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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.2352 | 3.38% | 7.1851 | 6.35 | 8.00 | 6.95 | 6.85 | 6.85 | 14,503 | 05:00:06 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
59-2705336
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
þ
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
Page
|
|
||
|
|
|
|
||
|
|
|
•
|
We could be adversely affected by management changes or an inability to attract and retain key management, directors and consultants;
|
•
|
Because our Hong Kong operations account for a substantial portion of our overall business, and most of our Hong Kong business is derived from the sale of products to members in China, any material adverse change in our business relating to either Hong Kong or China would likely have a material adverse impact on our overall business;
|
•
|
Our operations in China are subject to compliance with a myriad of applicable laws and regulations, and any actual or alleged violations of those laws or government actions otherwise directed at us could have a material adverse impact on our business and the value of our company;
|
•
|
Our failure to maintain and expand our member relationships could adversely affect our business;
|
•
|
The high level of competition in our industry could adversely affect our business;
|
•
|
Challenges by third parties to the legality of our business operations could harm our business;
|
•
|
We are currently being sued in three lawsuits alleging, among other things, that we made materially false and misleading statements regarding the legality of our business operations in China;
|
•
|
An increase in the amount of compensation paid to members would reduce profitability;
|
•
|
Failure of new products to gain member and market acceptance could harm our business;
|
•
|
Direct-selling laws and regulations may prohibit or severely restrict our direct sales efforts and cause our revenue and profitability to decline, and regulators could adopt new regulations that harm our business;
|
•
|
Our products and related activities are subject to extensive government regulation, which could delay, limit or prevent the sale of some of our products in some markets;
|
•
|
New regulations governing the marketing and sale of nutritional supplements could harm our business;
|
•
|
Regulations governing the production and marketing of our personal care products could harm our business;
|
•
|
If we are found not to be in compliance with good manufacturing practices our operations could be harmed;
|
•
|
Failure to comply with domestic and foreign laws and regulations governing product claims and advertising could harm our business;
|
•
|
Although our members are independent contractors, improper member actions that violate laws or regulations could harm our business;
|
•
|
Adverse publicity associated with our products, ingredients or network marketing program, or those of similar companies, could harm our financial condition and operating results;
|
•
|
We have a limited product line;
|
•
|
We rely on a limited number of independent third parties to manufacture and supply our products;
|
•
|
Growth may be impeded by the political and economic risks of entering and operating foreign markets;
|
•
|
Currency exchange rate fluctuations could lower our revenue and net income;
|
•
|
Changes in tax or duty laws, and unanticipated tax or duty liabilities, could adversely affect our net income;
|
•
|
Transfer pricing regulations affect our business and results of operations;
|
•
|
We may be held responsible for certain taxes or assessments relating to the activities of our members, which could harm our financial condition and operating results;
