Net sales during the six months ended December 31, 2016 raised $16.1 million, or 33.3%, from $48.5 million recorded in the comparable prior year period. For the six months ended December 31, 2016, private label contract manufacturing sales raised $13.4 million, or 35.3%, from the comparable quarter last year. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue raised 26.1% to $13.4 million during the first half of fiscal 2017 as contrast to $10.6 million for the comparable prior year period. The increase in CarnoSyn® beta-alanine revenue was mainly because of the addition of new customers and raised material shipments to existing customers.
On an annualized basis, we now expect our merged fiscal 2017 revenue growth percentage to be about 5% to 10% because of reductions in contract manufacturing orders and customer forecasts from Australia, Asia, and Europe. We expect a majority of this decline to occur in our third fiscal quarter ending March 31, 2017 and to a lesser extent in our fourth fiscal quarter. We believe this international revenue decline will be temporary in nature and will reverse as we enter fiscal 2018 starting July 1, 2017. With respect to our CarnoSyn® beta-alanine business, we expect our current sales growth rate to continue for the balance of this fiscal year as we continue to expand our research, our patent estate and our client base.
Net income for the first six months of fiscal 2017 was $5.0 million, or $0.74 per diluted share, contrast to net income of $3.1 million, or $0.46 per diluted share, in the comparable prior year period. This increase was mainly attributable to raised sales related to our private label contract manufacturing segment and raised product margin from CarnoSyn® beta-alanine sales because of raised sales and lower supply chain costs, partially offset by raised legal costs associated with our efforts to enforce compliance with our patents related to instant release CarnoSyn® and to protect our trade name in the market place against parties who are using it without our consent.
As of December 31, 2016, NAI had cash of $21.4 million and working capital of $40.8 million contrast to $19.7 million and $36.7 million, respectively, as of June 30, 2016. As of December 31, 2016, we had $10.0 million available under our line of credit agreements.
Mark A. Le Doux, Chairman and Chief Executive Officer stated, “I am happy with the performance of the company for the first half of this fiscal year. While several challenges from the contract manufacturing side of the business exist through the balance of this year, I remain confident our continued investment in research, production efficiencies, sales programs and patent prosecution should assist us achieve double digit growth in the approaching fiscal year in all our business segments.”