----

----

Jump to Index

| ý                                           | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------------------------------------------------|------------------------------------------------------------------------------------------|
| For the quarterly period ended November 30, 2010 |
|                                             |
|  ̈                                           | 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:                          |
| 001-14608                                        |

| Delaware                                                      |   | 87-0563574                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdictionof incorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |                                |
| 2002 South 5070 WestSalt Lake City, Utah                      |   | 84104-4726                          |
| (Address of principalexecutive offices)                       |   | (Zip Code)                          |

| Large Accelerated Filer q | Accelerated Filer q |
|---------------------------|---------------------|

| Non-Accelerated Filer q (Do not check if a smaller reporting company) | Smaller reporting company ý |
|-----------------------------------------------------------------------|----------------------------------|

----

Schiff Nutrition International, Inc.

PART I. FINANCIAL INFORMATION

| ITEM 1. | FINANCIAL STATEMENTS |
|---------|----------------------|

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (3 months) 
(6 months)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

| 1.   | BASIS OF PRESENTATION AND OTHER MATTERS |
|----------------|-----------------------------------------|

| 2.   | AVAILABLE-FOR-SALE SECURITIES |
|----------------|-------------------------------|

| 3.   | RECEIVABLES, NET |
|----------------|------------------|

| 4.   | INVENTORIES |
|----------------|-------------|

| 5.   | ACCRUED EXPENSES |
|----------------|------------------|

| 6.   | CAPITAL STRUCTURE |
|----------------|-------------------|

| 7.   | EARNINGS PER SHARE |
|----------------|--------------------|

| 8.   | CONCENTRATION OF CREDIT RISK AND SIGNIFICANT CUSTOMERS AND PRODUCTS |
|----------------|---------------------------------------------------------------------|

| 9.   | COMMITMENTS AND CONTINGENCIES |
|----------------|-------------------------------|

| 10.   | RECENTLY ISSUED ACCOUNTING STANDARDS |
|-----------------|--------------------------------------|

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

| -   | General |
|---------------|---------|

| -   | Results of Operations (unaudited) (3 months)and(6 months) |
|---------------|-----------------------------------------------------------|

| -   | Liquidity and Capital Resources |
|---------------|---------------------------------|

| -   | Critical Accounting Policies and Estimates |
|---------------|--------------------------------------------|

| -   | Impact of Inflation |
|---------------|---------------------|

| -   | Seasonality |
|---------------|-------------|

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

| ITEM 4T. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

PART II. OTHER INFORMATION

| ITEM 1. | LEGAL PROCEEDINGS |
|---------|-------------------|

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
|---------|---------------------------------|

| ITEM 4. | [REMOVED AND RESERVED] |
|---------|------------------------|

| ITEM 5. | OTHER INFORMATION |
|---------|-------------------|

| ITEM 6. | EXHIBITS |
|---------|----------|

SIGNATURES

| Exhibit 31.1. | Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act |
|---------------|------------------------------------------------------------------------|

| Exhibit 31.2. | Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act |
|---------------|------------------------------------------------------------------------|

| Exhibit 32.1. | CEO and CFO Certifications pursuant to Section 906 of the Sarbanes-Oxley Act |
|---------------|------------------------------------------------------------------------------|

