Michael Dean Succeeds Douglas Faggioli As President And CEO Of Nature’s Sunshine Product’s, Inc.
Nature’s Sunshine Products, Inc. (NASDAQ:NATR), a leading manufacturer and marketer of nutritional supplements and complementary products, today confirmed that effective July 1, 2010, Michael Dean assumed his new role as President and CEO of Nature’s Sunshine Products.
As previously reported, Mr. Dean joined the board of Nature’s Sunshine Products last year and became CEO elect on March 12, 2010. He is the former CEO of Mediaur Technologies, a position he held since 2003. Previously, he was Executive Vice President of ABC Cable Networks, Senior Vice President of Corporate Strategic Planning and Development of the Walt Disney Company, and a strategy consultant with Bain & Company. He holds an MBA from Harvard Business School.
Mr. Dean became the CEO after Douglas Faggioli’s departure after 27 years with the Company, in which he contributed significantly to the Company’s global growth and development. Mr. Faggioli will continue to work with the Company through a consulting arrangement.
Second Quarter ResultsNature’s Sunshine Products, Inc. reported an increase in net sales of 3.8 percent to $87.4 million for the second quarter of 2010, compared with $84.1 million for the same period in 2009. Operating income improved by 43.9% to $3.0 million, compared to $2.1 million in the second quarter of 2009. Net income totaled $1.1 million, compared with $1.5 million in the second quarter of 2009. Basic and diluted net income per share was $0.07, compared with $0.10 for the same period last year. The increase in operating income is primarily the result of sales growth, as well as the reduction of selling, general, and administrative expenses. The reduction in net income is the result of a higher effective tax rate. During the quarter, the Company generated $1.9 million in cash from operations. The Company’s balance sheet remained strong with cash and cash equivalents of $40.0 million (up from $35.6 million on December 31, 2009) and shareholders’ equity of $64.1 million (up from $57.1 million on December 31, 2009). The Company has no long-term debt.
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