Nutrition and skincare company Mannatech Inc. posted strong 2014 earnings on Wednesday despite a dip in fourth quarter sales brought on by currency issues.
The Dallas-based company, which ties its business to fighting childhood malnutrition through the Mission 5 Million (M5M) program, reported revenue of $45.2 million for the fourth quarter, down 2.8 percent from the same period in 2013. In constant dollars, revenue increased 0.6 percent. Net income for the quarter totaled $1.9 million, or 68 cents per diluted share, compared to 94 cents a share in fourth quarter of 2013.
Mannatech’s business outside North America accounted for a growing share of the company’s consolidated net sales. Both in the quarter and the full year, operations outside North America generated 57.5 percent of sales, up nearly 4 percent from 2013.
Revenue for the full year was $190.1 million, a 7.1 percent increase from 2013. Mannatech’s Asia Pacific revenue climbed 15.1 percent to $92.4 million. Net income totaled $6.5 million, up from $3.2 million in 2013 to $2.40 per diluted share. The company also reported a net deferral of $4.2 million in revenue connected to its loyalty program.
“Our independent associates, particularly in the Asia Pacific region, have embraced Mannatech’s offer of products and opportunities to expand their sales base,” Dr. Robert Sinnott, Mannatech CEO and Chief Science Officer, said in the company’s release. Across Asia Pacific and the company’s other foreign markets, Mannatech expanded into the skincare category with its Ūth anti-aging cream, which accounted for $11.3 million in additional sales compared to 2013.
In 2014, the company also carried out its mission of social entrepreneurship through the M5M program. For every automatic order of a Mannatech product, the company donates PhytoBlend—a nutrient-packed powder that can supplement any food—to orphanages and relief organizations around the globe. Mannatech has disclosed that its 2014 donations totaled 20 million servings of PhytoBlend to children in need. The company formed the nonprofit M5M Foundation in November 2014 to facilitate its expanding charitable efforts.