|
•
|
We are currently involved in, and may in the future face, litigation that could harm our business;
|
•
|
We may be unable to protect or use our intellectual property rights;
|
•
|
We do not have a comprehensive product liability insurance program and product liability claims could hurt our business;
|
•
|
Our internal controls and accounting methods may require modification;
|
•
|
If we fail to achieve and maintain an effective system of internal controls in the future, we may not be able to accurately report our financial results or prevent fraud. As a result, investors may lose confidence in our financial reporting;
|
•
|
We rely on and are subject to risks associated with our reliance upon information technology systems;
|
•
|
System failures and attacks could harm our business;
|
•
|
Terrorist attacks, cyber-attacks, acts of war, epidemics or other communicable diseases or any other natural disasters may seriously harm our business;
|
•
|
Because our systems, software and data reside on third-party servers, our access could be temporarily or permanently interrupted;
|
•
|
We may experience substantial negative cash flows, which may have a significant adverse effect on our business and could threaten our solvency;
|
•
|
If we experience negative cash flows, we may need to seek additional debt or equity financing, which may not be available on acceptable terms or at all. If available, it could have a highly dilutive effect on the holdings of existing stockholders;
|
•
|
Disappointing quarterly revenue or operating results could cause the price of our common stock to fall;
|
•
|
Our common stock is particularly subject to volatility because of the industry in which we operate;
|
•
|
Our common stock continues to experience wide fluctuations in trading volumes and prices. This may make it more difficult for holders of our common stock to sell shares when they want and at prices they find attractive; and
|
•
|
Future sales by us or our existing stockholders could depress the market price of our common stock.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
109,649
|
|
|
$
|
104,914
|
|
Accounts receivable
|
93
|
|
|
57
|
|
||
Inventories, net
|
12,302
|
|
|
10,455
|
|
||
Other current assets
|
2,893
|
|
|
2,286
|
|
||
Total current assets
|
124,937
|
|
|
117,712
|
|
||
Property and equipment, net
|
1,236
|
|
|
894
|
|
||
Goodwill
|
1,764
|
|
|
1,764
|
|
||
Restricted cash
|
3,097
|
|
|
3,166
|
|
||
Other assets
|
620
|
|
|
616
|
|
||
Total assets
|
$
|
131,654
|
|
|
$
|
124,152
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
3,525
|
|
|
$
|
2,862
|
|
Income taxes payable
|
862
|
|
|
379
|
|
||
Accrued commissions
|
18,651
|
|
|
19,634
|
|
||
Other accrued expenses
|
17,570
|
|
|
16,703
|
|
||
Deferred revenue
|
8,832
|
|
|
4,011
|
|
||
Deferred tax liability
|
60
|
|
|
60
|
|
||
Amounts held in eWallets
|
18,162
|
|
|
16,414
|
|
||
Other current liabilities
|
1,715
|
|
|
1,510
|
|
||
Total current liabilities
|
69,377
|
|
|
61,573
|
|
||
Long-term incentive
|
5,264
|
|
|
5,770
|
|
||
Total liabilities
|
74,641
|
|
|
67,343
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 50,000,000 shares authorized; 12,979,414 shares issued at June 30, 2016 and December 31, 2015
|
13
|
|
|
13
|
|
||
Additional paid-in capital
|
86,554
|
|
|
85,963
|
|
||
Retained earnings (accumulated deficit)
|
12,572
|
|
|
(9,647
|
)
|
||
Accumulated other comprehensive loss
|
(237
|
)
|
|
(101
|
)
|
||
Treasury stock, at cost; 1,692,218 and 840,202 shares at June 30, 2016 and December 31, 2015, respectively
|
(41,889
|
)
|
|
(19,419
|
)
|
||
