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NATURAL ALTERNATIVES INTERNATIONAL INC [NAII], a leading provider of nutritional supplements, has released its financial results for the year ended June 30, 2023. The company experienced a decrease in net income compared to the previous year, as well as a decline in annual revenue.
During the year, Natural Alternatives International Inc reported a net income of $2.5 million, down from $10.7 million in the previous year. This decrease in net income can be attributed to several factors, including higher operating expenses and lower gross profit. The company's gross profit for the year was $18.2 million, compared to $30.5 million in the previous year. Operating expenses also increased, with other selling, general and administrative expenses amounting to $14.9 million for the year, up from $17 million in the previous year.
The company's annual revenue for the year also declined. Natural Alternatives International Inc reported net sales of $154 million, compared to $171 million in the previous year. This decrease in revenue can be attributed to lower sales volume and pricing pressures in the market. Cost of goods sold remained relatively stable, with a slight decrease from $140.5 million in the previous year to $135.9 million in the current year.
Despite the decrease in net income and revenue, Natural Alternatives International Inc remains financially stable. The company has a strong liquidity position, with cash and cash equivalents totaling $13.6 million at the end of the year. Current assets amounted to $57 million, while total assets stood at $134.2 million. The company also has a manageable level of debt, with total liabilities of $45.4 million.
Basic earnings per share for the year were $0.43, compared to $1.75 in the previous year. Diluted earnings per share were also $0.43, compared to $1.74 in the previous year. These decreases in earnings per share can be attributed to the lower net income reported for the year.
Looking ahead, Natural Alternatives International Inc is focused on improving its financial performance. The company plans to optimize its operational efficiency and explore new growth opportunities in the nutritional supplements market. Management is confident in the company's ability to adapt to market challenges and achieve sustainable growth in the long term.
In conclusion, Natural Alternatives International Inc reported a decrease in net income and annual revenue for the year ended June 30, 2023. The company is taking proactive measures to improve its financial performance and remains confident in its long-term growth prospects. Investors will be closely watching the company's strategic initiatives and financial results in the coming quarters.