- Second quarter net sales increased
23.9% to $233.2 million
- Second quarter EPS increased 41.2% to
$1.92
- Number of active Associates increased
40.3% to 397,000
- Company increases outlook for 2015
USANA Health Sciences, Inc. (NYSE: USNA) today announced record
financial results for its fiscal second quarter ended July 4, 2015.
The Company also increased its financial outlook for 2015.
Financial Performance
For the second quarter of 2015, net sales increased to $233.2
million, up 23.9% compared with $188.3 million in the prior-year
period. The increase in net sales was driven by 40.3% growth in the
number of active Associates and 15.2% growth in the number of
Preferred Customers. Also included in net sales for the quarter is
$5 million in revenue that was deferred during the previous quarter
in connection with price increases in China. Fluctuations in
currency exchange rates negatively impacted net sales by $9.7
million due to the strengthening of the U.S. dollar.
Net earnings for the second quarter increased by 31.7% to $25.4
million, compared with $19.3 million during the prior-year period.
The increase in net earnings was driven by higher net sales,
improved gross margins and lower relative selling, general and
administrative expense, which were partially offset by higher
relative Associate Incentives expense.
Earnings per diluted share for the second quarter increased
41.2% to $1.92, compared with $1.36 in the prior year period. The
increase in earnings per share was attributable to higher net
earnings and a lower number of diluted shares outstanding due to
the Company’s share repurchases during 2014. Weighted average
diluted shares outstanding were 13.2 million as of the end of the
second quarter of 2015, compared with 14.2 million in the
prior-year period. During the second quarter of 2015, the Company
did not repurchase any shares of common stock.
The Company ended the second quarter with $150.9 million in cash
and cash equivalents, zero debt and $61.2 million remaining under
the current share repurchase authorization.
“USANA generated exceptional results during the second quarter,
which again included double-digit growth in sales, earnings and
customers,” said Kevin Guest, USANA’s President. “Our
better-than-expected results reflect the strong momentum we are
seeing in our business, which is largely being driven by our
strategies for customer growth.”
Regional Results
Net sales in the Asia Pacific region increased by 35.4% to
$168.7 million, compared with $124.6 million for the second quarter
of the prior year. Sales grew 51.6% in the Greater China region,
7.8% in the Southeast Asia Pacific region and 32.4% in the North
Asia region. Sales growth in Greater China was driven by strong
customer growth in Mainland China, while growth in Southeast Asia
Pacific resulted from customer growth within each market in the
region. Finally, sales growth in North Asia was driven by
double-digit customer growth in South Korea.
The number of active Associates in the Asia Pacific region
increased by 53.2% year-over-year, and increased 6.2% sequentially.
Net sales in the Asia Pacific region were negatively impacted by
$5.1 million due to the strengthening of the U.S. dollar.
Net sales in the Americas/Europe region increased modestly to
$64.5 million and were negatively impacted by $4.6 million due to
the strengthening of the U.S. dollar. Canada, Mexico and Colombia
all generated double-digit customer growth in the second quarter,
compared with the prior year period.
“Although currency remains a headwind, our business continues to
generate solid worldwide growth,” continued Guest. “While Mainland
China continues to lead the way, it is noteworthy that USANA
generated both sales and customer growth in nearly every market
around the world, which reflects the demand for our best-in-class
products and business opportunity. During the quarter, we held our
annual Asia Pacific convention in Singapore, where thousands of our
Associates celebrated their success and received additional
training. Later this month, we will hold our annual International
Convention in Salt Lake City, where we also expect record
attendance and another amazing event.”
Outlook
The Company provided the following updated consolidated net
sales and earnings per share outlook for 2015:
- Consolidated net sales between $900
million and $920 million, versus the previous outlook of between
$870 million and $890 million
- Earnings per share between $6.90 and
$7.20, versus the previous outlook of between $6.45 and $6.75
Chief Financial Officer Paul Jones said, “During the quarter,
our team capitalized on the leverage opportunity created by higher
sales. As we anticipated, our Associate Incentives expense returned
to our customary range following the completion of our promotional
activities during the prior two quarters. The relative improvement
in both gross margins and SG&A for the quarter also enhanced
this leverage. In light of our better than expected results during
the first half of 2015, and the momentum we continue to see in our
business, we are increasing our outlook for 2015 and look forward
to delivering another year of record results for USANA and its
stakeholders.”
