LifeVantage Announces Preliminary Record Fourth Quarter and Fiscal Year 2011 Results
SALT LAKE CITY, Aug. 25, 2011 /PRNewswire/ -- LifeVantage Corporation (OTCBB: LFVN), makers of Protandim®, the Nrf2 Synergizer™ patented dietary supplement, announced preliminary results for the fourth quarter and fiscal year ended June 30, 2011.
For the fourth quarter of fiscal 2011, the Company reported record net revenue of $15.0 million, compared to net revenue of $4.4 million in the same period last year, an increase of 241%. On a sequential basis, net revenue increased 50% from the $10.0 million reported for the third fiscal quarter ended March 31, 2011.
Operating income for the fourth fiscal quarter of 2011 is anticipated to be approximately $2 million, compared to an operating loss of $290,000 in the same period last year. The fourth quarter of fiscal 2011 represents the fourth consecutive quarter of achieving operating income.
For the full year fiscal 2011, the Company generated net revenue of $38.9 million, a 238% increase compared to $11.5 million in fiscal 2010. Operating income for fiscal 2011 is anticipated to be approximately $3.7 million, compared to an operating loss of $7.3 million in fiscal 2010, which represents a year-over-year improvement in operating income of approximately $11 million.
The Company expects to end fiscal year 2011 with approximately $6.3 million of cash and cash equivalents and no long-term debt. During fiscal 2011, an aggregate face value of $5.6 million in debt was converted into shares of the Company's common stock, eliminating all long term debt.
"We are extremely excited with the tremendous progress we made in fiscal 2011, as we generated record revenue for both the fourth quarter and full year. We also achieved positive operating income for each quarter of fiscal 2011 and significantly improved our balance sheet," stated Douglas Robinson, LifeVantage CEO. "The strong year-over-year improvements in our financial performance exhibit the increased awareness of our scientifically proven products and the strengthened business platform we have created. During fiscal 2011, we made strategic investments into our sales and marketing, research and development, and other key personnel in order to expand our product presence and to support our long-term growth opportunities. These investments have helped drive the record results we are announcing today."
Mr. Robinson continued, "Looking toward fiscal 2012, we are confident that we are well positioned to deliver another record year for revenue and operating income. We also continue to benefit from new independently published studies discussing the advantages of Protandim® which raise our product profile in consumer markets and with medical professionals. The scientific evidence supporting Protandim continues to expand. New studies provide additional learning about the efficacy of Protandim and the science behind it, including its ability to activate the transcription factor Nrf2. Throughout fiscal 2012, we will continue to expand the distribution of our existing products and explore opportunities to introduce new products that help individuals improve their health and wellness. To that end, we are also pleased to announce that while Canada is not open to distributors, we are now making Protandim and TrueScience available directly to Canadian consumers."
The Company will provide further results in its complete fourth quarter and full year fiscal 2011 earnings release and conference call which are expected to occur by the end of September, 2011.
About LifeVantage Corporation
LifeVantage, (OTCBB: LFVN), makers of Protandim®, the Nrf2 Synergizer™ patented dietary supplement, is a science based nutraceutical company. LifeVantage is dedicated to visionary science that promises to transform wellness and anti-aging internally and externally with supplements that dramatically reduce oxidative stress at the cellular level. The Company was founded in 2003 and currently has operations in Salt Lake City, Utah and San Diego, CA. For more information, visit www.LifeVantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting confidence, optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, the potential failure or unintended negative consequences of the implementation of the Company's network marketing sales channel; the Company's ability to retain independent distributors or to attract new independent distributors on an ongoing basis; the potential for third party and governmental actions involving the Company's network marketing sales channel; the potential for product liability claims against the Company; the risk that government regulators and regulations could adversely affect the Company's business; future laws or regulations may hinder or prohibit the production or sale of the Company's existing product and any future products; unfavorable publicity could materially hurt the Company's business; and the Company's ability to protect its intellectual property rights and the value of its product. These and other risk factors are discussed in greater detail in the Company's Annual Report on Form 10-K and its Quarterly Report on Form 10-Q under the caption "Risk Factors", and in other documents filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
Investor Relations Contact:
Cindy England (801) 432-9036
Director of Investor Relations
John Mills (310) 954-1105
Senior Managing Director, ICR, LLC
SOURCE LifeVantage Corporation