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 ended March 31, 2005.
Reliv produced a 26 percent gain in net income available to common
shareholders during the first quarter of 2005, generating earnings of
$2.06 million, or $0.12 per diluted share, compared to $1.63 million, or
$0.10 per diluted share, in the same period last year. Reliv's worldwide net
sales grew 23 percent during the first quarter of 2005, reaching $29.0 million
-- up from the $23.5 million reported in the first quarter of 2004.
Commenting on the results of the quarter, Robert L. Montgomery, President
and Chief Executive Officer of Reliv, stated, "Reliv's increased earnings are
primarily attributable to the continued strong performance of its operations
in its largest market, the United States -- where first quarter net sales grew
26 percent compared to the first quarter of 2004. This marks the 12th
consecutive quarter in which Reliv's U.S. sales grew at least 20 percent
compared to the prior-year period."
Sales from international markets advanced 4 percent -- with sales
increases in Canada (up 14 percent), the Philippines (up 15 percent), the
United Kingdom (up 16 percent) and Malaysia/Singapore (up 17 percent). First
quarter sales also included sales from a new product -- CardioSentials(TM) --
introduced in February 2005. This new dietary supplement, shown through an
independent clinical study to be safe and effective in supporting healthy
cardiovascular function, generated over a million dollars in net sales during
its initial roll-out period in the first quarter of 2005.
Mr. Montgomery commented further, "Even with our existing product line,
Reliv has been performing at a very high level, thanks to the outstanding
efforts of our independent distributors. It's exciting now to add our new
CardioSentials(TM) product to our proven line-up of nutritional supplements --
providing one more tool to fuel our continued growth."
Mr. Montgomery also noted that Reliv continues to see strong results from
its efforts to recruit new distributors for its marketing network. Reliv's
worldwide distributor count was 14 percent higher on March 31, 2005 than it
was at the same point last year.
"Work is proceeding on Reliv's expansion into Germany," Mr. Montgomery
continued, "with sales planned to commence in the fall of 2005. We are
excited about the level of distributor enthusiasm generated by this expansion
and are eager to begin operations in this outstanding market."
About Reliv International:
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.
First Quarter 2005 Conference Call Information:
Reliv will host a conference call to discuss the first quarter 2005
earnings with investors at 1:00 p.m. Eastern Time on May 4, 2005. The dial-in
number for investors is 800-265-0241. Participant pass code is 19203050. To
register, please call in 15 minutes prior to start of call. A replay of this
call will be available for one week by telephone from 3:00 p.m. Eastern by
calling 888-286-8010 and using pass code 47161438. A live web cast of this
call will be available through the Investor Relations section of Reliv's Web
site, http://www.reliv.com/us/investor . An online archive of the broadcast
will be available on Reliv's Web site in the Investor Relations section
twenty-four hours after the call concludes. Please access the web site at
least 15 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
Reliv's business prospect and performance. This includes economic,
competitive, governmental, technological and other factors described in
Reliv's filings with the SEC on forms 10-K and 10-Q.
-- FINANCIAL HIGHLIGHTS FOLLOW -
Reliv International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31 December 31
2005 2004
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $14,417,336 $10,151,503
Accounts and notes receivable, less
allowances of $11,700 in 2005 and
$11,500 in 2004 726,523 872,592
Accounts due from employees and
distributors 184,983 70,620
Inventories 5,815,888 5,896,782
Other current assets 2,233,685 2,627,118
Total current assets 23,378,415 19,618,615
Other assets 1,826,530 1,409,903
Net property, plant and equipment 9,920,982 9,968,149
Total Assets $35,125,927 $30,996,667
Liabilities and Stockholders' Equity
Total current liabilities $10,416,224 $8,151,968
Total non-current liabilities 7,731,037 4,653,946
Stockholders' equity 16,978,666 18,190,753
Total Liabilities and Stockholders'
Equity $35,125,927 $30,996,667
Consolidated Statements of Income
Three months ended March 31
2005 2004
(Unaudited) (Unaudited)
Sales at Retail $41,955,220 $33,859,141
Less: Distributor allowances on
product purchases 12,976,124 10,381,309
Net Sales 28,979,096 23,477,832
Costs and expenses:
Cost of products sold 4,943,304 3,854,279
Distributor royalties and
commissions 11,711,716 9,320,390
Selling, general and administrative 8,963,286 7,520,950
Total Costs and Expenses 25,618,306 20,695,619
Income from operations 3,360,790 2,782,213
Other income (expense):
Interest expense, net (15,467) (44,761)
Other income, net 3,066 14,195
Income before income taxes 3,348,389 2,751,647
Provision for income taxes 1,285,000 1,110,000
Net Income 2,063,389 1,641,647
Preferred dividends accrued and paid - 12,292
Net income available to common
shareholders $2,063,389 $1,629,355
Earnings per common share
Basic $0.13 $0.11
Diluted $0.12 $0.10
Weighted average shares of common
stock and common stock equivalents
outstanding
Basic 16,479,000 15,178,000
Diluted 17,162,000 16,959,000
Reliv International, Inc. and Subsidiaries
Active Distributors and Master Affiliates by Region
as of 3/31/2005 as of 3/31/2004 Change in %
Master Master Master
Distri- Affi- Distri- Affi- Distri- Affi-
butors liates butors liates butors liates
United States 49,040 11,170 43,420 8,410 12.9% 32.8%
Australia/New Zealand 3,010 220 2,640 200 14.0% 10.0%
Canada 1,430 170 1,250 150 14.4% 13.3%
Mexico 7,900 470 7,420 710 6.5% -33.8%
United Kingdom/Ireland 470 40 430 40 9.3% 0.0%
Philippines 6,360 500 6,540 520 -2.8% -3.8%
Malaysia/Singapore 4,850 710 2,440 270 98.8% 163.0%
Consolidated total 73,060 13,280 64,140 10,300 13.9% 28.9%
SOURCE Reliv International, Inc.
 back to top
Related links:
http://www.reliv.com/us/investor
Company News On-Call:
http://www.prnewswire.com/comp/103123.html
CONTACT:
Steven D. Albright, Chief Financial Officer,
+1-636-537-9715, or Fred A. Nielson, Investor Relations,
+1-636-733-1314, both of Reliv International, Inc.; or Al Palombo
of Cameron Associates, +1-212-554-5488
|
