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Business/Finance In Brief

This article was originally published in The Tan Sheet

Executive Summary

Twinlab: Discontinuation of ephedra sales accounted for 17.1% drop in Q1 revenue to $37.7 mil., Twinlab says in May 15 1earnings release. Hauppauge, N.Y.-based firm recorded net loss of $3.7 mil. in first quarter, compared to net income of $3.7 mil. in Q1 2002. Loss includes "restructuring charges of $1 mil. relating to the facilities consolidation and a gain on the sale of the assets of Bronson Labs" of $800,000. Firm points out net income in Q1 2002 included federal income tax benefit of $6.9 mil. Twinlab has classified its mortgage agreement for Utah facility, borrowings under revolving credit facility as "current liabilities" and is working to amend mortgage agreement, find alternatives to RCF...

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