----

PART I.  FINANCIAL INFORMATION

| ITEM 1. | FINANCIAL STATEMENTS |
|---------|----------------------|

SCHIFF NUTRITION INTERNATIONAL, INC. AND SUBSIDIARIES

|                                                                                                                                  |   | November 30, 2010 |    |   | May 31,2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|-------------|--------|
| ASSETS                                                                                                                                |   |                   |    |   |        |   |
| Current assets:                                                                                                                       |   |                   |    |   |        |   |
| Cash and cash equivalents                                                                                                             |   | $                      | 16,860  |   |        | $      | 31,768 |   |
| Available-for-sale securities                                                                                                         |   |                   | 8,939   |   |        |   | 13,641 |   |
| Receivables, net                                                                                                                      |   |                   | 25,106  |   |        |   | 19,732 |   |
| Inventories                                                                                                                           |   |                   | 41,570  |   |        |   | 35,081 |   |
| Prepaid expenses                                                                                                                      |   |                   | 1,764   |   |        |   | 1,284 |   |
| Deferred taxes, net                                                                                                                   |   |                   | 2,794   |   |        |   | 2,578 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total current assets                                                                                                                  |   |                   | 97,033  |   |        |   | 104,084 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Property and equipment, net                                                                                                           |   |                   | 14,816  |   |        |   | 13,882 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Other assets:                                                                                                                         |   |                   |    |   |        |   |   |   |
| Goodwill                                                                                                                              |   |                   | 4,346   |   |        |   | 4,346 |   |
| Available-for-sale securities                                                                                                         |   |                   | 1,224   |   |        |   | 6,763 |   |
| Other assets                                                                                                                          |   |                   | 337     |   |        |   | 435 |   |
| Deferred taxes, net                                                                                                                   |   |                   | — |   |        |   | 470 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total other assets                                                                                                                    |   |                   | 5,907   |   |        |   | 12,014 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total assets                                                                                                                          |   | $                      | 117,756 |   |        | $      | 129,980 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                  |   |                   |    |   |        |   |   |   |
| Current liabilities:                                                                                                                  |   |                   |    |   |        |   |   |   |
| Accounts payable                                                                                                                      |   | $                      | 13,796  |   |        | $      | 11,945 |   |
| Accrued expenses                                                                                                                      |   |                   | 12,209  |   |        |   | 12,637 |   |
| Dividends payable                                                                                                                     |   |                   | 562     |   |        |   | 85 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total current liabilities                                                                                                             |   |                   | 26,567  |   |        |   | 24,667 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Long-term liabilities:                                                                                                                |   |                   |    |   |        |   |   |   |
| Dividends payable                                                                                                                     |   |                   | 2,194   |   |        |   | 1,985 |   |
| Deferred taxes, net                                                                                                                   |   |                   | 473     |   |        |   | — |   |
| Other                                                                                                                                 |   |                   | 383     |   |        |   | 2,880 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total long-term liabilities                                                                                                           |   |                   | 3,050   |   |        |   | 4,865 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Commitments and contingencies                                                                                                         |   |                   |    |   |        |   |   |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Stockholders' equity:                                                                                                                 |   |                   |    |   |        |   |   |   |
| Preferred stock, par value $.01 per share; shares authorized-10,000,000; no shares issued and outstanding                             |   |                   | — |   |        |   | — |   |
| Class A common stock, par value $.01 per share; shares authorized-50,000,000; shares issued and outstanding-20,801,904 and 12,880,038 |   |                   | 208     |   |        |   | 129 |   |
| Class B common stock, par value $.01 per share; shares authorized-25,000,000; shares issued and outstanding-7,486,574 and 14,973,148  |   |                   | 75      |   |        |   | 150 |   |
| Additional paid-in capital                                                                                                            |   |                   | 87,132  |   |        |   | 91,481 |   |
| Accumulated other comprehensive loss                                                                                                  |   |                   | (57     | )      |        |   | (78 | ) |
| Retained earnings                                                                                                                     |   |                   | 781     |   |        |   | 8,766 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total stockholders' equity                                                                                                            |   |                   | 88,139  |   |        |   | 100,448 |   |
|                                                                                                                                  |   |                   |    |   |        |   |   |   |
| Total liabilities and stockholders' equity                                                                                            |   | $                      | 117,756 |   |        | $      | 129,980 |   |

