Lifevantage Corporation (Form: 8-K)  

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   November 18, 2008

Lifevantage Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

     
Colorado 000-30489 90-0224471
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
11545 W. Bernardo Court, Suite 301, San Diego, California   92127
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   858-312-8000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Top of the Form

Item 2.02 Results of Operations and Financial Condition.

On November 18, 2008, Lifevantage Corporation issued a press release entitled, "Lifevantage Corporation Announces 1Q FY 2009 Financial and Operating Results". The press release is attached as Exhibit 99.1 hereto, which is furnished under Item 2.02 of this report and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, regardless of any general incorporation language in such filing.





Item 7.01 Regulation FD Disclosure.

On November 18, 2008, Lifevantage Corporation issued a press release entitled, "Lifevantage Corporation Announces 1Q FY 2009 Financial and Operating Results". The press release is attached as Exhibit 99.1 hereto, which is furnished under Item 7.01 of this report and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.





Item 9.01 Financial Statements and Exhibits.

Press release, dated November 18, 2008, entitled, "Lifevantage Corporation Announces 1Q FY 2009 Financial and Operating Results".






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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Lifevantage Corporation
          
November 18, 2008   By:   /s/ Bradford K. Amman
       
        Name: Bradford K. Amman
        Title: Chief Financial Officer


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Exhibit Index


     
Exhibit No.   Description

 
99.1
  Press release, dated November 18, 2008, entitled, “Lifevantage Corporation Announces 1Q FY 2009 Financial and Operating Results”
EX-99.1
     
FOR IMMEDIATE RELEASE   NEWS
November 18, 2008
  OTCBB: LFVN

LIFEVANTAGE CORPORATION ANNOUNCES

1Q FY 2009 FINANCIAL AND OPERATING RESULTS

San Diego, California — LifeVantage Corporation (OTCBB: LFVN), maker of Protandim®, today announced results for its first quarter ended September 30, 2008. For the three month period ended September 30, 2008, the Company recorded net revenues of $1.3 million, which includes $0.5 million of previously deferred revenue, and a loss of $(0.1) million, or $(0.01) per share. For the three month period ended September 30, 2007, the Company recorded net revenues of $0.8 million and a loss of $(0.3) million, or $(0.01) per share.

The Company has obtained sufficient historical evidence to accurately recognize deferred revenue of $0.5 million based upon rights of return by certain retail distributors of Protandim® and recognized all such previously deferred revenue during the quarter. Without the recognition of previously deferred revenue, net revenues for the three month period ended September 30, 2008 would have been $0.8 million and the net loss would have been $(0.6) million, or $(0.02) per share.

LifeVantage President and CEO, David W. Brown, commented, “As we recently announced, LifeVantage is redirecting its sales and marketing focus to include the new distribution model of the network marketing and individual distributor sales channel. Our net sales have been relatively flat over the last four quarters, but with the introduction of the network marketing sales channel that will allow individual distributors to tell the Protandim® story, we anticipate sales growth over the next several quarters. In addition, LifeVantage will be releasing a new scientific study that shows Protandim® produces a 300 percent increase in glutathione, which is a key antioxidant and anti-aging factor. The study results also confirm that Protandim’s synergistic formulation provides thousands of times more antioxidant power than any food or conventional supplements.”

The Company will hold a conference call on November 25, 2008 at 10:00 a.m. PT (1:00 p.m. ET) to discuss its first quarter financial and operating results. Interested parties may listen to the call by dialing 800-218-8862. A replay of the call also will be available by telephone until December 2, 2008 by calling 303-590-3000 or toll free 800-405-2236 passcode 11122734#.

About Protandim®

Protandim® is a unique approach to fighting the effects of cell-damaging free radical molecules which advance the aging process, including many of the diseases of aging. The patented dietary supplement increases the body’s natural antioxidant protection by inducing the cells of the body to produce naturally occurring protective antioxidant enzymes, a process which is thousands of times more effective than traditional vitamin-mineral supplements. Free radical damage occurs when a person is subjected to environmental stresses and generally increases with age. Data from a peer-reviewed scientific study in men and women, sponsored by LifeVantage, show that after 30 days of taking Protandim®, the level of circulating toxins produced by free radicals decreased an average of 40 percent. With continued use, the decrease was maintained at 120 days. For more information, please visit the Protandim® product web site at www.protandim.com or contact Jan Strode at (619) 890-4040.

