SAN DIEGO, Feb. 16 LifeVantage Corporation (OTC Bulletin Board: LFVN), the maker of science-based solutions to oxidative stress, announced today unaudited second quarter fiscal 2010 financial and operating results.
The Company recorded an increase of over 30% in net revenue over the first fiscal quarter of 2010, or approximately $2.5 million for the three month period ended December 31, 2009. For the three month period ended December 30, 2008, the Company recorded net revenue of approximately $578,000. The continued growth in revenue is due to the Company's on-going expansion into the network marketing distribution model. The company also recorded approximately $2,044,000 of gross profit, maintaining its 83% gross margin from the first fiscal quarter 2010.
Total operating expenses for the three months ended December 31, 2009 were approximately $4.7 million as compared to operating expenses of approximately $4.6 million for the three months ended September 30, 2009. This slight increase is primarily attributable to the final settlement of the Zrii LLC litigation totaling $400,000, as well as anticipated increases in distributor compensation associated with increases in net revenue over the fiscal quarter, offset by approximately $530,000 of net reductions in sales and marketing, and general and administrative expenses. The Company recorded a net loss for the three months ended December 31, 2009 of approximately $681,000, or $0.01 per share, which included other income of approximately $1,999,000, primarily as the result of the change in fair value of the derivative warrant liability during the three months ended December 31, 2009 of approximately $2,741,000.
Conference Call Information
The Company will hold a conference call on March 2, 2010 at 1:30pm Pacific time (4:30pm Eastern time) to discuss second 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 800-580-4832 for domestic callers and entering the pass code 5852482. 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 March 7th, 2010 by dialing 888-203-1112 and entering the pass code 5852482.
About LifeVantage Corporation
LifeVantage Corporation is a publicly traded (OTCBB: LFVN), science-based, nutraceutical company dedicated to helping people reach their health and wellness goals. Founded in 2003 and based in San Diego, CA, LifeVantage develops products, including Protandim®, that are intended to deliver significant health benefits to consumers. For more information, visit www.LifeVantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements.