SALT LAKE CITY, Sept. 6, 2011 /PRNewswire/ -- LifeVantage Corporation (OTCBB: LFVN), makers of Protandim®, the Nrf2 Synergizer™ patented dietary supplement, announced its Board of Directors approved a share repurchase program that authorizes the Company to utilize up to $5 million to purchase common stock over the course of twelve months beginning October 1, 2011. Any such repurchases will be made only out of free cash flow from continuing operations and, on a quarterly basis, will not exceed 50% of free cash flow for such quarter.
"We made the decision to implement a share repurchase program based on several factors, including our strong financial performance in fiscal 2011, and our expectation that we will generate strong cash flow in fiscal 2012," Douglas C. Robinson, LifeVantage CEO, stated. "With the expanding awareness of Protandim® and its benefits, we are well positioned to build upon the positive momentum of recent quarters and continue to achieve accelerated growth. We believe it is prudent to begin using a portion of our future cash flow to repurchase shares. This program and our continued investment in our business platform underscore our Board of Directors' and management's commitments to enhance shareholder value. We intend to implement this buyback program while maintaining sufficient resources to continue to improve our balance sheet and invest in future expansion opportunities."
The Board of Directors has authorized a stock repurchase program of up to $5 million in shares of its common stock to be funded out of cash flow from operations as described above. The program permits LifeVantage to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the company's management, in accordance with applicable securities laws. It does not obligate the company to make any purchases, including at any specific time or in any particular situation. The program may be suspended or discontinued at any time. As of June 30, 2011, LifeVantage had approximately 98.8 million shares outstanding and more than $6.3 million in cash.About LifeVantage Corporation LifeVantage, (OTCBB: LFVN), makers of Protandim®, the Nrf2 Synergizer™ patented dietary supplement, is a science based nutraceutical company. Life Vantage is dedicated to visionary science that promises to transform wellness and anti-aging internally and externally with supplements that dramatically reduce oxidative stress at the cellular level. The Company was founded in 2003 and currently has operations in both Salt Lake City, Utah and San Diego, CA. For more information, visit www.LifeVantage.com. Non-GAAP Financial Measures This press release contains a financial measure, free cash flow, which is considered a "non-GAAP" financial measure under applicable Securities & Exchange Commission rules and regulations.