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USANA Health Sciences, Inc. (NYSE: USNA) today announced record financial results for its fiscal fourth quarter and full-year ended December 29, 2012.
Net sales for the fourth quarter of 2012 increased by 15.5% to $168.5 million, compared with $145.9 million in the prior-year period. The growth in net sales was driven by increases in both the Company’s Asia Pacific and North America/Europe regions. Favorable changes in currency exchange rates contributed approximately $3.0 million to the top line for the quarter.
Net earnings for the fourth quarter increased to $18.4 million, an improvement of 40.2%, compared with the prior-year period. This increase was due primarily to higher net sales and lower relative Associate incentive expense for the quarter, and was partially offset by lower gross margins. Earnings per share for the quarter increased by 46.0% to $1.27, compared with $0.87 in the fourth quarter of the prior year. This improvement in earnings per share can be attributed to higher net earnings and a lower number of diluted shares outstanding, which resulted from the Company’s share repurchases over the last 12 months. Total diluted common shares outstanding as of December 29, 2012 were 14,471,000 compared with 15,177,000 as of December 31, 2011.
The Company’s Chief Executive Officer, Dave Wentz, said, “USANA’s results in the fourth quarter were once again exceptional and cap off a year during which we produced record top and bottom-line results every quarter. Additionally, 2012 marks our tenth consecutive year of record sales. We believe that our strong operating results are due to the successful execution of our 2012 strategies. These strategies included our worldwide personalization initiative, our effort in North America to regain growth through strengthening our Associate sales force and our expansion in Greater China through the consistent training of our Associates in China on the Company’s product and the implementation of a compensation plan that is specific to that market.”