Jump to Index

----

SCHIFF NUTRITION INTERNATIONAL, INC. AND SUBSIDIARIES

|                                 |   | Three Months EndedNovember 30, |       |
|--------------------------------------|--------|--------------------------------|------------|
|                                 |   | 2010                           |       |   | 2009 |   |
|                                 |   |                           |       |   |   |   |
| Net sales                            |   | $                              | 52,622     |   |   | $ | 53,754 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Cost of goods sold                   |   |                           | 32,417     |   |   |   | 29,519 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Gross profit                         |   |                           | 20,205     |   |   |   | 24,235 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Operating expenses:                  |   |                           |       |   |   |   |   |   |
| Selling and marketing                |   |                           | 9,050      |   |   |   | 8,825 |   |
| General and administrative           |   |                           | 7,113      |   |   |   | 4,852 |   |
| Research and development             |   |                           | 983        |   |   |   | 1,088 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Total operating expenses             |   |                           | 17,146     |   |   |   | 14,765 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Income from operations               |   |                           | 3,059      |   |   |   | 9,470 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Other income (expense):              |   |                           |       |   |   |   |   |   |
| Interest income                      |   |                           | 71         |   |   |   | 37 |   |
| Interest expense                     |   |                           | (108       | ) |   |   | (110 | ) |
| Other, net                           |   |                           | 6          |   |   |   | (8 | ) |
|                                 |   |                           |       |   |   |   |   |   |
| Total other expense, net             |   |                           | (31        | ) |   |   | (81 | ) |
|                                 |   |                           |       |   |   |   |   |   |
| Income before income taxes           |   |                           | 3,028      |   |   |   | 9,389 |   |
| Income tax expense                   |   |                           | 1,192      |   |   |   | 3,506 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Net income                           |   | $                              | 1,836      |   |   | $ | 5,883 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Weighted average shares outstanding: |   |                           |       |   |   |   |   |   |
| Basic                                |   |                           | 28,844,115 |   |   |   | 28,340,648 |   |
| Diluted                              |   |                           | 29,032,304 |   |   |   | 28,838,371 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Net income per share:                |   |                           |       |   |   |   |   |   |
| Basic                                |   | $                              | 0.06       |   |   | $ | 0.21 |   |
| Diluted                              |   | $                              | 0.06       |   |   | $ | 0.20 |   |
|                                 |   |                           |       |   |   |   |   |   |
| Comprehensive income                 |   | $                              | 1,861      |   |   | $ | 5,894 |   |

Jump to Index

----

|                                 |   | Six Months EndedNovember 30, |       |
|--------------------------------------|--------|------------------------------|------------|
|                                 |   | 2010                         |       |   | 2009 |   |
|                                 |   |                         |       |   |   |   |
| Net sales                            |   | $                            | 104,041    |   |   | $ | 102,319 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Cost of goods sold                   |   |                         | 63,531     |   |   |   | 58,922 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Gross profit                         |   |                         | 40,510     |   |   |   | 43,397 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Operating expenses:                  |   |                         |       |   |   |   |   |   |
| Selling and marketing                |   |                         | 18,335     |   |   |   | 15,459 |   |
| General and administrative           |   |                         | 11,317     |   |   |   | 9,110 |   |
| Research and development             |   |                         | 1,937      |   |   |   | 2,332 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Total operating expenses             |   |                         | 31,589     |   |   |   | 26,901 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Income from operations               |   |                         | 8,921      |   |   |   | 16,496 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Other income (expense):              |   |                         |       |   |   |   |   |   |
| Interest income                      |   |                         | 129        |   |   |   | 106 |   |
| Interest expense                     |   |                         | (215       | ) |   |   | (138 | ) |
| Other, net                           |   |                         | 8          |   |   |   | (13 | ) |
|                                 |   |                         |       |   |   |   |   |   |
| Total other expense, net             |   |                         | (78        | ) |   |   | (45 | ) |
|                                 |   |                         |       |   |   |   |   |   |
| Income before income taxes           |   |                         | 8,843      |   |   |   | 16,451 |   |
| Income tax expense                   |   |                         | 3,318      |   |   |   | 6,177 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Net income                           |   | $                            | 5,525      |   |   | $ | 10,274 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Weighted average shares outstanding: |   |                         |       |   |   |   |   |   |
| Basic                                |   |                         | 28,647,999 |   |   |   | 28,278,196 |   |
| Diluted                              |   |                         | 29,073,329 |   |   |   | 28,785,375 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Net income per share:                |   |                         |       |   |   |   |   |   |
| Basic                                |   | $                            | 0.19       |   |   | $ | 0.36 |   |
| Diluted                              |   | $                            | 0.19       |   |   | $ | 0.36 |   |
|                                 |   |                         |       |   |   |   |   |   |
| Comprehensive income                 |   | $                            | 5,546      |   |   | $ | 10,303 |   |

