SALT LAKE CITY, Aug. 25, 2011 /PRNewswire/ -- LifeVantage Corporation (OTCBB: LFVN), makers of Protandim®, the Nrf2 Synergizer™ patented dietary supplement, announced preliminary results for the fourth quarter and fiscal year ended June 30, 2011.
For the fourth quarter of fiscal 2011, the Company reported record net revenue of $15.0 million, compared to net revenue of $4.4 million in the same period last year, an increase of 241%. On a sequential basis, net revenue increased 50% from the $10.0 million reported for the third fiscal quarter ended March 31, 2011.
Operating income for the fourth fiscal quarter of 2011 is anticipated to be approximately $2 million, compared to an operating loss of $290,000 in the same period last year. The fourth quarter of fiscal 2011 represents the fourth consecutive quarter of achieving operating income.For the full year fiscal 2011, the Company generated net revenue of $38.9 million, a 238% increase compared to $11.5 million in fiscal 2010. Operating income for fiscal 2011 is anticipated to be approximately $3.7 million, compared to an operating loss of $7.3 million in fiscal 2010, which represents a year-over-year improvement in operating income of approximately $11 million. The Company expects to end fiscal year 2011 with approximately $6.3 million of cash and cash equivalents and no long-term debt. During fiscal 2011, an aggregate face value of $5.6 million in debt was converted into shares of the Company's common stock, eliminating all long term debt. "We are extremely excited with the tremendous progress we made in fiscal 2011, as we generated record revenue for both the fourth quarter and full year. We also achieved positive operating income for each quarter of fiscal 2011 and significantly improved our balance sheet," stated Douglas Robinson, LifeVantage CEO. "The strong year-over-year improvements in our financial performance exhibit the increased awareness of our scientifically proven products and the strengthened business platform we have created. During fiscal 2011, we made strategic investments into our sales and marketing, research and development, and other key personnel in order to expand our product presence and to support our long-term growth opportunities. These investments have helped drive the record results we are announcing today." Mr. Robinson continued, "Looking toward fiscal 2012, we are confident that we are well positioned to deliver another record year for revenue and operating income. We also continue to benefit from new independently published studies discussing the advantages of Protandim® which raise our product profile in consumer markets and with medical professionals. The scientific evidence supporting Protandim continues to expand. New studies provide additional learning about the efficacy of Protandim and the science behind it, including its ability to activate the transcription factor Nrf2. Throughout fiscal 2012, we will continue to expand the distribution of our existing products and explore opportunities to introduce new products that help individuals improve their health and wellness. To that end, we are also pleased to announce that while Canada is not open to distributors, we are now making Protandim and TrueScience available directly to Canadian consumers." The Company will provide further results in its complete fourth quarter and full year fiscal 2011 earnings release and conference call which are expected to occur by the end of September, 2011.