Nutrition 21 (OTC:NXXI) today announced financial results for the second fiscal quarter ended December 31, 2010. The Company reported total revenues of $1.9 million for the second quarter ended December 31, 2010, compared to $2.1 million in the corresponding quarter a year ago. As I write, shares of Nutrition 21 were flat at $0.01 per share on light volume of 4,000 shares compared to its average daily volume of 570,000 shares. The company has a market cap of $1.7 million and a 52-week range between $0.01 and $0.23 per share.Net loss from continuing operations for the second quarter this year was $0.5 million, or ($0.0) per diluted common share, compared to a net loss from continuing operations of $0.7 million, or $(0.01) per diluted common share, in the corresponding quarter a year ago.
For the six months ended December 31, 2010, the Company reported total revenues from continuing operations of $3.5 million compared to $4.4 million in the comparable period a year ago. Net loss from continuing operations for the six months ended December 31, 2010 was $1.4 million compared to $1.3 million in the comparable period a year ago.
Reduced product sales compared to the comparable period a year ago were partially offset by termination fees paid to the Company in connection with termination of certain licensing agreements.
Net loss from discontinued operations for the quarter ended December 31, 2010 was $91 thousand or $( 0.00) per diluted common share, compared to net loss of $1.5 million or $0.01 per diluted common share in the comparable period a year ago. For the six months ended December 31, 2010 the company reported a net loss from discontinued operations of $71 thousand compared to $1.5 million in the comparable period a year ago.
Michael Zeher, president and chief executive officer, said, "We are pleased to report that our operating income, since the divestiture of the Branded Products Group in the second quarter of 2009, continues to be positive. Looking forward, we continue to be optimistic, but cautious, as we will need to satisfy a requirement to redeem our Series J Preferred Stock in September 2011 for approximately $17.8 million. As reported earlier, a special committee of the Board of Directors has retained BDO Capital Advisors, LLC as its investment banker to consider approaches to meet this requirement. Possible alternatives include, among other things, negotiation of an extension with the holders of the Preferred Stock, a going private sale or other transaction, and a refinancing of the business."
Nutrition 21, headquartered in Purchase, NY, is a nutritional bioscience company and holds over 30 issued and pending patents associated with chromium picolinate as well as combinations of chromium compounds with other dietary supplement ingredients. Its ingredients are sold to leading dietary supplement, and functional food and beverage manufacturers.
For more information please visit http://www.nutrition21.com.
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