RONKONKOMA, N.Y., Nov. 11 /PRNewswire-FirstCall/ -- NBTY, Inc.
(NYSE:NTY) (http://www.nbty.com/), a leading global manufacturer
and marketer of nutritional supplements, today announced results
for the fiscal fourth quarter and fiscal year ended September 30,
2008. For the fiscal fourth quarter ended September 30, 2008, net
sales were $602 million compared to net sales of $496 million for
the fiscal fourth quarter ended September 30, 2007, an increase of
$105 million, or 21%. Net income for the fiscal fourth quarter
ended September 30, 2008 was $18 million, or $0.28 per diluted
share, compared to net income of $48 million, or $0.70 per diluted
share, for the fiscal fourth quarter ended September 30, 2007. The
decline in net income primarily reflects lower gross profit margin,
Leiner acquisition-related integration costs, weak sales in the
European Retail operation, investment in information technology
infrastructure and increased freight costs. Overall gross profit
margins for the fiscal fourth quarter of 2008 decreased to 44% from
52% for the fiscal fourth quarter of 2007. This gross margin
compression was mainly due to higher raw material and other
manufacturing costs which were not offset by higher prices charged
to customers, increased promotional sales in the Wholesale/US
Nutrition and Direct Response/E-Commerce operations and lower
margins on Leiner private label products. NBTY acquired Leiner
Health Products on July 14, 2008 and incurred acquisition-related
integration costs of $12 million, consisting of severance costs,
increased payroll and certain adjustments to acquired inventory.
These adjustments were required under purchase accounting rules to
record this inventory at fair value. This results in temporary
compression in gross profit when this inventory is sold. The
integration plan will result in the elimination of 250 Leiner
associates. NBTY expects integration costs to continue over the
next two quarters. Adjusted EBITDA for the fiscal fourth quarter of
2008 was $55 million, compared to $87 million for the fiscal fourth
quarter of 2007. The Company's balance sheet remains strong. At
September 30, 2008 working capital was $573 million with total
assets of $1.9 billion. The Company financed the Leiner acquisition
with a $300 million term loan plus available cash on hand and
maintains a $325 million Revolving Credit Facility. For the fiscal
year ended September 30, 2008, net sales were $2.2 billion,
compared to net sales of $2.0 billion for the prior fiscal year, an
increase of $165 million, or 8%. Net income for the fiscal year
ended September 30, 2008 was $153 million, or $2.33 per diluted
share, compared to $208 million, or $3.00 per diluted share, for
the prior fiscal year. Adjusted EBITDA for fiscal 2008 was $313
million, compared to $378 million for fiscal 2007. Preliminary and
unaudited net sales for October 2008 were $221 million. A detailed
breakdown of these sales is shown in the last table below.
OPERATIONS FOR THE FISCAL FOURTH QUARTER ENDED SEPTEMBER 30, 2008
Net sales for the Wholesale/US Nutrition division, which markets
various brands including Nature's Bounty, Osteo Bi-Flex, Rexall,
Ester-C and Leiner products, increased $122 million, or 51%, to
$359 million from $237 million for the prior like quarter. Leiner
operations contributed net sales of $93 million since its
acquisition on July 14, 2008. While the gross profit percentage
decreased during this period, the Company continued to increase its
market share. Neilson tracks industry-wide sales of vitamins,
minerals, herbs and other supplements in the food, drug and mass
market sectors. For the thirteen week period ended September 27,
2008, Neilson reported an increase in the entire category of 9%.
According to Neilson, for that same period, the Company's Wholesale
brands reported a 17% increase. This trend continued into October.
For the four weeks ended October 25, 2008, Neilson reported the
entire category was up 9%, and the Company's Wholesale brands were
up 16%. The Wholesale/US Nutrition division utilizes valuable
consumer preference sales data generated by the Company's Vitamin
World retail stores and Puritan's Pride Direct Response/E-Commerce
operations to empower its wholesale customers with this latest
data. The Vitamin World stores are used as a laboratory for new
ideas and are an effective tool in determining and monitoring
consumer preferences. This information, as well as scanned sales
data from the Vitamin World stores, is shared on a real time basis
with NBTY's wholesale customers to give them a competitive
advantage. Net sales for the North American Retail division,
comprised of Vitamin World Stores in the United States and
LeNaturiste stores in Canada, decreased 13%, to $50 million from
$57 million for the fiscal fourth quarter ended September 30, 2007.
