2014 Q2 Form 10-Q Financial Statement

#000084914614000027 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q4
Revenue $56.04M $55.06M $51.54M
YoY Change 8.79% 9.32% -3.56%
Cost Of Revenue $8.980M $8.459M $7.944M
YoY Change 23.18% 15.4% -9.72%
Gross Profit $47.06M $46.61M $43.59M
YoY Change 6.41% 7.14% 12.47%
Gross Profit Margin 83.97% 84.64% 84.59%
Selling, General & Admin $42.31M $15.38M $13.03M
YoY Change -0.82% -59.76% -64.87%
% of Gross Profit 89.91% 33.0% 29.89%
Research & Development $655.0K $584.0K
YoY Change -22.76% -21.29%
% of Gross Profit 1.41% 1.34%
Depreciation & Amortization $590.0K $530.0K $498.0K
YoY Change 22.92% 6.21% 12.42%
% of Gross Profit 1.25% 1.14% 1.14%
Operating Expenses $42.31M $42.14M $38.43M
YoY Change -3.8% 6.51% 0.4%
Operating Profit $4.746M $4.467M $5.166M
YoY Change 1861.16% 13.38% 960.78%
Interest Expense -$3.180M $1.160M $833.0K
YoY Change 278.57% -529.63% -251.45%
% of Operating Profit -67.0% 25.97% 16.12%
Other Income/Expense, Net $1.990M -$1.278M -$365.0K
YoY Change 468.57% -1147.54% 2181.25%
Pretax Income $3.560M $3.189M $4.801M
YoY Change -1524.0% -21.49% 919.32%
Income Tax $1.210M $695.0K $1.519M
% Of Pretax Income 33.99% 21.79% 31.64%
Net Earnings $2.351M $2.494M $3.282M
YoY Change -1391.76% -26.99% 1470.33%
Net Earnings / Revenue 4.2% 4.53% 6.37%
Basic Earnings Per Share $0.02 $0.02 $0.03
Diluted Earnings Per Share $0.02 $0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 103.7M shares 101.6M shares 105.8M shares
Diluted Shares Outstanding 106.6M shares 112.4M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.39M $35.68M $34.45M
YoY Change -22.47% 30.98% 21.0%
Cash & Equivalents $20.39M $35.68M $34.45M
Short-Term Investments
Other Short-Term Assets $4.760M $7.890M $7.050M
YoY Change -8.11% 9.13% 26.12%
Inventory $8.826M $8.576M $9.843M
Prepaid Expenses
Receivables $1.317M $2.606M $873.0K
Other Receivables $4.680M $1.510M $650.0K
Total Short-Term Assets $39.97M $56.26M $52.87M
YoY Change -12.99% 28.23% 19.24%
LONG-TERM ASSETS
Property, Plant & Equipment $6.941M $7.183M $5.279M
YoY Change 21.94% 21.21% -6.91%
Goodwill
YoY Change
Intangibles $2.014M
YoY Change 15.28%
Long-Term Investments
YoY Change
Other Assets $2.433M $3.021M $1.315M
YoY Change 77.07% 4.17% -56.31%
Total Long-Term Assets $14.03M $14.04M $10.53M
YoY Change 46.98% 32.43% 0.35%
TOTAL ASSETS
Total Short-Term Assets $39.97M $56.26M $52.87M
Total Long-Term Assets $14.03M $14.04M $10.53M
Total Assets $54.00M $70.30M $63.39M
YoY Change -2.68% 29.04% 15.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.854M $2.641M $2.805M
YoY Change -44.81% -42.69% -41.29%
Accrued Expenses $15.15M $17.96M $14.41M
YoY Change 3.63% 39.77% 18.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $4.700M $4.700M
YoY Change
Long-Term Debt Due $4.700M $4.700M $4.700M
YoY Change
Total Short-Term Liabilities $22.70M $25.31M $21.92M
YoY Change 10.39% 36.19% 16.98%
LONG-TERM LIABILITIES
Long-Term Debt $25.07M $41.13M $42.30M
YoY Change
Other Long-Term Liabilities $2.234M $2.243M $869.0K
YoY Change 129.6% 115.26% -17.86%
Total Long-Term Liabilities $27.31M $2.243M $869.0K
YoY Change 2706.47% 115.26% -17.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.70M $25.31M $21.92M
Total Long-Term Liabilities $27.31M $2.243M $869.0K
Total Liabilities $50.01M $67.58M $63.94M
YoY Change 132.18% 244.38% 223.02%
SHAREHOLDERS EQUITY
Retained Earnings -$111.2M -$110.6M -$113.1M
YoY Change 45.46% 49.32% 55.28%
Common Stock $115.3M $113.8M $113.1M
YoY Change 4.35% 4.43% 4.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.333M $2.727M -$548.0K
YoY Change
Total Liabilities & Shareholders Equity $54.00M $70.30M $63.39M
YoY Change -2.68% 29.04% 15.62%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income $2.351M $2.494M $3.282M
YoY Change -1391.76% -26.99% 1470.33%
Depreciation, Depletion And Amortization $590.0K $530.0K $498.0K
YoY Change 22.92% 6.21% 12.42%
Cash From Operating Activities $1.930M $3.260M $2.070M
YoY Change 227.12% -12.13% -61.95%
INVESTING ACTIVITIES
Capital Expenditures -$580.0K -$1.010M -$360.0K
YoY Change 28.89% 32.89% -84.35%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$580.0K -$1.010M -$360.0K
YoY Change 28.89% 32.89% -84.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.01M -1.090M 4.910M
YoY Change 1329.41% -73.35% 6914.29%
NET CHANGE
Cash From Operating Activities 1.930M 3.260M 2.070M
Cash From Investing Activities -580.0K -1.010M -360.0K
Cash From Financing Activities -17.01M -1.090M 4.910M
Net Change In Cash -15.66M 1.160M 6.620M
YoY Change 1391.43% -201.75% 106.23%
FREE CASH FLOW
Cash From Operating Activities $1.930M $3.260M $2.070M
Capital Expenditures -$580.0K -$1.010M -$360.0K
Free Cash Flow $2.510M $4.270M $2.430M
YoY Change 141.35% -4.47% -68.6%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-bottom:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is occasionally involved in lawsuits and disputes arising in the normal course of business. In the opinion of management, based upon advice of counsel, the likelihood of an adverse outcome in any litigation currently pending against the Company is remote. As such, management currently believes that the ultimate outcome of these lawsuits will not have a material impact on the Company's financial position or results of operations.</font></div></div>
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us-gaap Net Income Loss
NetIncomeLoss
7790000 USD
us-gaap Net Income Loss
NetIncomeLoss
9032000 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
1386000 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
376000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1605000 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1278000 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
39561000 USD
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
122000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-426000 USD
us-gaap Operating Expenses
OperatingExpenses
115488000 USD
us-gaap Operating Expenses
OperatingExpenses
119015000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
42138000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
11825000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3940000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
14703000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4467000 USD
CY2014Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8369000 USD
CY2013Q2 us-gaap Other Accrued Liabilities Current
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7831000 USD
CY2013Q2 us-gaap Other Assets Noncurrent
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1374000 USD
CY2014Q1 us-gaap Other Assets Noncurrent
