Mannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, today announced financial results for its first quarter of 2017.
First quarter net sales for 2017 were $40.6 million, a decrease of $0.1 million, or 0.2% as compared to $40.7 million in the first quarter of 2016. Income (loss) from operations was $(2.0) million for the first quarter 2017, as compared to $0.5 million in the same period in 2016.
Net income (loss) was $(1.2) million, or $(0.46) per diluted share, for the first quarter 2016, as compared to $0.6 million, or $0.21 per diluted share, for the first quarter 2016.
For the three months ended March 31, 2017, Mannatech’s operations outside of the Americas accounted for approximately 61.8% of Mannatech’s consolidated net sales.
First quarter 2017 Asia/Pacific net sales increased by $0.5 million, or 2.3%, to $21.9 million, as compared to $21.4 million for the same period in 2016. This increase was primarily due to a 7.9% increase in the number of active independent associates and members partially offset by a 5.1% decrease in revenue per active independent associate and member.
During the three months ended March 31, 2017, the loyalty program increased sales by
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Rick Goings, Chairman and CEO, commented, “While sales results slowed this quarter, we were still able to achieve adjusted E.P.S. in our guidance range. Overall, the business continued to grow, with several markets achieving 20%+ local currency sales increases including Brazil, China, Italy and Turkey.
Both businesses in our North America beauty segment also showed significant sequential sales improvement. Having said this, the quarter was challenging in several aspects. We were up against strong comparisons from prior year when we had our strongest quarterly local currency sales growth at 8%, as well as some external and internal challenges, particularly in Germany. However, our 2.9 million sales force members continue to operate their businesses and earn income to help support their families.”
Goings continued, “The four pillars of our business model enable us to succeed. By focusing and delivering on these pillars: innovative premium quality products; an entertaining selling situation, or party; compelling sales force compensation; and leveraging of direct-to-consumer fundamentals, I am confident that through the strength of our management teams around the world we will see better future sales and profit growth in spite of the challenges we’ll inevitably encounter.”
Second Quarter