CHESTERFIELD, Mo., May 4 /PRNewswire-FirstCall/ -- Reliv International,
Inc. (Nasdaq: RELV), an international manufacturer and network marketer of
nutritional supplements and other food technology products, today announced
its results of operations for the three months ending March 31, 2004.
Reliv's worldwide net sales grew 26 percent during the first quarter of
2004, to total a record-setting $23.48 million -- up from $18.67 million in
the same period last year. Net income available to common shareholders
advanced at a significantly higher rate, climbing 67 percent to $1.63 million,
or $0.11 per share basic ($0.10 per share diluted) in the first quarter. This
compares to earnings of $978,000, or $0.07 per share basic ($0.06 per share
diluted) in the first quarter of 2003. The 2003 earnings per share have been
adjusted for the five-for-four stock split declared in September 2003.
The company's results were driven by an outstanding performance in the
United States, Reliv's largest market -- where first quarter net sales grew 30
percent compared to the prior-year period. This was the eighth consecutive
quarter in which the company's U.S. sales grew at least 20 percent over the
same quarter in the previous year. Several international markets contributed
significant sales increases in the first quarter of 2004, as well -- including
Canada (up 45 percent), the United Kingdom (up 43 percent) and Australia/New
Zealand (up 39 percent).
Robert L. Montgomery, President and Chief Executive Officer of Reliv,
said, "We're off to a great start in 2004, continuing the strong growth
momentum we saw throughout last year. It's both gratifying and exciting to see
this company prosper by focusing on the fundamentals of our business. Clearly,
there's a lot of consumer demand for the balanced nutrition that Reliv
products offer. When you combine those proven products with the exceptional
business opportunity we provide to our distributors, the result is outstanding
growth."
Mr. Montgomery noted that Reliv continues to see a strong performance in
its efforts to recruit new distributors for its marketing network. During the
first quarter of 2004, sponsorships grew 20 percent in the U.S., and 14
percent worldwide, compared to the prior-year period, he said.
Reliv International, Inc., based in suburban St. Louis, manufactures and
distributes several lines of food products, including nutritional and fiber
supplements, diet management products, functional foods, sports drink mixes
and a line of premium skin care products. Its proprietary product lines
include an extensive line of soy-based products. Reliv International's common
stock trades on The Nasdaq Stock Market(R) under the symbol RELV.
The Company will host a conference call to discuss the first quarter
earnings at 1:00 p.m. Eastern Daylight Time on May 4, 2004. A live webcast of
this call will be available through the Investor Relations section of the
Company's Web site, http://www.reliv.com/us/investor . An online archive of
the broadcast will be available on the Company's Web site in the Investor
Relations section shortly after the call concludes. Please access the web
site at least 10 minutes before the scheduled conference call to register.
NOTE: Any statement released by Reliv International, Inc. that is forward
looking is made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Editors and investors are cautioned
that forward-looking statements involve risk and uncertainties that may affect
the Company's business prospect and performance. This includes economic,
competitive, governmental, technological and other factors described in the
Company's filings with the SEC on forms 10-K and 10-Q.
-- FINANCIAL HIGHLIGHTS FOLLOW -
Consolidated Balance Sheets
March 31 December 31
2004 2003
(Unaudited) (Audited)
Assets
Current Assets:
Cash and cash equivalents $9,753,767 $7,902,508
Accounts and notes receivable, less
allowances of $5,000 in 2004 and
$8,600 in 2003 782,881 751,887
Accounts due from employees and
distributors 116,756 72,846
Inventories 5,108,300 4,670,319
Other current assets 1,848,680 1,024,103
Total current assets 17,610,384 14,421,663
Other assets 1,153,790 845,382
Net property, plant and equipment 9,883,183 9,413,871
Total Assets $28,647,357 $24,680,916
Liabilities and Stockholders' Equity
Total current liabilities $10,210,878 $7,165,368
Long-term debt, less current maturities 3,701,835 3,700,138
Other non-current liabilities 785,125 743,032
Stockholders' equity 13,949,519 13,072,378
Total Liabilities and Stockholders'
Equity $28,647,357 $24,680,916
Consolidated Statements of Operations
Three months ended March 31
2004 2003
(Unaudited) (Unaudited)
Sales at Retail $33,859,141 $26,856,164
Less Distributor allowances on product
purchases 10,381,309 8,184,714
Net Sales 23,477,832 18,671,450
Costs and expenses:
Cost of products sold 3,854,279 3,307,718
Distributor royalties and discounts 9,320,390 7,255,198
Selling, general and administrative 7,520,950 6,370,984
Total Costs and Expenses 20,695,619 16,933,900
Income from operations 2,782,213 1,737,550
Other income (expense):
Interest income 20,470 15,742
Interest expense (65,231) (68,047)
Other income\expense 14,195 (22,683)
Income before income taxes 2,751,647 1,662,562
Provision for income taxes 1,110,000 685,000
Net Income $1,641,647 $977,562
Preferred dividends accrued and paid 12,292 -
Net income available to common
shareholders $1,629,355 $977,562
Earnings per common share -- Basic $0.11 $0.07
Weighted average shares 15,178,000 14,948,000
Earnings per common share -- Diluted $0.10 $0.06
Weighted average shares 16,959,000 16,645,000
2003 earnings per common share and weighted average shares have been
adjusted for the five-for-four stock split declared in September 2003.
SOURCE Reliv International, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/103123.html
Related links:
http://www.reliv.com/us/investor
CONTACT:
David G. Kreher, Chief Operating Officer,
+1-636-537-9715, Fred A. Nielson, Investor Relations,
+1-636-733-1314, both of Reliv International, Inc.; Al Palombo of
Cameron Associates, +1-212-554-5488
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