Nutrition 21, Inc (NXXI), a leading developer and marketer of nutritional supplements that help consumers manage blood sugar levels, improve cardiovascular health, enhance memory and reduce chronic joint pain, announced financial results for the first quarter of fiscal year 2008 that has ended September 30, 2007.
Nutrition 21 has reported an astonishing 171% increase in total revenues, moving to $12.7 million from the $4.7 million reported during the comparable quarter one year ago. Net loss for the quarter was $4.1 million, or $(0.07) per fully diluted share, a slight improvement compared to the net loss of $4.1 million, or $(0.08) per fully diluted share in the first quarter of fiscal year 2007.
Paul Intlekofer, president and chief executive officer of Nutrition 21, Inc., stated, “We are very pleased with the revenue growth achieved during the quarter. Our sales, through the direct response channel continue to be strong. The retail marketing and distribution plans for our Chromax, Iceland Health and Diabetes Essentials brands are achieving traction and delivering measurable results as evidenced by our expanding retail presence. This time last year, Chromax was sold in 21,000 retail store locations and one Diabetes Essentials SKU was sold in 11,100 locations. As of today, Chromax is sold in 27,000 store locations, the Diabetes Essentials line of up to 4 SKUs is sold in 16,000 store locations, Iceland Health Maximum Strength Omega-3 is sold in 21,000 locations, Iceland Health Joint Relief is in 16,000 locations and Core4Life(TM) Advanced Memory Formula(TM) was just launched into 14,000 locations. We are pleased with the execution of this important component of our strategic business plan. We have programs in place to leverage this expanded distribution and increase sales.”
Mr. Intlekofer also mentioned “As Americans become acutely aware of the impact of obesity, diabetes and aging on their lives, our clinically-proven products provide natural solutions that address a number of conditions, including blood sugar control, heart health, memory enhancement and chronic joint pain. Working closely with our retail drug store distributors, we are in the early stages of developing brand loyalty which we believe will expand as the ‘Baby Boomer’ generation increasingly embraces natural solutions that can improve their quality of life. These are large and growing markets and we are dedicated to becoming a trusted partner to all consumers dedicated to living healthy and active lives.”
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