- First quarter net sales increased by
9.6% to a record $240.4 million, up 16.1% based on constant
currency
- First quarter EPS increased by 18.0% to
$1.77
- Number of active Associates increased
by 16.2% to 437,000
- Company reiterates 2016 Outlook
USANA Health Sciences, Inc. (NYSE: USNA) today announced
financial results for its fiscal first quarter ended April 2,
2016.
Financial Performance
For the first quarter of 2016, net sales increased to a record
$240.4 million, up 9.6%, compared with $219.4 million in the
prior-year period. A stronger U.S. dollar negatively impacted net
sales by $14.2 million in the first quarter of 2016. On a constant
currency basis, net sales increased by 16.1%. The Company delivered
this growth notwithstanding a challenging prior year comparable due
to (i) incremental sales during the first quarter of 2015 from a
significant incentive that was offered during that period but was
not offered again in the first quarter of 2016, and (ii)
incremental sales during the first quarter of 2015 ahead of price
increases in China, which did not occur again in the first quarter
of 2016. Net sales growth for the first quarter of 2016 was driven
by 16.2% growth in the number of active Associates and 9.3% growth
in the number of Preferred Customers.
Net earnings for the first quarter increased by 13.3% to $22.3
million, compared with $19.7 million during the prior-year period.
The increase in net earnings was driven by higher net sales, lower
relative Associate Incentives expense, and a lower effective tax
rate, which were partially offset by higher selling, general and
administrative expense as well as modestly lower gross margins. The
150 basis point decrease in Associate Incentives expense is the
result of a short-term incentive that the Company offered during
the first quarter of 2015 but did not offer again during the
current-year quarter. The 190 basis point decrease in the effective
tax rate is due to the Company’s early adoption of Accounting
Standards Update 2016-09 (Topic 718) - Improvements to Employee
Share-Based Payment Accounting. As a result of adopting this
standard, the Company recognized (i) modestly higher equity
compensation expense, (ii) a higher diluted share count, and (iii)
a lower effective tax rate for the current-year quarter. While the
adoption of this pronouncement increased net earnings by
approximately $300,000 for the first quarter of 2016, the resulting
higher diluted share count offset this increase and earnings per
share remained unaffected.
Earnings per diluted share for the first quarter increased by
18.0% to $1.77, compared with $1.50 in the prior year period. This
increase in earnings per share is the result of higher net earnings
and a lower number of diluted shares outstanding due to the
Company’s share repurchases over the last six months. Weighted
average diluted shares outstanding were 12.6 million as of the end
of the first quarter of 2016, compared with 13.1 million in the
prior-year period. During the first quarter of 2016, the Company
repurchased 553,082 shares of common stock for a total investment
of $64.6 million.
The Company ended the quarter with $150.5 million in cash and
cash equivalents. As of April 2, 2016, there was $35.4 million
remaining under the current share repurchase authorization and a
balance of $66 million on the company’s line of credit.
“USANA delivered solid performance in the first quarter,
notwithstanding the continued impact of a stronger U.S. dollar and
a tough prior year comparable,” said Dave Wentz, USANA’s co-CEO.
“Our consistent sales and customer growth reflect the demand from
our customers around the world for USANA’s high quality products
and business opportunity.”
Regional Results
Net sales in the Asia Pacific region increased by 13.2% to
$176.4 million, despite a negative $10.3 million impact from a
stronger U.S. dollar. Within Asia Pacific, net sales:
- Increased by 15.5% in Greater China
(20.8% on a constant currency basis);
- Increased by 14.4% in the North Asia
region (23.2% on a constant currency basis); and
- Increased by 7.8% in the Southeast Asia
Pacific region (16.9% on a constant currency basis).
Sales growth in Greater China was driven by 23.6% Associate
growth in Mainland China, while sales growth in North Asia resulted
from 30.0% Associate growth in South Korea. Sales growth in
Southeast Asia Pacific was due to strong Associate growth in
several markets in the region. Indonesia also provided a solid
contribution of new Associates to the region for its first full
quarter of operations. The total number of active Associates in the
Asia Pacific region increased by 20.0% year-over-year and 3.8%
sequentially.
Net sales in the Americas/Europe region were essentially flat at
$64.0 million, compared to the prior year period. On a constant
currency basis, net sales in this region increased by 7.1%
year-over-year. Canada and Mexico, two standout markets, generated
local currency sales growth of 22.1% and 16.9%, respectively. Both
of these markets also reported strong year-over-year Associate
growth.
“We continue to see local currency sales and customer growth in
most of our markets around the world and expect this momentum to
continue during 2016,” said Kevin Guest, USANA’s co-CEO. “We are
also continuing to execute our 2016 initiatives, which include
announcing and launching several new, personalized products later
this year. We are excited about these products and believe they
will keep USANA at the forefront of nutritional
supplementation.”
