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) |
Registrants 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))
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".
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
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Name: Bradford K. Amman | ||||
Title: Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press release, dated November 18, 2008, entitled, “Lifevantage Corporation Announces 1Q FY 2009 Financial and Operating Results” |
FOR IMMEDIATE RELEASE | NEWS | |
November 18, 2008
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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 Protandims 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 bodys 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 companys 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 Companys 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 Companys 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 Companys 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 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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September 30, 2008 |
June 30, 2008 | |||||||||||||||
ASSETS |
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Current assets |
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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 |
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Current liabilities |
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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 |
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Convertible debt, net of discount |
260,035 | 223,484 | ||||||||||||||
Total liabilities |
1,045,999 | 1,379,786 | ||||||||||||||
Commitments and Contingencies |
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Stockholders equity |
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Common stock, par value $.001, 250,000,000 |
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shares authorized; 24,766,117 issued and |
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outstanding as of September 30, 2008 and June |
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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 | ||||||||||||
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: |
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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): |
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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. |