USANA Health Sciences, Inc. (NYSE: USNA) today announced
financial results for its fiscal second quarter ended June 30,
2012.
Financial Performance
Net sales for the second quarter of 2012 increased by 8.0% to
$160.9 million, compared with $148.9 million in the prior-year
period. The growth in net sales was driven by increases in both the
Company’s Asia Pacific and North America & Europe regions.
Changes in currency exchange rates reduced net sales by $2.7
million.
Net earnings for the second quarter increased to $16.7 million,
an increase of 20.9%, compared with the prior-year period. This
increase was due primarily to higher net sales, improved gross
margins, lower relative Associate incentive expense, and a lower
effective tax rate. Earnings per share for the quarter increased
26.1% to $1.11, compared with $0.88 in the second quarter of the
prior year. This improvement in earnings per share resulted from
higher net earnings and a lower number of diluted shares
outstanding, resulting from the Company’s share repurchases over
the last 12 months.
“USANA delivered solid second quarter results, which capped a
very impressive first half of 2012,” said Mr. Dave Wentz, Chief
Executive Officer. “During the quarter, we continued to see
momentum in our business build due, in part, to our successful
launch of a new component to our Associate compensation plan. This
component, which is known as our Lifetime Matching Bonus, was very
well received by our Associates worldwide. Along with the
introduction of the Lifetime Matching Bonus, we ran a short-term
sales promotion that also contributed to our positive results
during the quarter.”
Regional Results
Net sales in the Asia Pacific region increased by 11.0% to $98.4
million, compared with $88.7 million for the second quarter of the
prior year. This improvement was due to strong sales growth in
Southeast Asia/Pacific and Greater China. This sales growth was
driven by an increase in the number of active Associates as well as
price increases in certain markets that were implemented in the
first quarter. The number of active Associates in the Asia Pacific
region increased by 10.1%, due to significant Associate growth in
the Philippines, Associate growth in many other Asia Pacific
markets, and the addition of Thailand to our Asia Pacific
region.
“We are pleased with the continued growth in our Asia Pacific
region,” continued Mr. Wentz. “During the quarter, we held a
successful grand opening event in Thailand and expect momentum in
that market to grow in the second half of the year. Our efforts in
Asia Pacific remain focused on our Greater China region, as we
continue to lay the foundation for long-term growth by developing
Associate leaders there.”
During the second quarter of 2012, net sales in the North
America & Europe region increased by 3.6% to $62.5 million,
compared with the second quarter of the prior year. This
improvement was predominantly due to higher sales in the United
States and Mexico and, to a lesser extent, to the opening of France
and Belgium. The number of Active Associates in North America &
Europe declined modestly compared with the second quarter of
2011.
Mr. Wentz added, “Our strategy to return North America to growth
is being successfully executed, and we are encouraged by the
momentum we are seeing in this region. In August, we will hold our
International Convention in Salt Lake City, where we plan to make
several announcements that we believe will facilitate worldwide
growth, especially in North America.”
The Company continued its successful track record of generating
meaningful levels of cash from operations and ended the quarter
with approximately $65.5 million in cash and cash equivalents. Cash
generated from operations totaled $21.3 million for the quarter.
During the quarter, the Company invested $26.6 million to
repurchase 677,000 shares of the Company’s stock.
Outlook
The Company provided the following updated financial outlook for
2012:
- Consolidated net sales between $630
million and $640 million, versus the previous outlook of between
$610 million and $625 million.
- Earnings per share between $4.10 and
$4.20, versus the previous outlook of between $3.60 and $3.70.
Chief Financial Officer Doug Hekking commented, “Leverage gained
on higher sales, better than expected gross margins, and a lower
effective tax rate were the main factors that contributed to our
strong bottom-line performance this quarter. These same factors, as
well as a reduced number of diluted shares outstanding, are the
driving forces behind the increase in our earnings per share
estimate for the remainder of the current fiscal year. Our strong
performance during the first six months of the year has laid the
foundation for what we believe will be a solid second half of 2012.
As such, we are raising our financial outlook for fiscal 2012.”
Conference Call
USANA will hold a conference call and webcast to discuss this
announcement with investors on Wednesday, July 25, 2012 at 11:00
a.m. Eastern Time. Investors may listen to the call by accessing
USANA’s website at
http://www.usanahealthsciences.com.
About USANA
USANA develops and manufactures high-quality nutritional,
personal care, and weight-management products that are sold
directly to Associates and Preferred Customers throughout the
United States, Canada, Australia, New Zealand, Hong Kong, China,
Japan, Taiwan, South Korea, Singapore, Mexico, Malaysia, the
Philippines, the Netherlands, the United Kingdom, Thailand, France
and Belgium. More information on USANA can be found at
http://www.usanahealthsciences.com.
