Texas
|
000-24657
|
75-2508900
|
(State or other Jurisdiction of Incorporation or Organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐ |
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))
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Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit Number
|
Exhibit
|
|
99.1*
|
Press release, dated November 8, 2016, titled “Mannatech Reports Third Quarter 2016 Financial Results.”
|
MANNATECH, INCORPORATED
|
||||
Dated: November 8, 2016
|
By:
|
/s/ David A. Johnson
|
||
David A. Johnson
|
||||
Chief Financial Officer
|
Exhibit Number
|
Exhibit
|
|
Press release, dated November 8, 2016, titled “Mannatech Reports Third Quarter 2016 Financial Results.”
|
ASSETS
|
September 30,
2016
(unaudited)
|
December 31,
2015
|
||||||
Cash and cash equivalents
|
$
|
38,311
|
$
|
31,994
|
||||
Restricted cash
|
1,513
|
1,511
|
||||||
Accounts receivable, net
|
72
|
369
|
||||||
Income tax receivable
|
16
|
4
|
||||||
Inventories, net
|
10,394
|
9,199
|
||||||
Prepaid expenses and other current assets
|
2,919
|
2,905
|
||||||
Deferred commissions
|
3,742
|
3,443
|
||||||
Deferred tax assets, net
|
27
|
460
|
||||||
Total current assets
|
56,994
|
49,885
|
||||||
Property and equipment, net
|
3,670
|
3,848
|
||||||
Construction in progress
|
926
|
839
|
||||||
Long-term restricted cash
|
7,040
|
6,586
|
||||||
Other assets
|
4,451
|
3,759
|
||||||
Long-term deferred tax assets, net
|
4,708
|
3,725
|
||||||
Total assets
|
$
|
77,789
|
$
|
68,642
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current portion of capital leases
|
$
|
379
|
$
|
447
|
||||
Accounts payable
|
5,188
|
2,683
|
||||||
Accrued expenses
|
5,112
|
6,221
|
||||||
Commissions and incentives payable
|
11,277
|
6,818
|
||||||
Taxes payable
|
538
|
736
|
||||||
Current deferred tax liability
|
85
|
84
|
||||||
Current notes payable
|
805
|
713
|
||||||
Deferred revenue
|
9,640
|
8,677
|
||||||
Total current liabilities
|
33,024
|
26,379
|
||||||
Capital leases, excluding current portion
|
346
|
612
|
||||||
Long-term deferred tax liabilities
|
26
|
24
|
||||||
Long-term notes payable
|
706
|
1,069
|
||||||
Other long-term liabilities
|
1,648
|
1,994
|
||||||
Total liabilities
|
35,750
|
30,078
|
||||||
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, 2,764,963 shares issued and 2,686,868 shares outstanding as of September 30, 2016 and 2,773,972 shares issued and 2,682,078 shares outstanding as of December 31, 2015
|
—
|
—
|
||||||
Additional paid-in capital
|
39,164
|
40,494
|
||||||
Retained earnings
|
8,798
|
8,589
|
||||||
Accumulated other comprehensive income
|
3,597
|
686
|
||||||
Treasury stock, at average cost, 78,095 shares as of September 30, 2016 and 91,894 shares as of December 31, 2015, respectively
|
(9,520
|
)
|
(11,205
|
)
|
||||
Total shareholders’ equity
|
42,039
|
38,564
|
||||||
Total liabilities and shareholders’ equity
|
$
|
77,789
|
$
|
