ViSalus Parent Company Reports Record 2nd Quarter Sales
Operating Profit for the second quarter was $19.0 million this year versus a loss of $0.8 million last year and includes a pre-tax ViSalus equity incentive charge of $9.6 million this year and $6.0 million last year. The Company also incurred pre-tax restructuring charges of $0.2 million for PartyLite this year. Excluding the impact of these charges, operating profit would have been $28.9 million this year versus $5.3 million last year. The increase in operating profit is principally due to the growth in ViSalus.
Commenting on the Company's financial results, Robert B. Goergen, Blyth's Chairman of the Board and CEO, said, "ViSalus continued its dramatic growth in the second quarter during the seasonally-important springtime for our weight management business as consumers get ready for outdoor/summer season. The Body by Vi 90 Day Challenge and our shake mix that tastes like a cake mix continue to be a winning formula for people seeking to improve their health through weight management and better fitness."
Mr. Goergen also stated, "At PartyLite, we continue to be encouraged by the results of new programs such as Move Up, designed to support leadership growth in the U.S., as well as strong growth in online sales despite an overall sales decline versus last year's second quarter. In Europe, negative consumer sentiment is concerning and clearly appears to have impacted consumer purchases of discretionary products, including PartyLite's. That said, management is very focused on programs that will support our consultants and leaders during the fourth quarter, which is PartyLite's most important selling season."
Net Earnings for the second quarter were $8.0 million compared to a loss of $5.2 million for the prior year. Diluted earnings per share for the second quarter were $0.46 this year compared to a loss of $0.31 last year. The Company recorded an after-tax loss from discontinued operations of Midwest-CBK and Boca Java of $4.7 million, or $0.28 per share, during the second quarter last year. Normalized earnings per share before the aforementioned ViSalus' equity incentive charges, PartyLite restructuring and discontinued operations were $0.72 this year versus $0.07 in last year's comparable quarter. All earnings per share reflect the Company's two-for-one stock split effective June 15, 2012.
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