ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

MDNU Medical Nutrition Usa (MM)

3.98
0.00 (0.00%)
22 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Medical Nutrition Usa (MM) NASDAQ:MDNU NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.98 0 00:00:00

Medical Nutrition USA, Inc. Reports 30% Sales Increase in Quarter

03/06/2010 1:30pm

Marketwired


Medical Nutrition Usa (MM) (NASDAQ:MDNU)
Historical Stock Chart


From Nov 2019 to Nov 2024

Click Here for more Medical Nutrition Usa (MM) Charts.

Medical Nutrition USA, Inc. (NASDAQ: MDNU), a developer and distributor of nutrition-medicine products, announced its financial results for the first fiscal quarter ended April 30, 2010.

First Quarter Fiscal 2011 vs. 2010

-- Sales increased 30% to $4,447,300 from $3,427,700.
-- Gross profit increased to $2,441,700 or 55% of sales, from
   $1,817,400 or 53% of sales;
-- Selling, general and administrative expenses were $2,017,200 or
   45% of sales, compared to $1,857,900 or 54% of sales;
-- Pre-tax income increased $316,500 or 7% of sales, compared to a
   Loss of $150,000 or (4%) of sales;
-- Net income increased to $153,600 or $0.01 per share compared to
   a net loss of $143,900 or $(0.01) per share.

"We are very pleased with the Company's results for the quarter," Medical Nutrition Chairman and Chief Executive Officer Frank A. Newman said. "Performance was strong across the board -- particularly for branded products, sales of which increased over 35% during the period. Our gains in the quarter reflect the continued addition of new nursing homes and hospitals to our end-user community as well as higher consumption within existing facilities. We feel good about our continuing momentum and direction for the year."

UTI-Stat® (ProAntinox®) Study Published

Also in the quarter, the Company announced the publication of an independent clinical study showing that the Company's UTI-Stat® (ProAntinox®) product demonstrated effectiveness in significantly reducing the anticipated incidence of recurrent urinary tract infections (UTI) and significantly improved quality of life in those with a history of UTI. The study was conducted by Dr. Aaron E. Katz, Professor of Clinical Urology at Columbia University's College of Physicians and Surgeons and published by the peer-reviewed journal Urology, the official journal of the International Society of Urology. The results of the study were consistent with those in a 2008 study of UTI-Stat® among nursing home residents.

UTI-Stat® (ProAntinox®) is also available over-the-counter as Cystex® Cranberry. The study can be found at: http://www.goldjournal.net/article/S0090-4295(10)00183-4/abstract.

Earnings Conference Call

Medical Nutrition senior management will host a conference call today at 11:00 am EDT, to discuss its results with investors. Dial-in number for the conference call is: (866) 639-9991 (United States and Canada) or (678) 302-3571 (international callers); ask the operator to connect you to the Medical Nutrition USA Investor Call. A live webcast of the conference call can be accessed through the company's web site at: http://ir.medicalnutritionusa.com/events.cfm.

An archive of the webcast with audio can be accessed through the same link above. An audio-only replay of the call will be available following the conference call by dialing (866) 510-4862 (United States and Canada) or (678) 302-3562 (international callers) and entering the code, 4804300# followed by 4 and the following confirmation code: 201002225104127#. The audio-only replay will be available through Saturday, June 5.

About Medical Nutrition USA, Inc.

Medical Nutrition USA develops and distributes products for the nutritionally at risk who are under medical supervision. Its products are used primarily in long-term care facilities, hospitals, dialysis clinics and bariatric clinics. The Company's product lines include Pro-Stat®, Fiber-Stat®, UTI-Stat® and Diff-Stat® as well as private label products. Additional information is available at www.mdnu.com.

Forward-Looking Statements

This news release contains forward-looking statements that are subject to certain risks and uncertainties. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Risks and uncertainties that could cause or contribute to such material difference include, but are not limited to, general economic conditions, changes in customer demand, changes in trends in the nursing home, renal care, health food and bariatric surgery markets, changes in competitive pricing for products, and the impact of our competitors' new product introductions. Our future financial condition and results of operations, as well as any forward-looking statements are subject to change and inherent risk and uncertainties. Other important factors that may cause actual results to differ materially from those expressed in forward-looking statements are contained in the Medical Nutrition USA, Inc. Annual Report on Form 10-K for the year ended January 31, 2010 as filed with the Securities and Exchange Commission on April 16, 2010.

