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Schiff earnings dip

This article was originally published in The Tan Sheet

Executive Summary

Sales for the fiscal first quarter (ended Aug. 31) of 2007 were $45.7 mil., compared to $48 mil. during the prior-year period, Schiff Nutrition announces Oct. 10. The Salt Lake City, Utah-based firm also reported a drop in net income, which totaled $3.3 mil. in comparison to $4.9 mil. during the first fiscal quarter of 2006. Despite the drop, the firm saw a 2.5% increase in joint category net sales, with a "slight increase" in the flagship Move Free brand. "Our overall branded sales results met our internal expectations as did our earnings performance, and we were pleased with the improvement in both our gross profit and operating income margins," President and CEO Bruce Wood said. Schiff "plans to continue" marketing support behind its new Move Free Advanced product in 2007, and is "encouraged" by positive consumer response to the new SKU. Competitive conditions in the joint category are "intensifying considerably," Wood added. Schiff expected the launch of Move Free Advanced to boost branded product sales (1"The Tan Sheet" Jan. 16, 2006, In Brief)...
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