$LFVN
Lifevantage Corp

2012 Q4 Form 10-Q Financial Statement

#000119312513043470 Filed on February 07, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2011 Q4
Revenue $53.44M $25.28M
YoY Change 111.35% 238.93%
Cost Of Revenue $8.799M $3.680M
YoY Change 139.1% 209.24%
Gross Profit $38.76M $21.60M
YoY Change 79.41% 244.56%
Gross Profit Margin 72.53% 85.45%
Selling, General & Admin $37.09M $16.91M
YoY Change 119.29% 206.39%
% of Gross Profit 95.69% 78.29%
Research & Development $742.0K $312.0K
YoY Change 137.82% 246.67%
% of Gross Profit 1.91% 1.44%
Depreciation & Amortization $443.0K $97.00K
YoY Change 356.7% 94.0%
% of Gross Profit 1.14% 0.45%
Operating Expenses $38.27M $17.32M
YoY Change 120.95% 206.04%
Operating Profit $487.0K $4.282M
YoY Change -88.63% 601.97%
Interest Expense -$550.0K $3.140M
YoY Change -117.52% -36.31%
% of Operating Profit -112.94% 73.33%
Other Income/Expense, Net -$16.00K $3.168M
YoY Change -100.51%
Pretax Income $471.0K $7.450M
YoY Change -93.68% 34.48%
Income Tax $262.0K -$1.309M
% Of Pretax Income 55.63% -17.57%
Net Earnings $209.0K $8.759M
YoY Change -97.61% 60.72%
Net Earnings / Revenue 0.39% 34.64%
Basic Earnings Per Share $0.00 $0.09
Diluted Earnings Per Share $0.00 $0.05
COMMON SHARES
Basic Shares Outstanding 113.4M shares 99.41M shares
Diluted Shares Outstanding 127.1M shares 121.2M shares

Balance Sheet

Concept 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.47M $13.46M
YoY Change 111.52% 342.76%
Cash & Equivalents $28.47M $13.46M
Short-Term Investments $0.00
Other Short-Term Assets $5.590M $3.630M
YoY Change 53.99% 1110.0%
Inventory $9.552M $3.030M
Prepaid Expenses
Receivables $728.0K $760.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $44.34M $20.88M
YoY Change 112.35% 340.51%
LONG-TERM ASSETS
Property, Plant & Equipment $5.671M $1.150M
YoY Change 393.13% 475.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.010M $710.0K
YoY Change 323.94% 69.05%
Total Long-Term Assets $10.49M $3.790M
YoY Change 176.78% 40.89%
TOTAL ASSETS
Total Short-Term Assets $44.34M $20.88M
Total Long-Term Assets $10.49M $3.790M
Total Assets $54.83M $24.67M
YoY Change 122.25% 232.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.778M $1.680M
YoY Change 184.4% 136.62%
Accrued Expenses $12.11M $5.890M
YoY Change 105.6% 193.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $430.0K
YoY Change -100.0% -6.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.74M $15.30M
YoY Change 22.46% 175.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $20.00K
YoY Change -100.0% -75.0%
Other Long-Term Liabilities $1.058M $10.00K
YoY Change 10480.0% -99.84%
Total Long-Term Liabilities $1.058M $30.00K
YoY Change 3426.67% -99.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.74M $15.30M
Total Long-Term Liabilities $1.058M $30.00K
Total Liabilities $19.80M $15.33M
YoY Change 29.13% 27.64%
SHAREHOLDERS EQUITY
Retained Earnings -$72.83M
YoY Change
Common Stock $107.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.03M $9.330M
YoY Change
Total Liabilities & Shareholders Equity $54.83M $24.67M
YoY Change 122.25% 232.03%

