LifeVantage Announces Record Fiscal Year 2011 Results And Provides Fiscal Year 2012 Guidance
October 27, 2011 – 4:28 amGenerates Record Full Year Fiscal 2011 Operating Income of $3.7 Million
Company Strengthens Balance Sheet and Ends Fiscal 2011 with No Convertible Debt
Company Expects Fiscal Year 2012 Revenue and Operating Income to Increase Over 100%
SALT LAKE CITY , Sept. 28, 2011 /PRNewswire/ — LifeVantage Corporation (OTCBB: LFVN), makers of Protandim, the Nrf2 Synergizer™ law dietary supplement, currently reported financial results is to fourth entertain and full mercantile year finished June 30, 2011 and released mercantile year 2012 income and working income guidance.
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Fiscal 2011 Fourth Quarter Results
For the fourth mercantile entertain finished June 30, 2011 , the Company reported record net income of $15.0 million compared to $4.4 million is to same time in mercantile 2010, an enlarge of 241% from the previous year period. On a consecutive basis, net income increased 50% from the $10.0 million reported is to third mercantile entertain finished Mar 31, 2011 .
Gross distinction is to fourth entertain of mercantile 2011 increased to $12.9 million compared to $3.7 million is to same time final year, delivering an softened sum border of roughly 86%, compared to 83% is to same time final year.
Operating costs is to fourth mercantile entertain of 2011 were $11.0 million compared to $4.0 million is to same time final year, and on a consecutive basement increased 45% from $7.6 million in the third mercantile entertain of 2011. The enlarge on a consecutive basement is due essentially to increased sales commissions that are a send outcome of the Company’s increased revenue. The enlarge moreover reflects larger investment in crew and infrastructure to location the Company for future growth.
Operating income softened to $2.0 million is to fourth mercantile entertain of 2011 compared to a loss of $290 thousand in the same time final year. The fourth entertain of mercantile 2011 is the Company’s fourth consecutive entertain of achieving working income. Operating income border softened to 13% in the fourth entertain compared to a disastrous border in the same time final year.
Douglas C. Robinson , Chief Executive Officer of LifeVantage, stated, “We are exceedingly gratified to inform a record year for LifeVantage, as our burly financial opening underscores the expanding recognition of Protandim and the successful carrying out of our business model. On an annual basis, our income more than tripled compared to final year, and you increased our working income in any entertain of mercantile 2011. We moreover done poignant improvements to our change piece and finished the year in a really healthy financial position, that provides us the financial adaptableness to make the apt vital investments in mercantile 2012 to encouragement our long-term expansion opportunities.”
Mr. Robinson continued, “As the systematic encouragement of Protandim grows and more people look for our products to upgrade their on the whole illness and wellness, it is critical for us to have the apt infrastructure to encouragement the one after another expansion that you think our business is able of delivering. Looking toward mercantile 2012, you expect that our complete net income will more than twice compared to mercantile 2011 and our working income will moreover enlarge by over 100%. To make sure that you are positioned to maintain hurried expansion for years to come, you are committed to creation the apt investments in our sales and selling departments, investigate and development efforts, and inside of our corporate infrastructure. We are really focused on enhancing the effectiveness of our group and stability to enlarge our working income whilst you make these investments.”
Fiscal 2011 Results
For the full year finished June 30, 2011 , net income increased 238% to $38.9 million from $11.5 million in mercantile 2010. Gross distinction softened to $33.0 million in mercantile 2011 compared to $9.6 million in mercantile 2010. Operating income increased to $3.7 million in mercantile 2011, compared to an working loss of $7.3 million in mercantile 2010. Operating income border softened to 9.5% is to year compared to a loss is to previous mercantile year.
Balance Sheet Liquidity
The Company finished mercantile 2011 with a sufficient stronger change piece than when the year began. Its money change softened to $6.4 million due to burly income expansion and working profits generated by the business. The Company generated $4.7 million of money upsurge from operations is to full year mercantile 2011 compared to a money use from operations of $4.5 million in mercantile 2010. During mercantile 2011, an aggregate face worth of $5.6 million in debt was converted in to shares of the Company’s familiar stock, removing all automobile debt.
