Mannatech(US:MTEX)2024-05-14 16:48Financial Performance - Q1 2024 net sales were $29.4 million, a decrease of $4.7 million or 13.8% compared to $34.1 million in Q1 2023[5] - Gross profit margin increased to 78.6% in Q1 2024 from 78.3% in Q1 2023, attributed to reduced freight and shipping costs[5] - Operating income for Q1 2024 was $0.8 million, compared to $0.7 million in the same period last year[5] - Net income for Q1 2024 was $1.2 million, or $0.63 per diluted share, compared to $0.6 million, or $0.32 per diluted share in Q1 2023[5] - Cash and cash equivalents increased by 2.3%, or $0.2 million, to $7.9 million as of March 31, 2024[5] - The company reported a foreign exchange gain of $0.8 million in Q1 2024, contributing to net income[4] Recruitment and Market Conditions - The number of independent associates and preferred customers remained constant at approximately 143,000, with a 13.6% decline in recruiting compared to Q1 2023[5] - The Asia/Pacific region experienced the most significant revenue decline, reflecting weak economic conditions and reduced recruiting efforts[4] - Mannatech anticipates continued economic challenges for the remainder of 2024 but aims to increase revenues through expanding its sales associate and preferred customer base[4] Liabilities - Total liabilities decreased slightly from $30.722 million as of December 31, 2023, to $30.613 million as of March 31, 2024[12]