SALT LAKE CITY, June 3, 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, announced today that its Board of Directors has approved up to $4 million in stock repurchases in combination with a $12 million accelerated debt repayment. We expect to fund the $16 million through cash on hand and future cash flow from operations. We recently completed the $6 million program we announced in March by using $3 million to repurchase 2,149,725 shares.
"We ended our third fiscal quarter with a healthy cash balance of $35.7 million," stated Douglas C. Robinson President and Chief Executive Officer of LifeVantage. "We believe we will continue to generate strong cash flow enabling us to invest in new product launches and global expansion initiatives as well as repurchasing shares and accelerating debt payments to enhance long-term shareholder value. The previously announced $6 million program ended and our new $16 million program will continue through calendar 2014."
As of March 31, 2014, the Company's cash and cash equivalents were $35.7 million, and total debt was $45.8 million. As of May 1, 2014 there were 103,701,792 shares outstanding.The repurchase program permits LifeVantage to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the company's management, in accordance with applicable securities laws. As part of the repurchase program, the Company anticipates entering into a pre-arranged stock repurchase plan which will operate in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Accordingly, transactions, if any, under the pre-arranged repurchase plan would be completed in accordance with the terms of the stock repurchase plan, including specified price, volume and timing conditions.