WEIDER REPORTS SECOND QUARTER $12 MILLION NET
LOSS.
Weider Nutrition International, Inc. (NYSE:WNI) has reported
results for the three and six-month periods ended November 30, 2002.
Weider Nutrition's net sales were $64.2 million for the fiscal
2003 second quarter, compared to $76.2 million for the same period in
fiscal 2002. For its fiscal 2003 second quarter, Weider reported net
income of $2.3 million, or $0.09 per share (diluted), compared to a net
loss of $3.9 million, or $0.15 per share (diluted) for the same period a
year ago.
Weider Nutrition's net sales were $140.3 million for the six
months ending November 30, 2002, compared to $156.9 million for the same
period in fiscal 2002. For the first six months of fiscal 2003, Weider
reported a net loss of $8.6 million, or $0.33 per share (diluted),
compared to a net loss of $4.2 million, or $0.16 per share (diluted) for
the same period a year ago. Excluding a one-time charge of $15.4 million
recorded in the fiscal 2003 first quarter relating to the adoption of
SFAS No. 142, Weider reported net income of $6.8 million, or $0.26 per
share (diluted) for the first six months of fiscal 2003.
Bruce Wood, president and CEO, stated, "We are encouraged by
our fiscal 2003 first half operating results. Our cost improvement
initiatives are reflected in our increased operating margin. We believe
these results flowed from our proactive management of the historically
soft industry conditions. More recently, we are encouraged by the
renewed growth of the supplement category in the mass market. We are not
satisfied with our revenue trend, and we are committed to the objective
of growing our top line revenues. We expect to implement marketing and
new product plans in the second half of our fiscal year to address this
objective."
About Weider Nutrition
Weider Nutrition International, Inc. develops, manufactures,
markets and sells branded and private label vitamins, nutritional
supplements and sports nutrition products in the United States and
throughout the world and sells a line of sports apparel in Europe.
Weider can be found on the World Wide Web at http://www.weider.com.
For more information, call 801/975-5186.
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