                        MEDICAL NUTRITION USA, INC.
                    CONDENSED STATEMENTS OF OPERATIONS


                                                     THREE MONTHS ENDED
                                                          APRIL 30,

                                                      2010         2009

                                                  (Unaudited)  (Unaudited)
Sales                                             $  4,447,300 $ 3,427,700
Cost of sales                                        2,005,600   1,610,300

                                                  ------------ -----------
Gross profit                                         2,441,700   1,817,400

Selling, general and administrative expenses         2,017,200   1,857,900

Research and development                               151,200     147,100

                                                  ------------ -----------

Operating income (loss)                                273,300    (187,600)

                                                  ------------ -----------

Interest income                                         43,200      37,600

                                                  ------------ -----------

Income (loss) before income tax expense (benefit)      316,500    (150,000)

Income tax expense (benefit)                           162,900      (6,100)

                                                  ------------ -----------

Net income (loss)                                 $    153,600 $  (143,900)

                                                  ------------ -----------

Earnings (loss) per common share:
Basic                                             $       0.01 $     (0.01)

                                                  ------------ -----------

Diluted                                           $       0.01 $     (0.01)

                                                  ------------ -----------

Weighted average common shares outstanding
Basic                                               14,041,116  14,130,752

                                                  ------------ -----------

Diluted                                             14,884,580  14,130,752

                                                  ------------ -----------




                        MEDICAL NUTRITION USA, INC.
                         CONDENSED BALANCE SHEETS

                                                  April 30,   January 31,
                                                    2010          2010
                                                ------------  ------------
                                                 (unaudited)
ASSETS
Current Assets:
  Cash and cash equivalents                     $  4,444,500  $  4,416,900
  Short-term investments                           7,117,700     7,081,300
  Accounts receivable, net of allowance of
   $55,200 and $52,200, respectively               1,406,800     1,479,100
  Inventories                                        484,200       596,100
  Deferred income taxes                              363,300       480,400
  Prepaid income taxes                                35,900            --
  Other current assets                               157,700       188,800
                                                ------------  ------------
   Total current assets                           14,010,100    14,242,600

Fixed Assets, net of accumulated depreciation        241,200       251,000

Other Assets:
  Deferred income taxes                              431,200       442,300
  Security deposits                                   20,000        15,300
  Investment in Organics Corporation of America      125,000       125,000
  Intangible assets, net of amortization             273,400       277,300
                                                ------------  ------------

                                                $ 15,100,900  $ 15,353,500

                                                ============  ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
  Accounts payable                              $    614,700  $    797,200
  Accrued expenses                                   874,000     1,065,200
  Income taxes payable                                    --       149,800
                                                ------------  ------------
   Total current liabilities                       1,488,700     2,012,200

                                                ------------  ------------
Stockholders' Equity:
  Preferred stock $0.001 par value, 5,000,000
   shares authorized; no shares issued and
   outstanding as of April 30, 2010 and January
   31, 2010                                               --            --
  Common stock, $0.001 par value; 20,000,000
   shares authorized; 14,439,659 shares issued
   and 14,416,808 shares outstanding as of
   April 30, 2010 and 14,437,425 shares issued
   and 14,414,574 shares outstanding as of
   January 31, 2010                                   14,400        14,400
  Additional paid-in-capital                      25,551,300    25,434,000
  Accumulated deficit                            (11,861,700)  (12,015,300)
  Accumulated other comprehensive income              11,600        11,600
                                                ------------  ------------
                                                  13,715,600    13,444,700
  Less treasury stock, at cost, 22,851 shares       (103,400)     (103,400)
                                                ------------  ------------

  Total stockholders' equity                      13,612,200    13,341,300
                                                ------------  ------------

                                                $ 15,100,900  $ 15,353,500

                                                ============  ============

Contacts: Medical Nutrition USA, Inc. Frank J. Kimmerling Vice President/CFO 800.221.0308 Email Contact Investor Relations Adam Friedman 212.981.2529 x18 Email Contact

1 Year Medical Nutrition Usa (MM) Chart

1 Year Medical Nutrition Usa (MM) Chart

1 Month Medical Nutrition Usa (MM) Chart

1 Month Medical Nutrition Usa (MM) Chart