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Revenue in Americas Increases 7.2% Compared to Prior Year Period
Company Plans New Product Launch in April 2014 at its Global ConventionExpands Senior Management with Appointments of Chief Sales Officer and Chief Science OfficerCompany Reiterates Fiscal 2014 Operating Margin and EPS Guidance; Updates Fiscal 2014 Revenue Guidance Range
SALT LAKE CITY, Feb. 6, 2014 (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 second quarter and six months ended December 31, 2013.
Fiscal 2014 Second Quarter Highlights:
Net revenue of $51.5 million, negatively impacted by $3.6 million of year-over-year foreign currency fluctuation;
Increased revenue in the Americas 7.2% compared to prior year;
Hired Chief Sales Officer and Chief Science Officer;
Began Real Salt Lake Major League Soccer marketing sponsorship;
Achieved operating income of $5.2 million and net income of $3.3 million; and
Planned product launch date for April.
Douglas C. Robinson, President and Chief Executive Officer of LifeVantage stated, "During the second quarter, we have taken significant steps to reignite growth by: (1) enhancing our management team with the additions of a new Chief Sales Officer and a new Chief Science Officer, (2) beginning our sports marketing sponsorship, (3) expanding our geographic reach and (4) continuing to strengthen our distributor culture with improved marketing programs. These initiatives contributed to our year-over-year sales increase in the Americas of 7.2% and increased sales in Hong Kong."
Mr. Robinson continued, "These steps have us better positioned for future growth. However, the second quarter strength we experienced in certain regions was offset by foreign currency fluctuations, primarily the Yen, coupled with slower than expected improvement in Japan. We remain committed to returning this important market to strong and sustainable growth. In addition, after extensive product testing, we are preparing to launch new products in April 2014 at our Global Convention to further strengthen our markets."