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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¨ | Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number
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Exhibit
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99.1*
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Press release, dated November 4, 2014, entitled “Mannatech Reports Third Quarter 2014 Financial Results.”
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MANNATECH,
INCORPORATED
|
|||
Dated: November 4, 2014
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By:
|
/s/ S. Mark Nicholls
|
|
S. Mark Nicholls
Chief Financial Officer
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Exhibit Number
|
Exhibit
|
Press release, dated November 4, 2014, entitled “Mannatech Reports Third Quarter 2014 Financial Results.”
|
September 30,
2014
|
December 31,
2013
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
32,185
|
$
|
20,395
|
||||
Restricted cash
|
1,514
|
1,519
|
||||||
Accounts receivable, net of allowance of $288 and $142 in 2014 and 2013, respectively
|
234
|
423
|
||||||
Income tax receivable
|
24
|
4
|
||||||
Inventories, net
|
12,467
|
13,988
|
||||||
Prepaid expenses and other current assets
|
3,915
|
3,061
|
||||||
Deferred commissions
|
5,094
|
2,706
|
||||||
Deferred tax assets, net
|
1,807
|
1,578
|
||||||
Total current assets
|
57,240
|
43,674
|
||||||
Property and equipment, net
|
4,057
|
3,239
|
||||||
Long-term restricted cash
|
7,386
|
4,254
|
||||||
Other assets
|
3,726
|
3,591
|
||||||
Long-term deferred tax assets, net
|
3,230
|
1,303
|
||||||
Total assets
|
$
|
75,639
|
$
|
56,061
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current portion of capital leases
|
$
|
902
|
$
|
704
|
||||
Accounts payable
|
4,800
|
4,794
|
||||||
Customer deposits
|
60
|
202
|
||||||
Accrued expenses
|
7,568
|
5,796
|
||||||
Commissions and incentives payable
|
9,896
|
10,210
|
||||||
Taxes payable
|
7,304
|
1,858
|
||||||
Current deferred tax liability
|
116
|
114
|
||||||
Deferred revenue
|
12,780
|
6,380
|
||||||
Total current liabilities
|
43,426
|
30,058
|
||||||
Capital leases, excluding current portion
|
970
|
450
|
||||||
Other long-term liabilities
|
2,184
|
2,101
|
||||||
Total liabilities
|
46,580
|
32,609
|
||||||
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, 2,773,972 shares issued and 2,668,244 shares outstanding as of September 30, 2014 and 2,773,972 shares issued and 2,653,913 shares outstanding as of December 31, 2013
|
—
|
—
|
||||||
Additional paid-in capital
|
41,344
|
42,592
|
||||||
Retained earnings (accumulated deficit)
|
898
|
(3,746
|
)
|
|||||
Accumulated other comprehensive loss
|
(288
|
)
|
(743
|
)
|
||||
Less treasury stock, at cost, 105,728 and 120,059 shares as of September 30, 2014 and December 31, 2013, respectively
|
(12,895
|
)
|
(14,651
|
)
|
||||
Total shareholders’ equity
|
29,059
|
23,452
|
||||||
Total liabilities and shareholders’ equity
|
$
|
75,639
|
$
|
56,061
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net sales
|
$
|
55,635
|
$
|
44,432
|
$
|
144,900
|
$
|
130,899
|
||||||||
Cost of sales
|
10,304
|
9,225
|
29,440
|
25,616
|
||||||||||||
Gross profit
|
45,331
|
35,207
|
115,460
|
105,283
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Commissions and incentives
|
20,977
|
19,640
|
57,727
|
56,362
|
||||||||||||
Selling and administrative
|
9,567
|
8,497
|
26,389
|
25,669
|
||||||||||||
Depreciation and amortization
|
441
|
474
|
1,248
|
1,699
|
||||||||||||
Other operating costs
|
6,149
|
6,167
|
19,920
|
18,919
|
||||||||||||
Total operating expenses
|
37,134
|
34,778
|
105,284
|
102,649
|
||||||||||||
Income from operations
|
8,197
|
429
|
10,176
|
2,634
|
||||||||||||
Interest income
|
25
|
25
|
61
|
29
|
||||||||||||
Other expense, net
|
(1,167
|
)
|
(275
|
)
|
(1,311
|
)
|
(1,278
|
)
|
||||||||
Income before income taxes
|
7,055
|
179
|
8,926
|
1,385
|
||||||||||||
Provision for income taxes
|
(1,947
|
)
|
(980
|
)
|
(4,282
|
)
|
(758
|
)
|
||||||||
Net income (loss)
|
$
|
5,108
|
$
|
(801
|
)
|
$
|
4,644
|
$
|
627
|
|||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
$
|
1.92
|
$
|
(0.30
|
)
|
$
|
1.75
|
$
|
0.24
|
|||||||
Diluted
|
$
|
1.89
|
$
|
(0.30
|
)
|
$
|
1.71
|
$
|
0.23
|
|||||||
Weighted-average common shares outstanding:
|
||||||||||||||||
Basic
|
2,667
|
2,650
|
2,661
|
2,649
|
||||||||||||
Diluted
|
2,701
|
2,650
|
2,701
|
2,717
|
Three month period ended
|
September 30,
2014
|
September 30,
2013
|
Change
|
|||||||||||||||||
GAAP Measure: Total $
|
Non-GAAP Measure: Constant $
|
GAAP Measure: Total $
|
Dollar
|
Percent
|
||||||||||||||||
Net Sales
|
55.6
|
54.4
|
44.4
|
10.0
|
22.5
|
%
|
||||||||||||||
Product
|
45.9
|
45.0
|
31.7
|
13.3
|
42.0
|
%
|
||||||||||||||
Pack
|
7.8
|
7.5
|
10.9
|
(3.4
|
)
|
(31.2
|
)%
|
|||||||||||||
Other
|
1.9
|
1.9
|
1.8
|
0.1
|
5.6
|
%
|
||||||||||||||
Deferred Revenue
|
12.8
|
12.8
|
5.3
|
7.5
|
141.5
|
%
|
||||||||||||||
Gross Profit
|
45.3
|
44.3
|
35.2
|
9.1
|
25.9
|
%
|
||||||||||||||
Income from Operations
|
8.2
|
7.6
|
0.4
|
7.2
|
1,800
|
%
|
2014
|
2013
|
|||||||||||||||
New
|
113,000
|
48.3
|
%
|
109,000
|
46.0
|
%
|
||||||||||
Continuing
|
121,000
|
51.7
|
%
|
130,000
|
54.0
|
%
|
||||||||||
Total
|
234,000
|
100.0
|
%
|
239,000
|
100.0
|
%
|