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Higher expenses weigh on Schiff Nutrition 4Q

296 days ago

(AP:SALT LAKE CITY) Higher expenses dragged Schiff Nutrition International Inc.'s fiscal fourth-quarter net income lower as revenue improved on acquisitions, new products and increased sales of its key brands.

The vitamin maker also said Tuesday that it expects fiscal 2013 revenue to climb 40 percent to 43 percent, citing new products, efforts to grow its brands and the Airborne acquisition.

Schiff, whose brands include MegaRed and Move Free, earned $2 million, or 7 cents per share, in the quarter. That's off 36 percent from $3.1 million, or 10 cents per share, a year ago.

Analysts expected higher earnings of 11 cents per share, according to a FactSet survey.

Total operating expenses rose 82 percent to $27.1 million from $14.9 million, while income tax expense grew 39 percent to $2.4 million from $1.7 million.

Revenue for the three months ended May 31 climbed 30 percent to $67.4 million from $51.9 million.

Cost of goods sold rose to $34 million from $32.1 million.

Full-year net income increased 9 percent to $13.7 million, or 47 cents per share, from $12.6 million, or 43 cents per share, in the previous year.

Annual revenue rose to $258.9 million from $213.6 million, up 21 percent.

Based on fiscal 2012's revenue of $258.9 million, Salt Lake City-based Schiff anticipates 2013 revenue of about $362.5 million to $370.1 million.

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