LifeVantage Announces First Quarter Fiscal Year 2013 Results
Fiscal 2013 First Quarter Highlights Compared to the Same Period Last Year Include: -- Net revenue increased 163% to $52.9 million; -- Operating income grew 101% to $6.9 million; -- Net income increased to $4.2 million or $0.03 per diluted share. Douglas C. Robinson, President and Chief Executive Officer of LifeVantage, stated, "We are pleased with our strong start to fiscal 2013. We built off our momentum from last fiscal year and once again delivered solid top and bottom line growth on a year-over-year basis. Demand for and interest in our scientifically validated products continues to attract an increasing number of independent distributors and preferred customers. As a result of our first quarter performance and outlook for the remainder of the year, we are reiterating our previously issued guidance range."
Mr. Robinson continued, "With our record growth last year and projections for another record year in fiscal 2013, we plan to continue investing in our business to ensure that we have the proper foundation in place for healthy, long-term growth that is sustainable for many years. As an example, we recently invested in our international operations with the grand opening of our new Tokyo office, which we believe will enable us to further expand our presence in the Japanese market. In addition, we are exploring the opportunity to enter Hong Kong. We also are investing in our core United States operations in areas such as personnel, including our recently announced appointment of Dr. Darlene Walley as our new Chief Science Officer. Dr. Walley will oversee our research and development efforts as we look to expand our offering of scientifically validated, research-backed products. While the financial impact of these and other infrastructure investments will cause some fluctuation in our operating margins during the year, we remain confident that we will achieve our annual operating margin target and generate strong profitability in fiscal 2013."
Mr. Robinson concluded, "We are very pleased with the overall strength of our business which enabled us to list our common stock on the NASDAQ Capital Market. This had been a goal of ours, and we are very proud to have completed this important step toward achieving long-term shareholder value for our company."
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