BOHEMIA, N.Y., Dec. 14 /PRNewswire-FirstCall/ -- NBTY, Inc.
(NYSE:NTY) (http://www.nbty.com/), a leading global manufacturer
and marketer of nutritional supplements, today announced that it
has filed for an extension of time to file its 10K report with the
Securities and Exchange Commission, citing the need for additional
time to finalize the audit and to complete the requirements of the
Sarbanes Oxley Act. The Company intends to file its 10K by December
29, 2005. NBTY also announced preliminary unaudited results for the
fiscal fourth quarter and fiscal year ended September 30, 2005. For
the fiscal fourth quarter of 2005 sales increased $8 million to
$435 million compared to sales of $427 million for the fiscal
fourth quarter ended September 30, 2004. Without $17 million in
sales from Solgar acquired on August 1, 2005, sales during the
fourth quarter of 2005 would have decreased by approximately $10
million. Net income for the fiscal fourth quarter ended September
30, 2005 was $11 million, or $0.17 per diluted share, compared to
$21 million, or $0.30 per diluted share, for the fiscal fourth
quarter ended September 30, 2004. Net income for the fiscal fourth
quarter ended September 30, 2005 was adversely affected by a Solgar
pre-tax loss of $2 million. For fiscal 2005, sales were $1.74
billion, compared to $1.65 billion for fiscal 2004. Net income for
fiscal 2005 was $78 million, or $1.13 per diluted share, compared
to $112 million, or $1.62 per diluted share, for fiscal 2004. These
results reflect NBTY's continued weakness in sales and lower
margins in an overall stagnant nutritional supplement marketplace.
Results for fiscal 2005 include asset impairment charges related to
Vitamin World of $11 million, or $0.14 per diluted share,
consisting of a write off of $8 million of goodwill and a write off
of $3 million for leasehold improvements. These asset impairment
charges are required by generally accepted accounting principles
and are the result of the continued adverse business climate in the
specialty retail channel in the United States. At September 30,
2005, NBTY's total assets were $1.5 billion and working capital was
$476 million. Inventory at September 30, 2005 was $491 million,
representing an increase of $117 million from September 30, 2004.
While inventory for fiscal fourth quarter increased by $13 million,
excluding the acquired Solgar inventory, inventory during this
period would have decreased by $25 million. This reflects the
Company's ongoing efforts to lower inventories while assuring its
customers of uninterrupted supply of product. The inventory remains
current. OPERATIONS FOR THE FISCAL FOURTH QUARTER ENDED SEPTEMBER
30, 2005 For the fiscal fourth quarter of 2005, sales for the
Wholesale/US Nutrition division, which markets Nature's Bounty,
Sundown and Solgar brands, increased 1% to $197 million from $194
million for the fiscal fourth quarter of 2004. These results
reflect $17 million of Solgar sales. Product returns for the fiscal
fourth quarter and fiscal 2005 were $11 million and $44 million,
respectively. For the fiscal fourth quarter of 2005, approximately
30% of returns are attributable to a continued decline in the low
carb bar market. The balance relates to continued reallocation of
shelf space and other miscellaneous returns. US Nutrition utilizes
valuable consumer preference sales data generated by the Company's
Vitamin World retail stores and Puritan's Pride Direct
Response/E-Commerce operations. The North American Retail
division's sales increased by 5% to $56 million for the fiscal
fourth quarter of 2005 from $53 million for the fiscal fourth
quarter of 2004. Sales for fiscal year 2005 for this division
increased 4% to $224 million from $216 million for fiscal 2004.
