Lifevantage Corporation (Form: 8-K)  

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   September 23, 2008

Lifevantage Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

     
Colorado 000-30489 90-0224471
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
11545 W. Bernardo Court, Suite 301, San Diego, California   92127
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   858-312-8000

6400 S. Fiddler's Green Circle, Suite 1970, Greenwood Village, Colorado 80111
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Top of the Form

Item 2.02 Results of Operations and Financial Condition.

On September 23, 2008, Lifevantage Corporation issued a press release entitled, "Lifevantage Corporation Announces Q4 and FY 2008 Financial and Operating Results". The press release is attached as Exhibit 99.1 hereto, which is furnished under Item 2.02 of this report and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, regardless of any general incorporation language in such filing.





Item 7.01 Regulation FD Disclosure.

On September 23, 2008, Lifevantage Corporation issued a press release entitled, "Lifevantage Corporation Announces Q4 and FY 2008 Financial and Operating Results". The press release is attached as Exhibit 99.1 hereto, which is furnished under Item 7.01 of this report and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.





Item 9.01 Financial Statements and Exhibits.

99.1 Press release, dated September 23, 2008, entitled, "Lifevantage Corporation Announces Q4 and FY 2008 Financial and Operating Results".






Top of the Form

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Lifevantage Corporation
          
September 25, 2008   By:   /s/ Bradford K. Amman
       
        Name: Bradford K. Amman
        Title: Chief Financial Officer


Top of the Form

Exhibit Index


     
Exhibit No.   Description

 
99.1
  Press release, dated September 23, 2008, entitled, "Lifevantage Corporation Announces Q4 and FY 2008 Financial and Operating Results"
EX-99.1
     
FOR IMMEDIATE RELEASE   NEWS
September 23, 2008
  OTCBB: LFVN

LIFEVANTAGE CORPORATION ANNOUNCES

Q4 AND FY 2008 FINANCIAL AND OPERATING RESULTS

SAN DIEGO, California — LifeVantage Corporation (OTCBB: LFVN), maker of Protandim®, today announced results for its year ended June 30, 2008. The Company recorded net revenues of $3.2 million and a net loss of $(2.1) million, or $(0.09) per share, for its year ended June 30, 2008. For its year ended June 30, 2007, the Company reported net revenues of $5.1 million and a net loss of $(3.7) million, or $(0.17) per share.

For its fourth fiscal quarter 2008, the Company recorded net revenues of $0.8 million and a net loss of $(0.7) million, or $(0.03) per share. For its fourth fiscal quarter 2007, the Company reported net revenues of $0.8 million and a net loss of $(0.5) million, or $(0.02) per share.

David Brown, LifeVantage President and CEO, commented, “We are pleased that in the short time the new management team has been in place, we have been able to stabilize sales and keep expenditures in line. Our efforts to increase brand awareness through television and radio commercials, as well as through internet marketing, have resulted in increases in new customer acquisition. We have also added new retail accounts for the first time in nearly a year and a half. Additionally, we anticipate achieving significant savings in manufacturing costs in the latter half of fiscal 2009 as a result of our recently announced agreement with Cornerstone Research & Development.”

During fiscal year 2008, the Company raised gross proceeds of $1,490,000 through a private placement offering of debentures convertible into the Company’s common stock. The proceeds are being used primarily for sales, marketing, promotional efforts, new product development, and scientific research and development.

A tremendous amount of scientific research was conducted on ProtandimÒ during fiscal year 2008. Those institutions involved in such research included, among others, the University of Colorado at Denver Health Science Center, the University of Minnesota, Ohio State University, University Hospital in Brno, Czech Republic, the University of Michigan, Virginia Commonwealth University and Louisiana State University. The studies relate to various conditions including diabetes, skin cancer, pulmonary hypertension, non-alcoholic fatty liver disease, Duchenne muscular dystrophy, coronary artery bypass graft failure, renal failure, and photo aging of the skin.

In addition to the Company’s direct to consumer channel, Protandim® continues to be distributed through retail outlets such as GNC, Vitamin Shoppe, Vitamin Cottage, Seattle Super Supplements, Akin’s and Chamberlins’ Natural Foods Markets and Drugstore.com. Several retailers have recently been added including, Swanson’s Health (a leading e-commerce and mail order company), Let’s Talk Health (an on-line natural health products retailer) and Motion Grid, Inc. (a direct sales company currently selling to over 50,000 customers in the fitness industry). The Company has developed marketing and promotional plans in effort to increase sales in the retail channel and we have also developed a network of highly regarded retail brokers to give us greater presence in the channel.

With regard to the Company’s international efforts, Mr. Brown commented, “The Company’s previously announced plan to obtain distribution in Japan continues to move ahead. We are now waiting for official government approval from the Japanese Ministry of Health in order to ship the product into Japan.”

