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Full Fiscal Year Net Revenue Increased 65% Over Fiscal Year 2012 to $208.2 Million
Fourth Quarter Net Revenue Increased 15.5% Over Prior Year Period to $51.5 MillionIndependent Distributor Count Grew 6% in Fourth Quarter, 2013 Compared to Third Quarter, 2013 Company Issues Fiscal 2014 Annual Guidance
SALT LAKE CITY, Utah, Sept. 12, 2013 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN), a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, today reported financial results for the fiscal 2013 fourth quarter and the full year ended June 30, 2013.
Fiscal 2013 Fourth Quarter Highlights:
Net revenue increased 15.5% over the prior year period to $51.5 million;
Gross profit increased to $44.2 million compared to $38.2 million in same period last year; and
The number of active independent distributors increased 45% year-over-year and 6% on a sequential quarterly basis.
Fiscal 2013 Full Year Highlights:
Net revenue increased 65% over the prior year to $208.2 million;
Gross profit increased to $171.5 compared to $108.1 million in the prior year;
Generated full year GAAP net income of $7.6 million;
Ended year with improved cash balance of $26.3 million; and
Repurchased approximately 3 million shares of common stock in fiscal 2013.
Douglas C. Robinson, President and Chief Executive Officer of LifeVantage, stated, "In the fourth quarter, we focused on taking the necessary steps to position our business for future revenue growth and improved profitability. For the full year fiscal 2013, we delivered solid revenue growth of 65% over the prior year and increased our total number of active independent distributors and preferred customers as compared to the prior fiscal year."
Mr. Robinson continued, "In fiscal 2013 we achieved our goal of strengthening our infrastructure and resources to support our expanding business with necessary investments. While we faced challenges in fiscal year 2013, we believe we are now well positioned to leverage our many operational investments as we enter fiscal 2014. We are confident in the long-term potential for LifeVantage and expect to generate revenue, operating margin, and net income growth in fiscal 2014."