SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the quarterly period ended March 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the transition period from to |
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Commission File Number 001-31788 |
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NBTY, INC.
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE |
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11-2228617 |
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(State or Other Jurisdiction of |
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(IRS Employer Identification No.) |
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90 Orville Drive |
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(Address of Principal Executive Offices, Including Zip Code) |
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(631) 567-9500 |
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(Registrant’s Telephone Number, Including Area Code) |
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES ý NO o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Title of Class |
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Shares Outstanding |
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Common Stock |
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as of May 2, 2004 |
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Par value $.008 per share |
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66,734,498 |
NBTY, INC. and SUBSIDIARIES
FORM 10-Q
FISCAL QUARTER ENDED MARCH 31, 2004
INDEX
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars and shares in thousands)
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March 31, |
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September 30, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
54,709 |
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$ |
49,349 |
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Investments in bonds |
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— |
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4,158 |
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Accounts receivable, less allowance for doubtful accounts of $8,077 at March 31, 2004 and $7,100 at September 30, 2003 |
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93,128 |
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80,829 |
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Inventories |
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308,610 |
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314,091 |
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Deferred income taxes |
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37,021 |
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37,021 |
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Prepaid expenses and other current assets |
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31,902 |
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44,736 |
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Total current assets |
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525,370 |
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530,184 |
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Property, plant and equipment, net |
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298,806 |
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298,344 |
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Goodwill |
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212,722 |
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213,362 |
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Intangible assets, net |
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141,489 |
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137,469 |
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Other assets |
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17,631 |
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16,423 |
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Total assets |
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$ |
1,196,018 |
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$ |
1,195,782 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt and capital lease obligations |
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$ |
2,834 |
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$ |
12,841 |
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Accounts payable |
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87,412 |
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87,039 |
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Accrued expenses and other current liabilities |
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124,994 |
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116,029 |
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Total current liabilities |
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215,240 |
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215,909 |
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Long-term debt |
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326,030 |
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413,989 |
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Deferred income taxes |
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55,092 |
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40,213 |
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Other liabilities |
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5,391 |
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10,872 |
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Total liabilities |
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601,753 |
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680,983 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $.008 par; authorized 175,000 shares; issued and outstanding 66,735 shares at March 31, 2004 and 66,620 shares at September 30, 2003 |
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534 |
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533 |
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Capital in excess of par |
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132,900 |
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130,208 |
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Retained earnings |
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434,355 |
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369,453 |
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567,789 |
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500,194 |
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Accumulated other comprehensive income |
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26,476 |
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14,605 |
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Total stockholders’ equity |
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594,265 |
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514,799 |
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Total liabilities and stockholders’ equity |
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$ |
1,196,018 |
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$ |
1,195,782 |
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See accompanying notes to condensed consolidated financial statements.
1
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars and shares in thousands, except per share amounts)
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For the
three months |
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2004 |
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2003 |
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Net sales |
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$ |
439,594 |
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$ |
277,824 |
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Costs and expenses: |
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Cost of sales |
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213,248 |
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124,679 |
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Discontinued product charge |
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— |
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6,000 |
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Catalog printing, postage and promotion |
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19,322 |
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16,782 |
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Selling, general and administrative |
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138,294 |
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99,170 |
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370,864 |
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246,631 |
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Income from operations |
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68,730 |
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31,193 |
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Other income (expense): |
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Interest |
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(6,759 |
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(3,774 |
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Miscellaneous, net |
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540 |
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2,274 |
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(6,219 |
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(1,500 |
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Income before income taxes |
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62,511 |
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