About Protandim®
Protandim® is a groundbreaking, clinically proven and patented dietary supplement that increases the body’s natural antioxidant protection by inducing protective enzymes including, superoxide dismustase (SOD) and catalase (CAT). These naturally occurring enzymes simply become overwhelmed by free radicals as we get older. Oxidative stress (cell damage caused by free radicals) 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. New data from a scientific study in men and women show that after 30 days of taking Protandim®, the level of circulating TBARS decreased an average of 40 percent, with this decrease shown to be maintained at 120 days. Protandim® strengthens a person’s defenses against oxidative stress by increasing the body’s natural antioxidant enzymes. For more information, please visit the Protandim® product web site at www.protandim.com.
About LifeVantage Corporation
LifeVantage Corporation is a publicly traded (OTCBB: LFVN), science-based, natural products company, dedicated to helping people reach their health and wellness goals through science-based solutions to oxidative stress. Founded in 2003 and based in San Diego, California, LifeVantage develops nutraceutical products, including Protandim®, that leverage the Company’s expertise and that are intended to deliver significant health benefits to consumers. For more information, visit www.lifevantage.com or contact Jan Strode at 619-890-4040.

Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable common law.  The Company uses the words “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “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 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 factors are difficult to accurately predict and may be beyond the control of the Company.  The following factors are among those that may cause actual results to differ materially from our forward-looking statements:  the Company’s limited cash flow and the rapid development of technology, lack of liquidity for the Company’s common stock, working capital shortages and the length of time for scientific advances to reach the market (if they ever reach the market).  These and other additional risk factors and uncertainties are discussed in greater detail in the Company’s Annual Report on Form 10-KSB and other documents filed with the Securities and Exchange Commission.  Forward-looking statements made by the Company in this news release or elsewhere speak only as of the date made.  New uncertainties and risks come up from time to time, and it is impossible for the Company to predict these events or how they may affect the Company.  The Company has no duty to, and does not intend to, update or revise the forward-looking statements in this news release after the date it is issued.  In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this news release may not occur.

# # #

CONTACTS:

         
LifeVantage Corporation Jan Strode
  Phone: 619-890-4040
Jean Golden
  Phone: 612-385-2324

LIFEVANTAGE CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the fiscal years and quarters ended June 30, 2008 and June 30, 2007

                                 
    Fourth Quarter   Fourth Quarter   Fiscal year   Fiscal year
    ended June 30,   ended June 30,   ended June 30,   ended June 30,
    2008   2007   2008   2007
 
                               
Sales, net
  $ 812,497     $ 843,470     $ 3,200,174     $ 5,050,988  
Cost of sales
    157,174       184,548       695,386       1,022,792  
 
                               
Gross profit
    655,323       658,922       2,504,788       4,028,196  
 
                               
Operating expenses:
                               
Marketing and customer service
    634,350       385,686       1,655,461       2,991,302  
General and administrative
    501,412       748,979       2,108,338       4,355,803  
Research and development
    80,172       49,907       324,106       245,561  
Depreciation and amortization
    59,940       15,797       219,690       92,433  
Loss on disposal of assets
          9,967             105,621  
 
                               
Total operating expenses
    1,275,874       1,210,336       4,307,595       7,790,720  
 
                               
 
                               
Operating (loss)
    (620,551 )     (551,414 )     (1,802,807 )     (3,762,524 )
 
                               
Total other (expense) income
    (128,747 )     25,383       (251,632 )     68,946  
 
                               
Net (loss)
  $ (749,298 )   $ (526,031 )   $ (2,054,439 )   $ (3,693,578 )
 
                               
Net (loss) per share, basic and diluted
  $ (0.03 )   $ (0.02 )   $ (0.09 )   $ (0.17 )
Weighted average shares outstanding, basic and diluted
    22,710,096       22,268,034       22,710,096       22,268,034  
     

LIFEVANTAGE CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2008 and June 30, 2007

                         
            June 30, 2008   June 30, 2007
 
               
ASSETS
               
Current assets
               
   Cash and cash equivalents
  $ 196,883     $ 160,760  
   Marketable securities, available for sale
    1,100,000        
   Accounts receivable, net
    98,008       398,463  
   Inventory
    104,415       27,834  
   Deferred expenses
    72,049       117,807  
   Deposit with manufacturer
    277,979       388,791  
   Prepaid expenses
    124,049       60,175  
 
                       
   Total current assets
    1,973,383       1,153,830  
Long-term assets
               
Property and equipment, net
    63,559       108,915  
Intangible assets, net
    2,270,163       2,311,110  
Deferred debt offering costs, net
    193,484       -  
Deposits
    48,447       340,440  
 
               
TOTAL ASSETS
  $ 4,549,036     $ 3,914,295  
 
               
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities
               
   Revolving line of credit and accrued interest
  $ 166,620     $  
   Accounts payable
    139,803       148,699  
   Accrued expenses
    338,268       230,811  
   Deferred revenue
    510,765       818,250  
   Capital lease obligations, current portion
    846       2,301  
   Total current liabilities
    1,156,302       1,200,061  
Long-term liabilities
               
   Capital lease obligations, net of current
               
   portion
          846  
Convertible debt, net of discount
    223,484       -  
 
               
Total liabilities
    1,379,786       1,200,907  
 
               
   Stockholders' equity
    3,169,250       2,713,388  
 
                       
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 4,549,036     $ 3,914,295