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Mannatech Inc (MTEX) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Mannatech Inc

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CIK: 1056358 Ticker: MTEX



Mannatech Reports Fourth Quarter 2022 Financial Results

(FLOWER MOUND, Texas) March 17, 2023 -
Mannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, today announced financial results for its fourth quarter of 2022.


Quarter End Results

Fourth quarter net sales for 2022 were $34.3 million, a decrease of $5.2 million, or 13.2%, as compared to $39.5 million in the fourth quarter of 2021. During the fourth quarter, the company's net sales declined 5.1% on a Constant dollar basis (a Non-GAAP financial measure); unfavorable foreign exchange during the fourth quarter caused a decrease of $3.2 million in net sales as compared to the fourth quarter of 2021.

The fourth quarter of 2022, tax provision was $3.4 million due to additional taxes assessed due to the settlement of the income tax audit in Korea and the company recording valuation allowance on U.S. deferred tax assets largely driven by changes in expected earnings mix between jurisdictions and the relative impact of these items on decreased earnings.

Fourth quarter operating loss for 2022 was $2.7 million as compared to operating income of $1.0 million for the fourth quarter of 2021.

Fourth quarter net loss was $7.0 million, or $3.78 per diluted share, for the fourth quarter 2022, as compared to net income of $2.6 million, or $1.25 per diluted share, for the fourth quarter 2021.

Gross profit as a percentage of net sales decreased to 69.0% for the three months ended December 31, 2022, as compared to 77.5% for the same period in 2021, due to the rising supply chain costs and volatile changes in the foreign exchange of the Korean Won and the Japanese Yen to US Dollar.

Commissions as a percentage of net sales were 39.2% for the three months ended December 31, 2022, as compared to 38.3% for the same period in the prior year. Incentive costs as a percentage of net sales were 1.6% for the three months ended December 31, 2022, as compared to 1.1% for the same period in 2021.

For the three months ended December 31, 2022, overall selling and administrative expenses decreased by $0.6 million to $7.0 million, as compared to $7.6 million for the same period in 2021. The decrease in selling and administrative expenses consisted primarily of a $0.4 million decrease in marketing costs and a $0.2 million decrease in payroll related costs.

For the three months ended December 31, 2022, other operating costs decreased by $1.0 million to $5.1 million, as compared to $6.1 million for the same period in 2021. The decrease in other operating costs was primarily due to the resolution of the Korea Customs Audit for a $0.4 million lower cost than was expected, (see Note 11 to its Financial Statements filed with its Annual Report for the year ended December 31, 2022), a $0.2 decrease in credit card fees, a $0.2 decrease in research and development costs and a $0.1 million decrease in bad debt expense.

The approximate number of new and continuing independent associate and preferred customer positions held by individuals in Mannatech’s network and associated with purchases of its packs or products as of December 31, 2022 and 2021 were approximately 145,000 and 163,000, respectively. Recruiting decreased 3.6% in the fourth quarter of 2022 as compared to the fourth quarter of 2021. The number of new independent associate and preferred customer positions in the company’s network for the fourth quarter of 2022 was 17,398 as compared to 18,052 in 2021.


Year End Results

Overall net sales decreased $22.6 million, or 14.1%, for 2022, as compared to 2021. During 2022, fluctuations in foreign currency exchange rates had an overall unfavorable impact on its net sales. During 2022, the company's net sales declined 7.6% on a Constant dollar basis (a Non-GAAP financial measure); unfavorable foreign exchange during 2022 caused a decrease of $10.5 million in net sales as compared to 2021.


The following information was filed by Mannatech Inc (MTEX) on Friday, March 17, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mannatech Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Document And Entity Information
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Capital Lease Obligations
Capital Lease Obligations (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Earnings Per Share
Earnings Per Share Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Aggregate Benefit Plan Information And Accumulated Benefit Plan Obligation Information (Details)
Employee Benefit Plans - Amounts Not Yet Reflected In Net Period Benefit Cost And Included In Accumulated Other Comprehensive Gain (Details)
Employee Benefit Plans - Amounts Recognized In Accompanying Consolidated Balance Sheet (Details)
Employee Benefit Plans - Components Of Net Period Benefit Cost (Details)
Employee Benefit Plans - Estimate Amounts Of Amortized Transition Obligation (Details)
Employee Benefit Plans - Estimated Benefits And Contributions (Details)
Employee Benefit Plans - Funded Status (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Other Changes Recognized In Comprehensive Income (Details)
Employee Benefit Plans - Projected Benefit Obligation And Fair Value Of Plan Assets (Details)
Employee Benefit Plans - Weighted Average Assumption To Determine The Benefit Obligation (Details)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Income Tax Classification (Details)
Income Taxes - Effective Income Tax Rate Reconcilliation (Details)
Income Taxes - Income Before Income Taxes By Jurisdiction And Component (Details)
Income Taxes - Narrative (Details)
Income Taxes - Summary Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Valuation Allowance(Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases (Details)
Leases (Notes)
Leases (Tables)
Leases Lease Costs (Tables)
Litigation
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Accounts Receivable (Details)
Organization And Summary Of Significant Accounting Policies - Advertising Expense (Details)
Organization And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Organization And Summary Of Significant Accounting Policies - Company Organization (Details)
Organization And Summary Of Significant Accounting Policies - Concentration Risk (Details)
Organization And Summary Of Significant Accounting Policies - Foreign Currency Translation (Details)
Organization And Summary Of Significant Accounting Policies - Loyalty Program Rollforward (Details)
Organization And Summary Of Significant Accounting Policies - Notes Payable (Details)
Organization And Summary Of Significant Accounting Policies - Other Assets (Details)
Organization And Summary Of Significant Accounting Policies - Other Long-Term Liabilities (Details)
Organization And Summary Of Significant Accounting Policies - Property, Plant, And Equipment (Details)
Organization And Summary Of Significant Accounting Policies - Research And Development Expenses (Details)
Organization And Summary Of Significant Accounting Policies - Restricted Cash (Details)
Organization And Summary Of Significant Accounting Policies - Revenue Recognition And Deferred Commissions (Details)
Organization And Summary Of Significant Accounting Policies - Sales Reserves (Details)
Organization And Summary Of Significant Accounting Policies - Software Development Costs (Details)
Organization And Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Organization And Summary Of Significant Accounting Policies Prepaid Expense And Other Current Assets (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Stock Based Compensation
Stock Based Compensation (Details)
Stock Based Compensation (Tables)
Subsequent Events (Notes)
Transactions With Related Parties And Affiliates
Transactions With Related Parties And Affiliates (Details)
Ticker: MTEX
CIK: 1056358
Form Type: 10-K Annual Report
Accession Number: 0001056358-23-000022
Submitted to the SEC: Fri Mar 17 2023 3:27:37 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
Industry: Medicinal Chemicals And Botanical Products

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