Filed by Bowne Pure Compliance
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): October 12, 2007
LifeVantage Corporation
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Colorado |
|
000-30489 |
|
90-0224471 |
(State or other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
|
|
|
6400 South Fiddlers Green Circle, Suite 1970, Englewood, CO
|
|
80111 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrants telephone number, including area code: (720) 488-1711
|
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 2.02 Results of Operations and Financial Condition
On October 12, 2007, LifeVantage Corporation issued a press release entitled LifeVantage Corporation Announces Q4
and FY 2007 Financial and Operating Results. The press release is attached as Exhibit 99.1 hereto.
Item 7.01 Regulation FD Disclosure
On October 12, 2007, LifeVantage Corporation issued a press release entitled LifeVantage Corporation Announces Q4
and FY 2007 Financial and Operating Results. The press release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial
Statements and Exhibits
99.1 Press release, dated October 12, 2007, entitled LifeVantage Corporation Announces Q4 and FY 2007 Financial
and Operating Results.
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 thereunto duly authorized.
Date: October 12, 2007
LIFEVANTAGE CORPORATION
By: /s/ Bradford K. Amman
Bradford K. Amman
Secretary and Treasurer
2
EXHIBIT INDEX
99.1 Press release, dated October 12, 2007, entitled LifeVantage Corporation Announces Q4 and FY 2007 Financial
and Operating Results.
3
Filed by Bowne Pure Compliance
Exhibit 99.1
|
|
|
FOR IMMEDIATE RELEASE
|
|
NEWS |
October 12, 2007
|
|
OTCBB: LFVN |
LIFEVANTAGE CORPORATION ANNOUNCES
Q4 AND FY 2007 FINANCIAL AND OPERATING RESULTS
GREENWOOD VILLAGE, Colorado LifeVantage Corporation (OTCBB: LFVN), maker of
Protandim®, today announced results for its year ended June 30, 2007. The Company
recorded net revenues of $5.1 million and a net loss of $(3.7) million, or $(0.17) per share, for
its year ended June 30, 2007. For its year ended June 30, 2006, the Company reported net revenues
of $7.2 million and a net loss of $(2.7) million, or $(0.12) per share.
For its fourth fiscal quarter 2007, the Company recorded net revenues of $0.8 million and a net
loss of $(0.5) million, or $(0.02) per share. For its fourth fiscal quarter 2006, the Company
reported net revenues of $1.1 million and a net loss of $(1.6) million, or $(0.07) per share.
During fiscal year 2007, the Company focused on further developing the science supporting
Protandim®, expanding its distribution relationships and reducing expenses in response
to a decline in direct sales. While the Company has managed to reduce cash burn significantly, the
Company is continually striving to improve sales in a cost effective way.
During fiscal 2007, the Company reported progress on more than 20 human clinical and laboratory
studies involving Protandim® taking place at universities and hospitals in six
countries. Almost all of the studies were initiated as a result of
the published, peer-reviewed human clinical trial conducted by
Protandim®
developers, Dr. Joe McCord and his colleagues, which demonstrated
that
Protandim®
increased the blood levels of at least two important antioxidant
enzymes while significantly decreasing oxidative stress. On July 10, 2007 the Protandim®
formulation was granted a U.S. Patent.
On the distribution front, the Company renewed its relationship with its largest customer GNC and
Protandim® became available through CVS/pharmacy, Vitamin Shoppe, Vitamin Cottage,
Seattle Super Supplements, Akins and Chamberlins and Drugstore.com.
While sales for the year were disappointing, the Company responded with a significant reduction in
operating expenses as a result of selective cost cutting measures. These costs for the fourth
quarter of 2007 declined 50% from previous quarters and the
Company believes the reduction in cash burn will enable it to position itself in an approximate
break even cash flow status during fiscal year 2008.
On September, 26, 2007, the Company closed an offering of convertible debentures which resulted in
cash proceeds of approximately $956,000. This provides the Company with the cash resources to
launch new cost-effective targeted marketing initiatives and support expanded scientific studies.
About Protandim®
Protandim® is a patented dietary supplement that increases the bodys natural
antioxidant protection by inducing two protective enzymes, superoxide dismustase (SOD) and catalase
(CAT). These naturally occurring enzymes simply become overwhelmed by free radicals as we get
older. Oxidative stress (cell damage caused by free radicals) occurs as a person ages, when
subjected to environmental stresses or as an associated factor in certain illnesses. TBARS are
laboratory markers for oxidative stress in the body. New data from a scientific study in men and
women show that after 30 days of taking Protandim®, the level of circulating TBARS
decreased an average of 40 percent, with this decrease shown to be maintained at 120 days.
Protandim® strengthens a persons defenses against oxidative stress by increasing the
bodys natural antioxidant enzymes. For more information, please visit the Protandim®
product web site at www.protandim.com.