Jump to Index

----

SCHIFF NUTRITION INTERNATIONAL, INC. AND SUBSIDIARIES

|                                                                                        |   | Six Months EndedNovember 30, |    |
|---------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                        |   | 2010                         |    |   | 2009 |   |
| Cash flows from operating activities:                                                       |   |                         |    |   |   |   |
| Net income                                                                                  |   | $                            | 5,525   |   |   | $ | 10,274 |   |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |   |                         |    |   |   |   |   |   |
| Deferred taxes                                                                              |   |                         | 713     |   |   |   | (179 | ) |
| Depreciation and amortization                                                               |   |                         | 1,625   |   |   |   | 1,496 |   |
| Amortization of financing fees                                                              |   |                         | 98      |   |   |   | 57 |   |
| Stock-based compensation                                                                    |   |                         | 3,575   |   |   |   | 866 |   |
| Excess tax benefit from equity instruments                                                  |   |                         | (1,254  | ) |   |   | (545 | ) |
| Other                                                                                       |   |                         | (5      | ) |   |   | 14 |   |
| Changes in operating assets and liabilities:                                                |   |                         |    |   |   |   |   |   |
| Receivables                                                                                 |   |                         | (4,120  | ) |   |   | (3,279 | ) |
| Inventories                                                                                 |   |                         | (6,489  | ) |   |   | (2,492 | ) |
| Prepaid expenses                                                                            |   |                         | (480    | ) |   |   | (596 | ) |
| Accounts payable                                                                            |   |                         | 1,783   |   |   |   | 4,519 |   |
| Other current liabilities                                                                   |   |                         | (428    | ) |   |   | 2,630 |   |
| Other long-term liabilities                                                                 |   |                         | (1,650  | ) |   |   | 931 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                         |   |                         | (1,107  | ) |   |   | 13,696 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Cash flows from investing activities:                                                       |   |                         |    |   |   |   |   |   |
| Purchase of property and equipment                                                          |   |                         | (2,486  | ) |   |   | (1,332 | ) |
| Purchase of available-for-sale securities                                                   |   |                         | (4,480  | ) |   |   | (9,040 | ) |
| Proceeds from sale of available-for-sale securities                                         |   |                         | 14,756  |   |   |   | 4,799 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                         |   |                         | 7,790   |   |   |   | (5,573 | ) |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Cash flows from financing activities:                                                       |   |                         |    |   |   |   |   |   |
| Proceeds from stock options exercised                                                       |   |                         | — |   |   |   | 162 |   |
| Purchase and retirement of common stock                                                     |   |                         | (2,647  | ) |   |   | (10 | ) |
| Excess tax benefit from equity instruments                                                  |   |                         | 1,254   |   |   |   | 545 |   |
| Dividends paid                                                                              |   |                         | (20,198 | ) |   |   | (14,405 | ) |
| Payment for debt issue costs                                                                |   |                         | — |   |   |   | (530 | ) |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Net cash used in financing activities                                                       |   |                         | (21,591 | ) |   |   | (14,238 | ) |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Decrease in cash and cash equivalents                                                       |   |                         | (14,908 | ) |   |   | (6,115 | ) |
| Cash and cash equivalents, beginning of period                                              |   |                         | 31,768  |   |   |   | 52,648 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                    |   | $                            | 16,860  |   |   | $ | 46,533 |   |

Jump to Index

----

SCHIFF NUTRITION INTERNATIONAL, INC. AND SUBSIDIARIES

| 1.  | BASIS OF PRESENTATION AND OTHER MATTERS |
|----------|-----------------------------------------|

Jump to Index

----

Jump to Index

----

| 2.   | AVAILABLE-FOR-SALE SECURITIES |
|----------------|-------------------------------|

|                                         |   | November 30,2010 |   |   | May 31,2010 |   |
|----------------------------------------------|--------|------------------|--------|--------|-------------|--------|
|                                         |   |             |   |   |        |   |
| Certificates of deposit and commercial paper |   | $                | 4,187  |   |        | $      | 5,813 |   |
| Corporate debt securities                    |   |             | 2,000  |   |        |   | 5,497 |   |
| Federal, state and municipal debt securities |   |             | 3,976  |   |        |   | 9,094 |   |
|                                         |   |             |   |   |        |   |   |   |
| Total                                        |   |             | 10,163 |   |        |   | 20,404 |   |
| Less long-term portion                       |   |             | 1,224  |   |        |   | 6,763 |   |
|                                         |   |             |   |   |        |   |   |   |
| Short-term portion                           |   | $                | 8,939  |   |        | $      | 13,641 |   |

