Securities and exchange commission


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Table of Contents
Index to Financial Statements

2005

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

 

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2005 or

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No. 000-24657

 

MANNATECH, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

 

 

 

 

 

Texas

 

75-2508900

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

600 S. Royal Lane, Suite 200, Coppell, Texas

 

75019

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, including Area Code: (972) 471-7400

 

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act:

Common Stock, par value $0.0001 per share

Title of each class

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x    No  ¨

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act    Yes  ¨    No  x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 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   x     No   ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer” or “large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ¨    Accelerated filer  x    Non-accelerated filer  ¨

Indicate by check mark if the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

At June 30, 2005, the aggregate market value of the common stock held by non-affiliates of the Registrant was $140,611,094 based on the closing sale price as reported on the NASDAQ National Market.

The number of shares of the Registrant’s common stock outstanding as of March 6, 2006 was 26,765,364 shares.

Documents Incorporated by Reference

Mannatech incorporates information required by Part III (Items 10, 11, 12, 13, and 14) of this report by reference to its definitive proxy statement for the Registrant’s 2006 annual shareholders’ meeting to be filed pursuant to Regulation 14A on or before April 28, 2006.

 

Table of Contents
Index to Financial Statements

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

  

Page

Special Note Regarding Forward-Looking Statements

  

1

 

 

 

 

 

Part I

  

 

 

 

 

Item 1.

 

Business

  

2

 

 

General

  

2

 

 

Industry Overview

  

4

 

 

Operating Strengths

  

5

 

 

Business Strategy

  

8

 

 

Products and Product Development

  

9

 

 

Competition

  

11

 

 

Intellectual Property

  

12

 

 

Associate Distribution System

  

13

 

 

Information Technology Systems

  

16

 

 

Government Regulations

  

17

 

 

Employees

  

22

Item 1A.

 

Risk Factors

  

22

Item 1B.

 

Unresolved Staff Comments

  

28

Item 2.

 

Properties

  

28

Item 3.

 

Legal Proceedings

  

29

Item 4.

 

Submission of Matters to a Vote of Security Holders

  

31

 

 

 

 

 

Part II

  

 

 

 

 

Item 5.

 

Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

  

31

Item 6.

 

Selected Financial Data

  

33

Item 7.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

34

 

 

Company Overview

  

34

 

 

Critical Accounting Policies and Estimates

  

37

 

 

Results of Operations

  

38

 

 

Historical Results for 2003, 2004, and 2005

  

39

 

 

Seasonality and Selected Quarterly Statements of Operations

  

49

 

 

Liquidity and Capital Resources

  

51

 

 

Recent Financial Accounting Standards Board Statements

  

55

Item 7A.

 

Quantitative and Qualitative Disclosures about Market Risk

  

57

Item 8.

 

Financial Statements and Supplementary Data

  

57

Item 9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

  

58

Item 9A.

 

Controls and Procedures

  

58

Item 9B.

 

Other Information

  

58

 

 

 

 

 

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