(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
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(Address of Principal Executive Offices, including Zip Code) | ||||||||||||||||||||
Registrant’s Telephone Number, including Area Code: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
par value $0.0001 per share |
Exhibit Number | Description | ||||
99.1* | Press Release, dated |
MANNATECH, INCORPORATED | |||||
By: | /s/ David Johnson | ||||
David Johnson | |||||
Chief Financial Officer |
ASSETS | September 30, 2022 (unaudited) | December 31, 2021 | |||||||||
Cash and cash equivalents | $ | 15,092 | $ | 24,185 | |||||||
Restricted cash | 944 | 944 | |||||||||
Accounts receivable, net of allowance of $899 and $987 in 2022 and 2021, respectively | 270 | 90 | |||||||||
Income tax receivable | 368 | 342 | |||||||||
Inventories, net | 15,251 | 12,020 | |||||||||
Prepaid expenses and other current assets | 1,943 | 2,888 | |||||||||
Deferred commissions | 2,574 | 2,369 | |||||||||
Total current assets | 36,442 | 42,838 | |||||||||
Property and equipment, net | 3,613 | 2,882 | |||||||||
Construction in progress | 283 | 1,357 | |||||||||
Long-term restricted cash | 435 | 503 | |||||||||
Other assets | 8,757 | 9,220 | |||||||||
Deferred tax assets, net | 2,970 | 2,825 | |||||||||
Total assets | $ | 52,500 | $ | 59,625 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current portion of finance leases | $ | 65 | $ | 68 | |||||||
Accounts payable | 4,581 | 3,969 | |||||||||
Accrued expenses | 7,504 | 9,224 | |||||||||
Commissions and incentives payable | 8,402 | 9,611 | |||||||||
Taxes payable | 1,908 | 2,154 | |||||||||
Current notes payable | 323 | 205 | |||||||||
Deferred revenue | 5,952 | 4,867 | |||||||||
Total current liabilities | 28,735 | 30,098 | |||||||||
Finance leases, excluding current portion | 102 | 66 | |||||||||
Deferred tax liabilities | — | — | |||||||||
Long-term notes payable | — | — | |||||||||
Other long-term liabilities | 5,052 | 5,049 | |||||||||
Total liabilities | 33,889 | 35,213 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding | — | — | |||||||||
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,742,857 shares issued and 1,874,930 shares outstanding as of September 30, 2022 and 2,742,857 shares issued and 1,940,687 shares outstanding as of December 31, 2021 | — | — | |||||||||
Additional paid-in capital | 33,418 | 33,277 | |||||||||
Retained earnings | 8,567 | 7,708 | |||||||||
Accumulated other comprehensive (loss) income | (3,053) | 2,342 | |||||||||
Treasury stock, at average cost, 867,927 shares as of September 30, 2022 and 802,170 shares as of December 31, 2021 | (20,321) | (18,915) | |||||||||
Total shareholders’ equity | 18,611 | 24,412 | |||||||||
Total liabilities and shareholders’ equity | $ | 52,500 | $ | 59,625 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 35,513 | $ | 39,446 | $ | 102,873 | $ | 120,269 | |||||||||||||||
Cost of sales | 7,416 | 7,903 | 22,427 | 25,251 | |||||||||||||||||||
Gross profit | 28,097 | 31,543 | 80,446 | 95,018 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Commissions and incentives | 14,242 | 15,731 | 41,487 | 48,227 | |||||||||||||||||||
Selling and administrative expenses | 6,656 | 7,156 | 20,479 | 21,838 | |||||||||||||||||||
Depreciation and amortization expense | 716 | 408 | 1,349 | 1,360 | |||||||||||||||||||
Other operating costs | 5,126 | 4,962 | 14,886 | 15,500 | |||||||||||||||||||
Total operating expenses | 26,740 | 28,257 | 78,201 | 86,925 | |||||||||||||||||||
Income from operations | 1,357 | 3,286 | 2,245 | 8,093 | |||||||||||||||||||
Interest income, net | 19 | 15 | 57 | 44 | |||||||||||||||||||
Other income (expense), net | 287 | (19) | 288 | (149) | |||||||||||||||||||
Income before income taxes | 1,663 | 3,282 | 2,590 | 7,988 | |||||||||||||||||||
Income tax (provision) | (472) | (352) | (571) | (735) | |||||||||||||||||||
Net income | $ | 1,191 | $ | 2,930 | $ | 2,019 | $ | 7,253 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.62 | $ | 1.54 | $ | 1.05 | $ | 3.63 | |||||||||||||||
Diluted | $ | 0.61 | $ | 1.44 | $ | 1.01 | $ | 3.47 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 1,906 | 1,903 | 1,932 | 2,010 | |||||||||||||||||||
Diluted | 1,949 | 2,031 | 2,017 | 2,095 |
Three-month period ended (in millions, except percentages) | September 30, 2022 | September 30, 2021 | Constant $ Change | ||||||||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | |||||||||||||||||||||||||
Net sales | $ | 35.5 | $ | 38.9 | $ | 39.4 | $ | (0.5) | (1.3) | % | |||||||||||||||||||
Product | 33.6 | 36.8 | 36.9 | (0.1) | (0.3) | % | |||||||||||||||||||||||
Pack sales and associate fees | 1.7 | 1.9 | 2.4 | (0.5) | (20.8) | % | |||||||||||||||||||||||
Other | 0.2 | 0.2 | 0.1 | 0.1 | 100.0 | % | |||||||||||||||||||||||
Gross profit | 28.1 | 30.9 | 31.5 | (0.6) | (1.9) | % | |||||||||||||||||||||||
Income from operations | 1.4 | 2.2 | 3.3 | (1.1) | (33.3) | % |
Nine-month period ended (in millions, except percentages) | September 30, 2022 | September 30, 2021 | Constant $ Change | ||||||||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | |||||||||||||||||||||||||
Net sales | $ | 102.9 | $ | 110.4 | $ | 120.3 | $ | (9.9) | (8.2) | % | |||||||||||||||||||
Product | 97.5 | 104.5 | 113.2 | (8.7) | (7.7) | % | |||||||||||||||||||||||
Pack sales and associate fees | 4.8 | 5.3 | 6.5 | (1.2) | (18.5) | % | |||||||||||||||||||||||
Other | 0.6 | 0.7 | 0.6 | 0.1 | 16.7 | % | |||||||||||||||||||||||
Gross profit | 80.4 | 86.7 | 95.0 | (8.3) | (8.7) | % | |||||||||||||||||||||||
Income from operations | 2.2 | 4.1 | 8.1 | (4.0) | (49.4) | % |
Cover |
Nov. 08, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 08, 2022 |
Entity Registrant Name | MANNATECH, INCORPORATED |
Entity Address, City or Town | Flower Mound, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75028 |
Local Phone Number | 471-7400 |
City Area Code | (972) |
Entity Incorporation, State or Country Code | TX |
Entity File Number | 000-24657 |
Entity Tax Identification Number | 75-2508900 |
Entity Address, Address Line One | 1410 Lakeside Parkway, Suite 200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, |
Trading Symbol | MTEX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001056358 |
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