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LifeVantage Announces Record Fourth Quarter And Full Fiscal Year 2012 Results

The LifeVantage Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11617

Forward Looking Statements

This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates," "look forward to" and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Examples of forward-looking statements include, but are not limited to, statements we make regarding our anticipated listing on Nasdaq, revenue, operating profitability, cash flow from operations and future investment and growth. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, the Company's inability to successfully expand our operations in existing and other markets and thereafter manage our growth; the Company's ability to retain independent distributors or to attract new independent distributors on an ongoing basis; the Company's ability to expand its product offerings; violations of law or our procedures by the Company's independent distributors; the potential for third-party and governmental actions involving the Company's network marketing efforts; the potential for product liability claims against the Company; the risk that government regulators and regulations could adversely affect the Company's business; future laws or regulations may hinder or prohibit the production or sale of the Company's existing product and any future products; unfavorable publicity could materially hurt the Company's business; the Company's ability to access raw materials for its Products as it grows; and the Company's ability to protect its intellectual property rights and the value of its product. These and other risk factors are discussed in greater detail in the Company's Annual Report on Form 10-K and its Quarterly Report on Form 10-Q under the caption "Risk Factors," and in other documents filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.

LIFEVANTAGE CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
       
       
    As of,
ASSETS June 30, 2012 June 30, 2011
Current assets    
Cash and cash equivalents  $ 24,647,585  $ 6,370,974
Marketable securities, available for sale  --  350,000
Accounts receivable, net 333,295 941,802
Inventory 11,352,789 2,124,663
Current portion deferred income tax asset 1,244,142  -- 
Prepaid expenses and deposits 1,250,156 487,812
Total current assets 38,827,967 10,275,251
       
Long-term assets    
Property and equipment, net 1,996,849 227,811
Intangible assets, net 1,881,642 1,963,277
Long-term deferred income tax asset 1,479,273  -- 
Deposits 342,105 32,173
TOTAL ASSETS  $ 44,527,836  $ 12,498,512
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)    
Current liabilities    
Accounts payable  $ 3,615,967  $ 799,210
Commissions payable 5,630,976 1,999,969
Reserve for sales returns 862,602 435,135
Accrued bonuses 2,287,208 782,852
Income tax payable  545,672  36,000
Other accrued expenses 2,932,070 1,423,370
Customer deposits 153,557 33,893
Revolving line of credit and accrued interest  --   433,984
Short-term derivative liabilities  --   7,435,883
Total current liabilities 16,027,782 13,380,296
       
Long-term liabilities    
Deferred rent  216,885 21,017
Long-term derivative liabilities  --  19,905,401
Total liabilities 16,244,667 33,306,714
       
Commitments and contingencies    
Stockholders' equity (deficit)    
Preferred stock - par value $.001, 50,000,000 shares authorized; no shares issued or outstanding  --   -- 
Common stock - par value $.001, 250,000,000 shares authorized; 110,174,030 and 98,794,499 issued and outstanding as of June 30, 2012 and 2011, respectively  110,853  98,795
Additional paid-in capital  105,154,116  67,606,293
Accumulated deficit  (76,960,603)  (88,453,607)
Currency translation adjustment  (21,197)  (59,683)
Total stockholders' equity (deficit)  28,283,169  (20,808,202)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $ 44,527,836  $ 12,498,512

The Notes included in Form 10-K for the period ended June 30, 2012 are an integral part of these condensed consolidated statements.

 
LIFEVANTAGE CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
         
  For the three months ended June 30, For the year ended June 30,
  (unaudited)    
  2012 2011 2012 2011
         
Sales, net  $ 44,603,876  $ 15,040,561  $ 126,182,848  $ 38,919,223
Cost of sales 6,427,171 2,123,859 18,052,151 5,917,394
Gross profit 38,176,705 12,916,702 108,130,697 33,001,829
         
Operating expenses:        
Sales and marketing 24,300,511 8,278,379 68,397,356 21,060,213
General and administrative 5,904,836 2,431,836 16,396,631 7,516,106
Research and development 434,605 193,578 1,359,055 508,603
Depreciation and amortization 198,531 56,719 521,271 214,703
Total operating expenses 30,838,483 10,960,512 86,674,313 29,299,625
Operating income  7,338,222  1,956,190  21,456,384  3,702,204
         
Other expense:        
Interest expense  (52,804)  (3,469,878)  (44,234)  (5,947,683)
Change in fair value of derivative warrant liabilities  --   (45,676,318)  (6,740,525)  (48,454,271)
Total other expense  (52,804)  (49,146,196)  (6,784,759)  (54,401,954)
Net income (loss) before income taxes  7,285,418  (47,190,006)  14,671,625  (50,699,750)
Income tax benefit (expense)  (2,453,354)  3,000  (2,202,548)  (92,000)
Net income (loss)  $ 4,832,064  $ (47,187,006)  $ 12,469,077  $ (50,791,750)
Net income (loss) per share, basic  $ 0.04  $ (0.56)  $ 0.12  $ (0.69)
Net income (loss) per share, diluted  $ 0.04  $ (0.56)  $ 0.11  $ (0.69)
         
Weighted average shares, basic 109,480,407 84,891,839  102,695,919 73,173,498
Weighted average shares, diluted 126,730,692 84,891,839  118,330,898 73,173,498
         
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment  26,401  (3,081)  38,486  (27,906)
Other comprehensive income (loss)  $ 26,401  $ (3,081)  $ 38,486  $ (27,906)
Comprehensive income (loss)  $ 4,858,465  $ (47,190,087)  $ 12,507,563  $ (50,819,656)

The Notes included in Form 10-K for the period ended June 30, 2012 are an integral part of these condensed consolidated statements. 

CONTACT: Investor Relations Contact:
         Cindy England (801) 432-9036
         Director of Investor Relations
         -or-
         John Mills (310) 954-1105
         Senior Managing Director, ICR, LLC

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