Virtually all these increases in sales are the result of the
acquisition of Le Naturiste. Same store sales for Vitamin World
decreased 2% for the fiscal fourth quarter of 2005 and 3% for
fiscal 2005. These results further evidence a weak specialty retail
marketplace in North America. During fiscal 2005, Vitamin World
opened 21 new stores and closed 36 underperforming stores. During
2006, Vitamin World anticipates closing approximately 70 stores as
these stores come up for lease renewal. At the end of the fiscal
fourth quarter, the North American Retail division operated a total
of 643 stores; 542 in the US and 101 in Canada. European Retail
division sales increased by 1% to $134 million from $133 million
for the fiscal fourth quarter a year ago. The European Retail same
store sales in local currency for the fiscal fourth quarter 2005
were unchanged from the prior like quarter but increased 8% for
fiscal 2005. The European Retail division continues to leverage its
premier status, high street locations and brand awareness to
achieve these results. The European Retail division's increased
sales include sales generated by Holland & Barrett and GNC
stores in the UK, DeTuinen stores in the Netherlands, and Nature's
Way stores in Ireland. During fiscal 2005, the European Retail
division opened 16 stores, closed 6 stores and at the end of the
quarter operated a total of 612 stores. Revenues from Direct
Response/Puritan's Pride operations for the fiscal fourth quarter
of 2005 increased 3% to $48 million from $47 million for the
comparable prior period. As a result of the Company's decision to
lower prices and put pressure on its competitors, gross margins in
this division fell from 65% to 52%. Online sales now constitute 30%
of total Direct Response/E-Commerce sales. NBTY remains the leader
in the direct response and e-commerce sectors and continues to
increase the number of products available via its catalog and web
sites. Preliminary unaudited sales for the two-months ended
November 2005 were $297 million, an increase of 3% from the prior
like period. NBTY Chairman and CEO, Scott Rudolph, said: "We are
disappointed with our year end results. The Company has seen
difficult times before. Our strong financial and industry position
should help us navigate through this environment. We are confident
in the long-term outlook for the Company." ABOUT NBTY NBTY is a
leading vertically integrated manufacturer, marketer and
distributor of a broad line of high-quality, value-priced
nutritional supplements in the United States and throughout the
world. Under a number of NBTY and third party brands, the Company
offers over 22,000 products, including products marketed by the
Company's Nature's Bounty(R), Vitamin World(R), Puritan's Pride(R),
Holland & Barrett(R), Rexall(R), Sundown(R), MET-Rx(R),
WORLDWIDE Sport Nutrition(R), American Health(R), GNC (UK)(R),
DeTuinen(R), LeNaturiste(TM), SISU(R) and Solgar(R) brands. This
release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to our financial condition, results of operations and
business. These forward-looking statements can be identified by the
use of terminology such as "subject to," "believe," "expects,"
"plan," "project," "estimate," "intend," "may," "will," "should,"
"can," or "anticipates," or the negative thereof, or variations
thereon, or comparable terminology, or by discussions of strategy.
Although all of these forward looking statements are believed to be
reasonable, they are inherently uncertain. Factors which may
materially affect such forward-looking statements include: (i) slow
or negative growth in the nutritional supplement industry; (ii)
interruption of business or negative impact on sales and earnings
due to acts of God, acts of war, terrorism, bio- terrorism, civil
unrest or disruption of mail service; (iii) adverse publicity
regarding nutritional supplements; (iv) inability to retain
customers of companies (or mailing lists) recently acquired; (v)
increased competition; (vi) increased costs; (vii) loss or
retirement of key members of management; (viii) increases in the
cost of borrowings and/or unavailability of additional debt or
equity capital; (ix) unavailability of, or inability to consummate,
advantageous acquisitions in the future, including those that may
be subject to bankruptcy approval or the inability of NBTY to
integrate acquisitions into the mainstream of its business; (x)
changes in general worldwide economic and political conditions in
the markets in which NBTY may compete from time to time; (xi) the
inability of NBTY to gain and/or hold market share of its wholesale
and/or retail customers anywhere in the world; (xii) unavailability
of electricity in certain geographical areas; (xiii) the inability
of NBTY to obtain and/or renew insurance and/or the costs of the
same; (xiv) exposure to and expense of defending and resolving,
product liability claims and other litigation; (xv) the ability of
NBTY to successfully implement its business strategy; (xvi) the
inability of NBTY to manage its retail, wholesale, manufacturing
and other operations efficiently; (xvii) consumer acceptance of
NBTY's products; (xviii) the inability of NBTY to renew leases for
its retail locations; (xix) the inability of NBTY's retail stores
to attain or maintain profitability; (xx) the absence of clinical
trials for many of NBTY's products; (xxi) sales and earnings
volatility and/or trends for the Company and its market segments;
(xxii) the efficacy of NBTY's Internet and on-line sales and
marketing strategies; (xxiii) fluctuations in foreign currencies,
including the British Pound, the Euro and the Canadian dollar;
(xxiv) import- export controls on sales to foreign countries; (xxv)
the inability of NBTY to secure favorable new sites for, and delays
in opening, new retail locations; (xxvi) introduction of and
compliance with new federal, state, local or foreign legislation or
regulation or adverse determinations by regulators anywhere in the
world (including the banning of products) and more particularly
proposed Good Manufacturing Practices in the United States, the
Food Supplements Directive and Traditional Herbal Medicinal
Products Directive in Europe and Section 404 requirements of the
Sarbanes-Oxley Act of 2002; (xxvii) the mix of NBTY's products and
the profit margins thereon; (xxviii) the availability and pricing
of raw materials; (xxix) risk factors discussed in NBTY's filings
with the U.S. Securities and Exchange Commission; (xxx) adverse
effects on NBTY as a result of increased gasoline prices and
potentially reduced traffic flow to NBTY's retail locations; (xxxi)
adverse tax determinations; (xxxii) the loss of a significant
customer of the Company; and (xxxiii) other factors beyond the
Company's control. Readers are cautioned not to place undue
reliance on forward-looking statements. NBTY cannot guarantee
future results, trends, events, levels of activity, performance or
achievements. NBTY does not undertake and specifically declines any
obligation to update, republish or revise forward- looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrences of unanticipated events.
