09 August 2008

Mannatech reports Q2 loss, pending litigation plays role

Dallas Business Journal
Mannatech Inc., a dietary supplement and skin care provider, posted an 800 percent profit decline in the second quarter on expenses relate to litigation, higher operating costs and charges related to layoffs.

Coppell-based Mannatech (Nasdaq: MTEX) posted a second quarter loss of $10.5 million, or 40 cents per diluted share, down from a profit of $1.5 million, or 6 cents per share, last year.The company’s also reported a pre-tax loss of $16.9 million during the most recent second quarter, compared to a pre-tax income of $2.6 million last year.

Sales fell 22.3 percent to $86.8 million from $111.7 million in the second quarter of 2007. Mannatech’s leadership blames the decline on a 31.8 percent decrease in North American sales and a 2.2 percent drop in international sales.

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