Stock – Price

New York-based nutritional supplement maker Twinlab Corp., which has a manufacturing facility in American Fork, saw its stock price fall 30 percent Friday after reporting a net loss for the quarter ended March 31.

The company said its net loss of $3.7 million equated to 13 cents per share. That compares with net income of $3.7 million, or 13 cents per share, for the same period a year ago.

The loss includes restructuring charges of $1 million relating to facilities consolidation and a gain on the sale of assets of Bronson Laboratories Inc. of $800,000. Net income for the first quarter of 2002 included a federal income tax benefit of $6.9 million.

First-quarter net sales were $37.7 million, compared to $45.5 million in the comparable quarter last year.

The company’s stock fell 9 cents Friday to close at 21 cents. During the past year, the price has ranged from 5 cents to 84 cents.

The company said it does not expect to be in compliance with certain covenants in its mortgage agreement relating to its American Fork facility.

It is negotiating to amend the agreement, it said.
If it cannot amend the agreement and make some other arrangements, it “will be required to initiate additional cost reductions or take other actions to enable the company to continue its operations,” it said.