Connect with us on Facebook Follow us on Twitter Join our LinkedIn Group Subscribe to us on YouTube Share with us on Google+ Subscribe to our RSS feed

November 01, 2011

Financial News

Financial News, November 2011

Immunotec

Immunotec Inc. (IMM—TSX VENTURE), a Canadian-based wellness company, reported financial results for the third quarter of fiscal year 2011.

Third quarter network sales reached $9.3 million USD, an increase of 11 percent compared to the previous year, with network sales in Mexico up 320 percent. Total consolidated revenues increased by 4 percent, reaching $31.1 million in 2011 vs. $29.7 million in 2010. Adjusted EBITDA was $325,000.

Third quarter selected expenses, as defined by administrative, marketing and selling, quality and development costs, reached $2.7 million, a decrease of 10 percent over the previous year as a result of continued modernization efforts and new tools announced and deployed to the field during the quarter.

Net earnings and comprehensive income totaled $97,000 for the quarter ending July 31, 2011, compared to a net loss of $385,000 for 2010. The total basic and fully diluted earnings per share for the same period was $0.001 in 2011, compared to a loss of $0.006 per share for the same period in Fiscal 2010.

Immunotec also announced the closing of financing with TD Bank Group for the sum of $3.4 million. The new financing, composed of an Operating Loan up to $1.23 million and a Committed Term Facility of $2.20 million, will replace in its entirety the existing Credit Facility and Demand Loan that was in place with another financial institution.

ForeverGreen Worldwide Corp.

ForeverGreen Worldwide Corp. (FVRG.OB—OTCBB), a provider of nutritional foods and other healthy products, announced its August sales increased by 32 percent compared to August 2010 and that revenue growth is continuing to accelerate.

While currently growing at 40 percent year over year, the company expects to exceed 60 percent annual growth for the next three months, according to CFO Paul Frampton. Sales are expected to be approximately $5 million over these three months, compared to under $3 million during the same time frame last year. This growth will allow the company to hit its yearly forecast of about $16 million in sales, up from $10.6 million during 2010. Based on the variety of geographic regions in which ForeverGreen is experiencing growth and some of the new countries in which it is opening operations, these growth trends are anticipated to continue in 2012, with profitable revenues of $28 million to $33 million for 2012.

The company will release third quarter 2011 results later this month.

ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all-natural whole foods and products to North America, Australia, Europe, Asia and South America.

Medifast Inc.

Medifast Inc. (MED—NYSE), a provider of clinically proven portion-controlled weight-loss programs, reported that its Board of Directors has authorized the repurchase of up to 1 million shares of the company’s common stock. Pursuant to that authority, on Sept. 7, 2011, and Sept. 8, 2011, the company purchased a total of 200,000 shares of common stock at an average price of $15.88 per share, aggregating $3.18 million. There are 275,000 remaining authorized shares which may be purchased under the repurchase program.

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, above-noted regulatory requirements and other market conditions.

Medifast sells its products and programs via four unique distribution channels: the Web and national call centers, the Take Shape For Life direct selling division, a national network of physicians, and medically supervised Medifast Weight Control Centers.

Blyth Inc.

Blyth Inc. (BTH—NYSE) announced that it has declared a semi-annual cash dividend of $0.10 per share on the company’s common stock for the six months ended July 31, 2011. This represents an amount equal to the dividend paid in the comparable prior year period. The semi-annual dividend, authorized at the Sept. 14, 2011, Board of Directors meeting, will be payable to shareholders of record as of Nov. 1, 2011, and will be paid on Nov. 15, 2011.

Blyth Inc., headquartered in Greenwich, Conn., designs and markets home fragrance products and decorative accessories, as well as weight management products, nutritional supplements and energy drink mixes. These products are sold through the home party plan method of direct selling and through network marketing. Its products are sold direct to the consumer through PartyLite and ViSalus Sciences.


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.