"With sales rebounding and recruiting jumping dramatically, we are excited about the possibilities for future growth in our business."
--Wayne L. Badovinus, Pres. & CEO, Mannatech, Q2 2009 Earnings Call,
August 05, 2009, 10:00 am EDT

Badovinus, affectionately known in the Supplement Industry as Waynie der Weenie, likes to spread his B.S. at these events, even though MTEX investors really desire and expect to hear candid and truthful facts regarding the present and future most-likely directions of the Company.

Since der Weenie's effective employment date with M'tech on June 16, 2008, he is becoming as well known for his lack of honesty and his scamming of the public, the investors, and the associates during these past 16 1/2 months, as he is becoming known for his colossal blunders in running the Company (the Terri Frey Maxwell, and the EEOC-Jill Roberts matters quickly come to mind).

During the past year-and-a-quarter, the economy and economic data making the news would lead any REASONABLY-honest and half-way intelligent person to conclusions which are at odds and conflicting with the smoke-and-mirrors con-job which der Weenie has been dishing out since taking over the Company.

Also at that 2nd Quarter Conference Call he spoke of great expense cutting, increased associate numbers, increased sales of $499 starter packs, new products, new presidentials, being an official sponsor of a martial arts competition, and basically being litigation free--amongst other things.

Well, the Company is no longer litigation free, thanks to their disgraceful handling of the Jill Roberts fiasco! Ms. Roberts, a former employee of M'tech, is a disabled person with multiple sclerosis, along with a serious bladder condition, and the Company denied her request for a “reasonable accommodation to use the restroom on an as-needed basis.”

And, all that other B.S. he spoke about equated to THIS, according to their 3rd Quarter results which they reported after the Close of trading, yesterday (Tuesday) afternoon:

* A net loss of $9.2 million or $0.35 per diluted share for the third quarter ending September 30, 2009, compared to a net loss of $0.4 million or $0.02 per diluted share for the third quarter of 2008.

* Third quarter net sales for 2009 were $71.3 million, a decrease of 8.6%, compared to $78.0 million in the third quarter of 2008.

* North American sales declined 12.9% compared to the third quarter of 2008.

* International sales decreased 2.5% for the third quarter of 2009 compared to the third quarter of 2008.

* Year-to-date sales for the nine months ended September 30, 2009 were $219.6 million, down 14.3% 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.

Unrestricted cash on the balance sheet, as of March, was $26.4 million. It was disclosed in the 10-Q that there was $15.7 million that's offshore, $2.3 million was needed to pay out for a post-employment related royalty stream, $0.5 million paid for dividends on June 1, $5 million in cash that they need to pay out for the Texas Attorney General. That left a pro forma net unrestricted domestic cash position of less than $3 million. Then they received some Income Tax refunds of several million.

Now, unrestricted cash appears to be $20.2 million, but until the 10-Q comes out, we won't be able to see how close they are to being broke. The $9.2 million loss this quarter does not bode well for M'tech!

Maybe a better name for Badovinus would be Waynie the Putz!