Consequently, such forward-looking statements should be regarded
solely as NBTY's current plans, estimates and beliefs. Contact:
Harvey Kamil Carl Hymans NBTY, Inc. G.S. Schwartz & Co.
President and Chief Financial Officer 212-725-4500 631-200-2020
NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (PRELIMINARY AND UNAUDITED) (Dollars and shares in
thousands, except per share amounts) For the three months ended
September 30, 2005 2004 Net sales $435,218 $427,471 Costs and
expenses: Cost of sales 236,650 219,051 Advertising, promotion and
catalog 25,308 24,129 Selling, general and administrative 151,668
146,267 413,626 389,447 Income from operations 21,592 38,024 Other
income (expense): Interest (9,238) (5,530) Miscellaneous, net 2,323
982 (6,915) (4,548) Income before provision for income taxes 14,677
33,476 Provision for income taxes 3,265 12,431 Net income $11,412
$21,045 Net income per share: Basic $0.17 $0.31 Diluted $0.17 $0.30
Weighted average common shares outstanding: Basic 67,189 66,999
Diluted 69,116 69,011 NBTY, INC. and SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (PRELIMINARY AND UNAUDITED)
(Dollars and shares in thousands, except per share amounts) For the
fiscal years ended September 30, 2005 2004 Net sales $1,737,187
$1,652,031 Costs and expenses: Cost of sales 895,644 822,412
Advertising, promotion and catalog 108,005 85,238 Selling, general
and administrative 588,166 554,838 Goodwill impairment 7,686 -
1,599,501 1,462,488 Income from operations 137,686 189,543 Other
income (expense): Interest (26,475) (24,663) Miscellaneous, net
8,051 4,125 (18,424) (20,538) Income before provision for income
taxes 119,262 169,005 Provision for income taxes 41,125 57,156 Net
income $78,137 $111,849 Net income per share: Basic $1.16 $1.67
Diluted $1.13 $1.62 Weighted average common shares outstanding:
Basic 67,162 66,793 Diluted 69,137 69,069 SALES (Thousands)
(Preliminary And Unaudited) THREE MONTHS ENDED FISCAL YEARS ENDED
SEPTEMBER 30, SEPTEMBER 30, Percentage Percentage 2005 2004 Change
2005 2004 Change Wholesale/ US Nutrition $196,832 $194,075 1%
$747,234 $734,293 2% North American Retail/ Vitamin World 56,136
53,469 5% 224,008 216,431 4% European Retail / Holland &
Barrett / GNC (UK) 134,078 133,021 1% 566,140 495,808 14% Direct
Response / Puritan's Pride 48,172 46,906 3% 199,805 205,499 -3%
Total $435,218 $427,471 2% $1,737,187 $1,652,031 5% GROSS PROFIT
PERCENTAGES (Preliminary And Unaudited) THREE MONTHS ENDED FISCAL
YEARS ENDED SEPTEMBER 30, SEPTEMBER 30, Percentage Percentage 2005
2004 Change 2005 2004 Change Wholesale/US Nutrition 30% 32% -2% 34%
36% -2% North American Retail / Vitamin World 57% 58% -1% 55% 59%
-4% European Retail / Holland & Barrett / GNC (UK) 61% 63% -2%
62% 62% 0% Direct Response / Puritan's Pride 52% 65% -13% 57% 62%
-5% Total 46% 49% -3% 48% 50% -2% Reconciliation of GAAP Measures
to Non-GAAP Measures ** (Thousands) (Preliminary And Unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 2005 Pretax Depreciation Income
and Non-cash (Loss) amortization Interest charges EBITDA Wholesale
/ US Nutrition $10,564 $2,482 $- $- $13,046 North American Retail /
Vitamin World (3,881) 1,507 - 215 (2,159) European Retail / Holland
& Barrett / GNC (UK) 32,479 2,559 - - 35,038 Direct Response/
Puritan's Pride 10,731 1,253 - - 11,984 Segment Results 49,893
7,801 - 215 57,909 Corporate (35,216) 6,206 9,238 - (19,772) Total
$14,677 $14,007 $9,238 $215 $38,137 THREE MONTHS ENDED SEPTEMBER
30, 2004 Pretax Depreciation Income and Non-cash (Loss)
amortization Interest charges EBITDA Wholesale / US Nutrition
$14,298 $2,538 $- $- $16,836 North American Retail / Vitamin World
(364) 2,339 - - 1,975 European Retail / Holland & Barrett / GNC
(UK) 36,094 2,489 - - 38,583 Direct Response / Puritan's Pride
