LifeVantage Announces Unaudited 1st Quarter Fiscal 2010 Financial and Operating Results

by louabbott on November 13, 2009

Lifevantage, a new in the MLM business model as of January 2009…

…announced their latest quarter financial results. While still struggling to become profitable, revenues are increasing:

SAN DIEGO, Nov. 12  — LifeVantage Corporation … the maker of Protandim® and TrueScience(TM) Anti-Aging Cream, science-based solutions to oxidative stress, announced today unaudited first quarter fiscal 2010 financial and operating results.

The Company recorded net revenue of approximately $1.9 million for the three month period ended September 30, 2009. For the three month period ended September 30, 2008, the Company recorded net revenue of approximately $1.3 million which included recognition of previously deferred retail revenue of approximately $0.5 million. The growth in revenue is due to an increase in sales attributable to the Company’s on-going expansion into the network marketing distribution model.

Total operating expenses for the three months ended September 30, 2009 decreased by approximately 25% from total operating expenses of approximately $6.1 million for the three months ended June 30, 2009. This decline is primarily attributable to reductions of approximately 80% in total legal expenses. For the three months ended September 30, 2009, legal expenses decreased approximately $1.0 million and other operating expenses decreased by approximately $0.5 million compared to the previous quarter. These decreases are directly attributable to the Company’s efforts to reduce expenses and the reduced activity in litigation in which the Company has been a party.

The Company recorded net income for the three months ended September 30, 2009 of approximately $1.1 million, or $0.02 per share. The Company reported a change in its derivative warrant liability of approximately $4.3 million during the three months ended September 30, 2009. As adjusted to exclude the change in fair value of the derivative warrant liability, the Company would have incurred a net loss of approximately $3.1 million. Adjusted net income is a non-GAAP measure, which management believes facilitates a better understanding of the results of the Company’s results of operation. Adjusted net income is reconciled to net income in the table presented later in this press release. During the three months ended September 30, 2008, the Company reported a net loss of approximately $0.1 million, or 0.01 per share.

Conference Call Information

The Company will hold a conference call on Wednesday, November 18th, 2009 at 1:30pm Pacific time (4:30pm Eastern time) to discuss first fiscal quarter 2010 financial and operating results and provide an update on its business. David W. Brown, President & Chief Executive Officer, is scheduled to lead the call and will be joined by Carrie E. Carlander, Chief Financial Officer.

The conference call may be accessed by dialing (888) 525-6276 for domestic callers and entering the pass code 2970246. The webcast will be available live via the Internet by accessing the Investors section of LifeVantage’s website at http://www.lifevantage.com/investor-profile.aspx. Replays of the webcast will be available on LifeVantage’s website for 30 days and a phone replay will be available through November 23rd, 2009 by dialing (888) 203-1112 and entering the pass code 2970246.

Full article availble from Money.cnn.com

Also, read or comment on our overview, Lifevantage Facts, News, and Reviews

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