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Naturade Inc – ‘10-Q’ for 3/31/99

As of: Monday, 5/17/99 · For: 3/31/99 · Accession #: 1047469-99-20933 · File #: 33-07106-A

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/17/99  Naturade Inc                      10-Q        3/31/99    4:108K                                   Merrill Corp/New/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      14     60K 
 2: EX-10.1     Material Contract                                      9     33K 
 3: EX-10.2     Material Contract                                     37     84K 
 4: EX-27       Financial Data Schedule (Pre-XBRL)                     2      6K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Changes in Securities Defaults upon Senior Securities Exhibits & Reports on Form 8-K Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Other Information Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
2	Item 1. Financial Statements
9	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
11	Item 1. Legal Proceedings
"	Item 2. Changes in Securities
"	Item 3. Defaults upon Senior Securities
"	Item 4. Submission of Matters to a Vote of Security Holders
"	Item 5. Other Information
12	Item 6. Exhibits & Reports on Form 8-K

10-Q 1st Page of 14 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 FORM 10-Q

(Mark One)                                                                    

[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE                
SECURITIES EXCHANGE ACT OF 1934.                                                

 For the quarterly period ended March 31, 1999
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 Number 33-7106-A

NATURADE, INC.
(Exact name of registrant as specified in its charter)

   DELAWARE                                           23-2442709
   --------                                           ----------
 (State or other jurisdiction of                    (I. R. S. Employer
  incorporation or organization)                     Identification No.)

 7110 East Jackson Street, Paramount, California 90723
 -----------------------------------------------------
(Address of principal executive offices)

(562) 531-8120
--------------
(Registrant's telephone number, including area code)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 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_______                                                          

 APPLICABLE ONLY TO CORPORATE ISSUERS:

  Indicate by number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date. 5,349,084 shares as 
of April 30, 1999.                                                              

Exhibit Index on Page 14

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 FORM 10-Q
QUARTERLY REPORT
Quarter Ended March 31, 1999

 TABLE OF CONTENTS
 -----------------

                                                        [Enlarge/Download Table]

                                                                             PAGE NO.
                                                                             --------
                                                                                     
PART I:      FINANCIAL INFORMATION                                                   

     Item 1.     Financial Statements                                                

                 Balance Sheets  at March 31, 1999                                 3 
                 (unaudited) and December 31, 1998 (unaudited)                       

                 Statements of Operations for the three month periods ended        5 
                 March 31, 1999 (unaudited) and March 31, 1998                       
                 (unaudited)                                                         

                 Statements of Cash Flows for the three month periods ended        6 
                 March 31, 1999 (unaudited) and March 31, 1998                       
                 (unaudited)                                                         

                 Notes to Financial Statements                                     7 

     Item 2.     Management's Discussion and Analysis of Financial                 9 
                 Condition and Results of Operations                                 

PART II:     OTHER INFORMATION                                                       

     Item 1.     Legal Proceedings                                                11 

     Item 2.     Changes in Securities                                            11 

     Item 3.     Defaults upon Senior Securities                                  11 

     Item 4.     Submission of Matters to a Vote of Security Holders              11 

     Item 5.     Other Information                                                11 

     Item 6.     Exhibits and Reports on Form 8-K                                 12 

SIGNATURES                                                                        13 

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 PART I: FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                                   

NATURADE, INC.
Balance Sheets

Assets
--------

                                                        [Enlarge/Download Table]

                                                      March 31, 1999      December 31, 1998 
                                                          (Unaudited)       (Unaudited)     
                                                                                            
Current assets:                                                                             
         Cash and cash equivalents                          $544,339          $842,029      
         Accounts receivable                               1,029,295         1,294,612      
         Related party receivable                            600,000           600,000      
         Inventories                                       2,071,815         2,093,981      
         Refundable income taxes                             163,416           163,416      
         Prepaid expenses and other current assets           444,957           325,853      
                                                    -----------------  ---------------------

                 Total current assets                      4,853,822         5,319,891      

Property and equipment, net                                1,997,177         1,981,326      
Intangible assets, net                                     1,092,129         1,106,358      
Other assets                                                  89,735           116,014      
                                                    -----------------  ---------------------

                 Total assets                              8,032,863         8,523,589      
                                                    -----------------  ---------------------
                                                    -----------------  ---------------------

See accompanying notes to financial statements.   