While Vitamin World remained profitable for the fiscal fourth
quarter of 2008, LeNaturiste operated at a loss during this period.
Same store sales for North American Retail decreased 10% for the
fiscal fourth quarter of 2008. During the fiscal fourth quarter of
2008, the North American Retail division closed 9 under-performing
stores and added 4 new stores. At the end of the fiscal fourth
quarter of 2008, the North American Retail division operated a
total of 522 stores, consisting of 441 Vitamin World stores in the
United States and 81 LeNaturiste stores in Canada. European Retail
net sales for the fiscal fourth quarter of 2008 were $138 million
as compared to $155 million for the fiscal fourth quarter of 2007,
a decrease of $17 million or 11%. Of this 11% decrease, 6% is
attributed to foreign exchange. This decrease also reflects a
general slowness in the European marketplace as this division
continued to operate in a difficult retail environment. Included in
the sales results were $5 million from 346 Julian Graves stores,
purchased on September 16, 2008. This acquisition is the subject of
an inquiry from the UK Office of Fair Trading for potential
antitrust implications. In conjunction with this inquiry, Julian
Graves has not been integrated into the Company's European
operations. During the fiscal fourth quarter, the European Retail
division opened 21 stores. The division now operates 993 stores.
Net sales from Direct Response/E-Commerce operations for the fiscal
fourth quarter of 2008 increased 17%, to $55 million from $47
million for the fiscal fourth quarter of 2007. Although net sales
increased, the gross profit margin decreased 5% as a result of
increased promotions to expand the operation's Internet presence
and increases in raw materials. In addition, marketing and
advertising costs increased by $4 million. This division varies its
promotional strategy throughout the fiscal year. Direct
Response/E-Commerce results should be viewed on an annual and not
quarterly basis. Online sales represented 45% of total Direct
Response/E-Commerce sales for this fiscal fourth quarter compared
to 40% in the prior like quarter. This increase reflects on-going
efforts to garner greater online consumer sales and to capitalize
on the continuing surge in shopping via the web. Puritan's Pride
views the Internet as the driver of future growth and continues to
incorporate new technologies to expand this business. Puritan's
Pride 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. OPERATIONS FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2008 Net sales for the Wholesale/US Nutrition
division increased $184 million, or 19%, to $1.2 billion from $1.0
billion for fiscal year 2007. Gross profit for the Wholesale
operation decreased to 38% compared to 41% for the prior like
fiscal year. Net sales for the North American Retail division
decreased $15 million, or 7%, to $208 million from $223 million for
fiscal year 2007. North American Retail same store sales decreased
4% for fiscal 2008. European Retail net sales for the fiscal year
decreased $20 million, or 3%, to $600 million for the fiscal year
2008 from $620 million for the fiscal year 2007. European Retail
same store sales decreased 6% in both local currency and in US
dollars for fiscal 2008. The European Retail business continues to
leverage its premier status, high street locations and brand
awareness. As of September 30, 2008, the European Retail business
operated a total of 993 stores, comprised of 526 Holland &
Barrett stores, 346 Julian Graves Stores and 31 GNC stores in the
UK, 19 Nature's Way stores in Ireland, and 71 DeTuinen stores in
the Netherlands. Net sales from Direct Response/E-Commerce
operations for the fiscal year 2008 increased $17 million or 9% to
$211 million from $194 million for the fiscal year 2007. The
increase in sales reflects a lowering of prices to garner greater
market share in a highly competitive environment. Online sales
represented 44% of total Direct Response/E-Commerce sales for
fiscal year 2008 compared to 38% for fiscal year 2007. NBTY
Chairman and CEO, Scott Rudolph, said: "While we have experienced a
decline in profitability, NBTY continues to implement strategic
initiatives to further establish our dominant position in the
nutritional supplement industry. The Company's commitment to the
future includes the Leiner and Julian Graves acquisitions which
respectively enhance our Wholesale and European operations. We
expect existing operations along with these acquisitions to
generate future growth and shareholder value." ABOUT NBTY NBTY is a
leading global 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) (http://www.naturesbounty.com/),
Vitamin World(R) (http://www.vitaminworld.com/), Puritan's Pride(R)
(http://www.puritan.com/), Holland & Barrett(R)
(http://www.hollandandbarrett.com/), Rexall(R)
(http://www.rexall.com/), Sundown(R)
(http://www.sundownnutrition.com/), MET-Rx(R)
(http://www.metrx.com/), Worldwide Sport Nutrition(R)
(http://www.sportnutrition.com/), American Health(R)
(http://www.americanhealthus.com/), GNC (UK)(R)
(http://www.gnc.co.uk/), DeTuinen(R) (http://www.detuinen.nl/),
LeNaturiste(TM) (http://www.lenaturiste.com/), SISU(R)
(http://www.sisu.com/), Solgar(R) (http://www.solgar.com/), Good
'n' Natural(R) (http://www.goodnnatural.com/), Home Health(TM)
(http://www.homehealthus.com/), Julian Graves, and Ester-C(R)
(http://www.ester-c.com/) brands. NBTY routinely posts information
that may be important to investors on its web site. This release
refers to non-GAAP financial measures, such as Adjusted EBITDA.
