Mannatech Q2 sales improve
This article was originally published in The Tan Sheet
Executive Summary
Multi-level marketer Mannatech's sales for the first half of 2009 were $148.3 million, 16.8 percent down from a year ago, the Coppell, Texas-based firm reports in its Aug. 4 second-quarter earnings call. However, sales for the quarter grew $6.9 million over a year ago, a 9.8 percent increase. Net sales for the quarter were $77.6 million, a 10.5 percent decrease versus the comparative 2008 quarter when net sales were $86.8 million. The firm reported a net loss of $5.5 million or 21 cents per diluted share for the three months ended June 30, down from $10.3 million in Q2 of 2008. President and CEO Wayne Badovinus said the firm's international sales experienced a negative impact of $3.8 million through currency exchange. He added earnings fell due to costs associated with the firm's 2009 launch of a $499 reduced-price product pack, which has aided recruiting. "We believe these short-term costs, although higher than anticipated, should generate long-term volume and profit growth," he said