|                                                           |   | November 30,2010 |    |   | May 31,2010 |   |
|----------------------------------------------------------------|--------|------------------|---------|--------|-------------|--------|
|                                                           |   |             |    |   |        |   |
| Quoted prices in active markets for identical assets (Level 1) |   | $                | 9,681   |   |        | $      | 19,949 |   |
| Significant other observable inputs (Level 2)                  |   |             | — |   |        |   | — |   |
| Significant unobservable inputs (Level 3)                      |   |             | 482     |   |        |   | 455 |   |
|                                                           |   |             |    |   |        |   |   |   |
| Total                                                          |   | $                | 10,163  |   |        | $      | 20,404 |   |

|                                                                            | Six Months EndedNovember 30, |   |
|---------------------------------------------------------------------------------|------------------------------|--------|
|                                                                            | 2010                         |   | 2009 |   |
|                                                                            |                         |   |   |   |
| Beginning balance                                                               |                         | $      | 455 |   |   | $ | 483 |   |
| Total income (losses) (all unrealized and included in other comprehensive loss) |                         |   | 27 |   |   |   | (15 | ) |
|                                                                            |                         |   |   |   |   |   |   |   |
| Ending balance                                                                  |                         | $      | 482 |   |   | $ | 468 |   |

| Less than one year |   | $      | 4,752  |   |
|--------------------|--------|--------|--------|--------|
| One to five years  |   |   | 519    |   |
| Over five years    |   |   | 705    |   |
|               |   |   |   |   |
| Total              |   | $      | 5,976  |   |

Jump to Index

----

| 3.   | RECEIVABLES, NET |
|----------------|------------------|

|                                                               |   | November 30,2010 |   |   | May 31,2010 |   |
|--------------------------------------------------------------------|--------|------------------|--------|--------|-------------|--------|
|                                                               |   |             |   |   |        |   |
| Trade accounts                                                     |   | $                | 25,746 |   |        | $      | 20,878 |   |
| Refundable income taxes                                            |   |             | 1,314  |   |        |   | 707 |   |
| Other                                                              |   |             | 44     |   |        |   | 116 |   |
|                                                               |   |             |   |   |        |   |   |   |
|                                                               |   |             | 27,104 |   |        |   | 21,701 |   |
| Less allowances for doubtful accounts, sales returns and discounts |   |             | (1,998 | )      |        |   | (1,969 | ) |
|                                                               |   |             |   |   |        |   |   |   |
| Total                                                              |   | $                | 25,106 |   |        | $      | 19,732 |   |

| 4.   | INVENTORIES |
|----------------|-------------|

|            |   | November 30,2010 |   |   | May 31,2010 |   |
|-----------------|--------|------------------|--------|--------|-------------|--------|
|            |   |             |   |   |        |   |
| Raw materials   |   | $                | 19,432 |   |        | $      | 15,299 |   |
| Work in process |   |             | 2,461  |   |        |   | 1,910 |   |
| Finished goods  |   |             | 19,677 |   |        |   | 17,872 |   |
|            |   |             |   |   |        |   |   |   |
| Total           |   | $                | 41,570 |   |        | $      | 35,081 |   |

| 5.   | ACCRUED EXPENSES |
|----------------|------------------|

|                            |   | November 30,2010 |   |   | May 31,2010 |   |
|---------------------------------|--------|------------------|--------|--------|-------------|--------|
|                            |   |             |   |   |        |   |
| Accrued personnel related costs |   | $                | 2,407  |   |        | $      | 5,323 |   |
| Accrued promotional costs       |   |             | 8,691  |   |        |   | 6,076 |   |
| Other                           |   |             | 1,111  |   |        |   | 1,238 |   |
|                            |   |             |   |   |        |   |   |   |
| Total                           |   | $                | 12,209 |   |        | $      | 12,637 |   |