3 

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 PART I: FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                                   

LIABILITIES AND STOCKHOLDERS' EQUITY

                                                        [Enlarge/Download Table]

                                                                 March 31, 1999   December 31, 1998 
                                                                     (Unaudited)       (Unaudited)  
                                                                                                    
Current  liabilities:                                                                               
         Accounts payable                                            $1,266,199            $891,069 
         Lawsuit judgment payable                                    $2,774,000                   - 
         Accrued expenses                                               431,463             565,794 
         Notes payable                                                1,735,719           1,450,000 
         Current portion of long-term debt                              192,400             193,383 
                                                                 ---------------  ------------------

                 Total current liabilities                            6,399,781           3,100,246 
                                                                 ---------------  ------------------

Long-term debt, less current maturities                               1,916,476           1,964,324 
                                                                 ---------------  ------------------

Commitments and contingencies                                             -                   -     

Stockholders' equity:                                                                               

         Common stock, par value $0.0001 per share;                                                 
         authorized, 50,000,000 shares; issued and outstanding,                                     
         5,349,084  (5,273,731 at December 31, 1998)                        533                 527 

         Preferred stock, par value $0.0001 per share;                                              
         authorized, 2,000,000 shares; issued and                                                   
         outstanding, 1,250,024                                             125                 125 

         Additional paid-in capital                                   7,493,054           7,453,201 
         Retained earnings (accumulated deficit)                     (7,777,106)         (3,994,834)
                                                                 ---------------  ------------------

                 Total stockholders' equity                            (283,394)          3,459,019 
                                                                 ---------------  ------------------

                 Total liabilities and stockholders' equity          $8,032,863          $8,523,589 
                                                                 ---------------  ------------------
                                                                 ---------------  ------------------

See accompanying notes to financial statements.   

4   

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NATURADE, INC.
STATEMENTS OF OPERATIONS

                                                        [Enlarge/Download Table]

                                                         Three Months     Three Months   
                                                            Ended             Ended      
                                                        March 31, 1999   March 31, 1998  
                                                         (Unaudited)       (Unaudited)   
                                                                                         
Net sales                                                   $2,352,808        $3,139,098 

Cost of sales                                                1,384,629         2,198,951 
                                                        ---------------  ----------------

Gross profit                                                   968,179           940,147 
                                                        ---------------  ----------------

Costs and expenses:                                                                      
         Selling, general and  administrative expenses       1,842,253         2,290,250 
         Special legal expenses                                 52,032               -   
         Lawsuit judgment expense                            2,774,000               -   
         Depreciation  & amortization                           46,780            46,796 
         Other (income) expense:                                                         
            Interest expense                                    89,251           109,328 
            Miscellaneous, net                                 (56,265)           96,012 
                                                        ---------------  ----------------

                Total costs and expenses                     4,748,051         2,542,386 
                                                        ---------------  ----------------

(Loss) income before income taxes                           (3,779,872)       (1,602,240)

Provision for income taxes                                       2,400           (57,454)
                                                        ---------------  ----------------

Net  (Loss) income                                         ($3,782,272)      ($1,544,786)
                                                        ---------------  ----------------
                                                        ---------------  ----------------

Basic (loss) earnings per share                                 ($0.71)           ($0.29)
                                                        ---------------  ----------------
                                                        ---------------  ----------------

Weighted average number of shares                                                        
    used in computation of basic (loss)                                                  
     earnings per share                                      5,336,733         5,297,378 
                                                        ---------------  ----------------
                                                        ---------------  ----------------

Diluted (loss) earnings per share                               ($0.71)           ($0.29)
                                                        ---------------  ----------------
                                                        ---------------  ----------------

Weighted average number of shares                                                        
   used in computation of diluted                                                        
   (loss) earnings per share                                 5,336,733         5,297,378 
                                                        ---------------  ----------------
                                                        ---------------  ----------------

See accompanying notes to financial statements    

5   

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NATURADE, INC.