Cashflow Statement

Concept 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income $209.0K $8.759M
YoY Change -97.61% 60.72%
Depreciation, Depletion And Amortization $443.0K $97.00K
YoY Change 356.7% 94.0%
Cash From Operating Activities $5.440M $4.700M
YoY Change 15.74% 900.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.300M -$680.0K
YoY Change 238.24% 1260.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $350.0K
YoY Change -100.0% 600.0%
Cash From Investing Activities -$2.300M -$330.0K
YoY Change 596.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K -360.0K
YoY Change -119.44%
NET CHANGE
Cash From Operating Activities 5.440M 4.700M
Cash From Investing Activities -2.300M -330.0K
Cash From Financing Activities 70.00K -360.0K
Net Change In Cash 3.210M 4.010M
YoY Change -19.95% 753.19%
FREE CASH FLOW
Cash From Operating Activities $5.440M $4.700M
Capital Expenditures -$2.300M -$680.0K
Free Cash Flow $7.740M $5.380M
YoY Change 43.87% 934.62%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
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LIFEVANTAGE CORPORATION
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Credit Risk</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company discloses significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments. At December&#xA0;31, 2012, the Company had $18.4 million in cash accounts that were held primarily at one financial institution and $10.0 million in an account at another financial institution. As of December&#xA0;31 and June&#xA0;30, 2012 the Company&#x2019;s cash balances exceeded federally insured limits.</font></p> </div>
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Note 5 &#x2014; Contingencies</b></font></p> <p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">During the three months ended December 31, 2012 the Company initiated a voluntary recall of specific lots of Protandim<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#xAE;</sup></font>.&#xA0;As of December 31, 2012 the Company has recorded $5.9 million in costs related to the recall, including an accrual for approximately $1.8 million for estimated future product replacement costs with a total estimated maximum exposure of approximately $7.3 million.&#xA0;The costs recorded for the recall do not include the net effect of any potential cost recoveries from insurance or other third parties.</font></p> </div>
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
116000 shares
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
4162000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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></p> </div>
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1126000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1163000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6363000
lfvn Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
1501000
lfvn Stock Options
StockOptions
5026000 shares
lfvn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
3120571 shares
lfvn Increase Decrease In Other Long Term Liabilities
IncreaseDecreaseInOtherLongTermLiabilities
423000
lfvn Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease Excluding Sale Of Subsidiary Amount
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecreaseExcludingSaleOfSubsidiaryAmount
63000
lfvn Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Stock Shares Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndRestrictedStockSharesGrantsInPeriod
698266 shares
lfvn Issuance Of Common Stock And Warrants
IssuanceOfCommonStockAndWarrants
1501000
lfvn Warrant Issued
WarrantIssued
8862000 shares
lfvn Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Excluding Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseExcludingNoncontrollingInterest
63000
CY2011Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
26000
CY2011Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
97000
CY2011Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
312000
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99409000 shares
CY2011Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7450000
CY2011Q4 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
3142000
CY2011Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13878000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
4282000
CY2011Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3680000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
8759000
CY2011Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3168000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2011Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3035000
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121231000 shares
CY2011Q4 us-gaap Gross Profit
GrossProfit
21604000
CY2011Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
218000
CY2011Q4 us-gaap Operating Expenses
OperatingExpenses
17322000
CY2011Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1309000
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
25284000
CY2011Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
8767000
CY2011Q4 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
3100000
CY2011Q4 lfvn Stock Options
StockOptions
5033000 shares
CY2011Q4 lfvn Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease Excluding Sale Of Subsidiary Amount
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecreaseExcludingSaleOfSubsidiaryAmount
8000
CY2011Q4 lfvn Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Stock Shares Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndRestrictedStockSharesGrantsInPeriod
24500 shares
CY2011Q4 lfvn Warrant Issued
WarrantIssued
16789000 shares
CY2011Q4 lfvn Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Excluding Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseExcludingNoncontrollingInterest
8000
CY2012Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-16000
CY2012Q4 us-gaap Sales Returns Goods
SalesReturnsGoods
5879000
CY2012Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
464366 shares
CY2012Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
443000
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
742000
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113449000 shares
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
471000
CY2012Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
29593000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
487000
CY2012Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8799000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
209000
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7495000
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127131000 shares
CY2012Q4 us-gaap Gross Profit
GrossProfit
38760000
CY2012Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
562000
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
38273000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
262000
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
53438000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
277000
CY2012Q4 lfvn Stock Options
StockOptions
4936000 shares
CY2012Q4 lfvn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
542645 shares
CY2012Q4 lfvn Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Stock Shares Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndRestrictedStockSharesGrantsInPeriod
464366 shares
CY2012Q4 lfvn Warrant Issued
WarrantIssued
8746000 shares
CY2012Q4 lfvn Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease Excluding Sale Of Subsidiary Amount
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecreaseExcludingSaleOfSubsidiaryAmount
68000
CY2012Q4 lfvn Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Excluding Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseExcludingNoncontrollingInterest
68000

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