| 6.   | CAPITAL STRUCTURE |
|----------------|-------------------|

Jump to Index

----

| 7.   | EARNINGS PER SHARE |
|----------------|--------------------|

|                                                                |   | Three Months EndedNovember 30, |       | Six Months EndedNovember 30, |   |
|---------------------------------------------------------------------|--------|--------------------------------|------------|------------------------------|--------|
|                                                                |   | 2010                           |       |                         | 2009   |   | 2010 |   |   | 2009 |   |
| Income available to common shareholders (numerator):                |   |                           |       |                         |   |   |   |   |   |   |   |
| Net income                                                          |   | $                              | 1,836      |                         |   | $ | 5,883 |   | $ | 5,525 |   |   | $ | 10,274 |   |
| Adjustments                                                         |   |                           | —    |                         |   |   | — |   |   | — |   |   |   | — |   |
|                                                                |   |                           |       |                         |   |   |   |   |   |   |   |   |   |   |   |
| Income on which basic and diluted earnings per share are calculated |   | $                              | 1,836      |                         |   | $ | 5,883 |   | $ | 5,525 |   |   | $ | 10,274 |   |
|                                                                |   |                           |       |                         |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average number of common shares outstanding (denominator): |   |                           |       |                         |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                               |   |                           | 28,844,115 |                         |   |   | 28,340,648 |   |   | 28,647,999 |   |   |   | 28,278,196 |   |
| Add-incremental shares from restricted stock                        |   |                           | 313        |                         |   |   | 24,073 |   |   | 20,362 |   |   |   | 24,377 |   |
| Add-incremental shares from restricted stock units                  |   |                           | 52         |                         |   |   | 84,350 |   |   | 83,919 |   |   |   | 79,484 |   |
| Add-incremental shares from stock options                           |   |                           | 187,824    |                         |   |   | 389,300 |   |   | 321,049 |   |   |   | 403,318 |   |
|                                                                |   |                           |       |                         |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                             |   |                           | 29,032,304 |                         |   |   | 28,838,371 |   |   | 29,073,329 |   |   |   | 28,785,375 |   |

| 8.   | CONCENTRATION OF CREDIT RISK AND SIGNIFICANT CUSTOMERS AND PRODUCTS |
|----------------|---------------------------------------------------------------------|

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| 9.   | COMMITMENTS AND CONTINGENCIES |
|----------------|-------------------------------|

| 10.   | RECENTLY ISSUED ACCOUNTING STANDARDS  |
|-----------------|--------------------------------------------|

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| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------|

General

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Results 

|                       |   | 2010   |   |   | 2009   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|
|                       |   |   |   |   |   |   |
| Net sales                  |   | $      | 52,622 |   |   |   | 100.0 | % |   | $ | 53,754 |   |   |   | 100.0 | % |
| Cost of goods sold         |   |   | 32,417 |   |   |   | 61.6 |   |   |   | 29,519 |   |   |   | 54.9 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit               |   |   | 20,205 |   |   |   | 38.4 |   |   |   | 24,235 |   |   |   | 45.1 |   |
| Operating expenses:        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing      |   |   | 9,050  |   |   |   | 17.2 |   |   |   | 8,825 |   |   |   | 16.5 |   |
| General and administrative |   |   | 7,113  |   |   |   | 13.5 |   |   |   | 4,852 |   |   |   | 9.0 |   |
| Research and development   |   |   | 983    |   |   |   | 1.9 |   |   |   | 1,088 |   |   |   | 2.0 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses   |   |   | 17,146 |   |   |   | 32.6 |   |   |   | 14,765 |   |   |   | 27.5 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from operations     |   |   | 3,059  |   |   |   | 5.8 |   |   |   | 9,470 |   |   |   | 17.6 |   |
| Other expense, net         |   |   | (31    | )      |   |   | — |   |   |   | (81 | ) |   |   | (0.2 | ) |
| Income tax expense         |   |   | (1,192 | )      |   |   | (2.3 | ) |   |   | (3,506 | ) |   |   | (6.5 | ) |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                 |   | $      | 1,836  |   |   |   | 3.5 | % |   | $ | 5,883 |   |   |   | 10.9 | % |

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Results 

|                       |   | 2010   |    |   | 2009   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
|                       |   |   |    |   |   |   |
| Net sales                  |   | $      | 104,041 |   |   |   | 100.0 | % |   | $ | 102,319 |   |   |   | 100.0 | % |
| Cost of goods sold         |   |   | 63,531  |   |   |   | 61.1 |   |   |   | 58,922 |   |   |   | 57.6 |   |
|                       |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit               |   |   | 40,510  |   |   |   | 38.9 |   |   |   | 43,397 |   |   |   | 42.4 |   |
| Operating expenses:        |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing      |   |   | 18,335  |   |   |   | 17.6 |   |   |   | 15,459 |   |   |   | 15.1 |   |
| General and administrative |   |   | 11,317  |   |   |   | 10.9 |   |   |   | 9,110 |   |   |   | 8.9 |   |
| Research and development   |   |   | 1,937   |   |   |   | 1.8 |   |   |   | 2,332 |   |   |   | 2.3 |   |
|                       |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses   |   |   | 31,589  |   |   |   | 30.3 |   |   |   | 26,901 |   |   |   | 26.3 |   |
|                       |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from operations     |   |   | 8,921   |   |   |   | 8.6 |   |   |   | 16,496 |   |   |   | 16.1 |   |
| Other expense, net         |   |   | (78     | )      |   |   | (0.1 | ) |   |   | (45 | ) |   |   | — |   |
| Income tax expense         |   |   | (3,318  | )      |   |   | (3.2 | ) |   |   | (6,177 | ) |   |   | (6.1 | ) |
|                       |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                 |   | $      | 5,525   |   |   |   | 5.3 | % |   | $ | 10,274 |   |   |   | 10.0 | % |

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Liquidity 

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| Contractual Cash Obligations(1) |   | Total Amounts Committed |   |   | Less than1 Year |   |   | 1-3Years |   |   | 3-5Years |   |   | More than5 Years |    |
|---------------------------------|--------|-------------------------|--------|--------|-----------------|--------|--------|----------|--------|--------|----------|--------|--------|------------------|---------|
|                            |   |                    |   |   |            |   |   |     |   |   |     |   |   |             |    |
| Operating leases                |   | $                       | 5,367  |   |            | $      | 2,328  |     |   | $      | 3,033    |   |   | $                | 6       |   |   | $ | — |   |
| Purchase obligations(2)         |   |                    | 20,190 |   |            |   | 20,190 |     |   |   | —  |   |   |             | — |   |   |   | — |   |
|                            |   |                    |   |   |            |   |   |     |   |   |     |   |   |             |    |   |   |   |   |   |
| Total obligations               |   | $                       | 25,557 |   |            | $      | 22,518 |     |   | $      | 3,033    |   |   | $                | 6       |   |   | $ | — |   |

| (1) | Unrecognized income tax benefits totaling approximately $383 are excluded since we are unable to estimate the period of settlement, if any. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Purchase obligations consist primarily of open purchase orders for goods and services, including primarily raw materials, packaging and outsourced contract manufacturing commitments. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Critical 

