Medical Nutrition USA, Inc. (NASDAQ: MDNU) today announced
financial results for the three- and six-months ended July 31,
2009.
Second Quarter Fiscal 2010 vs. 2009
-- Branded product sales increased 23% to $3,799,600 from $3,099,500;
-- Total sales increased 24% percent to $4,124,100 from $3,326,900 on
higher branded and non-branded product sales;
-- Gross profit increased to $2,170,800 or 53% of sales, from $1,764,000
or 53% of sales;
-- Selling, General and Administrative expenses decreased to $1,990,400
or 48% of sales, compared to $2,061,800 or 62% of sales;
-- Net cash provided by operating activities was $382,400 compared to
$44,600 in the same quarter a year ago. The increase is primarily due to
increased sales performance in the quarter;
-- Net income was $125,000 or $0.01 per share compared to a net loss of
$183,700 or $(0.01) per share; and
-- Cash position remained strong with approximately $9.9 million in cash
and short term investments and no debt.
Six months ended July 31 Fiscal 2010 vs. 2009
-- Branded product sales increased 15% to $6,912,000 from the $5,991,600;
-- Total sales increased 14% to $7,551,800 from $6,636,500, on higher
branded product sales offset by slightly lower private label sales;
-- Gross profit increased to $3,989,000, or 53% of sales from $3,533,400
or 53% of sales;
-- Selling, General & Administrative expenses decreased to $3,996,200 or
53% of sales compared to $4,050,700 or 61% of sales;
-- Net cash provided by operating activities was $366,400 compared to
$503,700. The decrease is primarily due to an approximately $200,000
federal tax refund received in the six months ended April 30, 2008 and an
increase of approximately $144,000 in bonus payments made during the period
related to performance during the fiscal year ended January 31, 2009,
offset by increased sales performance; and
-- Net loss was $18,900 or $(0.00) per share compared to a net loss of
$305,100 or $(0.02) per share.
"Our solid performance for the quarter reflects increased usage
across all branded product lines as the result of increased product
line breadth and greater penetration of the nursing home, hospital
and dialysis clinic markets. Our business continues to benefit from
excellent support from clinicians and the growing body of evidence
attesting to the efficacy of our products," said Chairman and Chief
Executive Officer Frank A. Newman.
"Our investments in research leading to the development of
independent clinical data continue to be an important driver of our
growth in both revenue and market share. This, in addition to our
new product development and the performance of our product line
relative to competing products, sets us apart," Mr. Newman said.
"As before, we expect these ongoing efforts to continue to result
in the introduction of a significant new product every 10 - 12
months."
Earlier this week Medical Nutrition USA announced the
introduction of a new formulation of an existing product,
Fiber-Stat® with Prune Juice Concentrate. The new additive, Prune
Juice Concentrate, is rich in antioxidants and promotes natural
bowel regulation. That, combined with Fiber-Stat's 15 grams of
soluble fiber and prebiotic fructo-oliosaccarides (FOS) offers a
triple-action formula that is not only unique but highly effective
in the treatment of constipation and low fiber intake in elderly
and frail patients.
Conference call
Management will host a webcast and conference call at 11:00 a.m.
EDT today to discuss these results, recent activities, corporate
news and Company strategy. A live webcast of the conference call
can be accessed through the company's web site at:
http://ir.medicalnutritionusa.com/events.cfm. The live conference
call dial-in number is: 866-379-6256 (United States and Canada)
with the ID: 28155612.
An archive of the webcast can be accessed through the same link
above; and an audio-only replay of the call will be available
following the conference call by dialing 800-642-1687 or
706-645-9291 and providing the same ID shown above. The audio-only
replay will be available through Saturday, Sept. 12.
About Medical Nutrition USA, Inc.
Medical Nutrition USA develops and distributes products for the
nutritionally at risk who are under medical supervision. Its
products are used primarily in long-term care facilities,
hospitals, dialysis clinics and bariatric clinics. The Company's
product lines include Pro-Stat®, Fiber-Stat® and UTI-Stat(TM), as
well as private label products. Additional information is available
at www.mdnu.com.
