This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Successfully Completes $40 Million Common Stock Modified Dutch Auction at $2.45
Expands Branding Reach with Jersey-Front Partnership with Real Salt Lake Professional Soccer TeamCompany Reiterates Fiscal 2014 Revenue, Operating Income and EPS Guidance
SALT LAKE CITY, Nov. 7, 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 2014 first quarter ended September 30, 2013.
Fiscal 2014 First Quarter Highlights:
Net revenue was $51.3 million; negatively impacted 7.4% by year-over-year foreign currency fluctuation;
Cash and cash equivalents increased $1.7 million to $28.0 million compared to year end fiscal year 2013; and
The number of active independent distributors increased to 67,000 and active preferred customers totaled 139,000.
Douglas C. Robinson, President and Chief Executive Officer of LifeVantage stated, "As expected, our revenue level during the first quarter was similar to the same period last year but would have increased over 4% if you exclude the devaluation of the Yen. Overall, financial results in the first quarter were in-line with our expectations; therefore, we are reiterating our annual revenue, operating income and earnings per share guidance. During the quarter, we also generated strong cash flow and continued to strengthen our balance sheet."
Mr. Robinson continued, "During the past few months, we have achieved some very important goals that have enhanced our platform and which we believe have strengthened our company. We believe the achievement of these goals will enable us to deliver improved shareholder value over the long-term. These accomplishments include the following:
In addition to our quarterly sales promotions, in July 2013 we launched a major sales promotion program, "MyLifeVenture" for our new and existing distributors;
In October 2013 we announced that we entered into a sports marketing partnership with the Real Salt Lake professional soccer team, which we believe will raise domestic and international awareness of our LifeVantage brand;
We will begin selling our products for personal consumption in the Philippines in December, in-line with our strategy to selectively and strategically enter into new international markets; and
We entered into a new credit facility and completed a modified Dutch auction under which we repurchased over 16 million shares of our common stock, which brings the cumulative amount of cash we have paid to shareholders for the repurchase of shares to over $50 million in this calendar year.
"We believe that these recent initiatives will reinvigorate long-term revenue growth. The company continues to realize strong cash flow and we are committed to reducing our total shares outstanding while maintaining ample capital to invest in the future of our business. These initiatives position our company to generate positive long-term returns for our shareholders."