Sales drop
This article was originally published in The Tan Sheet
Executive Summary
Mannatech reports a loss of $3.6 million for its fiscal 2007 fourth quarter due to declining sales and $4.7 million in litigation expenses. In August, co-founder and CEO Sam Caster resigned amid Mannatech's defense of the class action (1"The Tan Sheet" Aug. 27, 2007, In Brief). Sales for the October-December period fell 6.5 percent to $99.9 million from $106.8 million. The firm says North American sales dropped 20 percent, but international sales rose 27 percent. In a March 14 release, President and CEO Terry Persinger said the firm will focus on global business development and cost management and expects better results in the later part of the year...
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