This news release contains forward-looking statements that are
subject to certain risks and uncertainties. Although we believe
that the expectations reflected in any of our forward-looking
statements are reasonable, actual results could differ materially
from those projected or assumed. Risks and uncertainties that could
cause or contribute to such material difference include, but are
not limited to, general economic conditions, changes in customer
demand, changes in trends in the nursing home, renal care, health
food and bariatric surgery markets, changes in competitive pricing
for products, and the impact of our competitors' new product
introductions. Our future financial condition and results of
operations, as well as any forward-looking statements are subject
to change and inherent risk and uncertainties. Other important
factors that may cause actual results to differ materially from
those expressed in forward-looking statements is contained in the
Medical Nutrition USA, Inc. Annual Report on Form 10-K for the year
ended January 31, 2009 as filed with the Securities and Exchange
Commission on April 24, 2009 and Form 10-Q for the quarter ended
April 30, 2009 filed on June 12, 2009.
MEDICAL NUTRITION USA, INC.
CONDENSED BALANCE SHEETS
July 31, January 31,
------------- -------------
2009 2009
------------- -------------
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 9,945,500 $ 9,654,300
Accounts receivable, net of allowance of
$46,200 and $65,600, respectively 1,419,800 1,377,400
Inventories 627,200 510,600
Deferred income taxes 372,700 406,500
Prepaid income taxes 9,400 8,300
Other current assets 96,200 191,900
------------- -------------
Total current assets 12,470,800 12,149,000
Fixed Assets, net of accumulated depreciation
and amortization of $406,900 and $345,400,
respectively 313,700 318,800
Other Assets:
Deferred income taxes 913,700 969,000
Security deposits 15,300 15,300
Investment in Organics Corporation of
America 125,000 125,000
Intangible assets, net of amortization 260,700 276,800
------------- -------------
$ 14,099,200 $ 13,853,900
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 806,000 $ 530,700
Accrued expenses 640,600 967,600
Accrued rebates 54,300 73,700
------------- -------------
Total current liabilities 1,500,900 1,572,000
------------- -------------
Stockholders' Equity:
Preferred stock $0.001 par value, 5,000,000
shares authorized; no shares issued and
outstanding as of July 31, 2009 and
January 31, 2009 -- --
Common stock, $0.001 par value; 20,000,000
shares authorized; 14,200,682 and
14,128,614 shares issued as of July 31,
2009 and January 31, 2009, respectively 14,200 14,100
Additional paid-in-capital 25,404,300 25,067,600
Accumulated deficit (12,516,800) (12,497,900)
Less treasury stock, at cost, 100,148 and
98,080 shares, respectively (303,400) (301,900)
------------- -------------
Total stockholders' equity 12,598,300 12,281,900
------------- -------------
$ 14,099,200 $ 13,853,900
MEDICAL NUTRITION USA, INC.
CONDENSED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED THREE MONTHS ENDED
JULY 31, JULY 31,
-------------------------- --------------------------
2009 2008 2009 2008
------------ ------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $ 7,551,800 $ 6,636,500 $ 4,124,100 $ 3,326,900
Cost of sales 3,562,800 3,103,100 1,953,300 1,562,900
------------ ------------ ------------ ------------
Gross profit 3,989,000 3,533,400 2,170,800 1,764,000
Selling, general
and administrative
expenses 3,818,400 3,999,200 1,959,700 2,061,800
Research and
development 177,800 51,500 30,700 --
------------ ------------ ------------ ------------
Operating (loss)
income (7,200) (517,300) 180,400 (297,800)
------------ ------------ ------------ ------------
Interest income 78,000 121,800 40,500 52,900
------------ ------------ ------------ ------------
(Loss) income
before income
taxes 70,800 (395,500) 222,900 (244,900)
Income tax
(benefit) expense 89,700 (90,400) 95,900 (61,200)
------------ ------------ ------------ ------------
Net (loss)
income $ (18,900) $ (305,100) $ 125,000 $ (183,700)
------------ ------------ ------------ ------------
(Loss) earnings
per common share:
Basic $ (0.00) $ (0.02) $ 0.01 $ (0.01)
------------ ------------ ------------ ------------
Diluted $ (0.00) $ (0.02) $ 0.01 $ (0.01)
------------ ------------ ------------ ------------
Weighted average
common shares
outstanding
Basic 14,162,926 13,931,496 14,194,052 13,889,399
------------ ------------ ------------ ------------
Diluted 14,162,926 13,931,496 14,264,427 13,889,399
------------ ------------ ------------ ------------
Contacts: Medical Nutrition USA, Inc. Frank J. Kimmerling Vice
President/CFO 800.221.0308 Email Contact Investor Relations Adam
Friedman 212.981.2529 x18 Email Contact
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