"Adjusted EBITDA" is defined as net income, excluding the aggregate
amount of all non-cash losses reducing net income, plus interest,
taxes, depreciation and amortization. This non-GAAP financial
measure is not prepared in accordance with generally accepted
accounting principles and may be different from non-GAAP financial
measures used by other companies. Non-GAAP financial measures
should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
A reconciliation of the non-GAAP measure to the comparable GAAP
measure is included in the attached financial tables. Management
believes the presentation of Adjusted EBITDA is relevant and useful
because Adjusted EBITDA is a measurement industry analysts utilize
when evaluating NBTY's operating performance. Management also
believes Adjusted EBITDA enhances an investor's understanding of
NBTY's results of operations because it measures NBTY's operating
performance exclusive of interest and non-cash charges for
depreciation and amortization. Management also provides this
non-GAAP measurement as a way to help investors better understand
its core operating performance, enhance comparisons of NBTY's core
operating performance from period to period and to allow better
comparisons of NBTY's operating performance to that of its
competitors. 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 and
intellectual property 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 and manufacturing 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 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
energy 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; (xxxiii) potential investment
losses as a result of liquidity conditions; and (xxxiv) 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 & Chief Financial Officer 212-725-4500
631-200-2020 NBTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) (In thousands, except per share amounts) Three months
ended September 30, 2008 2007 Net sales $601,574 $496,441 Costs and
expenses: Cost of sales 338,100 239,609 Advertising, promotion and
catalog 31,570 30,654 Selling, general and administrative 199,621
158,610 569,291 428,873 Income from operations 32,283 67,568 Other
income (expense): Interest (7,399) (3,713) Miscellaneous, net 1,978
5,656 (5,421) 1,943 Income before provision for income taxes 26,862
69,511 Provision for income taxes 9,286 21,014 Net income $17,576
$48,497 Net income per share: Basic $0.29 $0.72 Diluted $0.28 $0.70
Weighted average common shares outstanding: Basic 61,245 67,235
Diluted 63,282 69,245 NBTY, INC. CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (UNAUDITED) (In thousands, except per share amounts)
Fiscal years ended September 30, 2008 2007 Net sales $ 2,179,469
$2,014,506 Costs and expenses: Cost of sales 1,102,169 966,784
Advertising, promotion and catalog 140,479 120,126 Selling, general
and administrative 700,209 619,995 1,942,857 1,706,905 Income from
operations 236,612 307,601 Other income (expense): Interest
(18,639) (16,749) Miscellaneous, net 13,067 13,124 (5,572) (3,625)
Income before provision for income taxes 231,040 303,976 Provision
for income taxes 77,889 96,044 Net income $153,151 $207,932 Net
income per share: Basic $2.42 $3.09 Diluted $2.33 $3.00 Weighted
average common shares outstanding: Basic 63,386 67,268 Diluted
65,739 69,404 SALES (Unaudited) THREE MONTHS ENDED FISCAL YEARS
ENDED SEPTEMBER 30, SEPTEMBER 30, Perce- Perce- ntage ntage (In
thousands) 2008 2007 Change 2008 2007 Change Wholesale/ US
Nutrition $358,543 $236,941 51% $1,160,486 $976,814 19% North
American Retail 49,513 57,033 -13% 208,014 223,435 -7% European
Retail 138,127 155,072 -11% 600,463 620,281 -3% Direct Response/
E-Commerce 55,391 47,395 17% 210,506 193,976 9% Total $601,574
$496,441 21% $2,179,469 $2,014,506 8% GROSS PROFIT PERCENTAGES
(Unaudited) THREE MONTHS ENDED FISCAL YEARS ENDED SEPTEMBER 30,
