EX-99.1 3 a03-6383_1ex99d1.htm EX-99.1

EXHIBIT 99.1

 

 

Company Contact:

 

Agency Contact:

Joseph W. Baty, Chief Financial Officer

 

Keith Lippert /Lillian Armstrong

(801) 975-5186

 

Lippert/Heilshorn & Associates

email: joeb@weider.com

 

(212) 838-3777/(415) 433-3777

www.weider.com

 

email: lillian@lhai-sf.com

 

WEIDER ANNOUNCES FISCAL 2004 SECOND QUARTER RESULTS

 

Salt Lake City, Utah, December 18, 2003: Weider Nutrition International, Inc. (NYSE: WNI) today announced results for the fiscal 2004 second quarter and six-months ended November 30, 2003. 

 

Weider Nutrition’s net sales were $60.8 million for the fiscal 2004 second quarter, compared to $58.0 million for the same period in fiscal 2003.  For its fiscal 2004 second quarter, Weider Nutrition reported net income of $2.7 million, or $0.10 per share (diluted), compared to $2.3 million, or $0.09 per share (diluted), for the same period a year ago.

 

Weider Nutrition’s net sales were $124.4 million for the six months ending November 30, 2003, compared to $127.3 million for the same period in fiscal 2003.  For the first six months of fiscal 2004, Weider reported net income of $4.9 million, or $0.18 per share (diluted), compared to a net loss of $8.6 million, or $0.33 per share for the same period a year ago. 

 

Bruce Wood, president and CEO, stated, “Our second quarter results demonstrated improvement in our revenue trend, including branded growth, most notably our flagship Move Free® brand.  This translated into positive earnings performance, reinforcing the benefits of our strategic focus on growing our branded revenues. We are committed to continuing a high level of consumer marketing investment on Move Free throughout the balance of the fiscal year, and remain optimistic about the future of the dietary supplements industry.”

 

Conference Call Information

Weider Nutrition International will hold a conference call today, December 18, 2003 at 11 a.m. ET.  The U.S. domestic access number is (888) 803-8271.  International participants should dial (706) 634-2467.  Please call in approximately ten minutes in advance. The conference call will be broadcast live over the Internet at www.weider.com or http://www.weidernutrition.biz/corporate/press_releases.asp.  If you do not have Internet access, a replay of the call will be available by dialing 1-800-642-1687 and entering access code 4487770.  The telephone replay will be available through December 20, 2003 and the webcast through January 19, 2004.

 

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About Weider Nutrition

Weider Nutrition International, Inc. develops, manufactures, markets and sells branded and private label vitamins, nutritional supplements and sports nutrition products in the United States and throughout the world.  To learn more about Weider, please visit the Web site www.weider.com.

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, that are based on management’s beliefs and assumptions, current expectations, estimates, and projections. These statements are subject to risks and uncertainties, certain of which are beyond the company’s ability to control or predict, and, therefore, actual results may differ materially.  Weider Nutrition disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

 

Important factors that may cause these forward looking statements to be false include, but are not limited to: the inability to successfully implement marketing and spending programs behind our Move Free brand and other branded new products, the inability to achieve cost savings and operational efficiencies, the inability to increase operating margins and increase revenues, dependence on individual products, the inability to successfully restructure the Haleko business unit and make it profitable, dependence on individual customers, the impact of competitive products and pricing (including private label), market and industry conditions (including pricing, demand for products, level of trade inventories and raw materials availability and pricing), the success of product development and new product introductions into the marketplace, changes in laws and regulations, litigation and government regulatory action, lack of available product liability insurance for products containing ephedra, uncertainty of market acceptance of new products, adverse publicity regarding the consumption of nutritional supplements, changes in accounting standards, and other factors indicated from time to time in the company’s SEC reports, copies of which are available upon request from the company’s investor relations department or may be obtained at the SEC’s website (www.sec.gov).

 

-  Tables to Follow  -

 

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WEIDER NUTRITION INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

(unaudited)

 

 

 

Three Months Ended
November 30,

 

Six Months Ended
November 30,

 

 

 

2003

 

2002(a)

 

2003

 

2002 (a)

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

60,760

 

$

58,017

 

$

124,401

 

$

127,345

 

Cost of goods sold

 

37,672

 

36,148

 

77,020

 

77,363

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

23,088

 

21,869

 

47,381

 

49,982

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling and marketing

 

13,663

 

9,504

 

28,159

 

21,182

 

Other operating expenses

 

5,351

 

6,157

 

12,091

 

13,559

 

Total operating expenses

 

19,014

 

15,661

 

40,250

 

34,741

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

4,074

 

6,208

 

7,131

 

15,241

 

Other income (expense), net

 

56

 

(1,963

)

(285

)

(2,564

)

Income from continuing operations before income taxes

 

4,130

 

4,245

 

6,846

 

12,677

 

Income taxes

 

1,547

 

1,698

 

2,633

 

5,071

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

2,583

 

2,547

 

4,213

 

7,606

 

Income (loss) from discontinued operations, net of tax

 

83

 

(266

)

649

 

(837

)

Cumulative effect of change in accounting principle, net of tax

 

 

 

 

(15,392

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,666

 

$

2,281

 

$

4,862

 

$

(8,623

)

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – diluted

 

27,176

 

26,263

 

26,960

 

26,249

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.10

 

$

0.10

 

$

0.16

 

$

0.29

 

Income (loss) from discontinued operations

 

 

(0.01

)

0.02

 

(0.03

)

Change in accounting principle (anti-dilutive)

 

 

 

 

(0.59

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

0.10

 

$

0.09

 

$

0.18

 

$

(0.33

)

 


(a)               Certain amounts in the prior fiscal period financial statement have been reclassified to conform with the current fiscal period presentation.

 

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WEIDER NUTRITION INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)

 

 

 

November 30,
2003

 

May 31,
2003

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

Cash

 

$

5,001

 

$

3,463

 

Receivables, net

 

33,060

 

27,592

 

Inventories

 

31,767

 

27,543

 

Other current assets

 

5,866

 

12,297

 

 

 

 

 

 

 

Total current assets, net

 

75,694

 

70,895

 

 

 

 

 

 

 

Property and equipment, net

 

25,642

 

26,676

 

Other assets, net

 

15,335

 

17,671

 

 

 

40,977

 

44,347

 

 

 

 

 

 

 

Total assets

 

$

116,671

 

$

115,242

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

3,397

 

$

8,057

 

Other current liabilities

 

36,574

 

36,879

 

 

 

 

 

 

 

Total current liabilities

 

39,971

 

44,936

 

 

 

 

 

 

 

Other liabilities *

 

5,568

 

1,460

 

 

 

 

 

 

 

Stockholder’s equity

 

71,132

 

68,846

 

 

 

 

 

 

 

Total liabilities & stockholders’ equity

 

$

116,671

 

$

115,242

 

 


*            Includes long-term debt of $2,096 and $659 at November 30 and May 31, respectively.

 

- # # # -

 

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