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Fourth Quarter Net Revenue Increased 8.8% Over Prior Year Period to $56M
Full Fiscal Year Net Revenue Increased 2.8% Over Fiscal 2013 to $214MCompany Reduced Debt by Approximately $15M During the Fourth Quarter of Fiscal 2014
SALT LAKE CITY, Aug. 5, 2014 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN) today announced preliminary financial results for the fourth quarter and the full fiscal year ended June 30, 2014.
The Company expects fourth quarter revenue of approximately $56 million, representing growth of 8.8% over the prior year period. Revenue growth in the quarter was driven by new product introductions, as well as improvements in the North America, Hong Kong and Philippines markets. Revenue for fiscal 2014 is expected to be approximately $214M, or a 2.8% increase over the prior year. Foreign currency fluctuation negatively impacted full year revenue by approximately $10.4 million, or 5%. For the full fiscal year, the Company's operating margin is expected to be approximately 9% and diluted earnings per share are expected to be approximately $0.10.
"During the past 9 months, we have implemented a number of strategies and improvements that are enabling our company to return to top line growth. This growth is a direct result of new additions to our senior management team, as well as executing on product, geographic and sales related growth strategies. We believe establishing and executing on our stated strategies has us well positioned for sustaining growth throughout fiscal 2015 and beyond," stated Douglas C. Robinson, LifeVantage President and Chief Executive Officer.
During the fourth quarter of fiscal 2014, the company reduced its overall debt to approximately $31 million from approximately $46 million. The company ended fiscal 2014 with approximately $20 million in cash and cash equivalents.
The Company expects to release its complete financial results for the fourth quarter and fiscal year ended June 30, 2014 and to provide guidance for fiscal 2015 in connection with its full earnings release and investor call scheduled to be held on September 10, 2014.