16,285 1,301 - - 17,586 Segment Results 66,313 8,667 - - 74,980
Corporate (32,837) 6,165 5,530 - (21,142) Total $33,476 $14,832
$5,530 $- $53,838 ** SINCE EBITDA IS NOT A MEASURE OF PERFORMANCE
CALCULATED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES ("GAAP"), IT SHOULD NOT BE CONSIDERED IN ISOLATION OF,
OR AS A SUBSTITUTE FOR OR SUPERIOR TO, OTHER MEASURES OF FINANCIAL
PERFORMANCE PREPARED IN ACCORDANCE WITH GAAP, SUCH AS OPERATING
INCOME, NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES. IN
ADDITION, THE COMPANY'S DEFINITION OF EBITDA IS NOT NECESSARILY
COMPARABLE TO SIMILARLY TITLED MEASURES REPORTED BY OTHER
COMPANIES. Reconciliation of GAAP Measures to Non-GAAP Measures **
(Thousands) (Preliminary And Unaudited) FISCAL YEAR ENDED SEPTEMBER
30, 2005 Pretax Depreciation Income and Non-cash (Loss)
amortization Interest charges EBITDA Wholesale / US Nutrition
$67,873 $9,923 $- $- $77,796 North American Retail / Vitamin World
(26,216) 6,756 - 11,204 (8,256) European Retail/ Holland &
Barrett/ GNC (UK) 151,459 13,175 - 164,634 Direct Response/
Puritan's Pride 52,254 5,079 - 57,333 Segment Results 245,370
34,933 - 11,204 291,507 Corporate (126,108) 23,350 26,475 (76,283)
Total $119,262 $58,283 $26,475 $11,204 $215,224 FISCAL YEAR ENDED
SEPTEMBER 30, 2004 Pretax Depreciation Income and Non-cash (Loss)
amortization Interest charges EBITDA Wholesale/ US Nutrition
$112,224 $10,474 $- $- $122,698 North American Retail / Vitamin
World (120) 10,848 - - 10,728 European Retail / Holland &
Barrett/ GNC (UK) 120,323 12,370 - - 132,693 Direct Response/
Puritan's Pride 65,265 5,403 - - 70,668 Segment Results 297,692
39,095 - - 336,787 Corporate (128,687) 22,585 24,663 - (81,439)
Total $169,005 $61,680 $24,663 $- $255,348 ** SINCE EBITDA IS NOT A
MEASURE OF PERFORMANCE CALCULATED IN ACCORDANCE WITH U.S. GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES ("GAAP"), IT SHOULD NOT BE
CONSIDERED IN ISOLATION OF, OR AS A SUBSTITUTE FOR OR SUPERIOR TO,
OTHER MEASURES OF FINANCIAL PERFORMANCE PREPARED IN ACCORDANCE WITH
GAAP, SUCH AS OPERATING INCOME, NET INCOME AND CASH FLOWS FROM
OPERATING ACTIVITIES. IN ADDITION, THE COMPANY'S DEFINITION OF
EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED MEASURES
REPORTED BY OTHER COMPANIES. NBTY, INC. and SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (PRELIMINARY AND UNAUDITED) ASSETS
(Dollars and shares in thousands) September 30, September 30, 2005
2004 Current assets: Cash and cash equivalents $67,282 $ 21,751
Investments 39,900 - Accounts receivable, less allowance for
doubtful accounts of $9,155 and $9,389, respectively 73,226 86,113
Inventories 491,335 374,559 Deferred income taxes 23,645 32,062
Prepaid expenses and other current assets 54,469 62,835 Total
current assets 749,857 577,320 Property, plant and equipment, net
of accumulated depreciation of $279,883 and $241,822, respectively
320,528 280,075 Goodwill 228,747 221,429 Other intangible assets,
net 166,325 136,541 Other assets 16,845 17,288 Total assets $
1,482,302 $1,232,653 NBTY, INC. and SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (PRELIMINARY AND UNAUDITED) LIABILITIES
AND STOCKHOLDERS' EQUITY (Dollars and shares in thousands)
September 30, September 30, 2005 2004 Current liabilities: Current
portion of long-term debt $80,922 $3,205 Accounts payable 72,720
97,635 Accrued expenses and other current liabilities 120,487
116,633 Total current liabilities 274,129 217,473 Long-term debt
428,204 306,531 Deferred income taxes 57,092 64,675 Other
liabilities 6,822 4,176 Total liabilities 766,247 592,855
Commitments and contingencies Stockholders' equity: Common stock,
$0.008 par; authorized 175,000 shares; issued and outstanding
