Salt Lake supplement manufacturer Weider Nutrition today reported disappointing results for the third quarter and first nine months of 2003.
Net sales dropped to $64.1 million for the fiscal 2003 third quarter, from $74.8 million for the same period last year, while income was down to $808,000 compared to $1.2 million for the 2002 third quarter.
Weider Nutrition's net sales for the nine months ending February 28 also declined, from $231.7 million for the 2002 period to $204.4 million. The company is now facing a net loss of $7.8 million compared to the $3.0 million for the same period a year ago.
However this is largely due to a one-time charge of $15.4 million recorded in the 2003 first quarter relating to the adoption of SFAS No. 142. Excluding this, Weider reported net income of $7.6 million for the first nine months of the year.
Bruce Wood, president and CEO of Weider, said: "Weider has made solid progress in improving our financial health over the last several quarters, but our branded revenue performance continues to be our primary focus."
He said that the company would be pursuing new marketing programs to support the flagship Move Free brand and other branded new products.
"We have initiated some activity in our third quarter, and expect to significantly ramp up our efforts in the fourth quarter," said Wood.