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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 1.56% | 7.15 | 7.05 | 7.16 | 7.20 | 7.04 | 7.05 | 44,250 | 23:30:10 |
Third Quarter 2023 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 2023 Financial Highlights
Management Commentary
“Adapting to the current environment in which Chinese consumers are reluctant to spend or invest, we managed to generate orders on pace with those of last year. Orders grew 3% at a constant exchange rate compared to the third quarter of 2022, while year-to-date 2023 orders increased 8% compared to prior year. The reported decrease in revenue was largely due to changes in deferred revenue, partly because orders tended to be received later in the quarter this year. Importantly, our members remained responsive to our programs, demonstrating that our promotions, incentives and high-quality product offerings continue to resonate,” commented Chris Sharng, President of Natural Health Trends Corp.
Mr. Sharng continued, “Noteworthy to highlight are the signs of momentum extending to several of our other markets including Taiwan, Peru, North America and Japan, each of which delivered strong performance during the quarter. We’re hopeful that these signs of growth will continue supported by careful planning and execution to our strategies around digital enhancements, new product launches, geographic diversification and superior member support.”
Balance Sheet and Cash Flow
Third Quarter 2023 Financial Results Conference Call
Management will host a conference call to discuss the third quarter 2023 financial results today, Wednesday, November 1, 2023 at 11:30 a.m. Eastern Time. The conference call details are as follows:
Date: | Wednesday, November 1, 2023 |
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: | 13740859 |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1631150&tp_key=ea6cd96ef7 |
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 November 1, 2023 through 11:59 p.m. Eastern Time on November 8, 2023 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13740859.
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 3, 2023 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.
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
NATURAL HEALTH TRENDS CORP.CONSOLIDATED BALANCE SHEETS(In thousands, except share data)
September 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 58,412 | $ | 69,667 | ||||
Inventories | 4,882 | 4,525 | ||||||
Other current assets | 3,675 | 3,359 | ||||||
Total current assets | 66,969 | 77,551 | ||||||
Property and equipment, net | 284 | 394 | ||||||
Operating lease right-of-use assets | 3,549 | 3,992 | ||||||
Restricted cash | 37 | 79 | ||||||
Deferred tax asset | 303 | 195 | ||||||
Other assets | 679 | 606 | ||||||
Total assets | $ | 71,821 | $ | 82,817 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 666 | $ | 810 | ||||
Income taxes payable | 4,092 | 2,972 | ||||||
Accrued commissions | 2,589 | 2,943 | ||||||
Other accrued expenses | 1,100 | 1,181 | ||||||
Deferred revenue | 6,248 | 5,597 | ||||||
Amounts held in eWallets | 4,154 | 4,895 | ||||||
Operating lease liabilities | 1,182 | 1,135 | ||||||
Other current liabilities | 747 | 905 | ||||||
Total current liabilities | 20,778 | 20,438 | ||||||
Income taxes payable | 5,054 | 9,098 | ||||||
Deferred tax liability | 140 | 141 | ||||||
Operating lease liabilities | 2,539 | 2,989 | ||||||
Total liabilities | 28,511 | 32,666 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 13 | 13 | ||||||
Additional paid-in capital | 84,657 | 86,102 | ||||||
Accumulated deficit | (15,757 | ) | (9,056 | ) | ||||
Accumulated other comprehensive loss | (1,267 | ) | (1,004 | ) | ||||
Treasury stock, at cost | (24,336 | ) | (25,904 | ) | ||||
Total stockholders’ equity | 43,310 | 50,151 | ||||||
Total liabilities and stockholders’ equity | $ | 71,821 | $ | 82,817 | ||||
NATURAL HEALTH TRENDS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands, except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net sales | $ | 10,615 | $ | 11,716 | $ | 32,987 | $ | 36,622 | ||||||||
Cost of sales | 2,689 | 3,098 | 8,386 | 9,398 | ||||||||||||
Gross profit | 7,926 | 8,618 | 24,601 | 27,224 | ||||||||||||
Operating expenses: | ||||||||||||||||
Commissions expense | 4,361 | 4,863 | 13,861 | 15,370 | ||||||||||||
Selling, general and administrative expenses | 3,857 | 3,900 | 12,169 | 12,167 | ||||||||||||
Total operating expenses | 8,218 | 8,763 | 26,030 | 27,537 | ||||||||||||
Loss from operations | (292 | ) | (145 | ) | (1,429 | ) | (313 | ) | ||||||||
Other income, net | 585 | 187 | 1,708 | 472 | ||||||||||||
Income before income taxes | 293 | 42 | 279 | 159 | ||||||||||||
Income tax provision (benefit) | 121 | (5 | ) | 69 | 34 | |||||||||||
Net income | $ | 172 | $ | 47 | $ | 210 | $ | 125 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.00 | $ | 0.02 | $ | 0.01 | ||||||||
Diluted | $ | 0.02 | $ | 0.00 | $ | 0.02 | $ | 0.01 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 11,440 | 11,423 | 11,432 | 11,341 | ||||||||||||
Diluted | 11,454 | 11,423 | 11,449 | 11,423 | ||||||||||||
NATURAL HEALTH TRENDS CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In thousands)
Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 210 | $ | 125 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Depreciation and amortization | 130 | 156 | ||||||
Share-based compensation | 123 | — | ||||||
Noncash lease expense | 830 | 889 | ||||||
Deferred income taxes | (117 | ) | (2 | ) | ||||
Changes in assets and liabilities: | ||||||||
Inventories | (420 | ) | 140 | |||||
Other current assets | (425 | ) | 1,000 | |||||
Other assets | (92 | ) | (44 | ) | ||||
Accounts payable | (141 | ) | 228 | |||||
Income taxes payable | (2,923 | ) | (1,382 | ) | ||||
Accrued commissions | (315 | ) | (1,055 | ) | ||||
Other accrued expenses | (58 | ) | (540 | ) | ||||
Deferred revenue | 674 | (3,209 | ) | |||||
Amounts held in eWallets | (725 | ) | (1,150 | ) | ||||
Operating lease liabilities | (812 | ) | (950 | ) | ||||
Other current liabilities | (148 | ) | 4 | |||||
Net cash used in operating activities | (4,209 | ) | (5,790 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment | (32 | ) | (130 | ) | ||||
Net cash used in investing activities | (32 | ) | (130 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Dividends paid | (6,911 | ) | (6,855 | ) | ||||
Net cash used in financing activities | (6,911 | ) | (6,855 | ) | ||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (145 | ) | (858 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (11,297 | ) | (13,633 | ) | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 69,746 | 84,365 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 58,449 | $ | 70,732 | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 115 | $ | 2,218 | ||||
1 Year Natural Health Trends Chart |
1 Month Natural Health Trends Chart |
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