$LFVN
Lifevantage Corp

2015 Q4 Form 10-Q Financial Statement

#000084914616000152 Filed on February 09, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $52.00M $48.25M
YoY Change 7.77% -6.39%
Cost Of Revenue $7.842M $7.486M
YoY Change 4.76% -5.77%
Gross Profit $44.15M $40.76M
YoY Change 8.32% -6.5%
Gross Profit Margin 84.92% 84.48%
Selling, General & Admin $13.82M $14.48M
YoY Change -4.5% 11.11%
% of Gross Profit 31.31% 35.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $580.0K
YoY Change -22.41% 16.47%
% of Gross Profit 1.02% 1.42%
Operating Expenses $41.12M $37.67M
YoY Change 9.16% -1.97%
Operating Profit $3.032M $3.090M
YoY Change -1.88% -40.19%
Interest Expense $619.0K $785.0K
YoY Change -21.15% -5.76%
% of Operating Profit 20.42% 25.4%
Other Income/Expense, Net -$613.0K -$1.031M
YoY Change -40.54% 182.47%
Pretax Income $2.419M $2.059M
YoY Change 17.48% -57.11%
Income Tax $819.0K $587.0K
% Of Pretax Income 33.86% 28.51%
Net Earnings $1.600M $1.472M
YoY Change 8.7% -55.15%
Net Earnings / Revenue 3.08% 3.05%
Basic Earnings Per Share $0.12 $0.11
Diluted Earnings Per Share $0.11 $0.10
COMMON SHARES
Basic Shares Outstanding 13.72M shares 13.96M shares
Diluted Shares Outstanding 14.02M shares 14.39M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.82M $18.65M
YoY Change -15.17% -45.86%
Cash & Equivalents $15.82M $18.65M
Short-Term Investments
Other Short-Term Assets $6.110M $4.450M
YoY Change 37.3% -36.88%
Inventory $10.62M $12.10M
Prepaid Expenses
Receivables $1.738M $1.106M
Other Receivables $2.200M $2.320M
Total Short-Term Assets $36.48M $38.62M
YoY Change -5.53% -26.95%
LONG-TERM ASSETS
Property, Plant & Equipment $5.180M $6.533M
YoY Change -20.71% 23.75%
Goodwill
YoY Change
Intangibles $1.812M $1.946M
YoY Change -6.89%
Long-Term Investments
YoY Change
Other Assets $1.223M $1.443M
YoY Change -15.25% 9.73%
Total Long-Term Assets $8.444M $12.44M
YoY Change -32.1% 18.13%
TOTAL ASSETS
Total Short-Term Assets $36.48M $38.62M
Total Long-Term Assets $8.444M $12.44M
Total Assets $44.93M $51.05M
YoY Change -12.0% -19.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.857M $4.002M
YoY Change 46.35% 42.67%
Accrued Expenses $16.74M $12.85M
YoY Change 30.27% -10.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $12.23M $4.700M
YoY Change 160.19% 0.0%
Total Short-Term Liabilities $34.82M $21.56M
YoY Change 61.55% -1.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.039M $22.82M
YoY Change -95.45% -46.05%
Other Long-Term Liabilities $2.055M $2.131M
YoY Change -3.57% 145.22%
Total Long-Term Liabilities $3.094M $24.95M
YoY Change -87.6% 2771.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.82M $21.56M
Total Long-Term Liabilities $3.094M $24.95M
Total Liabilities $37.92M $46.51M
YoY Change -18.47% -27.27%
SHAREHOLDERS EQUITY
Retained Earnings -$111.4M -$111.7M
YoY Change -0.2% -1.26%
Common Stock $118.7M $116.4M
YoY Change 1.95% 2.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.009M $4.547M
YoY Change
Total Liabilities & Shareholders Equity $44.93M $51.05M
YoY Change -12.0% -19.47%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $1.600M $1.472M
YoY Change 8.7% -55.15%
Depreciation, Depletion And Amortization $450.0K $580.0K
YoY Change -22.41% 16.47%
Cash From Operating Activities $5.670M $2.910M
YoY Change 94.85% 40.58%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$620.0K
YoY Change -46.77% 72.22%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$330.0K -$620.0K
YoY Change -46.77% 72.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.180M -5.620M
YoY Change -43.42% -214.46%
NET CHANGE
Cash From Operating Activities 5.670M 2.910M
Cash From Investing Activities -330.0K -620.0K
Cash From Financing Activities -3.180M -5.620M
Net Change In Cash 2.160M -3.330M
YoY Change -164.86% -150.3%
FREE CASH FLOW
Cash From Operating Activities $5.670M $2.910M
Capital Expenditures -$330.0K -$620.0K
Free Cash Flow $6.000M $3.530M
YoY Change 69.97% 45.27%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
6188000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
1600000 USD
us-gaap Net Income Loss
NetIncomeLoss
2666000 USD
CY2014Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1031000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1636000 USD
CY2015Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-613000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1578000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
37671000 USD
us-gaap Operating Expenses
OperatingExpenses
75860000 USD
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
41121000 USD
us-gaap Operating Expenses
OperatingExpenses
76827000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
3090000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
10855000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
3032000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5703000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5600000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9005000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1433000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1223000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-136000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-79000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
26000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-136000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-79000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
26000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2063000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2055000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2014Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-246000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-43000 USD
CY2015Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-210000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6610000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
863000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
333000 USD
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2995000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5016000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
196000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
84000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5759000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5180000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2350000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6813000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1200000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
500000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-114095000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-111429000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
48247000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
99880000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
51995000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
97347000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14476000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28091000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13824000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27487000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
969000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
580000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
489000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
3325000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
7009000 USD
CY2015Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1429
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14388000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14523000 shares
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14016000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13952000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13956000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14089000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13718000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13714000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-bottom:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments.</font></div></div>
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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;">Commitments and 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;">From time to time, the Company is involved in lawsuits and disputes arising in the normal course of business. The Company regularly reviews all pending litigation matters in which it is involved and establishes accruals deemed appropriate by management for these litigation matters when a probable loss estimate can be made. In the opinion of management, the amounts accrued for as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are appropriate based on the probable outcome of currently pending matters.</font></div></div>
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:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We prepare our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (GAAP). In preparing these statements, we are required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, we review our estimates, including those related to inventory obsolescence, sales returns, income taxes and tax valuation reserves, share-based compensation, and loss contingencies.</font></div></div>

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