Outlook
The Company reiterated its consolidated net sales and earnings
per share outlook for 2016, which projects:
- Consolidated net sales between $1.02
billion and $1.05 billion
- Earnings per share between $7.60 and
$8.15
Paul Jones, Chief Financial Officer, commented, “We are
reiterating our outlook for 2016, which reflects the ongoing
strength of our underlying business and the necessary investments
that we communicated at the beginning of the year. We continue to
believe that we are well positioned to deliver the growth we have
projected for the year while making these investments in our
business.”
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, May 4,
2016 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, Colombia and Indonesia. 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
4-Apr-15 2-Apr-16 Net sales $
219,378 $ 240,449 Cost of sales 38,364 42,920
Gross profit 181,014 197,529 Operating expenses
Associate incentives 101,353 107,394 Selling, general and
administrative 49,875 56,631
Earnings from operations 29,786 33,504 Other income
(expense) 168 (496 )
Earnings before income
taxes 29,954 33,008 Income taxes 10,274
10,709
NET EARNINGS $ 19,680 $ 22,299
Earnings per share - diluted $ 1.50 $ 1.77 Weighted
average shares outstanding - diluted 13,085 12,591
USANA Health Sciences, Inc. Consolidated Balance
Sheets (In thousands) (Unaudited)
As of As
of ASSETS 2-Jan-16 2-Apr-16 Current Assets
Cash and cash equivalents $ 143,210 $ 150,501 Inventories 66,119
67,554 Prepaid expenses and other current assets 34,935
25,349
Total current assets 244,264 243,404
Property and equipment, net 87,982 94,606 Goodwill 17,432
17,460 Intangible assets, net 38,269 37,984 Deferred income taxes
9,844 13,812 Other assets 25,446 24,461
Total assets $ 423,237 $ 431,727
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities
Accounts payable $ 10,043 $ 7,992 Other current liabilities
121,369 104,758
Total current liabilities
131,412 112,750 Line of credit- long term - 66,000 Other
long-term liabilities 1,151 1,189 Deferred income taxes 9,822 6,874
Stockholders' equity 280,852 244,914
Total liabilities and stockholders' equity $ 423,237 $
431,727
USANA Health Sciences, Inc.
Sales by Region (Unaudited) (In thousands)
Quarter Ended
4-Apr-15 2-Apr-16
Change fromPrior Year
CurrencyImpact
% Change ExcludingCurrency
Impact
Region
Asia Pacific
Greater China $ 101,286 46.2 % $ 116,998 48.7 % $ 15,712 15.5 % $
(5,328 ) 20.8 % Southeast Asia Pacific 45,339 20.7 % 48,861
20.3 % 3,522 7.8 % (4,131 ) 16.9 % North Asia 9,229
4.2 % 10,560 4.4 % 1,331 14.4 % (809 ) 23.2 %
Asia Pacific Total 155,854 71.1 % 176,419 73.4 % 20,565 13.2
% (10,268 ) 19.8 % Americas and Europe 63,524 28.9 %
64,030 26.6 % 506 0.8 % (3,980 ) 7.1 %
Total $ 219,378 100.0 % $ 240,449 100.0 % $ 21,071 9.6 % $ (14,248
) 16.1 %
Active Associates by Region
(1) (Unaudited)
As of 4-Apr-15
2-Apr-16
Region
Asia Pacific Greater China 201,000 53.4 % 245,000
56.1 % Southeast Asia Pacific 77,000 20.5 % 88,000 20.1 %
North Asia 12,000 3.2 % 15,000 3.4 %
Asia Pacific Total 290,000 77.1 % 348,000 79.6 % Americas
and Europe 86,000 22.9 % 89,000 20.4 % Total
376,000 100.0 % 437,000 100.0 %
(1) Associates are independent
distributors of our products who also purchase our products for
theirpersonal use. We only count as active those Associates who
have purchased from us any time duringthe most recent three-month
period, either for personal use or for resale.
Active Preferred Customers by Region
(2) (Unaudited)
As of 4-Apr-15
2-Apr-16
Region
Asia Pacific Greater China 4,000 4.6 % 5,000 5.3 %
Southeast Asia Pacific 12,000 14.0 % 13,000 13.9 %
North Asia 7,000 8.1 % 10,000 10.6 % Asia
Pacific Total 23,000 26.7 % 28,000 29.8 % Americas and
Europe 63,000 73.3 % 66,000 70.2 % Total
86,000 100.0 % 94,000 100.0 %
(2) Preferred Customers purchase our
products strictly for their personal use and are not permittedto
resell or to distribute the products. We only count as active those
Preferred Customers who havepurchased from us any time during the
most recent three-month period.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160503006943/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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