Mannatech Reports Record Earnings
Source: NPI Center
"Mannatech, Inc. Reports Record Second Quarter Earnings
COPPELL, TX, Aug 09, 2006 (MARKET WIRE via COMTEX) -- Mannatech, Inc. (MTEX) today reported record earnings for second quarter 2006 of $0.31 per diluted share, up 48% from second quarter 2005 earnings of $0.21 per diluted share. Pretax profit reached $13.4 million for the quarter, up 41% over prior year, reflecting favorable costs relative to sales. Net income for the quarter reached a record $8.6 million with a net profit ratio of 8.2%, a rate improvement of 2.5 points versus 2005, partially due to a lower effective tax rate in the quarter. Total second quarter revenue was $104.8 million, up 2.1 percent versus prior year. Total current Mannatech independent associates and members grew to 526,000 as of June 30, 2006, an increase of 19.5% compared with the same time prior year. The record current independent associate and member count resulted primarily from the increase in continuing current independent associates and members. Sam Caster, Board Chairman and CEO, commented, "Our record earnings for the quarter reflect significant ongoing efforts to improve profitability in all operational areas. While we were not pleased with the sales and recruitment performance in the second quarter, we feel we are well positioned for new growth in the coming months with planned new product introductions, and new country openings following the completion of our ERP system installation early next year."
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Mannatech Reports Record Earnings
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