- Third quarter net sales increased 21.5%
to $233.3 million
- Third quarter EPS increased 30.6% to
$1.92
- Number of active Associates increased
39.2% to 405,000
- Company increases EPS outlook for
2015
USANA Health Sciences, Inc. (NYSE: USNA) today announced record
financial results for its fiscal third quarter ended October 3,
2015.
Financial Performance
For the third quarter of 2015, net sales increased to $233.3
million, up 21.5% compared with $191.9 million in the prior-year
period. The increase in net sales was driven by 39.2% growth in the
number of active Associates and 15.6% growth in the number of
Preferred Customers. Fluctuations in currency exchange rates
negatively impacted net sales by $18.3 million year-over-year and
$7.3 million on a sequential quarter basis. Third quarter net sales
increased 31.1% year-over-year on a constant currency basis.
Net earnings for the third quarter increased by 31.3% to $25.6
million, compared with $19.5 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 and a higher effective tax
rate.
Earnings per diluted share for the third quarter increased 30.6%
to $1.92, compared with $1.47 in the prior year period. The
increase in earnings per share was attributable to higher net
earnings. Weighted average diluted shares outstanding were 13.3
million as of the end of the third quarter of 2015, and were
essentially unchanged compared with the prior-year period. During
the third quarter of 2015, the Company did not repurchase any
shares of common stock. The Company ended the third quarter with
$174.2 million in cash and cash equivalents, zero debt and $61.2
million remaining under the current share repurchase
authorization.
“We continued to see strong momentum in our business during the
third quarter and achieved our fourth consecutive quarter of
double-digit sales, earnings and customer growth,” said Dave Wentz,
USANA’s Co-CEO. “While currency fluctuations negatively impacted
our reported results, we generated strong local currency sales
growth in nearly all of our markets. Our results continue to be
driven by our strategies for customer growth, which is our highest
priority as we seek to improve the overall health and nutrition of
our customers around the world.”
Regional Results
Net sales in the Asia Pacific region increased by 29.1% to
$168.2 million, despite a negative impact of $11.8 million due to
the strengthening of the U.S. dollar. Southeast Asia Pacific
incurred 65% of the total impact of currency fluctuations. Sales
increased 45.5% in the Greater China region, 3.3% in the Southeast
Asia Pacific region, and 16.3% 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 double-digit customer growth in nearly every market
in the region. Finally, sales growth in North Asia was driven by
50% customer growth in South Korea. The number of active Associates
in the Asia Pacific region increased by 51.2% year-over-year, and
2.6% sequentially.
Net sales in the Americas/Europe region increased by 5.5% to
$65.1 million and were negatively impacted by $6.5 million due to
the strengthening of the U.S. dollar. Canada and Mexico each
generated double-digit customer and local currency sales growth in
the third quarter, compared with the prior year period. Both sales
and customer count improved modestly in the U.S.
“Our consistent growth reflects the demand for USANA’s
best-in-class products and rewarding business opportunity,” said
Kevin Guest, USANA’s Co-CEO. “During the quarter, we held our
annual International Convention in Salt Lake City where we
celebrated the achievements of our Associates with a record number
of attendees. During the fourth quarter, we will officially open
Indonesia, our 20th market, and hold our China National Meeting.
Mainland China continues to be a key driver of our growth and we
anticipate another amazing event with record attendance.”
Outlook
The Company provided the following updated consolidated net
sales and earnings per share outlook for 2015:
- Consolidated net sales between $915
million and $920 million, versus the previous outlook of between
$900 million and $920 million
- Earnings per share between $7.25 and
$7.35, versus the previous outlook of between $6.90 and $7.20
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,
November 4, 2015 at 11:00 AM 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 Nine Months Ended
27-Sep-14 3-Oct-15 27-Sep-14 3-Oct-15
Net sales $ 191,944 $ 233,292 $ 562,601 $ 685,914 Cost of
sales 34,585 41,048 103,278
119,501
Gross profit 157,359 192,244 459,323 566,413
Operating expenses Associate incentives 82,605 101,521 242,577
304,751 Selling, general and administrative 45,499
52,757 133,282 155,137
Earnings from
operations 29,255 37,966 83,464 106,525 Other income
(expense) (297 ) 441 125 523
Earnings before income taxes 28,958 38,407 83,589 107,048
Income taxes 9,460 12,798 28,253
36,343
NET EARNINGS $ 19,498 $ 25,609 $
55,336 $ 70,705 Earnings per share - diluted $ 1.47 $
1.92 $ 3.96 $ 5.35 Weighted average shares outstanding - diluted
13,263 13,317 13,964 13,209
USANA Health
Sciences, Inc. Consolidated Balance Sheets (In
thousands) (Unaudited)
As of As of
ASSETS 3-Jan-15 3-Oct-15 Current Assets Cash
and cash equivalents $ 111,126 $ 174,195 Inventories 45,248 61,580
Prepaid expenses and other current assets 34,553
34,049
Total current assets 190,927 269,824
Property and equipment, net 71,164 78,525 Goodwill 17,941 17,675
Intangible assets, net 40,952 39,506 Deferred income taxes 5,933
8,352 Other assets 23,667 25,046
Total
assets $ 350,584 $ 438,928
LIABILITIES
AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $
7,779 $ 9,498 Other current liabilities 100,926
104,967
Total current liabilities 108,705 114,465
Other long-term liabilities 1,114 1,044 Deferred income
taxes 10,601 10,030 Stockholders' equity 230,164
313,389
Total liabilities and stockholders'
equity $ 350,584 $ 438,928
USANA Health
Sciences, Inc. Sales by Region (Unaudited) (In
thousands)
Quarter
Ended 27-Sep-14 3-Oct-15 Change from prior
year Change on constant currency basis
Region
Asia Pacific Greater China $ 77,206 40.2 % $ 112,323
48.1 % 35,117 45.5 % 2,638 48.9 % Southeast Asia Pacific
44,488 23.2 % 45,936 19.7 % 1,448 3.3 % 7,735 20.6 % North
Asia 8,527 4.4 % 9,920 4.3 % 1,393 16.3 % 1,444 33.3
% Asia Pacific Total 130,221 67.8 % 168,179 72.1 % 37,958
29.1 % 11,817 38.2 % Americas and Europe 61,723 32.2
% 65,113 27.9 % 3,390 5.5 % 6,483 16.0 % Total $
191,944 100.0 % $ 233,292 100.0 % 41,348 21.5 % 18,300 31.1 %
Active Associates by Region (1)
(Unaudited)
As of 27-Sep-14 3-Oct-15
Region
Asia Pacific Greater China 129,000 44.3 % 218,000
53.8 % Southeast Asia Pacific 70,000 24.1 % 85,000 21.0 %
North Asia 10,000 3.4 % 13,000 3.2 %
Asia Pacific Total 209,000 71.8 % 316,000 78.0 % Americas
and Europe 82,000 28.2 % 89,000 22.0 % Total
291,000 100.0 % 405,000 100.0 % (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 27-Sep-14
3-Oct-15
Region
Asia Pacific Greater China 3,000 3.9 % 4,000 4.5 %
Southeast Asia Pacific 11,000 14.3 % 13,000 14.6 %
North Asia 6,000 7.8 % 9,000 10.1 % Asia
Pacific Total 20,000 26.0 % 26,000 29.2 % Americas and
Europe 57,000 74.0 % 63,000 70.8 % Total
77,000 100.0 % 89,000 100.0 % (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/20151103006810/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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