The Company maintained its successful track record of generating meaningful levels of cash from operations and ended the quarter with $71 million in cash and cash equivalents. Cash generated from operations totaled $29.2 million for the quarter. During the quarter, the Company invested $32.8 million to repurchase 767,000 shares of the Company’s stock.
For the year ended December 29, 2012, net sales increased by 11.5% to $648.7 million, compared with $581.9 million in the prior year. Net sales growth was driven by increases in both Asia Pacific and North America/Europe regions. Changes in currency exchange rates did not have a meaningful impact on sales for the year as a whole.
Net earnings for the year ended December 29, 2012 increased by 30.9% to $66.4 million, or $4.45 per share, compared with $3.26 per share in the prior year. The increase in net earnings was due primarily to higher net sales, lower relative Associate incentive expense, and a lower effective tax rate of 32.5% for the full year.Cash generated from operations totaled $92.8 million for the year ended December 29, 2012. The Company repurchased 1.6 million shares in 2012 for a total investment of $68.3 million. The Company ended the year debt free with a remaining share repurchase authorization of approximately $32 million. “USANA’s performance in 2012 was excellent and we look forward to executing our 2013 growth strategy,” concluded Mr. Wentz. “Our primary objective in 2013 will be to grow our active customer counts in each of our regions. To achieve this objective, we have a number of initiatives planned at both the individual market and regional level. In certain of our mature markets, for example, we will execute a pricing initiative that is designed to make it easier for our Associate sales force to bring new customers into the business. This initiative will likely result in some short-term pressure on our top and bottom-line results in these markets, but should also create much greater potential for long-term customer growth. At the regional level, we will continue to execute our North America and Greater China growth strategies and will also expand our personalization initiative worldwide. With the successful execution of these strategies, I expect 2013 to be another record year for USANA.”
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