Due to the improvements done to its change piece in mercantile 2011 together with the Company’s standpoint for burly working money upsurge in mercantile 2012, the Company not long ago voiced a share repurchase module that authorizes it to implement up to $5 million to buy familiar batch over the march of the twelve months commencement October 1, 2011 . Any such repurchases will be done usually out of giveaway money upsurge from stability operations and, on a quarterly basis, will not surpass 50% of giveaway money upsurge for such quarter.
Carrie McQueen , Chief Financial Officer commented, “We are really gratified with the improvements you done to our change piece in mercantile 2011, as you completed our objective of removing all automobile debt by year finish and office building our money balances. As you come in mercantile 2012, you expect to accomplish burly tip line growth, doubled working income and softened working margins, even as you deposit in our company for postulated long-term expansion .”
Guidance
The Company anticipates burly expansion in mercantile 2012. For the full mercantile year finale June 30, 2012 , the Company expects to accomplish income in a operation of $80 million to $90 million , working income in a operation of $8.0 million to $9.5 million , and working border in the operation of 10.0% to 10.5%.
Conference Call Information
The Company will grip an financier discussion call currently at 2:30 p.m. Mountain time ( 4:30 p.m. Eastern time ). Investors meddlesome in participating in the live call can dial (888) 395-3241 from the U.S. International callers can dial (719) 325-2405. A write replay will be existing roughly two hours after the call concludes and will be existing by Friday, September 30, 2011 , by dialing (877) 870-5176 from the U.S., or (858) 384-5517 from general locations, and entering declaration ethics 1144258.
There moreover will be a simultaneous, live webcast existing on the Investor Relations division of the Company’s web site at . The webcast will be archived for 30 days.
About LifeVantage Corporation
LifeVantage, (OTCBB: LFVN), makers of Protandim, the Nrf2 Synergizer™ law dietary supplement, is a scholarship formed nutraceutical company. Life Vantage is dedicated to idealist scholarship that promises to renovate wellness and anti-aging internally and outwardly with supplements that dramatically lower oxidative highlight at the mobile level. The Company was founded in 2003 and currently has operations in both Salt Lake City, Utah and San Diego, CA. For more information, revisit www.LifeVantage.com .
Forward Looking Statements
This document contains forward-looking statements done pursuant to the protected port supplies of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, compensation or dissatisfaction with stream prospects, together with difference such as “believe,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, pick out forward-looking statements, but their AWOL does not meant that a matter is not forward-looking. Examples of forward-looking statements include, but are not paltry to, statements you make concerning our expected revenue, working profitability, money upsurge from operations, future investment and expansion and our expectancy that you will repurchase shares. Such forward-looking statements are not guarantees of opening and the Company’s real results could deviate materially from those contained in such statements. These forward-looking statements are formed on the Company’s stream expectations and doctrine concerning future events inspiring the Company and engage well known and different risks and uncertainties that might result in the Company’s real results or outcomes to be materially different from those expected and discussed herein. These risks and uncertainties include, amid others, the promising disaster or unintended disastrous consequences of the doing of the Company’s network selling sales channel; the Company’s capability to keep eccentric distributors or to capture new eccentric distributors on an ongoing basis; the promising for third celebration and bureaucratic activities involving the Company’s network selling sales channel; the promising for product guilt claims against the Company; the chance that supervision regulators and regulations could adversely start the Company’s business; future laws or regulations might inhibit or prohibit the prolongation or sale of the Company’s existing product and any future products; adverse promotion could materially harm the Company’s business; and the Company’s capability to safeguard its egghead skill rights and the worth of its product. These and other chance factors are discussed in larger item in the Company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q beneath the heading “Risk Factors”, and in other papers filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place unjustified dependence on the forward-looking statements contained in this document. All forward-looking statements are formed on data currently existing to the Company on the date hereof, and the Company undertakes no responsibility to correct or refurbish these forward-looking statements to simulate events or environment after the date of this document, solely as compulsory by law.
Investor Relations Contact:
Cindy England (801) 432-9036
Director of Investor Relations
-or-
John Mills (310) 954-1105
Senior Managing Director, ICR, LLC
SOURCE LifeVantage Corporation
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