About LifeVantage Corporation

LifeVantage Corporation is a publicly traded (OTCBB:LFVN), science based, natural products company, dedicated to helping people reach their health and wellness goals through science-based solutions to oxidative stress. Founded in 2003 and based in Colorado, LifeVantage develops nutraceutical products, including Protandim, that leverage the company’s expertise and that are intended to deliver significant health benefits to consumers. For more information, visit www.protandim.com or contact Jan Strode at (619) 890-4040.

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 including the risk that sales of our product may not continue at the levels discussed in this press release. These risks and uncertainties may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These and other risk factors are discussed in greater detail in the Company’s Annual Report on Form 10-KSB for the year ended June 30, 2008, 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 press release. All forward-looking statements are based on information currently available to the Company, and the Company undertakes no obligation to revise or update these forward-looking statements.

# # #

CONTACTS:

     
LifeVantage Corporation
Jan Strode, Investor Relations
Bradford Amman, CFO
 
Telephone: (619) 890-4040
Telephone: (303) 797-9977
                                 
      LIFEVANTAGE CORPORATION AND SUBSIDIARY
      CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
         September 30, 2008
  June 30, 2008
 
                               
ASSETS
                               
 
                               
Current assets
                               
   Cash and cash equivalents
          $ 155,493     $ 196,883  
   Marketable securities, available for sale
    1,050,000       1,100,000  
   Accounts receivable, net
            84,390       98,008  
   Inventory
            121,142       104,415  
   Deferred expenses
                  72,049  
   Deposit with manufacturer
            257,649       277,979  
   Prepaid expenses
            12,543       124,049  
 
                               
   Total current assets
            1,681,217       1,973,383  
Long-term assets
                               
Property and equipment, net
            51,798       63,559  
Intangible assets, net
            2,243,637       2,270,163  
Deferred debt offering costs, net
            171,947       193,484  
Deposits
                    61,535       48,447  
 
                               
TOTAL ASSETS
                  $ 4,210,134     $ 4,549,036  
 
                               
LIABILITIES AND STOCKHOLDERS’ EQUITY
                       
 
                       
Current liabilities
                       
   Revolving line of credit and accrued interest
  $ 321,397     $ 166,620  
   Accounts payable
            138,925       139,803  
   Accrued expenses
            325,427       338,268  
   Deferred revenue
                  510,765  
   Capital lease obligations, current portion
    215       846  
   Total current liabilities
            785,964       1,156,302  
Long-term liabilities
                       
   Convertible debt, net of discount
    260,035       223,484  
 
                               
Total liabilities
            1,045,999       1,379,786  
Commitments and Contingencies
                       
Stockholders’ equity
                       
   Common stock, par value $.001, 250,000,000
               
   shares authorized; 24,766,117 issued and
               
   outstanding as of September 30, 2008 and June
               
 
  30, 2008, respectively                        
 
                    24,766       24,766  
   Additional paid-in capital
    18,028,862       17,902,840  
   Accumulated (deficit)
            (14,889,493 )     (14,758,356 )
   Total stockholders’ equity
    3,164,135       3,169,250  
 
                               
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
          $ 4,210,134     $ 4,549,036  
 
                               

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LIFEVANTAGE CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    For the three months ended
    September 30,
    2008   2007
Sales, net
  $ 1,273,502     $ 807,324  
Cost of sales
    235,539       177,303  
 
               
Gross profit
    1,037,963       630,021  
Operating expenses:
               
Marketing and customer service
    484,804       274,448  
General and administrative
    513,995       425,540  
Research and development
    52,555       190,630  
Depreciation and amortization
    40,182       38,639  
Total operating expenses
    1,091,536       929,257  
 
               
Operating loss
    (53,573 )     (299,236 )
Other income and (expense):
               
Interest (expense)/income
    (77,562 )     532  
Net other (expense)/income
    (77,562 )     532  
 
               
Net loss
  $ (131,135 )   $ (298,704 )
 
               
Net loss per share, basic and diluted
    ($0.01 )     ($0.01 )
 
               
Weighted average shares outstanding, basic and fully diluted
    24,766,117       24,303,034  
 
               
The notes included in Form 10-Q are an integral part of these condensed consolidated statements.

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