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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 | 6.93 | 11.23 | 1 | 09:05:10 |
Second Quarter 2022 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 2022 Financial Highlights
Management Commentary
“We continued to face significant and unpredictable COVID-related disruptions in the second quarter as lockdowns and social restrictions, along with supply chain bottlenecks, persisted in Greater China,” commented Chris Sharng, President of Natural Health Trends Corp. “Despite not being able to host any larger in-person activities, we finished the quarter strong with a well-attended virtual event and our members' positive response to promotional incentives. In June, working closely with our leaders, we rolled out a new virtual training system that incorporates company-sponsored product training and member-led business, motivational and leadership training to better support the ongoing development and engagement of members in the Greater China market.”
Mr. Sharng continued, “We are encouraged about the growth in the European market that emanated from our Swedish team after hosting a successful face-to-face event in April. In other markets outside of Greater China we supported our members both online and in-person through virtual events, incentive trips and local sales initiatives aimed at driving member and customer growth. We remain committed to the fundamentals of our business and to implementing strategies for future growth with the objective of returning value to our shareholders.”
Balance Sheet and Cash Flow
Second Quarter 2022 Financial Results Conference Call
Management will host a conference call to discuss the second quarter 2022 financial results today, Wednesday, August 3, 2022 at 11:30 a.m. Eastern Time. The conference call details are as follows:
Date: | Wednesday, August 3, 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: | 13730852 |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1556559&tp_key=8061062de2 |
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 3, 2022 through 11:59 p.m. Eastern Time on August 17, 2022 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13730852.
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 25, 2022 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, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 75,633 | $ | 83,843 | ||||
Inventories | 5,193 | 5,257 | ||||||
Other current assets | 3,408 | 4,369 | ||||||
Total current assets | 84,234 | 93,469 | ||||||
Property and equipment, net | 430 | 463 | ||||||
Operating lease right-of-use assets | 2,460 | 3,021 | ||||||
Restricted cash | 78 | 522 | ||||||
Deferred tax asset | 289 | 309 | ||||||
Other assets | 541 | 571 | ||||||
Total assets | $ | 88,032 | $ | 98,355 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 758 | $ | 761 | ||||
Income taxes payable | 2,987 | 1,345 | ||||||
Accrued commissions | 3,096 | 3,636 | ||||||
Other accrued expenses | 1,789 | 1,933 | ||||||
Deferred revenue | 6,692 | 8,536 | ||||||
Amounts held in eWallets | 5,441 | 6,341 | ||||||
Operating lease liabilities | 1,131 | 1,239 | ||||||
Other current liabilities | 850 | 865 | ||||||
Total current liabilities | 22,744 | 24,656 | ||||||
Income taxes payable | 9,098 | 12,130 | ||||||
Deferred tax liability | 153 | 153 | ||||||
Operating lease liabilities | 1,489 | 1,928 | ||||||
Total liabilities | 33,484 | 38,867 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 13 | 13 | ||||||
Additional paid-in capital | 86,102 | 86,102 | ||||||
Accumulated deficit | (4,723 | ) | (231 | ) | ||||
Accumulated other comprehensive loss | (940 | ) | (492 | ) | ||||
Treasury stock, at cost | (25,904 | ) | (25,904 | ) | ||||
Total stockholders’ equity | 54,548 | 59,488 | ||||||
Total liabilities and stockholders’ equity | $ | 88,032 | $ | 98,355 | ||||
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, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net sales | $ | 13,360 | $ | 16,152 | $ | 24,906 | $ | 29,621 | ||||||||
Cost of sales | 3,392 | 3,934 | 6,300 | 7,189 | ||||||||||||
Gross profit | 9,968 | 12,218 | 18,606 | 22,432 | ||||||||||||
Operating expenses: | ||||||||||||||||
Commissions expense | 5,767 | 6,927 | 10,507 | 12,441 | ||||||||||||
Selling, general and administrative expenses | 3,986 | 4,906 | 8,267 | 9,386 | ||||||||||||
Total operating expenses | 9,753 | 11,833 | 18,774 | 21,827 | ||||||||||||
Income (loss) from operations | 215 | 385 | (168 | ) | 605 | |||||||||||
Other income (expense), net | 175 | (59 | ) | 285 | (39 | ) | ||||||||||
Income before income taxes | 390 | 326 | 117 | 566 | ||||||||||||
Income tax provision | 207 | 97 | 39 | 184 | ||||||||||||
Net income | $ | 183 | $ | 229 | $ | 78 | $ | 382 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | 0.03 | ||||||||
Diluted | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | 0.03 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 11,346 | 10,968 | 11,300 | 10,921 | ||||||||||||
Diluted | 11,424 | 11,424 | 11,424 | 11,424 | ||||||||||||
NATURAL HEALTH TRENDS CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In thousands)
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 78 | $ | 382 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 106 | 156 | ||||||
Noncash lease expense | 599 | 594 | ||||||
Deferred income taxes | 12 | 24 | ||||||
Changes in assets and liabilities: | ||||||||
Inventories | 7 | 53 | ||||||
Other current assets | 1,002 | (117 | ) | |||||
Other assets | 1 | 65 | ||||||
Accounts payable | 2 | 446 | ||||||
Income taxes payable | (1,390 | ) | (1,376 | ) | ||||
Accrued commissions | (531 | ) | (37 | ) | ||||
Other accrued expenses | (132 | ) | (66 | ) | ||||
Deferred revenue | (1,788 | ) | 2,629 | |||||
Amounts held in eWallets | (862 | ) | (1,186 | ) | ||||
Operating lease liabilities | (600 | ) | (629 | ) | ||||
Other current liabilities | (4 | ) | (390 | ) | ||||
Net cash provided by (used in) operating activities | (3,500 | ) | 548 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment | (78 | ) | (147 | ) | ||||
Net cash used in investing activities | (78 | ) | (147 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Dividends paid | (4,570 | ) | (4,570 | ) | ||||
Net cash used in financing activities | (4,570 | ) | (4,570 | ) | ||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (506 | ) | (86 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (8,654 | ) | (4,255 | ) | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 84,365 | 92,892 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 75,711 | $ | 88,637 | ||||
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: | ||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 77 | $ | 400 | ||||
CONTACT:
Scott DavidsonSenior Vice President and Chief Financial OfficerNatural Health Trends Corp.Tel (Hong Kong): +852-3107-0800Tel (U.S.): 310-541-0888investor.relations@nhtglobal.com
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