| ●   | We provide for inventory valuation adjustments for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand, market conditions and/or liquidation value.  For the six months ended November 30, 2010 and 2009, inventory valuation adjustments resulted in a decrease in our gross profit and operating income of $0.5 million and $0.1 million, respectively.  If actual demand and/or market conditions are less favorable than those projected by management, additional inventory write-downs would be required. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | We maintain allowances for doubtful accounts, sales returns and discounts for estimated losses resulting from customer exposures, including among others, product returns, inability to make payments and expected utilization of offered discounts.  Changes in our allowances for doubtful accounts, sales returns and discounts resulted in a decrease in our gross profit and operating income of $0.1 million for both six month periods ended November 30, 2010 and 2009.  At both November 30, 2010 and May 31, 2010, our allowances for doubtful accounts, sales returns and discounts amounted to $2.0 million.  Actual results may differ from our current estimates, resulting in adjustment of the respective allowance(s). |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ●   | We recognize tax benefits relative to certain tax positions in which we may be uncertain as to whether that tax position will ultimately be sustained as filed in our tax return.  The recognition or derecognition of these tax benefits is subject to periodic evaluation of the sustainability of the tax position based upon changes in facts, circumstances or available information.  Changes in the recognition of these tax benefits did not significantly impact net income for the six months ended November 30, 2010 and 2009.  At both November 30, 2010 and May 31, 2010, unrecognized tax benefits totaled $0.4 million. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | We currently have deferred tax assets resulting from temporary differences between financial and income tax reporting.  These deferred tax assets are subject to periodic recoverability assessments.  The realization of these deferred tax assets is primarily dependent on future operating results.  At both November 30, 2010 and May 31, 2010, deferred tax asset valuation allowances were zero and changes in these valuation allowances did not impact net income for the six months ended November 30, 2010 and 2009. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | We recognize compensation expense for certain liability classified performance awards based on the appropriate change in fair value for the reporting period based on the requisite service completed.  The fair value is estimated based on a periodic assessment of the probability that the performance criteria will be achieved.  Our periodic assessment of the probability that the performance criteria will be achieved considers such factors as historical financial results and future financial expectations, including an analysis of sales trends and operating margins; as well as changes in the nutritional supplements industry and competitive environment.  For the six months ended November 30, 2010 and 2009, respectively, we recognized compensation expense related to existing awards of $3.0 million and $1.3 million.  At November 30, 2010, there was no unrecognized compensation expense due to the accelerated vesting of all outstanding awards as a result of the WHF-TPG transaction. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | We have certain intangible assets, primarily consisting of goodwill, which are tested at least annually for impairment.  The determination of whether or not goodwill is impaired involves significant judgment.  Changes in strategy or market conditions could significantly impact our judgment and require adjustment to the recorded goodwill balance. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Impact 

Seasonality

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

| ITEM 4T. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

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PART II.  OTHER INFORMATION

| ITEM 1.  | LEGAL PROCEEDINGS |
|---------------|-------------------|

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
|---------|---------------------------------|

| Period                           |   | Total numberof shares purchased(1) |   | Average pricepaid per share |   | Total number of shares purchased as part of publicly announced plans or programs |   | Maximum number of shares that may yet be purchased under the plans or programs |
|----------------------------------|--------|------------------------------------|--------|-----------------------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                             |   |                               |   |                        |   |                                                                             |   |                                                                           |
| September 1 – September 30 |   | —                            |   | —                     |   | —                                                                          |   | —                                                                        |
|                             |   |                               |   |                        |   |                                                                             |   |                                                                           |
| October 1 – October 31     |   | 335,170                            |   | $7.60                       |   | —                                                                          |   | —                                                                        |
|                             |   |                               |   |                        |   |                                                                             |   |                                                                           |
| November 1 – November 30   |   | 12,305                             |   | $8.13                       |   | —                                                                          |   | —                                                                        |
|                             |   |                               |   |                        |   |                                                                             |   |                                                                           |
| Total                            |   | 347,475                            |   | $7.62                       |   | —                                                                          |   | —                                                                        |

| (1) | Repurchase of these shares was to satisfy employee tax withholding obligations due upon settlement of Performance Awards and exercise of options. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 4. | [REMOVED AND RESERVED] |
|---------|------------------------|

| ITEM 5. | OTHER INFORMATION |
|---------|-------------------|

| ITEM 6. | EXHIBITS |
|---------|----------|

| 10.1. | Standstill Agreement between Schiff Nutrition, Inc. and TPG STAR SNI, L.P., dated October 14, 2010 (1)                                 |
|-------|----------------------------------------------------------------------------------------------------------------------------------------|
| 31.1. | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.  (2)                             |
| 31.2. | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.  (2)                             |
| 32.1. | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act.  (3) |

| 1. | Previously filed in the Company’s Current Report on Form 8-K filed on October 15, 2010 and incorporated herein by reference. |
|----|------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Filed herewith.                                                                                                                    |
| 3. | Furnished herewith.                                                                                                                |

SIGNATURES

| Date: January 7, 2011 | By:  | /s/Bruce J. Wood                                |
|-----------------------|-----------|-------------------------------------------------|
|                  |      | Bruce J. Wood                                   |
|                  |      | President, Chief Executive Officer and Director |

| Date: January 7, 2011 | By:  | /s/Joseph W. Baty                                    |
|-----------------------|-----------|------------------------------------------------------|
|                  |      | Joseph W. Baty                                       |
|                  |      | Executive Vice President and Chief Financial Officer |

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