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, www.natr.com.
Cautionary Statement Regarding Forward-Looking StatementsIn 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.
|NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited)|
|March 31, 2010||December 31, 2009|
|Cash and cash equivalents||$||38,791||$||35,538|
|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|
|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|
|Deferred income tax assets||12,214||12,228|
|Liabilities and Shareholders’ Equity|
|Accrued volume incentives||20,032||17,495|
|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|
|Total long-term liabilities||34,180||39,892|
|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|
|Accumulated other comprehensive loss||(18,324||)||(19,599||)|
|Total shareholders’ equity||62,592||57,095|
|NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share information) (Unaudited)|
|Three Months Ended March 31,|
|Net Sales Revenue (net of the rebate portion of volume incentives of $11,253 and $11,271, respectively)||$||87,046||$||83,176|
|Cost and Expenses:|
|Cost of goods sold||18,001||17,547|
|Selling, general and administrative||36,463||37,477|
|Operating Income (Loss)||18||(2,844||)|
|Other Income, Net||2,835||1,204|
|Income (Loss) Before Income Tax Benefit||2,853||(1,640||)|
|Income Tax Benefit||(1,300||)||(178||)|
|Net Income (Loss)||$||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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