Attached files
| file | filename |
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| 8-K - FORM 8-K - NATURAL HEALTH TRENDS CORP | nhtc_8k-032712.htm |
Exhibit 99.1
NATURAL HEALTH TRENDS ANNOUNCES FINANCIAL RESULTS
DALLAS, TX, March 27, 2012 -- Natural Health Trends Corp. (OTCQB: NHTC) today announced its financial results for the quarter ended December 31, 2011. The Company reported sales of $8.2 million, up 33% over a year ago, and earnings per share of $0.04 for the quarter, compared to losses per share of $0.04 during the comparable period in 2010.
“Emphasis on leader training, services, incentives and promotions gives us strong momentum for 2012.” said Chris Sharng, president of Natural Health Trends. “Our management is working with our leaders to ensure they take advantage of these incredible opportunities.”
About Natural Health Trends Corp.
Natural Health Trends Corp. is an international direct-selling and e-commerce company operating through its subsidiaries throughout Asia, North America, and Europe. The company markets premium quality personal care products under the NHT Global brand. Additional information can be found on the company’s website, www.naturalhealthtrendscorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. Such risks and uncertainties include the risks and uncertainties detailed under the caption “Risk Factors” in our Annual Report on Form 10-K filed on March 27, 2012, with the Securities and Exchange Commission. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
NATURAL HEALTH TRENDS CORP.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
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December 31, 2010
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September 30, 2011
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December 31, 2011
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(Unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 648 | $ | 1,727 | $ | 1,617 | ||||||
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Restricted cash
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422 | 496 | 494 | |||||||||
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Accounts receivable
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105 | 91 | 93 | |||||||||
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Inventories, net
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751 | 1,105 | 1,089 | |||||||||
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Other current assets
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639 | 576 | 537 | |||||||||
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Total current assets
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2,565 | 3,995 | 3,830 | |||||||||
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Property and equipment, net
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203 | 131 | 68 | |||||||||
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Goodwill
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1,764 | 1,764 | 1,764 | |||||||||
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Intangible assets, net
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200 | – | – | |||||||||
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Restricted cash
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225 | 217 | 220 | |||||||||
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Other assets
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406 | 237 | 241 | |||||||||
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Total assets
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$ | 5,363 | $ | 6,344 | $ | 6,123 | ||||||
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LIABILITIES AND STOCKHOLDERS’ DEFICIT
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Current liabilities:
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Accounts payable
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$ | 3,115 | $ | 2,452 | $ | 2,208 | ||||||
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Income taxes payable
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330 | 325 | 11 | |||||||||
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Accrued distributor commissions
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723 | 1,031 | 1,177 | |||||||||
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Other accrued expenses
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1,792 | 1,086 | 1,471 | |||||||||
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Deferred revenue
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1,029 | 1,458 | 967 | |||||||||
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Deferred tax liability
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178 | 177 | 148 | |||||||||
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Advance from related party
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4 | 123 | – | |||||||||
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Other current liabilities
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1,013 | 1,046 | 950 | |||||||||
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Total liabilities
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8,184 | 7,698 | 6,932 | |||||||||
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Commitments and contingencies
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Stockholders’ deficit:
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Natural Health Trends stockholders’ deficit:
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Preferred stock
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124 | 124 | 124 | |||||||||
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Common stock
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11 | 11 | 11 | |||||||||
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Additional paid-in capital
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80,414 | 80,471 | 80,493 | |||||||||
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Accumulated deficit
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(83,643 | ) | (81,813 | ) | (81,338 | ) | ||||||
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Accumulated other comprehensive income (loss):
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Foreign currency translation adjustments
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366 | (39 | ) | (99 | ) | |||||||
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Total Natural Health Trends stockholders’ deficit
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(2,728 | ) | (1,246 | ) | (809 | ) | ||||||
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Noncontrolling interest
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(93 | ) | (108 | ) | – | |||||||
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Total stockholders’ deficit
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(2,821 | ) | (1,354 | ) | (809 | ) | ||||||
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Total liabilities and stockholders’ deficit
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$ | 5,363 | $ | 6,344 | $ | 6,123 | ||||||
NATURAL HEALTH TRENDS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
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Three Months Ended December 31,
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Year Ended December 31,
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2010
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2011
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2010
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2011
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(Unaudited)
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Net sales
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$ | 6,192 | $ | 8,217 | $ | 23,576 | $ | 31,162 | ||||||||
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Cost of sales
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1,894 | 2,130 | 6,969 | 8,172 | ||||||||||||
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Gross profit
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4,298 | 6,087 | 16,607 | 22,990 | ||||||||||||
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Operating expenses:
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Distributor commissions
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2,358 | 3,215 | 8,671 | 11,857 | ||||||||||||
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Selling, general and administrative expenses
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2,216 | 2,573 | 9,802 | 9,052 | ||||||||||||
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Depreciation and amortization
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246 | 17 | 1,213 | 298 | ||||||||||||
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Total operating expenses
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4,820 | 5,805 | 19,686 | 21,207 | ||||||||||||
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Income (loss) from operations
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(522 | ) | 282 | (3,079 | ) | 1,783 | ||||||||||
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Other income (expense), net:
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Gain (loss) on foreign exchange
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103 | (129 | ) | 524 | 226 | |||||||||||
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Interest income
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2 | 2 | 9 | 5 | ||||||||||||
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Interest expense
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(7 | ) | (2 | ) | (18 | ) | (16 | ) | ||||||||
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Other
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(1 | ) | 117 | 68 | 129 | |||||||||||
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Total other income (expense), net
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97 | (12 | ) | 583 | 344 | |||||||||||
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Income (loss) before income taxes
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(425 | ) | 270 | (2,496 | ) | 2,127 | ||||||||||
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Income tax benefit
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(39 | ) | (334 | ) | (27 | ) | (298 | ) | ||||||||
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Net income (loss)
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(386 | ) | 604 | (2,469 | ) | 2,425 | ||||||||||
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Net (income) loss attributable to the noncontrolling interest
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18 | (129 | ) | 21 | (120 | ) | ||||||||||
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Net income (loss) attributable to Natural Health Trends
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(368 | ) | 475 | (2,448 | ) | 2,305 | ||||||||||
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Preferred stock dividends
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(4 | ) | (4 | ) | (16 | ) | (16 | ) | ||||||||
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Net income (loss) attributable to common stockholders of Natural Health Trends
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$ | (372 | ) | $ | 471 | $ | (2,464 | ) | $ | 2,289 | ||||||
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Income (loss) per share of Natural Health Trends – basic and diluted
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$ | (0.04 | ) | $ | 0.04 | $ | (0.23 | ) | $ | 0.21 | ||||||
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Weighted-average number of shares outstanding – basic
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10,588 | 10,806 | 10,507 | 10,704 | ||||||||||||
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Weighted-average number of shares outstanding – diluted
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10,588 | 11,074 | 10,507 | 10,825 | ||||||||||||
Contact:
Natural Health Trends Corp.
investor.relations@nhtglobal.com
SOURCE: Natural Health Trends Corp.