67,191 shares at September 30, 2005 and 67,060 shares at September
30, 2004 537 536 Capital in excess of par 138,657 135,787 Retained
earnings 559,275 481,302 Accumulated other comprehensive income
17,586 22,173 Total stockholders' equity 716,055 639,798 Total
liabilities and stockholders' equity $1,482,302 $1,232,653 NBTY,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (PRELIMINARY AND UNAUDITED) (Dollars in thousands) For the
fiscal year ended Sept. 30, 2005 2004 Cash flows from operating
activities: Net income $78,137 $111,849 Adjustments to reconcile
net income to net cash and cash equivalents provided by operating
activities: Provision for impairments and disposals of property,
plant and equipment 5,471 1,556 Depreciation and amortization
58,283 61,680 Foreign currency transaction gain (4,286) (1,253)
Amortization of deferred financing costs 2,398 3,955 Amortization
of bond discount 152 7 Loss on bond redemption 790 - Compensation
expense for ESOP 2,583 4,090 Impairment on asset held for sale
1,908 - Gain on sale of business assets (1,998) - Goodwill
impairment 7,686 - (Recovery of) / provision for doubtful accounts
(137) 3,074 Inventory reserves 9,479 16,070 Deferred income taxes
4,527 8,767 Tax benefit from exercise of stock options 220 1,228
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 29,673 (8,151) Inventories (87,413) (72,888)
Prepaid expenses and other current assets (1,613) (4,095) Other
assets (139) (1,937) Accounts payable (28,519) 7,193 Accrued
expenses and other liabilities 8,646 (11,209) Net cash provided by
operating activities 85,848 119,936 Cash flows from investing
activities: Purchase of property, plant and equipment (71,516)
(42,700) Proceeds from sale of property, plant, and equipment 298
1,065 Proceeds from sale of property, plant, and equipment held for
sale 9,950 - Proceeds from sale of trademark 30 - Proceeds from
sale of business assets 5,766 - Purchase of available-for-sale
marketable securities (39,900) - Cash paid for acquisitions, net of
cash acquired (131,397) - Purchase price dispute settlements, net
(8,236) - Purchase of intangible assets (563) - Proceeds from sale
of bond investment - 4,158 Net cash used in investing activities
(235,568) (37,477) NBTY, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (PRELIMINARY AND
UNAUDITED) (Dollars in thousands) For the fiscal year ended Sept.
30, 2005 2004 Cash flows from financing activities: Principal
payments under long-term debt agreements $(138,544) $(117,100)
Proceeds from borrowings under long-term agreements 132,950 -
Proceeds from bond offering, net of discount 198,234 - Net proceeds
under the Revolving Credit Facility 6,000 - Payments for financing
fees - (500) Bond issuance costs (3,329) - Proceeds from stock
options exercised 225 1,881 Purchase of treasury stock (176) - Net
cash provided by (used in) financing activities 195,360 (115,719)
Effect of exchange rate changes on cash and cash equivalents (109)
5,662 Net increase (decrease) in cash and cash equivalents 45,531
(27,598) Cash and cash equivalents at beginning of year 21,751
49,349 Cash and cash equivalents at end of year $ 67,282 $21,751
SALES (Preliminary and Unaudited) FOR THE TWO MONTHS OCTOBER AND
NOVEMBER ($ In Thousands) Percentage 2005 2004 Change Wholesale /
US Nutrition $143,209 $124,425 15% North American Retail/ Vitamin
World 37,851 34,364 10% European Retail / Holland & Barrett/
GNC (UK) 92,542 93,191 -1% Direct Response / Puritan's Pride 23,314
36,965 -37% Total $296,917 $288,946 3% DATASOURCE: NBTY, Inc.
CONTACT: Harvey Kamil, NBTY, Inc., President and Chief Financial
Officer, +1-631-200-2020; or Carl Hymans, G.S. Schwartz & Co.,
+1-212-725-4500, Web site: http://www.nbty.com/
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