(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 March 28, 2024 titled ''Mannatech Reports Fourth Quarter 2023 Financial Results'' |
MANNATECH, INCORPORATED | |||||
By: | /s/ Landen Fredrick | ||||
Landen Fredrick | |||||
Chief Operating Officer and Interim Chief Financial Officer |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 7,731 | $ | 13,777 | |||||||
Restricted cash | 938 | 944 | |||||||||
Accounts receivable, net of allowance of $1,278 and $973 in 2023 and 2022, respectively | 91 | 218 | |||||||||
Income tax receivable | 465 | 423 | |||||||||
Inventories, net | 14,535 | 14,726 | |||||||||
Prepaid expenses and other current assets | 1,774 | 2,389 | |||||||||
Deferred commissions | 2,130 | 2,476 | |||||||||
Total current assets | 27,664 | 34,953 | |||||||||
Property and equipment, net | 4,147 | 3,759 | |||||||||
Long-term restricted cash | 718 | 476 | |||||||||
Other assets | 7,066 | 8,439 | |||||||||
Deferred tax assets, net | 1,611 | 1,501 | |||||||||
Total assets | $ | 41,206 | $ | 49,128 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current portion of finance leases | $ | 269 | $ | 61 | |||||||
Accounts payable | 4,010 | 4,361 | |||||||||
Accrued expenses | 6,779 | 7,510 | |||||||||
Commissions and incentives payable | 8,175 | 9,256 | |||||||||
Taxes payable | 1,521 | 3,281 | |||||||||
Current notes payable | 240 | 263 | |||||||||
Deferred revenue | 4,786 | 5,106 | |||||||||
Total current liabilities | 25,780 | 29,838 | |||||||||
Finance leases, excluding current portion | 956 | 88 | |||||||||
Other long-term liabilities | 3,986 | 5,026 | |||||||||
Total liabilities | 30,722 | 34,952 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
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 1,860,154 shares outstanding as of December 31, 2023 and 2,742,857 shares issued and 1,858,800 shares outstanding as of December 31, 2022 | — | — | |||||||||
Additional paid-in capital | 33,309 | 33,377 | |||||||||
Retained earnings (accumulated deficit) | (1,301) | 1,686 | |||||||||
Accumulated other comprehensive (loss) | (1,015) | (208) | |||||||||
Treasury stock, at average cost, 882,703 shares as of December 31, 2023 and 884,057 shares as of December 31, 2022 | (20,509) | (20,679) | |||||||||
Total shareholders’ equity | 10,484 | 14,176 | |||||||||
Total liabilities and shareholders’ equity | $ | 41,206 | $ | 49,128 |
For the three months ended December 31 | For the years ended December 31 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
$000 | % | $000 | % | $000 | % | $000 | % | ||||||||||||||||||||||||||||
Net sales | $ | 32,694 | 100.0 | % | $ | 34,335 | 100.0 | % | $ | 131,955 | 100.0 | % | $ | 137,208 | 100.0 | % | |||||||||||||||||||
Cost of sales | 8,048 | 24.6 | 10,633 | 31.0 | 29,090 | 22.0 | 33,060 | 24.1 | |||||||||||||||||||||||||||
Gross profit | 24,646 | 75.4 | 23,702 | 69.0 | 102,865 | 78.0 | 104,148 | 75.9 | |||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Commissions and incentives | 13,389 | 41.0 | 13,996 | 40.8 | 53,588 | 40.6 | 55,483 | 40.4 | |||||||||||||||||||||||||||
Selling and administrative expenses | 11,748 | 35.9 | 12,078 | 35.2 | 48,613 | 36.8 | 47,443 | 34.6 | |||||||||||||||||||||||||||
Depreciation and amortization | 404 | 1.2 | 278 | 0.8 | 1,628 | 1.2 | 1,627 | 1.2 | |||||||||||||||||||||||||||
Total operating expenses | 25,541 | 78.1 | 26,352 | 76.8 | 103,829 | 78.7 | 104,553 | 76.2 | |||||||||||||||||||||||||||
Income (loss) from operations | (895) | (2.7) | (2,650) | (7.7) | (964) | (0.7) | (405) | (0.3) | |||||||||||||||||||||||||||
Interest income | 7 | — | 31 | 0.1 | 4 | — | 88 | 0.1 | |||||||||||||||||||||||||||
Other expense, net | (973) | (3.0) | (450) | (1.3) | (170) | (0.1) | (162) | (0.1) | |||||||||||||||||||||||||||
Income before income taxes | (1,861) | (5.7) | (3,069) | (8.9) | (1,130) | (0.9) | (479) | (0.3) | |||||||||||||||||||||||||||
Income tax (provision) benefit | 105 | 0.3 | (3,440) | (10.0) | (1,109) | (0.8) | (4,011) | (2.9) | |||||||||||||||||||||||||||
Net loss | $ | (1,756) | (5.4) | % | $ | (6,509) | (19.0) | % | $ | (2,239) | (1.7) | % | $ | (4,490) | (3.3) | % | |||||||||||||||||||
(Loss) per common share: | |||||||||||||||||||||||||||||||||||
Basic | $ | (0.94) | $ | 3.50 | $ | (1.20) | $ | (2.35) | |||||||||||||||||||||||||||
Diluted | $ | (0.94) | $ | 3.50 | $ | (1.20) | $ | (2.35) | |||||||||||||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 1,860 | 1,859 | 1,866 | 1,913 | |||||||||||||||||||||||||||||||
Diluted | 1,860 | 1,859 | 1,866 | 1,913 |
Sales - Q4 2023 | ||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | Constant $ Change | ||||||||||||||||||
Americas | $ | 11.0 | $ | 10.8 | $ | (0.2) | ||||||||||||||
Asia Pacific | $ | 19.4 | $ | 19.3 | $ | (0.1) | ||||||||||||||
EMEA | $ | 2.3 | $ | 2.4 | $ | 0.1 | ||||||||||||||
Total | $ | 32.7 | $ | 32.5 | $ | (0.2) |
2023 | 2022 | Constant Dollar Change | |||||||||||||||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Translation Adjustment | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | ||||||||||||||||||||||||||||||
Net sales | $ | 132.0 | $ | 2.3 | $ | 134.3 | $ | 137.2 | $ | (2.9) | (2.1) | % | |||||||||||||||||||||||
Gross profit | $ | 102.9 | $ | 1.7 | $ | 104.6 | $ | 104.1 | $ | 0.5 | 0.5 | % | |||||||||||||||||||||||
Loss from operations | $ | (1.0) | $ | 0.6 | $ | (0.4) | $ | (0.4) | $ | — | — | % |
Cover |
Mar. 28, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 28, 2024 |
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 |
Document Information [Line Items] | |
Document Period End Date | Mar. 28, 2024 |
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