SEPTEMBER 30, Increase Increase 2008 2007 - Decrease 2008 2007 -
Decrease Wholesale/ US Nutrition 31% 41% -10% 38% 41% -3% North
American Retail 67% 59% 8% 63% 59% 4% European Retail 65% 64% 1%
63% 64% -1% Direct Response/ E-Commerce 52% 57% -5% 57% 60% -3%
Total 44% 52% -8% 49% 52% -3% ADJUSTED EBITDA** Reconciliation of
GAAP Measures to Non-GAAP Measures (Unaudited) (In thousands) THREE
MONTHS ENDED SEPTEMBER 30, 2008 Pretax Income Depreciation and
Non-cash Adjusted (Loss) amortization Interest charges EBITDA**
Wholesale/ US Nutrition $39,831 $3,797 $- $49 $43,677 North
American Retail 334 757 - 450 1,541 European Retail 24,359 3,230 -
55 27,644 Direct Response/ E-Commerce 4,180 1,266 - 23 5,469
Segment Results 68,704 9,050 - 577 78,331 Corporate/ Manufacturing
(41,842) 10,633 7,399 570 (23,240) Total $26,862 $19,683 $7,399
$1,147 $55,091 THREE MONTHS ENDED SEPTEMBER 30, 2007 Pretax Income
Depreciation and Non-cash Adjusted (Loss) amortization Interest
charges EBITDA** Wholesale/ US Nutrition $43,852 $2,731 $- $-
$46,583 North American Retail 745 854 - 202 1,801 European Retail
37,874 2,821 - - 40,695 Direct Response/ E-Commerce 10,828 1,248 -
- 12,076 Segment Results 93,299 7,654 - 202 101,155 Corporate/
Manufacturing (23,788) 5,910 3,713 - (14,165) Total $69,511 $
13,564 $3,713 $202 $86,990 ** SINCE ADJUSTED 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
ADJUSTED EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED
MEASURES REPORTED BY OTHER COMPANIES. ADJUSTED EBITDA**
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)
(In thousands) FISCAL YEAR ENDED SEPTEMBER 30, 2008 Pretax Income
Depreciation and Non-cash Adjusted (Loss) amortization Interest
charges EBITDA** Wholesale/ US Nutrition $193,532 $11,655 $- $128
$205,315 North American Retail 3,437 3,161 - 834 7,432 European
Retail 121,941 12,311 - 145 134,397 Direct Response/ E-Commerce
34,902 5,254 - 66 40,222 Segment Results 353,812 32,381 - 1,173
387,366 Corporate/ Manufacturing (122,772) 28,340 18,639 1,500
(74,293) Total $231,040 $60,721 $18,639 $2,673 $313,073 FISCAL YEAR
ENDED SEPTEMBER 30, 2007 Pretax Income Depreciation and Non-cash
Adjusted (Loss) amortization Interest charges EBITDA** Wholesale/
US Nutrition $196,770 $11,062 $- $- $207,832 North American Retail
2,771 3,883 - 1,336 7,990 European Retail 156,966 11,154 - -
168,120 Direct Response/ E-Commerce 50,706 5,030 - - 55,736 Segment
Results 407,213 31,129 - 1,336 439,678 Corporate/ Manufacturing
(103,237) 24,472 16,749 - (62,016) Total $303,976 $55,601 $16,749
$1,336 $377,662 ** SINCE ADJUSTED 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 ADJUSTED
EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED MEASURES
REPORTED BY OTHER COMPANIES. NBTY, Inc. Condensed Consolidated
Balance Sheets (Unaudited) (In thousands, except per share amounts)
September 30, 2008 2007 Current assets: Cash and cash equivalents
$90,180 $92,902 Investments - 121,382 Accounts receivable, net
122,878 98,454 Inventories 585,239 384,990 Deferred income taxes
25,098 21,441 Other current assets 75,971 44,157 Total current
assets 899,366 763,326 Property, plant and equipment, net 419,066
323,154 Goodwill 342,379 251,753 Intangible assets, net 230,424
157,548 Other assets 45,123 39,154 Total assets $1,936,358
$1,534,935 Current liabilities: Current portion of long-term debt
$33,309 $989 Accounts payable 120,620 71,852 Accrued expenses and
other current liabilities 172,035 125,533 Total current liabilities
325,964 198,374 Long-term debt, net of current portion 538,402
210,106 Deferred income taxes 49,139 61,788 Other liabilities
24,657 8,697 Total liabilities 938,162 478,965 Commitments and
contingencies Stockholders' equity: Common stock, $0.008 par;
authorized 175,000 shares; issued and outstanding 61,599 and 67,118
