LIFEVANTAGE CORPORATION ANNOUNCES 3Q FY2007 FINANCIAL AND OPERATING RESULTS
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--LifeVantage Corporation (OTCBB: LFVN), formerly Lifeline Therapeutics, Inc., maker of Protandim®, today announced results for its third quarter ended March 31, 2007. For the three months ended March 31, 2007, the Company recorded net revenues of $1.0 million and a loss of $(0.6 million), or $(0.03) per share. For the three months ended December 31, 2006, the Company recorded net revenues of $1.1 million and a loss of $(1.8 million), or $(0.08) per share. For the three months ended March 31, 2006, the Company recorded net revenues of $1.4 million and a loss of $(0.7 million), or $(0.03) per share.
"We are beginning to realize the positive effects of the cost savings initiatives in the third fiscal quarter," commented James J. Krejci, CEO. "While we continue to focus on sales, distribution and science, the cost cutting measures are expected to improve our bottom line," he continued, "and we believe that we can effectively and efficiently operate at this reduced level of expenditure."
The Company will hold a conference call to discuss the quarter on Tuesday, May 15, 2007 at 2:30 p.m. MT (4:30 p.m. ET). Interested parties may participate in the call by dialing 800-867-1054. A replay of the call will be available by telephone until May 22, 2007 at 800-405-2236 passcode 11089720#.
About Protandim®
Protandim® is a unique approach to antioxidant therapy. The patent-pending dietary supplement increases the body's natural antioxidant protection by inducing naturally occurring protective enzymes, including superoxide dismutase (SOD) and catalase (CAT). Oxidative stress occurs as a person ages, when subjected to environmental stresses, or as an associated factor in certain illnesses. TBARS are laboratory markers for oxidative stress in the body. Data from a scientific study in men and women, sponsored by LifeVantage, show that after 30 days of taking Protandim®, the level of circulating TBARS decreased an average of 40 percent. With continued use, the decrease was maintained at 120 days. For more information, please visit www.protandim.com.
About LifeVantage Corporation
LifeVantage Corporation is committed to helping people achieve health and wellness for life. For more information, please visit the Company's web site at www.LifeVantage.com.
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company uses the words "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "plan," "target" and similar terms and phrases, including references to assumptions, to identify forward-looking statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, the risk that government regulators and regulations could adversely affect our business; future laws or regulations may hinder or prohibit the production or sale of our existing product and any future products; unfavorable publicity could materially hurt our business; and the Company's ability to protect our intellectual property rights and the value of our product. These and other risk factors are discussed in greater detail in the Company's Annual Report on Form 10-KSB under the caption "Risk Factors," and in other documents filed the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2007 and June 30, 2006
(Audited)
(Unaudited) June 30, 2006
March 31, 2007 (Restated)
--------------- ---------------
ASSETS
--------------------------------------
Current assets
Cash and cash equivalents $724,508 $228,112
Marketable securities, available
for sale -- 3,008,573
Accounts receivable, net 389,916 107,892
Inventory 44,056 45,001
Deferred expenses 114,811 152,677
Deposit with manufacturer 414,912 555,301
Prepaid expenses 113,144 316,659
--------------- ---------------
Total current assets 1,801,347 4,414,215
Property and equipment, net 130,626 245,000
Intangible assets, net 2,298,823 2,162,042
Deposits 320,440 316,621
--------------- ---------------
TOTAL ASSETS $4,551,236 $7,137,878
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------
Current liabilities
Accounts payable $333,404 $613,833
Accrued expenses 403,916 399,305
Deferred revenue 802,958 1,144,950
Capital lease obligations, current
portion 2,217 1,985
--------------- ---------------
Total current liabilities 1,542,495 2,160,073
Long-term liabilities
Capital lease obligations, net of
current portion 1,453 3,146
--------------- ---------------
Total liabilities 1,543,948 2,163,219
--------------- ---------------
Stockholders' equity
Common stock, par value $.001,
250,000,000 shares authorized;
22,118,034 issued and outstanding 22,118 22,118
Additional paid-in capital 15,163,056 14,018,487
Accumulated (deficit) (12,177,886) (9,010,339)
Unrealized (loss) on securities
available for sale -- (55,607)
--------------- ---------------
Total stockholders' equity 3,007,288 4,974,659
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $4,551,236 $7,137,878
=============== ===============
LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months For the nine months
ended March 31, ended March 31,
------------------------- -------------------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
Sales, net $995,274 $1,390,623 $4,207,518 $6,066,967
Cost of sales 213,529 296,089 838,244 1,255,691
------------ ------------ ------------ ------------
Gross profit 781,745 1,094,534 3,369,274 4,811,276
Operating
expenses:
Marketing and
customer service 504,616 697,644 2,605,616 2,672,031
General and
administrative 806,878 997,339 3,606,824 3,103,982
Research and
development 57,318 48,276 195,654 48,276
Depreciation and
amortization 16,622 68,526 76,636 238,289
------------ ------------ ------------ ------------
Total operating
expenses 1,385,434 1,811,785 6,484,730 6,062,578
------------ ------------ ------------ ------------
Operating (loss) (603,689) (717,251) (3,115,456) (1,251,302)
Other income and
(expense):
Interest income
(expense) 15,403 50,924 46,110 106,172
Loss on disposal
of assets -- -- (95,654) --
Other (expense) 5,953 (4,584) (2,547) (16,512)
------------ ------------ ------------ ------------
Net other income
(expense) 21,356 46,340 (52,091) 89,660
------------ ------------ ------------ ------------
Net income (loss) $(582,333) $(670,911) $(3,167,547) $(1,161,642)
============ ============ ============ ============
Net income (loss)
per share, basic
and diluted ($ 0.03) ($ 0.03) ($ 0.14) ($ 0.05)
============ ============ ============ ============
Weighted average
shares
outstanding,
basic and fully
diluted 22,118,034 22,117,992 22,118,034 22,117,992
============ ============ ============ ============
Contact:
LifeVantage Corporation
James J. Krejci, CEO, 720-488-1711
Fax: 303-565-8700