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For the fiscal year ended June 30, 2007, revenues decreased 2.5% to $97.1million from $99.6 million in the prior year. The net loss in fiscal 2007 was$5.3 million or $0.77 per share compared to a profit of $2.7 million or $0.39per fully diluted share in fiscal 2006. The decline in net income andresulting net loss was primarily attributable to a $7.0 million non-cashgoodwill impairment charge recorded in the fourth quarter.
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For the fourth quarter of fiscal 2007 revenues decreased 29.8% to $24.1million from $34.4 million in the prior year. The decrease in revenues forthe fourth quarter and fiscal 2007 was primarily due to significant initialshipments in our fiscal 2006 fourth quarter of a single product to one of ournew customers. Shipments to our new customer continued in fiscal 2007 at alower volume. The net loss in the fourth quarter of fiscal 2007 was $6.6million or $0.96 per share compared to a profit of $1.2 million or $0.16 perfully diluted share in the prior year. The reduction in net income andresulting net loss was primarily attributable to the $7.0 million non-cashgoodwill impairment charge and lower revenues.
As of June 30, 2007, NAI had cash and working capital of $4.9 million and$16.2 million, respectively, compared to $2.2 million and $13.2 million,respectively, in the prior year. As of June 30, 2007, we had $7.5 millionavailable under our working capital line of credit and no outstandingborrowings under the credit line.
President Randell Weaver stated, "While not pleased with the goodwillimpairment charge related to our branded products business, we believe ourposition in the market will provide many opportunities for growth. In ourcontract manufacturing business, we are exploring international opportunitiesfor delivery of products into Australia, New Zealand, Malaysia and other Asiancountries by potential, new U.S. contract manufacturing customers. We plan tocontinue building our branded products business and expanding on the progresswe have made. We are exploring new options for distribution and working toextend our reach in the retail market."
CEO Mark LeDoux added, "We believe our balance sheet is strong andpositions us well for future growth. We have invested heavily in our businessand our facilities and intend to continue our efforts to maintain world-classstandards of excellence, building solid and enduring partnerships, andenriching the world through the best of nutrition."
NAI, headquartered in San Marcos, California, is a leading formulator,manufacturer and marketer of nutritional supplements and provides strategicpartnering services to its customers. Our comprehensive partnership approachoffers a wide range of innovative nutritional products and services to ourclients including: scientific research, clinical studies, proprietaryingredients, customer-specific nutritional product formulation, producttesting and evaluation, marketing management and support, packaging anddelivery system design, regulatory review and international productregistration assistance. For more information about NAI, please see ourwebsite at http://www.nai-online.com.
This press release contains forward-looking statements within the meaningof Section 21E of the Securities Exchange Act of 1934 that are not historicalfacts and information. These statements represent our intentions,expectations and beliefs concerning fu