Utah's Schiff Nutrition sees 4Q profit decline on rising sales
Schiff Nutrition International Inc. reported improved sales but a decline in income for the fourth quarter of its 2012 fiscal year.
The Salt Lake City-based maker of vitamins and other nutritional products said net income was $2 million, or 7 cents per share, down from $3.1 million, or 10 cents per share, for the same period a year earlier.
Schiff said in a statement that total operating expenses for the period increased to $27.1 million from $14.9 million, a development that reflected an anticipated increase in selling and marketing expenses and $3.4 million in acquisition-related costs.
Sales were $67.4 million, compared with $51.9 million. The sales increase reflected growth in key brands, new-product introductions and contributions from acquisitions, the company said.
For the entire fiscal year, ending May 31, Schiff reported sales of $258.9 million, compared with $213.6 million a year earlier.
Net income was $13.7 million, compared with $12.6 million. Earnings per share were 47 cents, compared with 43 cents.
"Our fiscal year 2012 investments in brand building and innovation drove strong sales and gross margin growth," said Tarang Amin, president and CEO. "For fiscal 2013, we are committed to building upon this momentum."
The Salt Lake Tribune