Safe Harbor
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act. Our actual results could differ
materially from those projected in these forward-looking
statements, which involve a number of risks and uncertainties,
including global economic conditions generally, reliance upon our
network of independent Associates, the governmental regulation of
our products, manufacturing and marketing risks, adverse publicity
risks, and risks associated with our international expansion. The
contents of this release should be considered in conjunction with
the risk factors, warnings, and cautionary statements that are
contained in our most recent filings with the Securities and
Exchange Commission.
USANA Health Sciences, Inc.
Consolidated Statements of Earnings (In thousands, except
per share data) (Unaudited)
Quarter Ended Six
Months Ended 2-Jul-11 30-Jun-12 2-Jul-11
30-Jun-12 Net sales $ 148,925 $ 160,901 $ 292,491 $ 315,021
Cost of sales 26,208 28,073 51,870
55,290
Gross profit 122,717 132,828 240,621
259,731 Operating expenses Associate incentives 67,760
70,901 132,567 138,910 Selling, general and administrative
33,803 36,776 69,673 74,808
Earnings from operations 21,154 25,151 38,381 46,013
Other income (expense) - (222 ) 101
(90 )
Earnings before income taxes 21,154 24,929
38,482 45,923 Income taxes 7,298 8,184
13,276 15,427
NET EARNINGS $
13,856 $ 16,745 $ 25,206 $ 30,496
Earnings per share - diluted $ 0.88 $ 1.11
$ 1.58 $ 2.01 Weighted average shares outstanding -
diluted 15,752 15,090 15,964
15,192
USANA Health Sciences, Inc.
Consolidated Balance Sheets
(In thousands) (Unaudited)
As of
As of 31-Dec-11 30-Jun-12
ASSETS Current Assets Cash and cash equivalents $ 50,353 $
65,538 Inventories 36,968 33,805 Other current assets 18,738
24,163
Total current assets 106,059 123,506
Property and equipment, net 60,754 60,343 Goodwill 17,740
17,675 Intangible assets, net 42,637 41,846 Deferred income taxes
11,033 10,913 Other assets 6,273 6,729
Total assets $ 244,496 $ 261,012
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities
Accounts payable $ 7,952 $ 6,408 Other current liabilities
51,744 60,341
Total current liabilities 59,696
66,749 Other long-term liabilities 942 998 Deferred
income taxes 9,948 9,638 Stockholders' equity 173,910
183,627
Total liabilities and stockholders' equity $
244,496 $ 261,012
USANA Health Sciences, Inc.
Sales by Region (Unaudited) (In thousands)
Quarter Ended 2-Jul-11 30-Jun-12
Region
North America / Europe 60,267 40.5 % 62,464
38.8 % Asia Pacific Southeast Asia/Pacific 27,225
18.3 % 34,271 21.3 % Greater China 53,678 36.0 % 56,770 35.3
% North Asia 7,755 5.2 % 7,396 4.6 %
Asia Pacific Total 88,658 59.5 % 98,437 61.2 %
Total $ 148,925 100.0 % $ 160,901 100.0 %
Active Associates by
Region (1) (Unaudited)
As of
2-Jul-11 30-Jun-12
Region
North America / Europe 83,000 37.4 % 82,000
34.9 % Asia Pacific Southeast Asia/Pacific 43,000
19.4 % 58,000 24.7 % Greater China 87,000 39.2 % 87,000 37.0
% North Asia 9,000 4.0 % 8,000 3.4 % Asia Pacific
Total 139,000 62.6 % 153,000 65.1 %
Total 222,000 100.0 % 235,000 100.0 % (1) Associates are
independent distributors of our products who also purchase our
products for their personal use. We only count as active those
Associates who have purchased product at any time during the most
recent three-month period, either for personal use or for resale.
Active Preferred Customers by
Region (2)
(Unaudited)
As of 2-Jul-11
30-Jun-12
Region
North America / Europe 53,000 77.9 % 52,000
78.8 % Asia Pacific Southeast Asia/Pacific 6,000 8.8
% 6,000 9.1 % Greater China 8,000 11.8 % 7,000 10.6 %
North Asia 1,000 1.5 % 1,000 1.5 % Asia Pacific Total 15,000
22.1 % 14,000 21.2 % Total 68,000 100.0
% 66,000 100.0 % (2) Preferred Customers purchase our products
strictly for their personal use and are not permitted to resell or
to distribute the products. We only count as active those Preferred
Customers who have purchased product at any time during the most
recent three-month period.
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