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 Team
Company Reiterates Fiscal 2014 Revenue, Operating Income and EPS GuidanceSALT 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.
- 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.
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