About LifeVantage Corporation
LifeVantage Corporation markets Protandim®. LifeVantage Corporation is committed to
helping people achieve health and wellness for life. For more information, please visit the
Companys web site at www.lifevantage.com.
Except for historical information contained herein, this document contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 and
applicable common law. The Company uses the words anticipate, believe, could, should,
estimate, expect, intend, may, predict, project, target and similar terms and
phrases, including references to assumptions, to identify forward-looking statements. These
forward-looking statements are based on the Companys expectations and beliefs concerning future
events affecting the Company and involve known and unknown risks and uncertainties that may cause
the Companys actual results or outcomes to be materially different from those anticipated and
discussed herein. These factors are difficult to accurately predict and may be beyond the control
of the Company. The following factors are among those that may cause actual results to differ
materially from our forward-looking statements: the Companys limited cash flow and the rapid
development of technology, lack of liquidity for the Companys common stock, working capital
shortages and the length of time for scientific advances to reach the market (if they ever reach
the market). These and other additional risk factors and uncertainties are discussed in greater
detail in the companys Annual Report on Form 10-KSB and other documents filed with the Securities
and Exchange Commission. Forward-looking statements made by the Company in this news release or
elsewhere speak only as of the date made. New uncertainties and risks come up from time to time,
and it is impossible for the Company to predict these events or how they may affect the Company.
The Company has no duty to, and does not intend to, update or revise the forward-looking statements
in this news release after the date it is issued. In light of these risks and uncertainties,
investors should keep in mind that the results, events or developments disclosed in any
forward-looking statement made in this news release may not occur.
# # #
CONTACTS:
|
|
|
LifeVantage Corporation |
|
|
Bradford K. Amman
|
|
Phone: 720-488-1711 |
|
|
Fax: 303-565-8700 |
LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the fiscal years and quarters ended June 30, 2007 and June 30, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter ended |
|
|
Fourth Quarter ended |
|
|
|
|
|
|
|
|
|
June 30, 2007 |
|
|
June 30, 2006 |
|
|
Fiscal year ended |
|
|
Fiscal year ended |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
June 30, 2007 |
|
|
June 30, 2006 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales, net |
|
$ |
843,470 |
|
|
$ |
1,098,852 |
|
|
$ |
5,050,988 |
|
|
$ |
7,165,819 |
|
Cost of Sales |
|
|
184,548 |
|
|
|
235,641 |
|
|
|
1,022,792 |
|
|
|
1,491,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
658,922 |
|
|
|
863,221 |
|
|
|
4,028,196 |
|
|
|
5,674,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and customer service |
|
|
385,686 |
|
|
|
1,587,680 |
|
|
|
2,991,302 |
|
|
|
4,259,711 |
|
General and administrative |
|
|
764,776 |
|
|
|
827,376 |
|
|
|
4,448,236 |
|
|
|
4,169,647 |
|
Research and development |
|
|
49,907 |
|
|
|
65,887 |
|
|
|
245,561 |
|
|
|
114,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,200,369 |
|
|
|
2,480,943 |
|
|
|
7,685,099 |
|
|
|
8,543,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) |
|
|
(541,447 |
) |
|
|
(1,617,732 |
) |
|
|
(3,656,903 |
) |
|
|
(2,869,034 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other income and (expense) |
|
|
15,416 |
|
|
|
44,873 |
|
|
|
(36,675 |
) |
|
|
134,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(526,031 |
) |
|
$ |
(1,572,859 |
) |
|
$ |
(3,693,578 |
) |
|
$ |
(2,734,501 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share, basic and diluted |
|
|
|
|
|
|
|
|
|
$ |
(0.17 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted |
|
|
|
|
|
|
|
|
|
|
22,268,034 |
|
|
|
22,117,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2007 and June 30, 2006
|
|
|
|
|
|
|
|
|
|
|
June 30, 2007 |
|
|
June 30, 2006 |
|
|
|
|
|
|
(Restated) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets |
|
$ |
1,153,830 |
|
|
$ |
4,414,215 |
|
Property and equipment |
|
|
108,915 |
|
|
|
245,000 |
|
Intangible assets |
|
|
2,311,110 |
|
|
|
2,162,042 |
|
Deposits |
|
|
340,440 |
|
|
|
316,621 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
3,914,295 |
|
|
|
7,137,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
148,699 |
|
|
|
613,833 |
|
Accrued expenses and other |
|
|
233,112 |
|
|
|
401,290 |
|
Deferred revenue |
|
|
818,250 |
|
|
|
1,144,950 |
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
1,200,061 |
|
|
|
2,160,073 |
|
Capital lease-long term portion |
|
|
846 |
|
|
|
3,146 |
|
Stockholders equity |
|
|
2,713,388 |
|
|
|
4,974,659 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
|
$ |
3,914,295 |
|
|
$ |
7,137,878 |
|
|
|
|
|
|
|
|