Nature’s Sunshine Products Reports First Quarter Operating Results
Among NSP International’s markets:
For the first quarter of 2010, Synergy Worldwide net sales were $13.9 million, compared to $13.1 million for the same period in 2009, an increase of 6.1 percent. Net sales revenues more than doubled in its European and U.S. markets, to $2.5 million and $2.6 million, respectively, compared to $1.1 million and $1.3 million, respectively, for each of these markets during the same period in the prior year. The growth in the Synergy European markets was primarily due to expansion in the markets in which we operate, as well as positive currency fluctuations of $0.1 million. The increase in net sales in the U.S. was the result of growth in our Distributor base, as well expansion of its personal import program. These improvements were offset by decreases in our sales in Japan and Indonesia. Net sales in Japan decreased $1.2 million, or 23.1 percent, to net sales of $4.0 million, compared to net sales of $5.2 million for the same period a year ago. The decrease in Japan net sales is primarily due to continued strong competition and a weak economy in Japan, which has resulted in a decrease in active Managers and Distributors. The decrease in Japan net sales were offset by positive currency fluctuations of $0.1 million. Net sales in Indonesia decreased $1.8 million, or 54.5 percent, to net sales of $1.5 million compared to net sales of $3.3 million for the same period a year ago. The decrease in Indonesia net sales were offset by positive currency fluctuations of $0.3 million. Of the remaining net sales increase of $1.1 million in Synergy Worldwide’s remaining markets compared to the same period a year ago, approximately 55 percent was related to positive foreign currency fluctuations. Along with increased net sales revenue, Synergy Worldwide operating expenses overall were 11.4 percent lower than a year ago, resulting in a reduction in the operating loss by $2.8 million, to an operating loss of $0.7 million, compared to an operating loss of $3.5 million for the same period in 2009.
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