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3021000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-24000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-87000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
103000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-363000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-87000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
103000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-24000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-363000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2243000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
973000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1605000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1278000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-426000 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
122000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43170000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4893000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5000000 USD
CY2013Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1511000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1671000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4625000 USD
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2066000 USD
CY2013Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4999000 USD
CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2294000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1239000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
45825000 USD
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
4155000 USD
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7183000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5692000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1175000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2105000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1546000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
655000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
848000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110593000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-76476000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
157930000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
156667000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
50370000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
55064000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2169000 USD
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
29844000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
92510000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
88976000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
32483000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1635000 USD
CY2013Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2014Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
4700000 USD
CY2013Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
5000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
43170000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
2727000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
33945000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management has made a number of estimates and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ from those estimates.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113717000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124985000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125371000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106578000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112203000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107385000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101594000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112806000 shares
CY2014Q1 lfvn Common Shares Issuable Upon Exercise Of Options Granted
CommonSharesIssuableUponExerciseOfOptionsGranted
700000 shares
lfvn Common Shares Issuable Upon Exercise Of Options Granted
CommonSharesIssuableUponExerciseOfOptionsGranted
200000 shares
CY2013Q1 lfvn Common Shares Issuable Upon Exercise Of Options Granted
CommonSharesIssuableUponExerciseOfOptionsGranted
700000 shares
CY2014Q1 lfvn Debt Instrument Restrictive Covenants Foreign Cash Limit
DebtInstrumentRestrictiveCovenantsForeignCashLimit
5500000 USD
lfvn Money Back Guarantee Period
MoneyBackGuaranteePeriod
P30D
lfvn Number Of Geographic Segments
NumberOfGeographicSegments
2 Segment
CY2013Q4 lfvn Paymentsfor Repurchaseof Common Stock Transaction Costs
PaymentsforRepurchaseofCommonStockTransactionCosts
300000 USD
CY2014Q1 lfvn Percentof Restocking Fee
PercentofRestockingFee
0.1
CY2014Q1 lfvn Reserve For Sales Returns
ReserveForSalesReturns
600000 USD
CY2013Q2 lfvn Reserve For Sales Returns
ReserveForSalesReturns
600000 USD
CY2014Q1 lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
103000 USD
lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
125000 USD
CY2014Q1 lfvn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
400000 shares
lfvn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
4700000 shares
lfvn Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
1239000 USD
lfvn Stock Options
StockOptions
4586000 shares
lfvn Stock Options
StockOptions
2929000 shares
CY2014Q1 lfvn Stock Options
StockOptions
1974000 shares
CY2013Q1 lfvn Stock Options
StockOptions
3802000 shares
lfvn Warrant Issued
WarrantIssued
3403000 shares
CY2014Q1 lfvn Warrant Issued
WarrantIssued
3010000 shares
lfvn Warrant Issued
WarrantIssued
8582000 shares
CY2013Q1 lfvn Warrant Issued
WarrantIssued
8377000 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000849146
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
103701792 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
LIFEVANTAGE CORPORATION
dei Trading Symbol
TradingSymbol
LFVN

Files In Submission

Name View Source Status
0000849146-14-000027-index-headers.html Edgar Link pending
0000849146-14-000027-index.html Edgar Link pending
0000849146-14-000027.txt Edgar Link pending
0000849146-14-000027-xbrl.zip Edgar Link pending
dlimanufacturingagreement.htm Edgar Link pending
drobinsonemploymentagreeme.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
firstamendmentlease.htm Edgar Link pending
lfvn-20140331.xml Edgar Link completed
lfvn-20140331.xsd Edgar Link pending
lfvn-20140331_cal.xml Edgar Link unprocessable
lfvn-20140331_def.xml Edgar Link unprocessable
lfvn-20140331_lab.xml Edgar Link unprocessable
lfvn-20140331_pre.xml Edgar Link unprocessable
lfvn_033114x10q.htm Edgar Link pending
lfvn_033114xex311.htm Edgar Link pending
lfvn_033114xex312.htm Edgar Link pending
lfvn_033114xex321.htm Edgar Link pending
lfvn_033114xex322.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending