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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -0.99% | 7.01 | 7.02 | 7.12 | 7.10 | 7.00 | 7.00 | 9,361 | 18:31:35 |
Second Quarter 2020 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.
Year-to-Date 2020 Financial Highlights
Management Commentary
“The second quarter marked a continuation of the challenging macroeconomic climate we experienced during the first quarter of 2020 as the COVID-19 pandemic persisted into the summer months,” commented Chris Sharng, President of Natural Health Trends Corp. “We were very pleased with the stability and resilience of our field leadership which helped us generate a 10% sequential increase in our second quarter revenue to $16.4 million. In addition, our aggressive cost reduction measures enabled us to return to profitability during the quarter. As previously announced, we put a program in place in the second half of 2019 to position us for increased operating efficiencies moving forward. Through this program, we made significant progress in reducing our SG&A expenses through reductions of nearly 20% versus the first quarter of 2020 and more than one-third versus the prior year period.”
Mr. Sharng concluded, “I am very pleased with our ability to manage elements within our control throughout this global crisis which led us to achieving positive growth in total revenue, gross profit, operating income and net income for the second quarter of 2020 over the prior quarter. Further, our strong balance sheet, ample liquidity position and conservative capital allocation philosophy, which is designed to help support our members and business, enabled us to continue returning value to our stockholders through our quarterly cash dividend. I’d like to once again thank all of our leaders who have proven themselves time and time again in navigating difficult and complex operating environments such as this one. We remain cautiously optimistic the macroeconomic situation will continue to improve in the second half of 2020.”
Balance Sheet and Cash Flow
Second Quarter 2020 Financial Results Conference Call
Management will host a conference call to discuss the second quarter 2020 financial results today, Wednesday, August 5, 2020 at 11:30 a.m. Eastern Time. The conference call details are as follows:
Date: | Wednesday, August 5, 2020 |
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: | 13706115 |
Webcast: | http://public.viavid.com/index.php?id=140483 |
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 August 5, 2020 through 11:59 p.m. Eastern Time on August 19, 2020 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13706115.
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 March 9, 2020 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.
NATURAL HEALTH TRENDS CORP.CONSOLIDATED BALANCE SHEETS(In thousands, except share data)
June 30, 2020 | December 31, 2019 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 93,206 | $ | 96,035 | |||
Inventories | 4,114 | 6,404 | |||||
Other current assets | 5,057 | 5,936 | |||||
Total current assets | 102,377 | 108,375 | |||||
Property and equipment, net | 599 | 735 | |||||
Operating lease right-of-use assets | 3,096 | 3,135 | |||||
Restricted cash | 513 | 3,390 | |||||
Deferred tax asset | 1,163 | 2,039 | |||||
Other assets | 729 | 823 | |||||
Total assets | $ | 108,477 | $ | 118,497 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,084 | $ | 680 | |||
Accrued commissions | 3,113 | 2,931 | |||||
Other accrued expenses | 1,763 | 2,387 | |||||
Deferred revenue | 2,645 | 4,506 | |||||
Amounts held in eWallets | 11,438 | 12,938 | |||||
Operating lease liabilities | 1,247 | 1,655 | |||||
Other current liabilities | 1,438 | 1,205 | |||||
Total current liabilities | 22,728 | 26,302 | |||||
Income taxes payable | 13,748 | 15,365 | |||||
Deferred tax liability | 203 | 202 | |||||
Operating lease liabilities | 1,963 | 1,564 | |||||
Total liabilities | 38,642 | 43,433 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 13 | 13 | |||||
Additional paid-in capital | 86,102 | 86,102 | |||||
Retained earnings | 11,008 | 16,117 | |||||
Accumulated other comprehensive loss | (1,384 | ) | (1,264 | ) | |||
Treasury stock, at cost | (25,904 | ) | (25,904 | ) | |||
Total stockholders’ equity | 69,835 | 75,064 | |||||
Total liabilities and stockholders’ equity | $ | 108,477 | $ | 118,497 |
NATURAL HEALTH TRENDS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net sales | $ | 16,404 | $ | 23,428 | $ | 31,352 | $ | 42,756 | |||||||
Cost of sales | 4,817 | 5,407 | 9,331 | 10,631 | |||||||||||
Gross profit | 11,587 | 18,021 | 22,021 | 32,125 | |||||||||||
Operating expenses: | |||||||||||||||
Commissions expense | 7,113 | 11,398 | 13,716 | 20,896 | |||||||||||
Selling, general and administrative expenses | 4,291 | 6,627 | 9,570 | 13,942 | |||||||||||
Total operating expenses | 11,404 | 18,025 | 23,286 | 34,838 | |||||||||||
Income (loss) from operations | 183 | (4 | ) | (1,265 | ) | (2,713 | ) | ||||||||
Other income, net | 125 | 373 | 218 | 805 | |||||||||||
Income (loss) before income taxes | 308 | 369 | (1,047 | ) | (1,908 | ) | |||||||||
Income tax provision (benefit) | 274 | (28 | ) | (508 | ) | (382 | ) | ||||||||
Net income (loss) | $ | 34 | $ | 397 | $ | (539 | ) | $ | (1,526 | ) | |||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.00 | $ | 0.04 | $ | (0.05 | ) | $ | (0.14 | ) | |||||
Diluted | $ | 0.00 | $ | 0.04 | $ | (0.05 | ) | $ | (0.14 | ) | |||||
Weighted-average common shares outstanding: | |||||||||||||||
Basic | 10,580 | 11,082 | 10,532 | 11,207 | |||||||||||
Diluted | 11,424 | 11,135 | 10,532 | 11,207 |
NATURAL HEALTH TRENDS CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In thousands)
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ | (539 | ) | $ | (1,526 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 202 | 189 | |||||
Noncash lease expense | 834 | 914 | |||||
Deferred income taxes | 870 | (3 | ) | ||||
Changes in assets and liabilities: | |||||||
Inventories | 2,314 | 1,881 | |||||
Other current assets | 845 | (752 | ) | ||||
Other assets | 82 | (35 | ) | ||||
Accounts payable | 402 | (956 | ) | ||||
Accrued commissions | 212 | (5,475 | ) | ||||
Other accrued expenses | (617 | ) | (1,946 | ) | |||
Deferred revenue | (1,872 | ) | (3,409 | ) | |||
Amounts held in eWallets | (1,560 | ) | (765 | ) | |||
Operating lease liabilities | (811 | ) | (964 | ) | |||
Income taxes payable | (1,617 | ) | (1,617 | ) | |||
Other current liabilities | 237 | (318 | ) | ||||
Long-term incentive | — | (277 | ) | ||||
Net cash used in operating activities | (1,018 | ) | (15,059 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (68 | ) | (141 | ) | |||
Net cash used in investing activities | (68 | ) | (141 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Repurchase of common stock | — | (6,682 | ) | ||||
Dividends paid | (4,570 | ) | (2,736 | ) | |||
Net cash used in financing activities | (4,570 | ) | (9,418 | ) | |||
Effect of exchange rates on cash, cash equivalents and restricted cash | (50 | ) | 73 | ||||
Net decrease in cash, cash equivalents and restricted cash | (5,706 | ) | (24,545 | ) | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 99,425 | 135,651 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 93,719 | $ | 111,106 | |||
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: | |||||||
Issuance of treasury stock for employee awards, net | $ | — | $ | 377 | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 1,081 | $ | 4,697 |
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
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