Statements of Cash Flows

                                                        [Enlarge/Download Table]

                                                                               Three Months Ended     Three Months Ended
                                                                              March 31, 1999        March 31, 1998      
                                                                                  (Unaudited)            (Unaudited)    

                                                                                                                        
Cash flows from operating activities:                                                                                   
       Net  (loss) income                                                           (3,782,272)           (1,544,786)   
       Adjustments to reconcile net (loss) income to net cash (used in)                                                 
            provided by operating activities:                                                                           
            Depreciation and amortization                                               46,780                46,796    
            Gain  on disposition of property and equipment                             (49,580)                  -      
            Changes in assets and liabilities:                                                                          
               Accounts receivable                                                     265,317               158,389    
               Inventories                                                              22,166               427,894    
               Prepaid expenses and other current assets                              (119,104)              (48,343)   
               Other assets                                                             26,279               (91,884)   
               Lawsuit judgment payable                                              2,774,000                    -     
               Accounts payable, accrued expenses and income taxes                                                      
                   payable                                                             240,803               (63,323)   
                                                                            -------------------    ------------------   
                       Net cash (used in) provided by operating activities:           (575,611)           (1,115,257)   

Cash flows from investing activities:                                                                                   
       Purchase of property and equipment                                              (53,821)              (17,489)   
       Sale of property and equipment                                                   55,000                          
                                                                            -------------------    ------------------   
                       Net cash (used in) provided by investing activities:              1,179               (17,489)   

Cash flows from financing activities:                                                                                   
       Net borrowings under note payable                                               285,720               (26,555)   
       Payments of long-term debt, including capital lease                             (48,831)              (55,849)   
       Proceeds from sale of stock                                                      38,794                87,502    
       Proceeds from exercise of warrants                                                1,059                    -     
                                                                            -------------------    ------------------   
                       Net cash provided by financing activities:                      276,742                 5,098    

Net increase (decrease) in cash and cash equivalents                                  (297,690)           (1,127,648)   
Cash and cash equivalents, beginning of period                                         842,029             5,744,067    
Cash and cash equivalents, end of period                                               544,339             4,616,419    

Supplemental disclosures of cash flow information                                                                       
       Cash paid during the period for:                                                                                 
            Interest                                                                    87,880               109,920    

See accompanying notes to financial statements    

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NATURADE, INC.

 Notes to Financial Statements

1.    The results of operations for the interim periods shown in this report are
     not necessarily indicative of results to be expected for the fiscal year.
   In the opinion of management, the information contained herein includes
all adjustments necessary for fair presentation of the financial    
    statements. All such adjustments are of a normal recurring nature. These
   financial statements do not include all disclosures associated with the
    Company's annual financial statements and accordingly, should be read in
conjunction with such statements.                                   

2.    The related party advance of $600,000 represents a temporary loan to      
  Bill D. Stewart, the Company's Chief Executive Officer, pursuant to an
 Employment Agreement dated March 2, 1998, between the Company and Mr.
Stewart (the "Stewart Employment Agreement") and filed as exhibit   
 10.20 to the Company's Form 10-Q for the period ended March 31, 1998.
This related party advance was secured by Mr. Stewart's former      
  residence in Tennessee. In April 1999, in accordance with the terms of
the Stewart Employment Agreement, the Company acquired Mr. Stewart's
  former residence and cancelled such related party advance. The Company
is actively pursuing the sale of this residence.                    

3.    Inventories are stated at the lower of weighted average cost or market.   
Weighted average cost is determined on a first-in, first-out basis. 
Inventories at December 31, 1998 and March 31, 1999 consisted of the
following:                                                          

                                                                [Download Table]

                                March 31, 1999         December 31, 1998
                                  (Unaudited)             (Unaudited)   
                                --------------        ------------------
                                                                        
Raw Materials                   $   373,307            $     880,660    
Finished Goods                    1,698,508                1,213,321    
                                --------------        ------------------

                                $ 2,071,815             $  2,093,981    

4.    The Company is currently in escrow regarding its interest in its former   
      headquarter facility which housed executive offices, manufacturing, sales,
      marketing and product development operations. If this sale is consummated,
    the Company anticipates recording a small gain on the sale. In mid-April
      1999, the Company relocated to Irvine, California. In anticipation of this
move, the Company outsourced its production requirements to several 
independent food processing companies.                              

7   

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5.    Commencing January 1, 1999, the Company changed its fiscal year to end    
 on December 31st. The Company's Annual Report on Form 10-K will cover
the new fiscal year of January 1, 1999 to December 31, 1999.        

