August 03, 2011
Financial News, August 2011
Immunotec Inc. (IMM—TSX VENTURE), a Canadian-based wellness company, reported financial results for the second quarter of fiscal year 2011.
Second quarter network sales reached US$9.3 million, an increase of 4.6 percent compared to the previous year. Total consolidated revenues increased by 8.6 percent, reaching US$11.1 million in 2011 versus US$10.3 million in 2010.
Second quarter selected expenses defined as administrative, marketing and selling, quality and development costs, reached US$2.9 million, an increase of 11 percent over the previous year as a result of continued modernization efforts and new tools deployed to the field during the quarter.
Net earnings and comprehensive income totaled US$201,000 for the quarter ending April 30, compared to earnings of US$202,000 for 2010. The total basic and fully diluted earnings per share for the same period were US$0.003 in 2011, compared to US$0.003 for the same period in fiscal 2010.
In the direct selling segment of Blyth, net sales for the first quarter ended April 30, declined 3 percent to $136.3 million versus $139.9 million for the same period last year. PartyLite’s U.S. sales declined 27 percent. In PartyLite Canada, sales declined 26 percent in U.S. dollars during the quarter, which translated into a decline of 30 percent in local currency. Management’s new product initiatives and new consultant programs implemented during the latter part of the first quarter are expected to have a positive impact on sales later this fiscal year.
ViSalus Sciences experienced significant first quarter sales growth. ViSalus is a direct seller of weight management products, nutritional supplements and energy drinks sold to consumers in the United States one-on-one by independent distributors. Blyth initially invested in ViSalus in 2008 and closed on the second phase of its acquisition in April of this year. Blyth now owns 57.5 percent of the company, with an option to continue to increase its ownership.
Ed. Note: As we go to press with this issue, we’ve learned that Blyth’s stock (BTH—NYSE) has risen in value 70 percent over the previous 40 days. ViSalus Sciences is experiencing major growth momentum, having had 18 consecutive months of revenue increase and closing last month at close to $20 million.
USANA Health Sciences Inc.
USANA (USNA—NYSE) reported that preliminary net sales for its fiscal second quarter ended July 2, are expected to exceed $147 million and earnings per share for the quarter are expected to be at or above 85 cents. Earnings per share for the period will benefit by approximately 6 cents, due to the recapture of unvested equity compensation expense related to the departure of certain executives from the company. The company plans to release final results for the second quarter, as well as update its annual financial guidance, after market close at the end of July.
Educational Development Corp.
Educational Development Corp. (EDUC-NASDAQ) reported results for the fiscal fourth quarter and the full year ended Feb. 28.
For the fiscal year 2011, the company reports net revenue of $27.2 million, a decrease of $1.4 million when compared to $28.7 million for the previous year, and net earnings of $1.2 million compared to $1.9 million. Earnings per share were 30 cents compared to 49 cents the previous year on a fully diluted basis.
For the fourth quarter 2011, the company announced net revenues of $5.7 million compared to $6.3 million for the same period last year. The company reported 2011 fourth quarter net earnings of $13,000 compared with $348,000 for the 2010 fourth quarter, resulting in earnings per share of zero cents for 2011 fourth quarter and 8 cents for 2010 fourth quarter on a fully diluted basis.
The Board of Directors of Medifast (MED-NYSE) has authorized the repurchase of up to 500,000 shares of the company’s common stock and pursuant to that authority the company purchased 225,000 shares of common stock authorized under the repurchase program on June 16 and 17, at an average price of $22 per share, aggregating $5 million. The purchase was made under the Board repurchase plan originally approved and authorized on May 18 by unanimous consent of the Board. The authorization remains open for a period of 24 months ending on May 18, 2013.
Stock repurchases under this program have been made by the broker through open market and privately negotiated transactions at times and in such amounts as management deemed appropriate pursuant to Rule 10b-18 of the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate authorization provisions, regulatory requirements, and other market conditions.
Direct Selling News has accumulated this information from public sources, including press releases and SEC filings. The information is presumed accurate and reliable. However, it is not an endorsement of any investment opportunity. Proper and considerable due diligence should be completed before making any investment.