CHESTERFIELD, Mo., Nov. 5 /PRNewswire-FirstCall/ -- Reliv International,
Inc. (Nasdaq: RELV), an international manufacturer and network marketer of
nutritional supplements and other food technology products, today reported its
3Q 2003 results. The company set records for both net income and net sales
earned in a single quarter.
During the three months ended September 30, 2003, Reliv net sales grew to
$19.6 million - up 21% compared to the same period in 2002. Net income
available to common shareholders reached $1.2 million, an increase of 61%
compared to the $741,000 earned in the prior-year period. On a per-share
basis, third quarter 2003 earnings totaled $.10 per share ($.09 per share
diluted), compared to $.07 per share basic ($.06 per share diluted) in 3Q
2002.
Year-to-date in 2003, Reliv has earned net income available to common
shareholders totaling $3.1 million (or $.26 per share basic, $.23 per share
diluted), compared to $1.8 million ($.16 per share basic, $0.15 per share
diluted) for the first three quarters of 2002.
Robert L. Montgomery, President and Chief Executive Officer of Reliv,
attributed the strong growth to solid execution of the company's strategy.
"Once again, our operations in the United States set the pace for the
company," he said. "However, most of our international markets grew at a
double-digit percentage pace, as well."
Reliv net sales in the United States -- the company's largest market --
grew 23 percent compared to the year-ago quarter, Mr. Montgomery said. In
addition, international markets such as the United Kingdom, Canada, Australia,
New Zealand and Mexico all saw double-digit increases in sales, he said. The
company's results also reflect a modest level of sales generated in Malaysia,
where Reliv opened for business in September 2003.
"What's truly remarkable about these results is that they're being
achieved because our distributors are working the business -- and telling the
Reliv story -- more effectively than ever before." Mr. Montgomery noted. In
addition, he said, the company continues to add new distributors at a healthy
pace -- with 3Q sign-ups increasing 11% in the United States compared to the
prior-year period.
Signaling its confidence in the company's prospects for continued growth,
the Reliv Board of Directors recently declared a stock split -- issuing one
additional share for each four shares owned by shareholders on November 13,
2003.
Based in suburban St. Louis, Reliv manufactures and distributes several
lines of food products, including nutritional and fiber supplements, diet
management products, functional foods and sports drink mixes. Reliv operates
in the United States and eight other countries. Reliv's common stock trades on
The NASDAQ Stock Market(R) under the symbol RELV.
The Company will host an earnings conference call at 1:00 p.m. Eastern on
Wednesday, November 5, 2003. The call can be accessed via listen-only dial-in
conference lines by dialing 913-981-5571. A replay of this call will be
available by telephone from 3:00 p.m. Eastern until midnight by calling
719-457-0820 and using the password 115587. To listen to the live call, please
call at least 10 minutes before the scheduled conference call to register.
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.
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 discussed in the
Company's filing with the SEC on forms 10-K and 10-Q.
Consolidated Balance Sheets
September 30 December 31
2003 2002
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $7,206,403 $3,437,966
Accounts and notes receivable, less
allowances of $5,000 in 2003 and 2002 662,404 688,898
Accounts due from employees and
distributors 100,449 104,000
Inventories 4,920,082 3,457,145
Other current assets 1,081,224 744,431
Total current assets 13,970,562 8,432,440
Other assets 573,816 442,927
Note receivable from officer 13,875 48,250
Accounts due from employees and
distributors 49,178 78,000
Net property, plant and equipment 9,405,574 9,444,369
Total Assets $24,013,005 $18,445,986
Liabilities and Stockholders' Equity
Total current liabilities 7,842,004 6,039,513
Long-term debt, less current
maturities 3,727,980 4,057,042
Deferred income taxes 84,435 84,435
Other non-current liabilities 574,258 467,350
Stockholders' equity 11,784,328 7,797,646
Total Liabilities and Stockholders'
Equity $24,013,005 $18,445,986
Consolidated Statements of Operations
Three months ended Nine months ended
September 30 September 30
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales at Retail $27,160,056 $23,169,058 $79,424,022 $66,029,019
Less Distributor
allowances on
product purchases 7,546,330 6,931,981 23,372,199 19,858,627
Net Sales 19,613,726 16,237,077 56,051,823 46,170,392
Costs and expenses:
Cost of products
sold 3,300,127 2,774,485 9,616,540 8,446,994
Distributor
royalties and
discounts 7,599,097 6,220,776 21,768,802 17,705,137
Selling, general and
administrative 6,675,449 6,045,862 19,368,226 16,914,672
Total Costs and
Expenses 17,574,673 15,041,123 50,753,568 43,066,803
Income from operations 2,039,053 1,195,954 5,298,255 3,103,589
Other income
(expense):
Interest income 22,753 11,497 62,657 27,136
Interest expense (50,422) (63,159) (188,430) (282,435)
Other income\expense 16,269 42,877 77,773 111,634
Income before income
taxes 2,027,653 1,187,169 5,250,255 2,959,924
Provision for income
taxes 815,000 446,000 2,129,000 1,135,000
Net Income 1,212,653 741,169 3,121,255 1,824,924
Preferred dividends
accrued and paid 19,516 - 42,016 -
Net income available
to common
shareholders $1,193,137 $741,169 $3,079,239 $1,824,924
Earnings per common
share
Basic $0.10 $0.07 $0.26 $0.16
Diluted $0.09 $0.06 $0.23 $0.15
Weighted average
shares of common
stock and common
stock equivalents
outstanding
Basic 11,965,000 11,252,000 11,963,000 11,295,000
Diluted 13,738,000 12,481,000 13,580,000 12,524,000
SOURCE Reliv International, Inc.
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Related links:
http://www.reliv.com
Company News On-Call:
http://www.prnewswire.com/comp/103123.html
CONTACT:
David G. Kreher, Chief Operating Officer,
+1-636-537-9715, or Fred A. Nielson, Investor Relations,
+1-636-733-1314, both of Reliv International
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