6.    On March 11, 1999, a civil judgment was entered against the Company and a 
  co-defendant for a total of $2,774,000 by the United States Bankruptcy
    Court for the Northern District of Texas following trial in a proceeding
    initiated by the Trustee in the Chapter 7 bankruptcy case of Performance
    Nutrition, Inc. ("PNI"). The court's award was based on findings against
the Company of aiding and abetting a breach of fiduciary duty by PNI
  management, conspiracy to breach fiduciary duty, tortious interference
   with contract and unjust enrichment. The court also awarded the Trustee
     pre-judgment and post-judgment interest. The pre-judgment interest amount
     is $206,283 and the post-judgment interest amount as of March 31, 1999 is
 $2,151. The Trustee subsequently moved for allowance of alleged costs
    against the Company in the amount of $125,326, which the Company intends
      to contest on several grounds. The Company is studying the judgment and is
  considering its options. In the interim, the Company has preserved its
right to appeal the judgment to the United States District Court.   

  On January 20, 1999 the PNI Trustee filed a second adversary complaint
against the Company, seeking recovery of $130,200 in allegedly      
 preferential payments made to the Company by PNI prior to bankruptcy.
  Management is contesting the Trustee's preference claims. However, all
    litigation contains an element of uncertainty, and it is not possible to
determine at this time whether the ultimate outcome of this second  
    adversary complaint will have a material adverse effect on the Company's
results of operations or financial condition.                       

7.    In early February 1999, the Company signed a 7 1/2 year lease agreement   
 for new executive offices, sales & marketing and warehouse operations
  located in Irvine, Ca. The total minimum rental commitments under this
lease for the respective years ending December 31 are:              

                                                                [Download Table]

Year                   Amount
----                   ------
                             
1999               $  246,681
2000                  328,908
2001                  351,327
2002                  358,800
2003                  381,228
Thereafter          1,122,756
                    ---------

Total             $ 2,789,700

8.    In March 1999, the Company entered into a Financing Agreement (the        
"Financing Agreement") with Health Holdings and Botanicals, Inc.    
  ("Health Holdings"). The Financing Agreement provides that the Company
 may borrow up to $1.0 million at a per annum interest rate of 8%. All
 borrowings under the Financing Agreement are secured by the assets of
the Company and are due on March 7, 2000. The Financing Agreement   
further provides that for each dollar borrowed, the Company shall   
issue a warrant ("Warrant") to Health Holdings to purchase          
three-tenths (0.3) of a share of common stock of the Company at an  
  exercise price of $2.125 per share, subject to adjustment. As of March
 31, 1999, the Company borrowed $600,000 under the Financing Agreement
and issued 180,000 Warrants to Health Holdings.                     

8   

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9.    On January 26, 1999, the Company granted 20,000 options to the newly      
hired Vice President in charge of sales to the mass market. These   
   options were granted at fair market value and vest at the rate of 5,000
    shares per year for four years. On February 1, 1999, the Company granted
100,000 options to the newly hired Chief Operating Officer & Chief  
  Financial Officer. These options were granted at fair market value and
vest at the rate of 25,000 shares per year for four years.          

10.   Certain inventory write-offs totaling $666,000 that were included in      
  costs and expenses at March 31, 1998 have been reclassified to cost of
sales.                                                              

ITEM 2. Management's Discussion and Analysis of Financial Condition and         
Results of Operations                                       

This discussion contains "forward looking statements" within the    
meaning of Section 27A of the Securities Act of 1933, as amended, and Section   
21E of the Securities Exchange Act of 1934, as amended. Although Naturade,      
Inc. (the "Company" or the "Registrant") believes that the expectations         
reflected in such forward looking statements are reasonable, such statements    
are inherently subject to risk and the Company can give no assurances that      
such expectations will prove to be correct. Such forward looking statements     
involve risks and uncertainties and actual results could differ from those      
described herein and future results may be subject to numerous factors, many    
of which are beyond the control of the Company. Such risk factors include,      
without limitation, the risk of changes or developments in the regulatory       
framework or product liability principles applicable to the Company and its     
products, and the risk of consolidation in the distribution channels expected   
to be used by the Company to distribute its products. The Company undertakes    
no obligation to publicly release the result of any revisions to these          
forward-looking statements that may be made to reflect events or                
circumstances after the date hereof or to reflect the occurrence of             
unexpected events.                                                              

LIQUIDITY AND CAPITAL RESOURCES                                                 

  The Company used cash of $575,611 in operating activities in the three
months ended March 31, 1999.                                                    

   The Company's working capital decreased from $2,219,645 at December 31,
1998 to $(1,545,958) at March 31, 1999. This decrease was largely due to a      
judgment against the Company of $2,774,000 (see "Legal Proceedings" below)      
and an increase in Accounts Payable of $375,130 and Notes Payable of            
$285,720 required to fund the Company's operating losses for the three month    
period ended March 31, 1999.                                                    

Cash provided by investing activities during the three month period 
ended March 31, 1999 total $1,179. The Company anticipates its capital          
expenditures for the three-month period ended June 30, 1999 to be               
approximately $50,000.                                                          

   The Company's cash provided by financing activities of $276,742 for the
three month period ended March 31, 1999 was the result of borrowings from a     
new financing agreement with Health Holdings and Botanicals, Inc. as set        
forth in Note 8 to the Financial Statements above.                              

