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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Natural Health Trends Corporation | NASDAQ:NHTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.08 | 6.94 | 7.36 | 1 | 12:00:06 |
Fourth Quarter 2021 Financial Highlights
1 Natural Health Trends defines Active Members as those that have placed at least one product order with the Company during the preceding twelve-month period.
Full Year 2021 Financial Highlights
Management Commentary
“We were pleased to report fourth quarter revenue of $16.1 million, an increase of 13% over the third quarter of 2021,” commented Chris Sharng, President of Natural Health Trends Corp. “The top-line improvement reflected double-digit growth in order volume given our increased ability to adapt to the ever-changing macroeconomic environment resulting from the pandemic. The increase in order volume resulted in our deferred revenue balance growing by $2.5 million from September 30 to December 31, 2021. Additionally, we reported our seventh consecutive quarter of positive operating income and net income.”
Mr. Sharng continued, “As we look ahead into 2022, the effects of the COVID-19 pandemic, and the associated government-mandated restrictions and lockdowns, will likely continue to present headwinds to our business. However, we believe we can continue to support our order volume due to the unwavering hard work and dedication of our employees, leaders and members, coupled with our ability to quickly respond and adapt to changing market conditions. We are guardedly optimistic we will benefit from a gradual resumption of in-person member events and activities going forward.”
Balance Sheet and Cash Flow
The Company expects to issue its 2021 audited financial results in late February with its Annual Report on Form 10-K to be filed with the United States Securities and Exchange Commission. These financial results are preliminary and the accompanying financial statements have not been audited or have not yet been reviewed by the Company’s independent accountants. Significant updates and revisions may be required before the release of the Company’s 2021 audited financial results.
Fourth Quarter and Full Year 2021 Financial Results Conference Call
Management will host a conference call to discuss the fourth quarter and full year 2021 financial results today, Wednesday, February 9, 2022 at 11:30 a.m. Eastern Time. The conference call details are as follows:
Date: | Wednesday, February 9, 2022 |
Time: | 11:30 a.m. Eastern Time / 8:30 a.m. Pacific Time |
Dial-in: | 1-877-407-0789 (Domestic)1-201-689-8562 (International) |
Conference ID: | 13726094 |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1522631&tp_key=580f9875a9 |
For those unable to participate during the live broadcast, a replay of the call will also be available from 2:30 p.m. Eastern Time on February 9, 2022 through 11:59 p.m. Eastern Time on February 23, 2022 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13726094.
About Natural Health Trends Corp.
Natural Health Trends Corp. (NASDAQ: NHTC) is an international direct-selling and e-commerce company operating through its subsidiaries throughout Asia, the Americas, and Europe. The Company markets premium quality personal care products under the NHT Global brand. Additional information can be found on the Company’s website at www.naturalhealthtrendscorp.com.
Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Forward-looking statements in this press release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those anticipated. Such risks and uncertainties include the risks and uncertainties detailed under the caption “Risk Factors” in Natural Health Trends Corp.’s Annual Report on Form 10-K filed on February 26, 2021 with the Securities and Exchange Commission (SEC), as well as in subsequent reports filed this year with the SEC. The Company assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
CONTACTS:
Company Contact: Scott DavidsonSenior Vice President and Chief Financial OfficerNatural Health Trends Corp.Tel (Hong Kong): +852-3107-0800Tel (U.S.): 310-541-0888scott.davidson@nhtglobal.com Investor Contact:ADDO Investor RelationsTel: 310-829-5400investor.relations@nhtglobal.com
3
NATURAL HEALTH TRENDS CORP.CONSOLIDATED BALANCE SHEETS(In thousands, except share data)
December 31, | |||||||
2021 | 2020 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 83,843 | $ | 92,367 | |||
Inventories | 5,257 | 3,779 | |||||
