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Nature’s Sunshine Products Reports First Quarter Operating Results

Among NSP International’s markets:

  • Canada net sales increased $0.8 million, or 25.8 percent, compared to the same period a year ago. Net sales were positively affected by foreign currency fluctuations of $0.6 million. Excluding the effect of foreign currency fluctuations, net sales increased $0.2 million, or 6.5 percent, compared to the same period in 2009 as a result of continued distributor growth.
  • Ukraine net sales increased $0.8 million, or 15.4 percent, to $6.0 million, compared to $5.2 million during the same period in 2009. This increase was aided by improvement in the local economy, as well as a slight weakening of the U.S. dollar in relation to the Ukrainian hryvnia, which has reduced the price of our products in that country.
  • Mexico net sales increased $0.6 million, or 20.0 percent, compared to the same period a year ago. Net sales were positively affected by foreign currency fluctuations of $0.4 million. Excluding the effect of foreign currency fluctuations, net sales increased $0.2 million, or 6.7 percent, compared to the same period in 2009.
  • In Venezuela our net sales decreased $1.7 million, or 53.1 percent, to net sales of $1.5 million, compared to $3.2 million for the same period a year ago, primarily as a result of the devaluation of the bolivar. In January of this year, the exchange rate for bolivars changed from 2.15 bolivars per U.S. dollar to 4.3 bolivars per U.S. dollar.
  • As a group, net sales for the remaining Nature’s Sunshine Products International markets improved $1.2 million, or 6.3 percent, to net sales of $20.3 million, compared to sales of $19.1 million for the same period in 2009, with approximately 50 percent of the $1.2 million increase stemming from currency exchange rate fluctuations.

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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