The Company is currently in discussions with several asset-based    
lenders for an expanded line of credit to support the Company's working         
capital requirements as it expands sales into the mass market. The Company      
has extended its current $1,500,000 line of credit agreement with South Bay     
Bank to August 1, 1999. The Company is also in discussions with a financial     
advisory firm to explore new financing options in order to fund any             
settlement of the Texas Lawsuit judgment as well as the Company's future        
capital requirements. The Company's inability to obtain financing to fund any   
settlement of the Texas Lawsuit judgment or obtain new financing after the      
August 1, 1999 South Bay Bank deadline could have a material adverse effect     
on the financial condition of the Company.                                      

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RESULTS OF OPERATIONS                                                           

Total net sales for the three months ended March 31, 1999 decreased 
$786,290 or 25.0% compared to the same period last year. Of this amount,        
domestic sales decreased $313,404 or 13.4% while "Kids Plex-TM-" sales          
decreased $349,655 or 82.3% and international sales decreased $229,138 or       
91.6% for the March 31, 1999 quarter compared to the same period last year.     
Partially offsetting this sales decline in the March 31, 1999 quarter was the   
sale of $148,163 of raw materials to copackers as the Company continues its     
strategy of complete production outsourcing. Total net sales were also          
impacted by a recall of certain Aloe Vera products creating returns of over     
$160,000 in March 1999, which was partially offset by replacement orders in     
the same month.                                                                 

   Gross profit as a percentage of sales increased 11.2% to 41.1% of sales
for the three months ended March 31, 1999 from 29.9% for the same quarter       
last year. This gross profit percentage increase was due to the                 
reclassification of $666,000 of inventory write-offs in the March 1998          
quarter for which there were no such amounts incurred in the March 31, 1999     
quarter.                                                                        

Selling, general and administrative expenses decreased $447,997 to  
$1,842,253 or 78.3% of sales for the three months ended March 31, 1999, from    
$2,290,250 or 73.0% for the same period last year. These decreases were         
primarily the result of: 1) Lower selling and marketing expenses which          
decreased $500,545 to $865,004 or 36.8% of sales for the quarter ended March    
31, 1999 from $1,365,549 or 43.5% of sales for the same period last year and    
2) Higher general and administrative expenses, which increased $54,529 to       
$645,352 or 27.4% of sales for the quarter ended March 31, 1999, from           
$590,823 or 18.8% of sales for the same period last year. Shipping and          
receiving expenses decreased $1,422 to $265,019, but increased as a percent     
of sales to 11.3% for the quarter ended March 31, 1999, from $266,441, or       
8.5% for the same period last year.                                             

     Interest expense decreased $20,078 for the three-month period ended March
31, 1999 compared to the same period last year.                                 

 Miscellaneous expenses for the quarter ended March 31, 1999 decreased
$152,277 compared to the same period last year due to the lack of               
non-recurring charges in 1999 which in the March 31, 1998 quarter amounted to   
$157,500. No such amounts were incurred in the March 31, 1999 quarter. The      
March 31, 1999 quarter also reflects a $49,580 gain on sale of equipment that   
the Company no longer needs due to its strategy to completely outsource its     
production activities.                                                          

Income tax expense was $2,400 for the three-month period ended March
31, 1999 compared to $ (57,454) for the same period last year due to losses     
for the periods and the carryback benefits of such losses.                      

