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Nature’s Sunshine Products Reports First Quarter Operating Results

As of March 31, 2010, active Managers totaled 29,900, compared to 28,700 at December 31, 2009. Active Distributors totaled 693,200, compared to 697,200 at December 31, 2009.

About Nature’s Sunshine Products

Nature’s Sunshine Products manufactures and markets, through direct sales, encapsulated and tableted herbal products, high quality natural vitamins, and other complementary products. In addition to the United States, the Company has operations in Japan, Mexico, Central America, South Korea, Canada, the Dominican Republic, Venezuela, Ecuador, Peru, the United Kingdom, Columbia, Brazil, Thailand, Israel, Singapore, Malaysia, Indonesia, the Philippines, Australia, Hong Kong, Taiwan, Russia, Ukraine, Latvia, Lithuania, Kazakhstan, Mongolia, Belarus, China, Poland, Germany, Austria, Norway, Sweden, the Czech Republic and the Netherlands. The Company also has exclusive distribution agreements with selected companies in Argentina, Australia, Chile, New Zealand, and Norway. Additional information can be obtained at the Company’s website,

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this release contains forward-looking statements. Nature’s Sunshine may, from time to time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Nature‘s Sunshine‘s beliefs, expectations, hopes, or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “should,” “likely,” and similar expressions identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to the Company as of such date. Nature’s Sunshine assumes no obligation to update any forward-looking statement. Actual results will vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of reasons, including, among others: further reviews of the Company’s financial statements by the Company and its Audit Committee; modification of the Company’s accounting practices; foreign business risks; industry cyclicality; fluctuations in customer demand and order pattern; changes in pricing and general economic conditions; as well as other risks detailed in the Company’s previous filings with the SEC.



(Amounts in thousands)

March 31, 2010 December 31, 2009
Current Assets:
Cash and cash equivalents $ 38,791 $ 35,538
Restricted cash 746 1,495

Accounts receivable, net of allowance for doubtful accounts of $1,789  and $1,840 respectively
9,352 8,294
Investments available for sale 3,175 3,167
Inventories, net 38,693 40,623
Deferred income tax assets 5,841 6,646
Prepaid expenses and other current assets 5,529 5,629
Total current assets 102,127 101,392
Property, plant and equipment, net 28,491 28,757
Investment securities 1,835 1,752
Intangible assets 1,391 1,421
Deferred income tax assets 12,214 12,228
Other assets 18,907 19,306
$ 164,965 $ 164,856
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable $ 5,428 $ 4,176
Accrued volume incentives 20,032 17,495
Accrued liabilities 32,983 34,143
Deferred revenue 3,615 4,513
Income taxes payable 6,135 7,542
Total current liabilities 68,193 67,869
Liability related to unrecognized tax benefits 29,760 35,028
Deferred compensation payable 1,835 1,752
Other liabilities 2,585 3,112
Total long-term liabilities 34,180 39,892
Shareholders’ Equity:

Common stock, no par value; 50,000 shares authorized, 15,510 shares  issued and outstanding as of March 31, 2010 and December 31, 2009
67,252 67,183
Retained earnings 13,664 9,511
Accumulated other comprehensive loss (18,324


(19,599 )
Total shareholders’ equity 62,592 57,095
$ 164,965 $ 164,856



(Amounts in thousands, except per share information)

Three Months Ended March 31,
2010       2009

Net Sales Revenue (net of the rebate portion of volume  incentives of $11,253 and $11,271, respectively)
$ 87,046 $ 83,176
Cost and Expenses:
Cost of goods sold 18,001 17,547
Volume incentives 32,564 30,996
Selling, general and administrative 36,463 37,477
87,028 86,020
Operating Income (Loss) 18 (2,844 )
Other Income, Net 2,835 1,204
Income (Loss) Before Income Tax Benefit 2,853 (1,640 )
Income Tax Benefit (1,300 ) (178 )
Net Income (Loss) $ 4,153 $ (1,462 )
Basic Net Income (Loss) Per Common Share $ 0.27 $ (0.09 )
Diluted Net Income (Loss) Per Common Share $ 0.27 $ (0.09 )
Weighted Average Basic Common Shares Outstanding 15,510 15,510
Weighted Average Diluted Common Shares Outstanding 15,534 15,510

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