Texas
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000-24657
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75-2508900
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(State or other Jurisdiction of Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17CFR 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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Exhibit Number
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Exhibit
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99.1*
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Press release, dated March 22, 2013, entitled “Mannatech Reports Fourth Quarter and Year End Results.”
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MANNATECH, INCORPORATED
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||||
Dated: March 22, 2013
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By:
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/s/ S. Mark Nicholls
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S. Mark Nicholls
Chief Financial Officer
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Exhibit Number
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Exhibit
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Press release, dated March 22, 2013, entitled “Mannatech Reports Fourth Quarter and Year End Results.”
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December 31,
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||||||||
2012
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2011
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|||||||
ASSETS
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Cash and cash equivalents
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$ | 14,377 | $ | 18,057 | ||||
Restricted cash
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1,515 | 1,263 | ||||||
Accounts receivable, net of allowance of $20 and $22 in 2012 and 2011, respectively
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324 | 304 | ||||||
Income tax receivable
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884 | 888 | ||||||
Inventories, net
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15,154 | 17,786 | ||||||
Prepaid expenses and other current assets
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2,487 | 2,497 | ||||||
Deferred tax assets
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561 | 936 | ||||||
Total current assets
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35,302 | 41,731 | ||||||
Property and equipment, net
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4,825 | 9,566 | ||||||
Construction in progress
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8 | — | ||||||
Long-term restricted cash
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3,736 | 3,386 | ||||||
Other assets
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3,187 | 2,815 | ||||||
Long-term deferred tax assets
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502 | 772 | ||||||
Total assets
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$ | 47,560 | $ | 58,270 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current portion of capital leases
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$ | 780 | $ | 852 | ||||
Accounts payable
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4,154 | 4,825 | ||||||
Accrued expenses
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6,348 | 10,514 | ||||||
Commissions and incentives payable
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7,373 | 8,567 | ||||||
Taxes payable
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3,901 | 3,364 | ||||||
Current deferred tax liability
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179 | 185 | ||||||
Deferred revenue
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1,486 | 1,569 | ||||||
Total current liabilities
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24,221 | 29,876 | ||||||
Capital leases, excluding current portion
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938 | 1,358 | ||||||
Long-term deferred tax liabilities
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2 | 1 | ||||||
Other long-term liabilities
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2,178 | 5,382 | ||||||
Total liabilities
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27,339 | 36,617 | ||||||
Commitments and contingencies
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||||||||
Shareholders’ equity:
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||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding
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— | — | ||||||
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,759,858 shares issued and 2,647,735 shares outstanding as of December 31, 2012 and 2,769,756 shares issued and 2,648,518 shares outstanding as of December 31, 2011
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— | — | ||||||
Additional paid-in capital
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42,614 | 42,408 | ||||||
Accumulated Deficit
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(6,920 | ) | (5,532 | ) | ||||
Accumulated other comprehensive loss
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(677 | ) | (427 | ) | ||||
Less treasury stock, at cost, 121,237 shares in 2012 and 2011
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(14,796 | ) | (14,796 | ) | ||||
Total shareholders’ equity
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20,221 | 21,653 | ||||||
Total liabilities and shareholders’ equity
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$ | 47,560 | $ | 58,270 |
Three months ended
December 31,
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Twelve months ended
December 31,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Net sales
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$ | 42,285 | $ | 47,906 | $ | 173,447 | $ | 200,689 | ||||||||
Cost of sales
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8,817 | 10,247 | 34,641 | 38,515 | ||||||||||||
Gross profit
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33,468 | 37,659 | 138,806 | 162,174 | ||||||||||||
Operating expenses:
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||||||||||||||||
Commissions and incentives
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17,544 | 20,782 | 73,823 | 87,426 | ||||||||||||
Selling and administrative
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8,936 | 10,555 | 37,176 | 47,821 | ||||||||||||
Depreciation and amortization
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673 | 2,565 | 4,755 | 10,697 | ||||||||||||
Other operating (1)
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4,922 | 9,847 | 24,032 | 33,119 | ||||||||||||
Total operating expenses
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32,075 | 43,749 | 139,786 | 179,063 | ||||||||||||
Income/(Loss) from operations
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1,393 | (6,090 | ) | (980 | ) | (16,889 | ) | |||||||||
Interest income
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76 | 120 | 50 | 117 | ||||||||||||
Other income (expense), net
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88 | (12 | ) | 630 | (1,106 | ) | ||||||||||
Income/(Loss) before income taxes
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1,557 | (5,982 | ) | (300 | ) | (17,878 | ) | |||||||||
(Provision) benefit for income taxes
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(1,303 | ) | (986 | ) | (1,088 | ) | (2,781 | ) | ||||||||
Net Income/(Loss)
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$ | 254 | $ | (6,968 | ) | $ | (1,388 | ) | $ | (20,659 | ) | |||||
Income/(Loss) per common share:
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||||||||||||||||
Basic
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$ | 0.10 | $ | (2.63 | ) | $ | (0.52 | ) | $ | (7.80 | ) | |||||
Diluted
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$ | 0.10 | $ | (2.63 | ) | $ | (0.52 | ) | $ | (7.80 | ) | |||||
Weighted-average common shares outstanding:
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||||||||||||||||
Basic
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2,648 | 2,649 | 2,648 | 2,649 | ||||||||||||
Diluted
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2,648 | 2,649 | 2,648 | 2,649 |
(1)
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Mannatech recorded a reduction to the long-term accrued royalty liability in the fourth quarter which favorably impacted other operating expenses by $0.8 million in 2012 and $0.1 million in 2011.
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2012
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2011
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|||||||||||||||
New
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97,000 | 42 | % | 77,000 | 33 | % | ||||||||||
Continuing
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132,000 | 58 | % | 152,000 | 66 | % | ||||||||||
Total
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229,000 | 100 | % | 229,000 | 100 | % |
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