LifeVantage Announces 3rd Quarter Fiscal 2013 Results
Fiscal 2013 Third Quarter Highlights:
•Net revenue increased 39% to $50.4 million compared to same period last year; •Gross profit increased to $43.5 million compared to $31.2 million in same period last year; •The number of active independent distributors increased to approximately 63,000 as of March 31, 2013, compared to 55,000 as of December 31, 2012 and 37,000 as of March 31, 2012; and •The Company completed $5 million stock repurchase program announced on December 15, 2012.
Douglas C. Robinson, President and Chief Executive Officer of LifeVantage, stated, "Third quarter top-line results were affected significantly by the transition to an on-the-ground operation in Japan and our prior quarter voluntary product recall of Protandim. However, with the recall behind us and the transition in Japan further along, we believe we are better positioned to regain revenue momentum in the coming quarters."
Mr. Robinson continued, "With the introduction of our Canine Health product, our growing geographic presence that now includes operations in Hong Kong, and expected improvements in our operating margins, we are in a stronger position as we near the end of our 2013 fiscal year and move into fiscal 2014. During the third fiscal quarter, we continued our strategic infrastructure investment, with a focus on scaling our business in fiscal year 2014 and beyond. With record attendance at our recent Annual Global Convention in Salt Lake City, the high energy confirmed the on-going dedication of our distributors. Through a number of key initiatives, primarily LifeVantage University and the MyLifeVenture recognition program, we are better educating and engaging our distributors and expect this will help drive our top-line growth in fiscal 2014."
"Based on our projected revenue growth and our expected improvements in operating cash flow, we are pleased to announce that we have engaged D.A. Davidson as our advisor to pursue a $30-$40 million dollar credit facility. We intend to use these funds to repurchase shares of our common stock. This repurchase will be in addition to the current $5 million share buyback that was authorized in March 2013 and is expected to commence shortly."
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