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CHESTERFIELD, Mo., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Reliv International, Inc. (Nasdaq:RELV), a maker of nutritional supplements that promote optimal health, today reported its financial results for the second quarter of 2013.
Net sales for the quarter were $15.4 million, an 8.1 percent decrease from the second quarter last year. Net U.S. sales totaled $11.8 million, down from second-quarter 2012 net sales of $12.9 million. Net sales outside of the United States declined 6.3 percent in the second quarter of 2013 compared to the prior-year quarter as net sales declined by 46.5 percent in Asia, offset by sales increases of 12.6 percent in Europe and 9.2 percent in Australia/New Zealand.
The net loss for the second quarter of 2013 was ($214,000) or ($0.02) per diluted share, compared to net income of $103,000 or $0.01 per diluted share in the 2012 second quarter.
Net sales in Europe increased to $1.96 million in the second quarter of 2013 compared to $1.74 in the prior-year second quarter. "Europe continues to lead all overseas areas in growth as Reliv added France as our 16
th market in May," said Robert L. Montgomery, chairman and chief executive officer of Reliv. "We anticipate continued growth and are investing in our leadership and resources in Europe."
Australia/New Zealand increased net sales to $524,000 in the second quarter of 2013 compared to $480,000 in the same quarter in 2012. "We introduced a new pricing structure and a preferred customer program in this region in an effort to spur growth," Montgomery said. "We implemented similar initiatives in Asia, including new leadership in senior management positions, and I believe these initiatives will lead to a positive turnaround in these markets as well."
Overall, the reduction in profitability is due to the decline in worldwide sales. Selling, general and administrative expenses increased in 2013 due to a long-term performance-based compensation agreement with Reliv's European managers that began accruing in the fourth quarter of 2012. Reliv recorded expense of $156,000 in the current quarter and $201,000 for the year-to-date related to the agreement. In addition, unfavorable foreign currency exchange rate fluctuations totaled $68,000 in the quarter due to a strengthening U.S. dollar.