shares at September 30, 2008 and 2007, respectively 493 537 Capital
in excess of par 140,990 143,244 Retained earnings 839,068 864,852
Accumulated other comprehensive income 17,645 47,337 Total
stockholders' equity 998,196 1,055,970 Total liabilities and
stockholders' equity $1,936,358 $1,534,935 NBTY, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
For the fiscal year ended September 30, 2008 2007 Cash flows from
operating activities: Net income $153,151 $207,932 Adjustments to
reconcile net income to cash provided by operating activities:
Impairments and disposals of property, plant and equipment 1,320
4,682 Depreciation and amortization 60,721 55,601 Foreign currency
transaction gain (1,934) (4,878) Stock-based compensation 1,897 -
Amortization and write-off of deferred charges 874 1,972 Allowance
for doubtful accounts 2,140 (1,575) Inventory reserves 8,113 12,832
Deferred income taxes 7,697 (164) Excess income tax benefit from
exercise of stock options (1,002) (3,294) Changes in operating
assets and liabilities, net of acquisitions: Accounts receivable
(11,619) 361 Inventories (77,027) (29,229) Other assets (2,817)
(637) Accounts payable 4,386 1,025 Accrued expenses and other
liabilities 31,505 (3,632) Net cash provided by operating
activities 177,405 240,996 Cash flows from investing activities:
Purchase of property, plant and equipment (49,097) (51,274)
Purchase of available-for-sale investments (365,021) (449,766)
Proceeds from sale of available-for-sale investments 483,156
328,714 Cash paid for acquisitions, net of cash acquired (394,532)
(37,005) Cash paid for acquisition of customer lists (5,072) -
Acquisition working capital escrow (15,000) - Cash collateral
securing loan - (18,861) Purchase price adjustments and
settlements, net - (473) Net cash used in investing activities
(345,566) (228,665) Cash flows from financing activities: Proceeds
from term loan 300,000 - Proceeds from borrowings under the
Revolving Credit Facility 385,000 - Principal payments under the
Revolving Credit Facility (325,000) - Principal payments under
long-term debt agreements and capital leases (2,816) (888) Payments
for financing fees (2,478) (1,649) Excess income tax benefit from
exercise of stock options 1,002 3,294 Proceeds from stock options
exercised 7,325 1,840 Purchase of treasury stock (subsequently
retired) (188,432) (14,808) Net cash provided by (used in)
financing activities 174,601 (12,211) Effect of exchange rate
changes on cash and cash equivalents (9,162) 2,977 Net (decrease)
increase in cash and cash equivalents (2,722) 3,097 Cash and cash
equivalents at beginning of the year 92,902 89,805 Cash and cash
equivalents at end of the year $90,180 $92,902 NBTY's preliminary
unaudited net sales results for the month of October 2008 by
segment are as follows: NET SALES (Preliminary and Unaudited) FOR
THE MONTH OF OCTOBER ($ In Millions) 2008 2007 % Change Wholesale /
US Nutrition $133 $88 51% North American Retail $16 $19 -17%
European Retail $54 $55 -3% Direct Response / E-commerce $19 $13
50% Total $221 $175 26% Wholesale / US Nutrition net sales for the
month of October 2008 include $40 million from Leiner which was
acquired on July 14, 2008. Without Leiner sales, the Wholesale / US
Nutrition net sales would have increased 6% for the period.
European Retail net sales for October 2008 include $11 million from
Julian Graves, which NBTY acquired on September 16, 2008. Without
Julian Graves sales, European Retail net sales would have decreased
22% for the period. European Retail net sales in local currency,
excluding Julian Graves sales, decreased 6%, and North American
Retail same store sales decreased 15%. DATASOURCE: NBTY, Inc.
CONTACT: Harvey Kamil, President & Chief Financial Officer,
NBTY, Inc., +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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