Conference Call
The Company has posted the “Management Commentary, Results and
Outlook” document on the Company’s website
(www.usanahealthsciences.com) under the “Investor Relations”
section of the site. USANA will hold a conference call and webcast
to discuss today’s announcement with investors on Wednesday, August
5, 2015 at 11:00 a.m. Eastern Time. Investors may listen to the
call by accessing USANA’s website at
http://www.usanahealthsciences.com. The call will consist of
brief opening remarks by the Company’s management team, before
moving directly into questions and answers.
About USANA
USANA develops and manufactures high-quality nutritional
supplements, healthy foods and personal care 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,
Belgium and Colombia. 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 28-Jun-14 4-Jul-15
28-Jun-14 4-Jul-15 Net sales $ 188,256 $
233,244 $ 370,657 $ 452,622 Cost of sales 34,865
40,089 68,693 78,453
Gross profit
153,391 193,155 301,964 374,169 Operating expenses Associate
incentives 81,098 101,877 159,972 203,230 Selling, general and
administrative 43,206 52,505 87,783
102,380
Earnings from operations 29,087 38,773
54,209 68,559 Other income (expense) 297 (86 )
422 82
Earnings before income taxes 29,384
38,687 54,631 68,641 Income taxes 10,083
13,271 18,793 23,545
NET
EARNINGS $ 19,301 $ 25,416 $ 35,838 $ 45,096
Earnings per share - diluted $ 1.36 $ 1.92 $ 2.50 $ 3.43
Weighted average shares outstanding - diluted 14,235 13,225 14,315
13,155
USANA Health Sciences, Inc.
Consolidated Balance Sheets (In thousands) (Unaudited)
As of As of ASSETS 3-Jan-15
4-Jul-15 Current Assets Cash and cash equivalents $ 111,126
$ 150,929 Inventories 45,248 54,022 Prepaid expenses and other
current assets 34,553 39,864
Total current
assets 190,927 244,815 Property and equipment, net
71,164 73,939 Goodwill 17,941 17,948 Intangible assets, net 40,952
40,763 Deferred income taxes 5,933 5,998 Other assets 23,667
25,047
Total assets $ 350,584 $ 408,510
LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable $ 7,779 $ 9,038 Other current
liabilities 100,926 103,818
Total current
liabilities 108,705 112,856 Other long-term liabilities
1,114 1,062 Deferred income taxes 10,601 10,068
Stockholders' equity 230,164 284,524
Total
liabilities and stockholders' equity $ 350,584 $ 408,510
USANA Health Sciences, Inc. Sales by
Region (Unaudited) (In thousands)
Quarter Ended 28-Jun-14 4-Jul-15
Region Asia Pacific Greater China
74,091 39.4 % 112,333 48.2 % Southeast Asia Pacific 42,689
22.7 % 46,033 19.7 % North Asia 7,815 4.1 %
10,346 4.4 % Asia Pacific Total 124,595 66.2 %
168,712 72.3 % Americas and Europe $ 63,661 33.8 % $ 64,532
27.7 % Total $ 188,256 100.0 % $ 233,244 100.0 %
Active Associates by Region (1) (Unaudited)
As of 28-Jun-14 4-Jul-15
Region Asia Pacific Greater China
125,000 44.1 % 216,000 54.4 % Southeast Asia Pacific 67,000
23.7 % 79,000 19.9 % North Asia 9,000 3.2 %
13,000 3.3 % Asia Pacific Total 201,000 71.0 %
308,000 77.6 % Americas and Europe 82,000 29.0 %
89,000 22.4 % Total 283,000 100.0 % 397,000
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
from us 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
28-Jun-14 4-Jul-15 Region
Asia Pacific Greater China 3,000 3.8 % 4,000 4.4 %
Southeast Asia Pacific 11,000 13.9 % 12,000 13.2 % North
Asia 5,000 6.4 % 9,000 9.9 % Asia Pacific
Total 19,000 24.1 % 25,000 27.5 % Americas and
Europe 60,000 75.9 % 66,000 72.5 % Total
79,000 100.0 % 91,000 100.0 % (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 from
us any time during the most recent three-month period.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150804006847/en/
USANA Health Sciences, Inc.Investors contact:Patrique Richards,
801-954-7961Investor
Relationsinvestor.relations@us.usana.comorMedia contact:Dan Macuga,
801-954-7280Public Relations
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