Mannatech, Incorporated announced an increase in its gross profit as a percentage of net sales, equaling 78.6%, compared to 78.3% in the first quarter of 2023. Net sales for the quarter were $29.4 million, representing a 13.8% year-over-year decline. Higher gross profit margins along with lower selling and administrative expenses as a result of cost reductions helped offset the decline in revenues for the company, however, and income from operations was $0.8 million, up from $0.7 million in the prior year’s quarter.
Net income was $1.2 million, or $0.63 per diluted share, up from $0.6 million, or $0.32 per diluted share, last year. New associate and preferred customer recruitment declined 13.6% year over year, but the existing network of approximately 143,000 people remained constant.
“Demand remained weak in the first quarter across our world-wide operations but was most pronounced in our Asia/Pacific region where economic conditions did not improve from the fourth quarter last year,” said Landen Fredrick, Mannatech President and CEO. “We overcame our revenue shortfall with aggressive and effective cost control measures resulting in reducing our SG&A expenses and generating $0.8 million in operating income.”
