
||||
Available-for-sale securities
|
5,162
|
5,938
|
||||||
Receivables, net
|
29,778
|
27,339
|
||||||
Inventories
|
41,408
|
34,923
|
||||||
Other current assets
|
5,658
|
4,812
|
||||||
Total current assets
|
90,613
|
112,559
|
||||||
Property and equipment, net
|
13,130
|
14,219
|
||||||
Intangible assets, net
|
225,190
|
4,346
|
||||||
Other assets, net
|
3,333
|
1,442
|
||||||
Total assets
|
$
|
332,266
|
$
|
132,566
|
||||
Current liabilities (1)
|
$
|
38,588
|
$
|
32,938
|
||||
Long-term debt, net(2)
|
132,362
|
—
|
||||||
Other long-term liabilities(3)
|
48,137
|
3,168
|
||||||
Stockholders’ equity
|
113,179
|
96,460
|
||||||
Total liabilities & stockholders’ equity
|
$
|
332,266
|
$
|
132,566
|
(1)
|
Includes current portion of long-term debt totaling $3,400 at May 31, 2012.
|
(2)
|
Amount is net of unamortized debt issue costs of $6,238 at May 31, 2012.
|
(3)
|
Includes deferred income taxes of $45,352 and $1,383, respectively, at May 31, 2012 and 2011.
|
Three Months Ended May 31,
|
Year Ended May 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Income from operations
|
$ | 6,348 | $ | 4,918 | $ | 25,462 | $ | 20,193 | ||||||||
Depreciation
|
1,161 | 971 | 4,034 | 3,563 | ||||||||||||
Amortization
|
643 | — | 1,888 | — | ||||||||||||
Stock based compensation, non-cash
|
834 | 367 | 2,911 | 3,971 | ||||||||||||
Completed acquisition related costs
|
3,397 | 1,216 | 4,395 | 1,216 | ||||||||||||
Adjusted EBITDA
|
$ | 12,383 | $ | 7,472 | $ | 38,690 | $ | 28,943 |
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