Mannatech sees 23% fall in Q3 net sales
Co-CEO says Q3 recruiting levels are almost equal to those of Q2
Mannatech reported net sales of $54.87m for the third quarter ended 30 September 2010, a decrease of 23%, compared to $71.3m for the same period in 2009.
Mannatech has posted a net loss of $1.29m for the third quarter 2010, or $0.05 loss per diluted share, compared to $9.21m, or $0.35 loss per diluted share, for the comparable period in 2009.
Loss from operations was $3.66m, compared to $8.57m for the comparable period in 2009.
Mannatech has posted net sales of $173.14m, for the nine months ended 30 September 2010, compared to $219.64m for the year ago period.
For the nine months ended 30 September 2010, Mannatech has posted a net loss of $7.87m, or $0.3 loss per diluted share, compared to net loss of $19.52m, or $0.74 loss per diluted share, for the year ago period.
Loss from operations was $8.68m, compared to $25.31m for the year ago period.
Mannatech develops health, weight and fitness, and skin care solutions that are based on the foundation of nutritional science and development standards.
Mannatech co-CEO and chief science officer Robert Sinnott said that their third quarter new associate and member recruiting levels were almost equal to second quarter levels.
"Historically, second quarter recruitment levels are bolstered by our annual sales incentive, so this year's third quarter recruiting results are encouraging metrics showing that our associates are excited again about what Mannatech offers," Sinnott said.
Mannatech co-CEO and chief science officer Stephen Fenstermacher said that they continue to manage their cost of sales, commission costs and operating expenses at efficient levels.
"Our balance sheet reflects higher cash and cash equivalents as well as lower outstanding payables compared to the second quarter of 2010, with essentially no long-term debt," Fenstermacher said.