LifeVantage Corporation Announces 3Q FY 2008 Financial and Operating Results
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--LifeVantage Corporation (OTCBB: LFVN), maker of Protandim®, today announced results for its third quarter ended March 31, 2008. For the three month period ended March 31, 2008, the Company recorded net revenues of $0.8 million and a loss of $(0.6) million, or $(0.03) per share. For the three month period ended March 31, 2007, the Company recorded net revenues of $1.0 million and a loss of $(0.6) million, or $(0.03) per share.
For the nine month period ended March 31, 2008, the Company recorded net revenues of $2.4 million and a loss of $(1.3) million, or $(0.06) per share comparing to net revenues of $4.2 million and a loss of $(3.2) million, or $(0.14) per share for the nine month period ended March 31, 2007.
LifeVantage President and CEO, David W. Brown, commented, "While net sales have been relatively flat over the last three quarters, during the last three months we have succeeded in stabilizing the downward sales trend the Company has experienced in recent years. We have strengthened our management team with proven professionals, launched the Company's first nation-wide television media test and significantly increased our Internet presence. We believe that we are now poised for significant customer acquisition and sales growth."
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, 2007, 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.
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LIFEVANTAGE CORPORATION |
||||||||
|
(Unaudited) |
(Audited) |
|||||||
|
ASSETS |
||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
187,229 |
$ |
160,760 |
||||
| Marketable securities, available for sale |
1,375,000 |
- |
||||||
| Accounts receivable, net |
127,158 |
|
|
|
398,463 |
|||
| Inventory |
104,833 |
|
|
|
27,834 |
|||
| Deferred expenses |
73,204 |
|
|
|
117,807 |
|||
| Deposit with manufacturer |
306,084 |
|
|
|
388,791 |
|||
| Prepaid expenses |
112,229 |
|
|
|
60,175 |
|||
| Total current assets |
2,285,737 |
|
|
|
1,153,830 |
|||
| Long-term assets | ||||||||
| Property and equipment, net |
76,848 |
|
|
|
108,915 |
|||
| Intangible assets, net |
2,281,653 |
|
|
|
2,311,110 |
|||
| Deferred debt offering costs, net |
214,806 |
|
|
|
- |
|||
| Deposits |
61,144 |
|
|
|
340,440 |
|||
| TOTAL ASSETS | $ |
4,920,188 |
|
|
$ |
3,914,295 |
||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
252,807 |
|
|
$ |
148,699 |
||
| Accrued expenses |
379,134 |
|
|
|
230,811 |
|||
| Deferred revenue |
519,030 |
|
|
|
818,250 |
|||
| Capital lease obligations, current portion |
1,453 |
|
|
|
2,301 |
|||
| Revolving line of credit and accrued interest |
250,379 |
|
|
|
- |
|||
| Total current liabilities |
1,402,803 |
|
|
|
1,200,061 |
|||
| Long-term liabilities | ||||||||
| Capital lease obligations, net of current portion |
- |
|
|
|
846 |
|||
| Convertible debt, net of discount |
275,513 |
|
|
|
- |
|||
| Total liabilities |
1,678,316 |
|
|
|
1,200,907 |
|||
| Commitments and Contingencies | ||||||||
| Stockholders' equity | ||||||||
|
|
Common stock, par value $.001, 250,000,000 shares authorized; 22,613,488 and 22,268,034 issued and outstanding as of March 31, 2008 and June 30, 2007, respectively | |||||||
|
22,613 |
|
|
|
22,268 |
||||
| Additional paid-in capital |
17,228,317 |
|
|
|
15,395,037 |
|||
| Accumulated (deficit) |
(14,009,058 |
) |
|
|
(12,703,917 |
) | ||
| Total stockholders' equity |
3,241,872 |
|
|
|
2,713,388 |
|||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ |
4,920,188 |
|
|
$ |
3,914,295 |
||
| LIFEVANTAGE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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|
For the three months ended |
For the nine months ended |
|||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||
| Sales, net | $ |
783,946 |
|
$ |
995,274 |
|
$ |
2,387,677 |
|
$ |
4,207,518 |
|
| Cost of sales |
174,890 |
|
|
213,529 |
|
|
538,212 |
|
|
838,244 |
||
| Gross profit |
609,056 |
|
|
781,745 |
|
|
1,849,465 |
|
|
3,369,274 |
||
| Operating expenses: | ||||||||||||
| Marketing and customer service |
357,990 |
|
|
504,616 |
|
|
1,021,111 |
|
|
2,605,616 |
||
| General and administrative |
702,404 |
|
|
806,878 |
|
|
1,606,926 |
|
|
3,606,824 |
||
| Research and development |
25,045 |
|
|
57,318 |
|
|
243,934 |
|
|
195,654 |
||
| Depreciation and amortization |
60,865 |
|
|
16,622 |
|
|
159,750 |
|
|
76,636 |
||
| Loss on disposal of assets |
- |
|
|
- |
|
|
- |
|
|
95,654 |
||
| Total operating expenses |
1,146,304 |
|
|
1,385,434 |
|
|
3,031,721 |
|
|
6,580,384 |
||
| Operating loss |
(537,248 |
) |
|
(603,689 |
) |
|
(1,182,256 |
) |
|
(3,211,110 |
) | |
| Other (expense) and income: | ||||||||||||
| Interest (expense)/income |
(67,408 |
) |
|
15,403 |
|
|
(122,885 |
) |
|
46,110 |
||
| Other income/(expense) |
- |
|
|
5,953 |
|
|
- |
|
|
(2,547 |
) | |
| Net other (expense) income |
(67,408 |
) |
|
21,356 |
|
|
(122,885 |
) |
|
43,563 |
||
| Net loss | $ |
(604,656 |
) |
$ |
(582,333 |
) |
$ |
(1,305,141 |
) |
$ |
(3,167,547 |
) |
| Net loss per share, basic and diluted |
($ 0.03 |
) |
|
($ 0.03 |
) |
|
($ 0.06 |
) |
|
($ 0.14 |
) | |
| Weighted average shares outstanding, basic and fully diluted |
22,464,168 |
|
|
22,118,034 |
|
|
22,349,282 |
|
|
22,118,034 |
||
Contact:
LifeVantage Corporation
Jan Strode, 619-890-4040
Investor Relations
or
Bradford Amman, 720-488-1711
CFO