News Source: Press Release
"LifeVantage Corporation, the maker of science-based solutions to oxidative stress, announced that the Board of Directors and CEO David Brown have agreed to focus all of his efforts on continuing the rapid expansion of the Company's network marketing channel. Brown made the announcement before over 1,000 enthusiastic distributors gathered at the Company's Elite Academy in San Diego. He will work with a search committee to recommend a successor to assume corporate CEO and President responsibilities while Brown retains the title of CEO and President of the network marketing operations. "Given the tremendous growth and momentum we have generated and the continued opportunity before us, I believe, as does the Board, that I can bring more value to shareholders by focusing solely on continued revenue and growth," Brown said. Brown will continue to serve as corporate CEO and President until a successor is named and will continue to occupy a position on the Board. LifeVantage recently announced that it anticipates reporting its highest net revenue to date of approximately $7.4 million for the three month period ended December 31, 2010, an increase of approximately $1.0 million or 15% over net revenue of $6.4 million reported in the previous three month period ended September 30, 2010, and an approximate $4.9 million or 196% increase in net revenue over the $2.5 million net revenue reported for the same quarter last year.
Along with recording net revenue of $7.4 million, the Company also anticipates operating income of at least $500,000 in the second fiscal quarter 2011. Operating income of $500,000 would generate nearly a 7% operating profit margin, compared to an operating loss of $2.7M for the same quarter last year.
"We are pleased to announce that we are exceeding our previous guidance and anticipate reporting our highest quarterly net revenue to date," stated Brown. "These results reflect the continued growth we have seen from both the U.S. and Japanese markets. We'd like to thank all of our distributors, customers and employees responsible for these record results."
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