SALT LAKE CITY (AP) -- Vitamin maker Schiff Nutrition International Inc. said Friday its profit fell 69 percent in the fiscal second quarter after private investment firm TPG bought a stake in the company.
Schiff said its profit decreased to $1.8 million, or 6 cents per share, in the three months ended Nov. 30. A year earlier the company reported a profit of $5.9 million, or 20 cents per share. Its revenue decreased 2 percent, to $52.6 million from $53.8 million. The company said revenue from branded products fell, although it raised prices on private label products.
In October, a TPG affiliate bought 7.5 million shares of Schiff, or a 25 percent stake in the company, from Weider Health and Fitness. The deal accelerated the vesting and payment of some stock options, and as a result, Schiff reported $3.6 million in long-term incentive plan expenses.
Weider Health and Fitness is the largest shareholder in Schiff.
Schiff Nutrition's shares closed at $8.96 Thursday.
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