68,642
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net sales
|
$
|
48,146
|
$
|
43,860
|
$
|
137,664
|
$
|
134,956
|
||||||||
Cost of sales
|
9,736
|
8,253
|
28,225
|
25,076
|
||||||||||||
Gross profit
|
38,410
|
35,607
|
109,439
|
109,880
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Commissions and incentives
|
19,985
|
17,867
|
56,019
|
54,296
|
||||||||||||
Selling and administrative expenses
|
9,877
|
9,001
|
28,199
|
26,412
|
||||||||||||
Depreciation and amortization
|
507
|
433
|
1,427
|
1,324
|
||||||||||||
Other operating costs
|
7,534
|
6,072
|
22,863
|
18,493
|
||||||||||||
Total operating expenses
|
37,903
|
33,373
|
108,508
|
100,525
|
||||||||||||
Income from operations
|
507
|
2,234
|
931
|
9,355
|
||||||||||||
Interest income
|
(16
|
)
|
93
|
(5
|
)
|
154
|
||||||||||
Other expense, net
|
232
|
(2,418
|
)
|
(471
|
)
|
(3,802
|
)
|
|||||||||
Income (loss) before income taxes
|
723
|
(91
|
)
|
455
|
5,707
|
|||||||||||
Provision for income taxes
|
562
|
159
|
90
|
(1,397
|
)
|
|||||||||||
Net income (loss)
|
$
|
1,285
|
$
|
68
|
$
|
545
|
$
|
4,310
|
||||||||
Earnings (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
0.47
|
$
|
0.03
|
$
|
0.20
|
$
|
1.61
|
||||||||
Diluted
|
$
|
0.46
|
$
|
0.03
|
$
|
0.19
|
$
|
1.58
|
||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||
Basic
|
2,706
|
2,681
|
2,703
|
2,679
|
||||||||||||
Diluted
|
2,818
|
2,721
|
2,812
|
2,727
|
Three-month period ended
(in millions, except percentages)
|
September 30,
2016
|
September 30,
2015
|
Change
|
|||||||||||||||||
GAAP
Measure:
Total $
|
Non-GAAP
Measure:
Constant $
|
GAAP
Measure:
Total $
|
Dollar
|
Percent
|
||||||||||||||||
Net Sales
|
$
|
48.1
|
$
|
46.9
|
$
|
43.9
|
$
|
3.0
|
6.8
|
%
|
||||||||||
Product
|
39.8
|
38.8
|
35.3
|
3.5
|
9.9
|
%
|
||||||||||||||
Pack
|
6.9
|
6.7
|
7.1
|
(0.4
|
)
|
(5.6
|
)%
|
|||||||||||||
Other
|
1.4
|
1.4
|
1.5
|
(0.1
|
)
|
(6.7
|
)%
|
|||||||||||||
Gross Profit
|
38.4
|
37.4
|
35.6
|
1.8
|
5.1
|
%
|
||||||||||||||
Income from Operations
|
0.5
|
0.2
|
2.2
|
(2.0
|
)
|
(90.9
|
)%
|
Nine-month period ended
(in millions, except percentages)
|
September 30,
2016
|
September 30,
2015
|
Change
|
|||||||||||||||||
GAAP
Measure:
Total $
|
Non-GAAP
Measure:
Constant $
|
GAAP
Measure:
Total $
|
Dollar
|
Percent
|
||||||||||||||||
Net Sales
|
$
|
137.7
|
$
|
139.9
|
$
|
135.0
|
$
|
4.9
|
3.6
|
%
|
||||||||||
Product
|
113.6
|
115.3
|
105.8
|
9.5
|
9.0
|
%
|
||||||||||||||
Pack
|
20.2
|
20.7
|
24.9
|
(4.2
|
)
|
(16.9
|
)%
|
|||||||||||||
Other
|
3.9
|
3.9
|
4.3
|
(0.4
|
)
|
(9.3
|
)%
|
|||||||||||||
Gross Profit
|
109.4
|
110.9
|
109.9
|
1.0
|
0.9
|
%
|
||||||||||||||
Income from Operations
|
0.9
|
1.0
|
9.4
|
(8.4
|
)
|
(89.4
|
)%
|
2016
|
2015
|
|||||||||||||||
New
|
99,000
|
44.8
|
%
|
97,000
|
43.9
|
%
|
||||||||||
Continuing
|
122,000
|
55.2
|
%
|
124,000
|
56.1
|
%
|
||||||||||
Total
|
221,000
|
100.0
|
%
|
221,000
|
100.0
|
%
|