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In a release on November 3, the Company noted that the net loss was increased by the change in a valuation of deferred tax assets in the tax provision. A slightly higher level of commission costs as a percentage of sales continued to negatively impact net income. Commission costs as a percentage of sales decreased in the third quarter, as compared to the second quarter, but were higher than historical levels.
Third quarter net sales for 2009 were $71.3 million, a decrease of 8.6 percent, compared to $78.0 million in the third quarter of 2008. North American sales declined 12.9 percent compared to the third quarter of 2008. International sales decreased 2.5 percent for the third quarter of 2009 compared to the third quarter of 2008. International sales showed some improvement as Canada, Germany, Taiwan and South Africa were up compared to the third quarter of 2008.
Year-to-date sales for the nine months ended September 30, were $219.6 million, down 14.3 percent from $256.2 million for the same period in 2008. The company reported a net loss for the nine month period of $19.5 million, compared to last year's nine month net loss of $13.2 million. The loss per share was $0.74, compared to a loss per share of $0.50 for the nine months ended September 2008.
Wayne Badovinus, Mannatech's president and CEO, said, "The increase in recruiting evidenced in the first half of this year continued in the recent quarter. In addition to driving recruiting and pack sales, our focus is turning to retaining these Associates. We are encouraged that more new Associates are choosing to continue experiencing the value and quality of Mannatech products, demonstrated by our ongoing finished product orders. Many new Associates have reached the designation of regional, national and executive director in the last few months."
Badovinus continued, "Each quarter we are making significant strides in the ongoing evolution of our business. In the third quarter we opened four new markets - Austria, the Netherlands, Norway and Sweden. In addition, we launched our Essential Source Omega-3 product with more product introductions scheduled for the fourth quarter. And we introduced the most complete package of marketing and business tools for Associates in our history, including DVDs and business building techniques."
New Associates and Members added in the third quarter of 2009 increased 27.2 percent compared to the third quarter of 2008. New independent Associates and Members totaled 36,689 in the third quarter of 2009, compared to 36,462 added in the first quarter of 2009, and 28,838 added in the third quarter of 2008. Total independent Associate and Member count based on a 12-month trailing period was approximately 534,000 as of September 30, as compared to 540,000 as of September 30, 2008.
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