Medical Nutrition USA, Inc. (NASDAQ: MDNU) today announced
financial results for the three- and nine-months ended Oct. 31,
2009.
Third Quarter Fiscal 2010 vs. 2009
-- Branded product sales increased 25% to $3,815,500 from $3,048,000;
-- Total sales increased 18% percent to $4,054,700 from $3,426,700 on
higher branded product sales offset by lower non-branded product sales.
-- Gross profit increased to $2,229,900 or 55% of sales, from $1,812,000
or 53% of sales;
-- Selling, general and administrative expenses decreased to $1,817,400
or 45% of sales, compared to $1,899,600 or 55% of sales.
-- Net cash provided by operating activities was $858,800 compared to
$492,200 in the same quarter a year ago. The increase is due primarily to
increased sales performance in the quarter.
-- Net income was $284,800 or $0.02 per share compared to a net loss of
$50,900 or $(0.00) per share; and
-- Balance sheet remained strong with approximately $10.8 million in cash
and short term investments and no debt.
Nine-months ended October 31 Fiscal 2010 vs. 2009
-- Branded product sales increased 19% to $10,727,400 from $9,043,100;
-- Total sales increased 15% to $11,606,500 from $10,063,200, on higher
branded product sales offset by lower non-branded product sales;
-- Gross profit increased to $6,218,900, or 54% of sales from $5,345,400
or 53% of sales;
-- Selling, general & administrative expenses decreased to $5,813,600 or
50% of sales compared to $5,950,300 or 59% of sales;
-- Net cash provided by operating activities was $1,225,200 compared to
$995,900. The increase is primarily driven by increased sales and resulting
margin, offset by a tax refund received in Q1 of fiscal 2009;
-- Net income was $265,900 or $ 0.02 per share compared to a net loss of
$356,000 or $(0.03) per share.
"We are pleased to report another strong quarter in which
branded product sales growth exceeded 20%, gross margins increased
nicely, and selling, general and administrative costs decreased as
a percentage of sales," Frank A. Newman, Medical Nutrition's
Chairman and Chief Executive Officer, said. "Our solid performance
reflects increased usage across all branded product lines as well
as greater penetration of the nursing home, hospital and dialysis
markets.
"Our strategy to invest in an expanded sales force, continuous
product improvement and new product development is clearly working.
We continue to receive excellent support from clinicians and the
new products we have introduced over the last couple of years are
starting to make a material contribution to sales."
Just recently, Medical Nutrition created another new product
category with its introduction of Diff-Stat(TM), which aids in the
prevention of antibiotic associated diarrhea and C-diff, two
potentially serious health risks affecting many elderly, nursing
home residents. Diff-Stat(TM) continues Medical Nutrition's track
record of developing solutions for the most costly and widespread
ailments affecting long-term care residents.
"Our new product pipeline remains robust and will be a key
contributor to our future growth," Mr. Newman said.
Conference call
Management will host a webcast and conference call at 11:00 a.m.
EST 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) 639-9991 (United States and Canada)
or (678) 302-3571 (international callers); ask the operator to
connect you to the Medical Nutrition USA Investor Call.
An archive of the webcast with audio can be accessed through the
same link above. An audio-only replay of the call will be available
following the conference call by dialing (866) 510-4862 (United
States and Canada) or (678) 302-3562 (international callers) and
entering the code, 4804300# followed by 4 and the following
confirmation code: 200911245103633#. The audio-only replay will be
available through Saturday, Dec. 5.
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®, UTI-Stat(TM) and
Diff-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 are 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
July 31, 2009 filed on Sept. 11, 2009.
MEDICAL NUTRITION USA, INC.
CONDENSED BALANCE SHEETS
Oct 31, January 31,
------------ ------------
2009 2009
------------ ------------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 3,797,000 $ 9,654,300
Short-term investments 7,016,100 -
Accounts receivable, net of
allowance of $49,200 and
$65,600 respectively 1,455,000 1,377,400
Inventories 535,800 510,600
Deferred income taxes 364,000 406,500
Prepaid income taxes - 8,300
Other current assets 60,200 191,900
------------ ------------
Total current assets 13,228,100 12,149,000
Fixed assets, net of accumulated depreciation
and amortization of $440,900 and $345,400
respectively 281,900 318,800
Other assets
Deferred income taxes 785,800 969,000
Security deposits 15,300 15,300
Investments in Organics
Corporation of America 125,000 125,000
Intangible assets, net of
amortization 249,200 276,800
------------ ------------
Total assets $ 14,685,300 $ 13,853,900
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 545,300 $ 530,700
Accrued expenses 976,300 967,600
Income taxes payable 40,500 -
Accrued rebates 54,200 73,700
------------ ------------
Total current liabilities 1,616,300 1,572,000
------------ ------------
Stockholders' equity
Preferred stock - $0.001 par
value; 5,000,000 shares
authorized; no shares
outstanding at October 31,
2009 and January 31, 2009
Common stock - $0.001 par
value; 20,000,000 shares
authorized; 14,198,614 and
14,128,614 shares issued
at October 31, 2009 and
January 31, 2009,
respectively 14,200 14,100
Additional paid-in-capital 25,590,200 25,067,600
Accumulated deficit (12,232,000) (12,497,900)
Less treasury stock, at cost,
100,148 and 98,080 shares,
respectively (303,400) (301,900)
------------ ------------
Total stockholders' equity 13,069,000 12,281,900
------------ ------------
Total liabilities and
stockholders' equity $ 14,685,300 $ 13,853,900
============ ============
MEDICAL NUTRITION USA, INC.
CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended Three Months Ended
October 31, October 31,
--------------------------- ---------------------------
2009 2008 2009 2008
------------- ------------ ------------- ------------
(unaudited) (unaudited) (unaudited) (unaudited)
Sales $ 11,606,500 $ 10,063,200 $ 4,054,700 $ 3,426,700
Cost of sales 5,387,600 4,717,800 1,824,800 1,614,700
------------- ------------ ------------- ------------
Gross profit 6,218,900 5,345,400 2,229,900 1,812,000
Selling, general
and administrative
expenses 5,616,000 5,898,800 1,797,600 1,899,600
Research and
development
expenses 197,600 51,500 19,800 -
------------- ------------ ------------- ------------
Operating income
(loss) 405,300 (604,900) 412,500 (87,600)
Interest income 134,700 184,900 56,700 63,100
------------- ------------ ------------- ------------
Income (loss)
before income
taxes 540,000 (420,000) 469,200 (24,500)
Income tax expense
(benefit) 274,100 (64,000) 184,400 26,400
------------- ------------ ------------- ------------
Net income (loss) $ 265,900 $ (356,000) $ 284,800 $ (50,900)
============= ============ ============= ============
Earnings (loss) per
common share
Basic $ 0.02 $ (0.03) $ 0.02 $ (0.00)
============= ============ ============= ============
Diluted $ 0.02 $ (0.03) $ 0.02 $ (0.00)
============= ============ ============= ============
Weighted average
common shares
outstanding
Basic 13,945,485 13,898,967 13,945,682 13,834,616
------------- ------------ ------------- ------------
Diluted 14,038,353 13,898,967 14,167,165 13,834,616
------------- ------------ ------------- ------------
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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