Other current assets | 4,369 | 3,595 | |||||
Total current assets | 93,469 | 99,741 | |||||
Property and equipment, net | 463 | 539 | |||||
Operating lease right-of-use assets | 3,021 | 3,745 | |||||
Restricted cash | 522 | 525 | |||||
Deferred tax asset | 309 | 731 | |||||
Other assets | 571 | 661 | |||||
Total assets | $ | 98,355 | $ | 105,942 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 761 | $ | 580 | |||
Income taxes payable | 1,345 | 1,481 | |||||
Accrued commissions | 3,636 | 3,496 | |||||
Other accrued expenses | 1,933 | 1,922 | |||||
Deferred revenue | 8,536 | 3,091 | |||||
Amounts held in eWallets | 6,341 | 8,503 | |||||
Operating lease liabilities | 1,239 | 1,163 | |||||
Other current liabilities | 865 | 1,270 | |||||
Total current liabilities | 24,656 | 21,506 | |||||
Income taxes payable | 12,130 | 13,748 | |||||
Deferred tax liability | 153 | 216 | |||||
Operating lease liabilities | 1,928 | 2,775 | |||||
Total liabilities | 38,867 | 38,245 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 13 | 13 | |||||
Additional paid-in capital | 86,102 | 86,102 | |||||
Retained earnings (accumulated deficit) | (231 | ) | 7,822 | ||||
Accumulated other comprehensive loss | (492 | ) | (336 | ) | |||
Treasury stock, at cost | (25,904 | ) | (25,904 | ) | |||
Total stockholders’ equity | 59,488 | 67,697 | |||||
Total liabilities and stockholders’ equity | $ | 98,355 | $ | 105,942 |
NATURAL HEALTH TRENDS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net sales | $ | 16,108 | $ | 16,595 | $ | 60,005 | $ | 62,071 | |||||||
Cost of sales | 4,153 | 4,024 | 15,010 | 16,990 | |||||||||||
Gross profit | 11,955 | 12,571 | 44,995 | 45,081 | |||||||||||
Operating expenses: | |||||||||||||||
Commissions expense | 7,110 | 6,868 | 25,578 | 26,204 | |||||||||||
Selling, general and administrative expenses | 4,358 | 4,437 | 17,846 | 18,208 | |||||||||||
Total operating expenses | 11,468 | 11,305 | 43,424 | 44,412 | |||||||||||
Income from operations | 487 | 1,266 | 1,571 | 669 | |||||||||||
Other income (expense), net | 31 | 218 | (61 | ) | 821 | ||||||||||
Income before income taxes | 518 | 1,484 | 1,510 | 1,490 | |||||||||||
Income tax provision | 286 | 737 | 425 | 647 | |||||||||||
Net income | $ | 232 | $ | 747 | $ | 1,085 | $ | 843 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.02 | $ | 0.07 | $ | 0.10 | $ | 0.08 | |||||||
Diluted | $ | 0.02 | $ | 0.07 | $ | 0.09 | $ | 0.07 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 11,159 | 10,777 | 11,017 | 10,630 | |||||||||||
Diluted | 11,424 | 11,424 | 11,424 | 11,424 |
5
NATURAL HEALTH TRENDS CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Year Ended December 31, | |||||||
2021 | 2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | (Unaudited) | ||||||
Net income | $ | 1,085 | $ | 843 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 299 | 410 | |||||
Noncash lease expense | 1,163 | 1,532 | |||||
Deferred income taxes | 362 | 1,339 | |||||
Changes in assets and liabilities: | |||||||
Inventories | (1,547 | ) | 2,700 | ||||
Other current assets | (803 | ) | 2,322 | ||||
Other assets | 68 | 181 | |||||
Accounts payable | 182 | (102 | ) | ||||
Income taxes payable | (1,753 | ) | (311 | ) | |||
Accrued commissions | 212 | 566 | |||||
Other accrued expenses | 20 | (471 | ) | ||||
Deferred revenue | 5,482 | (1,433 | ) | ||||
Amounts held in eWallets | (2,122 | ) | (4,491 | ) | |||
Operating lease liabilities | (1,237 | ) | (1,427 | ) | |||
Other current liabilities | (395 | ) | 227 | ||||
Net cash provided by operating activities | 1,016 | 1,885 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (225 | ) | (211 | ) | |||
Net cash used in investing activities | (225 | ) | (211 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Dividends paid | (9,138 | ) | (9,138 | ) | |||
Net cash used in financing activities | (9,138 | ) | (9,138 | ) | |||
Effect of exchange rates on cash, cash equivalents and restricted cash | (180 | ) | 931 | ||||
Net decrease in cash, cash equivalents and restricted cash | (8,527 | ) | (6,533 | ) | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 92,892 | 99,425 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 84,365 | $ | 92,892 | |||
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: | |||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 472 | $ | 2,747 |
1 Year Natural Health Trends Chart |
1 Month Natural Health Trends Chart |
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