USANA Health Sciences, Inc. (NYSE: USNA) today announced record
financial results for its fiscal first quarter ended March 30,
2013.
Financial Performance
Net sales for the first quarter of 2013 increased by 9.7% to
$169.1 million, compared with $154.1 million in the prior-year
period. This growth in net sales was driven by increases in both
the Company’s Asia Pacific and North America/Europe regions.
Favorable changes in currency exchange rates also contributed
approximately $900,000 to the top line for the quarter.
Net earnings for the first quarter increased to $17.8 million,
an improvement of 29.3%, compared with the prior-year period. This
increase was due primarily to higher net sales and lower relative
Associate incentive expense for the quarter. The relative decrease
in Associate incentives expense was attributable to the change to
the lifetime matching bonus program, which is now fully
implemented. Earnings per share for the quarter increased by 42.2%
to $1.28, compared with $0.90 in the first quarter of the prior
year. This improvement in earnings per share was attributable to
higher net earnings and a lower number of diluted shares
outstanding, which resulted from the Company’s share repurchases
over the last 12 months. Total diluted common shares outstanding as
of March 30, 2013 were 13.9 million, compared with 15.3 million as
of March 31, 2012.
The Company’s Chief Executive Officer, Dave Wentz, said, “For
the first quarter of 2013 USANA again delivered record results in
sales and earnings per share. During the quarter, our management
team continued to execute our strategic initiatives, which are
focused on generating worldwide customer growth, growing our
Greater China region, advancing our personalization initiatives,
and driving new market expansion.”
Regional Results
Net sales in Asia Pacific increased by 9.9% to $104.9 million,
compared with $95.5 million for the first quarter of the prior
year. This improvement was due to strong sales growth in our
Greater China and Southeast Asia Pacific regions, which was driven
by a 6.3% increase in the number of active Associates in Asia
Pacific.
“We continue to see solid growth in Asia Pacific, with
double-digit local currency growth in several of our markets in
that region,” continued Mr. Wentz. “We remain focused on growing
our Greater China region, and are pleased to have received during
the quarter government approval in mainland China to expand our
direct selling activities in three additional provinces. We
continue to be optimistic about our growth opportunity in this
region, as we expand our customer base and the reach of our
world-class products.”
During the first quarter of 2013, net sales in North
America/Europe increased by 9.4% to $64.2 million, compared with
$58.6 million in the prior-year period. The number of Active
Associates in North America/Europe increased 1.3% and the number of
Preferred Customers increased 3.8% during the first quarter,
compared with the first quarter of 2012.
Mr. Wentz added, “We continue to see improvement in our
operating trends in North America, particularly in our top-line
results. During the quarter, we saw double-digit sales growth in
the U.S. and Mexico, as well as strong Associate growth in Mexico.
Our focus continues to be on increasing active Associate counts in
the U.S. and Canada, and we have several initiatives planned during
2013 to accomplish this objective. We are also excited to announce
the addition of Colombia to this region, which we expect to open in
the third quarter of 2013. We believe Colombia will be a successful
market for USANA and an excellent entry point into South
America.”
The Company maintained its successful track record of generating
meaningful levels of cash from operations and ended the quarter
with $71 million in cash and cash equivalents. For the first
quarter, cash generated from operations totaled $20.3 million.
During the quarter, the Company invested $18.1 million to
repurchase 414,000 shares of the Company’s common stock.
Outlook
The Company reiterated consolidated net sales outlook and
provided the following updated earnings per share outlook for
2013:
- Consolidated net sales between $700
million and $720 million
- Earnings per share between $5.25 and
$5.40, versus the previous outlook of between $5.10 and $5.25
Chief Financial Officer, Paul Jones, commented, “Our first
quarter financial results are a strong start to what we expect will
be another record year for USANA. As we work to accomplish each of
our strategic initiatives in 2013, we will continue to invest in
our personalization and customer growth strategies, which will
include offering region-specific incentives to our Associate sales
force. As demonstrated by our increased earnings per share outlook
for 2013, we continue to anticipate growth in sales and earnings
during the current year.”
Conference Call
USANA will hold a conference call and webcast to discuss this
announcement with investors on Wednesday, April 24, 2013 at 11:00
AM 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
31-Mar-12 30-Mar-13 Net sales $ 154,120
$ 169,082 Cost of sales 27,217 30,261
Gross
profit 126,903 138,821 Operating expenses Associate
incentives 68,009 69,855 Selling, general and administrative
38,032 42,404
Earnings from operations
20,862 26,562 Other income (expense) 132 (26 )
Earnings before income taxes 20,994 26,536 Income
taxes 7,243 8,757
NET EARNINGS $
13,751 $ 17,779 Earnings per share -
diluted $ 0.90 $ 1.28 Weighted average shares outstanding -
diluted 15,288 13,903
USANA Health Sciences, Inc.
Consolidated Balance Sheets (In thousands) (Unaudited)
As
of As of 29-Dec-12 30-Mar-13
ASSETS Current Assets Cash and cash equivalents $ 70,839 $
71,047 Inventories 36,481 42,974 Other current assets 25,225
19,633
Total current assets 132,545 133,654
Property and equipment, net 61,751 60,715 Goodwill 17,890 17,933
Intangible assets, net 42,085 41,963 Deferred income taxes 5,956
6,149 Other assets 7,128 8,243
Total assets $
267,355 $ 268,657
LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities Accounts payable $ 7,040 $ 8,152
Other current liabilities 63,804 61,894
Total
current liabilities 70,844 70,046 Other long-term
liabilities 938 909 Deferred income taxes 10,001 10,054
Stockholders' equity 185,572 187,648
Total
liabilities and stockholders' equity $ 267,355 $ 268,657
USANA Health Sciences, Inc. Sales by
Region (Unaudited) (In thousands)
Quarter Ended
31-Mar-12 30-Mar-13
Region
North America / Europe $ 58,632 38.1 % $ 64,152 37.9 %
Asia Pacific Southeast Asia Pacific 32,252 20.9 %
35,309 20.9 % Greater China 56,635 36.7 % 62,985 37.3 %
North Asia 6,601 4.3 % 6,636 3.9 % Asia
Pacific Total 95,488 61.9 % 104,930 62.1 %
Total $ 154,120 100.0 % $ 169,082 100.0 %
Active
Associates by Region (1) (Unaudited)
As of
31-Mar-12 30-Mar-13
Region
North America / Europe 77,000 35.1 % 78,000 34.1 %
Asia Pacific Southeast Asia Pacific 51,000 23.3 % 56,000
24.4 % Greater China 83,000 37.9 % 87,000 38.0 %
North Asia 8,000 3.7 % 8,000 3.5 % Asia
Pacific Total 142,000 64.9 % 151,000 65.9 %
Total 219,000 100.0 % 229,000 100.0 %
(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
31-Mar-12 30-Mar-13
Region
North America / Europe 53,000 79.1 % 55,000 82.1 %
Asia Pacific Southeast Asia Pacific 6,000 9.0 % 7,000 10.4 %
Greater China 7,000 10.4 % 3,000 4.5 % North Asia
1,000 1.5 % 2,000 3.0 % Asia Pacific Total
14,000 20.9 % 12,000 17.9 % Total
67,000 100.0 % 67,000 100.0 % (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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