Nutrition 21 faces payment milestone
This article was originally published in The Tan Sheet
Executive SummaryThe nutritional bioscience firm's revenues grow $500,000 to $2.7 million in its fiscal 2010 fourth quarter, trimming its net loss to $43,000 from $700,000 in the year-ago quarter. Purchase, N.Y.-based Nutrition 21 also cut its net loss for the full year, to $1.8 million from $4.2 million, as full-year revenues grew from $7.7 million to $8.8 million. In a Sept. 23 release, CEO Michael Zeher said the firm must pay approximately $17.8 million to satisfy a requirement to redeem preferred stock in September 2011. Nutrition 21 also will need to issue significant additional common shares if the firm's share price "remains at very low levels" and if it continues to pay preferred dividends in stock, Zeher added. The firm said its fiscal improvement for the year comes from selling its Branded Products Group during its second quarter, an emphasis on expense controls, sales led by chromium picolinate and the launch of new products
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