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PART II. Other Information                                                      

ITEM 1. Legal Proceedings                                             

As previously reported in its 8-K filing, on March 17, 1999, a      
   civil judgment was entered against the Company and a co-defendant for a
total of $2,774,000 by the United States Bankruptcy Court for the   
Northern District of Texas following a bench trial last year in a   
   proceeding initiated by the Trustee in the Chapter 7 bankruptcy case of
Performance Nutrition, Inc. ("PNI") on October 3, 1997. The court's 
    award was based on findings against the Company of aiding and abetting a
breach of fiduciary duty by PNI management, conspiracy to breach    
fiduciary duty, tortious interference with contract and unjust      
enrichment. The court also awarded the Trustee pre-judgment and     
    post-judgment interest. The pre-judgment interest amount is $206,283 and
 the post-judgment interest amount as of March 31, 1999 is $2,151. The
 Trustee subsequently moved for allowance of alleged costs against the
   Company in the amount of $125,326, which the Company intends to contest
on several grounds. The Company is studying the judgment and is     
  considering its options. In the interim, the Company has preserved its
right to appeal the judgment to the United States District Court.   

  On January 20, 1999 the PNI Trustee filed a second adversary complaint
against the Company, seeking recovery of $130,200 in allegedly      
 preferential payments made to the Company by PNI prior to bankruptcy.
   The Company believes that these payments are statutorily protected from
avoidance because they were made in the ordinary course of the two  
   companies' business relationship or were followed by new value provided
    to PNI by the Company. Management is contesting the Trustee's preference
    claims. Because all litigation contains an element of uncertainty; it is
  not possible to determine at this time whether the ultimate outcome of
these matters will have a material adverse effect on the            
Company's results of operations or financial condition.             

ITEM 2. Changes in Securities                                         

NONE                                                      

ITEM 3. Defaults upon Senior Securities                               

NONE                                                      

ITEM 4. Submission of Matters to a Vote of Security Holders           

NONE                                                      

ITEM 5. Other Information                                             

NONE                                                      

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ITEM 6. Exhibits & Reports on Form 8-K                                

                                                                [Download Table]

 Exhibits                                                 
 Number    Description                                Page
---------  -----------                                ----
                                                          
   10.1    Employment Contract with                    15 
           Lawrence J. Batina dated February 1, 1999      

   10.2    Financing Agreement between Naturade, Inc.  16 
           and Health Holdings and Botanicals, Inc.       

   27      Financial Data Schedule                     17 

Reports on Form 8-K                                                   

             On March 17, 1999, the Company filed Form 8-K with respect to
   a judgment entered against it in the United States Bankruptcy Court for the
Northern District of Texas. See Part II, Item 1-"Legal Proceedings".    

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 S I G N A T U R E S

      Pursuant to the requirements of the Securities Exchange Act of 1934,
       the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.                  

                                            NATURADE, INC.
                                            --------------
                                              (Registrant)

   DATE:  May 14, 1999                             By /s/ Bill D.Stewart
          ------------------------                 ---------------------
                                             Bill D. Stewart
                                                     Chief Executive Officer

      DATE:  May 14, 1999                             By /s/Lawrence J. Batina
             ------------------------                 ------------------------
                                                Lawrence J. Batina
                                                     Chief Financial Officer

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   EXHIBIT INDEX

                                                                [Download Table]

 Exhibit No.                    Description                 Page No.
 -----------                    -----------                 --------
                                                                    
    10.1                 Employment Contract with            15     
                         Lawrence J. Batina dated                   
                         February 1, 1999                           

    10.2                 Health Holdings and                 16     
                         Botanicals, Inc. Financing                 
                         Agreement                                  

    27                   Financial Data Schedule             17     

14

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	3/7/00	8
	12/31/99	8		10-K405, NT 10-K
	8/1/99	9
	6/30/99	9		10-Q
Filed on:	5/17/99
	5/14/99	13
	4/30/99	1
For Period End:	3/31/99	1	11
	3/17/99	11	12	8-K
	3/11/99	8		8-K
	2/1/99	9	14
	1/26/99	9
	1/20/99	8	11
	1/1/99	8
	12/31/98	2	9	10-Q
	3/31/98	2	10	10-Q
	3/2/98	7
	10/3/97	11
				List all Filings

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Filing Submission 0001047469-99-020933 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Naturade Inc – ‘10-Q’ for 3/31/99

As of: Monday, 5/17/99 · For: 3/31/99 · Accession #: 1047469-99-20933 · File #: 33-07106-A

Previous ‘10-Q’: ‘10-Q’ on 2/16/99 for 12/31/98 · Next: ‘10-Q’ on 8/16/99 for 6/30/99 · Latest: ‘10-Q’ on 8/19/08 for 6/30/08

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
Document Table of Contents