Total stockholders’ equity
|
57,013
|
|
|
56,809
|
|
||
Total liabilities and stockholders’ equity
|
$
|
131,654
|
|
|
$
|
124,152
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
80,391
|
|
|
$
|
69,716
|
|
|
$
|
154,737
|
|
|
$
|
110,425
|
|
Cost of sales
|
15,059
|
|
|
14,094
|
|
|
29,339
|
|
|
23,024
|
|
||||
Gross profit
|
65,332
|
|
|
55,622
|
|
|
125,398
|
|
|
87,401
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Commissions expense
|
37,883
|
|
|
35,010
|
|
|
72,969
|
|
|
53,407
|
|
||||
Selling, general and administrative expenses
|
|
||||||||||||||
(including stock-based compensation expense of $10 and $20 during the three months ended June 30, 2016 and 2015, respectively, and $84 and $35 during the six months ended June 30, 2016 and 2015, respectively)
|
12,431
|
|
|
8,281
|
|
|
23,335
|
|
|
14,704
|
|
||||
Depreciation and amortization
|
91
|
|
|
68
|
|
|
180
|
|
|
109
|
|
||||
Total operating expenses
|
50,405
|
|
|
43,359
|
|
|
96,484
|
|
|
68,220
|
|
||||
Income from operations
|
14,927
|
|
|
12,263
|
|
|
28,914
|
|
|
19,181
|
|
||||
Other income (expense), net
|
16
|
|
|
132
|
|
|
(8
|
)
|
|
23
|
|
||||
Income before income taxes
|
14,943
|
|
|
12,395
|
|
|
28,906
|
|
|
19,204
|
|
||||
Income tax provision
|
2,742
|
|
|
122
|
|
|
5,425
|
|
|
193
|
|
||||
Net income
|
$
|
12,201
|
|
|
$
|
12,273
|
|
|
$
|
23,481
|
|
|
$
|
19,011
|
|
Income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.08
|
|
|
$
|
0.99
|
|
|
$
|
2.03
|
|
|
$
|
1.53
|
|
Diluted
|
$
|
1.07
|
|
|
$
|
0.98
|
|
|
$
|
2.03
|
|
|
$
|
1.52
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
11,333
|
|
|
12,403
|
|
|
11,553
|
|
|
12,428
|
|
||||
Diluted
|
11,359
|
|
|
12,461
|
|
|
11,579
|
|
|
12,513
|
|
||||
Cash dividends declared per common share
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
$
|
0.11
|
|
|
$
|
0.05
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
12,201
|
|
|
$
|
12,273
|
|
|
$
|
23,481
|
|
|
$
|
19,011
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(327
|
)
|
|
16
|
|
|
(275
|
)
|
|
153
|
|
||||
Release of cumulative translation adjustment
|
132
|
|
|
(82
|
)
|
|
132
|
|
|
(82
|
)
|
||||
Net change in foreign currency translation adjustment
|
(195
|
)
|
|
(66
|
)
|
|
(143
|
)
|
|
71
|
|
||||
Unrealized (losses) gains on available-for-sale securities
|
(1
|
)
|
|
2
|
|
|
7
|
|
|
2
|
|
||||
Comprehensive income
|
$
|
12,005
|
|
|
$
|
12,209
|
|
|
$
|
23,345
|
|
|
$
|
19,084
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
23,481
|
|
|
$
|
19,011
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
180
|
|
|
109
|
|
||
Stock-based compensation
|
84
|
|
|
35
|
|
||
Cumulative translation adjustment realized in net income
|
132
|
|
|
(82
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(34
|
)
|
|
(186
|
)
|
||
Inventories, net
|
(1,865
|
)
|
|
(1,524
|
)
|
||
Other current assets
|
(578
|
)
|
|
(672
|
)
|
||
Other assets
|
2
|
|
|
(232
|
)
|
||
Accounts payable
|
665
|
|
|
849
|
|
||
Income taxes payable
|
487
|
|
|
56
|
|
||
Accrued commissions
|
(989
|
)
|
|
5,471
|
|
||
Other accrued expenses
|
2,597
|
|
|
4,674
|
|
||
Deferred revenue
|
4,816
|
|
|
5,459
|
|
||
Amounts held in eWallets
|
1,759
|
|
|
6,468
|
|
||
Other current liabilities
|
203
|
|
|
186
|
|
||
Long-term incentive
|
(506
|
)
|
|
(141
|
)
|
||
Net cash provided by operating activities
|
30,434
|
|
|
39,481
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment, net
|
(524
|
)
|
|
(333
|
)
|
||
Increase in restricted cash
|
—
|
|
|
(3,272
|
)
|
||
Net cash used in investing activities
|
(524
|
)
|
|
(3,605
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from exercise of warrants
|
—
|
|
|
309
|
|
||
Repurchase of common stock
|
(23,704
|
)
|
|
(6,082
|
)
|
||
Dividends paid
|
(1,262
|
)
|
|
(621
|
)
|
||
Net cash used in financing activities
|
(24,966
|
)
|
|
(6,394
|
)
|
||
Effect of exchange rates on cash and cash equivalents
|
(209
|
)
|
|
124
|
|
||
Net increase in cash and cash equivalents
|
4,735
|
|
|
29,606
|
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
104,914
|
|
|
44,816
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
109,649
|
|
|
$
|
74,422
|
|
NON-CASH FINANCING ACTIVITY:
|
|
|
|
||||
Issuance of treasury stock
|
$
|
1,741
|
|
|
$
|
666
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Cash
|
$
|
54,976
|
|
|
$
|
47,431
|
|
Cash equivalents
|
54,673
|
|
|
57,483
|
|
||
Total cash and cash equivalents
|
$
|
109,649
|
|
|
$
|
104,914
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Sales returns
|
$
|
1,388
|
|
|
$
|
1,552
|
|
Employee-related
|
12,888
|
|
|
11,064
|
|
||
Warehousing, inventory-related and other
|
3,294
|
|
|
4,087
|
|
||
Total other accrued expenses
|
$
|
17,570
|
|
|
$
|
16,703
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Adjusted Cost
|
|
Gross Unrealized Gains
|
|
Fair Value
|
|
Adjusted Cost
|
|
Gross Unrealized Gains
|
|
Fair Value
|
||||||||||||
Municipal bonds and notes
|
$
|
39,890
|
|
|
$
|
5
|
|
|
$
|
39,895
|
|
|
$
|
35,222
|
|
|
$
|
2
|
|
|
$
|
35,224
|
|
Corporate debt securities
|
1,995
|
|
|
—
|
|
|
1,995
|
|
|
5,029
|
|
|
(5
|
)
|
|
5,024
|
|
||||||
Financial institution instruments
|
12,783
|
|
|
—
|
|
|
12,783
|
|
|
17,235
|
|
|
—
|
|
|
17,235
|
|
||||||
Total available-for-sale investments
|
$
|
54,668
|
|
|
$
|
5
|
|
|
$
|
54,673
|
|
|
$
|
57,486
|
|
|
$
|
(3
|
)
|
|
$
|
57,483
|
|
|
Foreign Currency Translation Adjustment
|
|
Unrealized (Losses) Gains on Available-For-Sale Investments
|
|
Total
|
||||||
Balance, December 31, 2015
|
$
|
(99
|
)
|
|
$
|
(2
|
)
|
|
$
|
(101
|
)
|
Other comprehensive (loss) income
|
(275
|
)
|
|
7
|
|
|
(268
|
)
|
|||
Amounts reclassified out of accumulated other comprehensive loss
|
132
|
|
|
—
|
|
|
132
|
|
|||
Balance, June 30, 2016
|
$
|
(242
|
)
|
|
$
|
5
|
|
|
$
|
(237
|
)
|
|
Three Months Ended June 30,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Income
(Numerator)
|
|
Shares
(Denominator)
|
|
Per Share Amount
|
|
Income
(Numerator)
|
|
Shares
(Denominator)
|
|
Per Share Amount
|
||||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
$
|
12,201
|
|
|
11,333
|
|
|
$
|
1.08
|
|
|
$
|
12,273
|
|
|
12,403
|
|
|
$
|
0.99
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Warrants to purchase common stock
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
6
|
|
|
|
|
||||
Non-vested restricted stock
|
—
|
|
|
26
|
|
|
|
|
|
—
|
|
|
52
|
|
|
|
|
||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders plus assumed conversions
|
$
|
12,201
|
|
|
11,359
|
|
|
$
|
1.07
|
|
|
$
|
12,273
|
|
|
12,461
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount
|
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount
|
||||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
$
|
23,481
|
|
|
11,553
|
|
|
$
|
2.03
|
|
|
$
|
19,011
|
|
|
12,428
|
|
|
$
|
1.53
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Warrants to purchase common stock
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
39
|
|
|
|
|
||||
Non-vested restricted stock
|
—
|
|
|
26
|
|
|
|
|
|
—
|
|
|
46
|
|
|
|
|
||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders plus assumed conversions
|
$
|
23,481
|
|
|
11,579
|
|
|
$
|
2.03
|
|
|
$
|
19,011
|
|
|
12,513
|
|
|
$
|
1.52
|
|
|
Shares
|
|
Wtd. Avg. Price at Date of Issuance
|
|||
Nonvested at December 31, 2015
|
—
|
|
|
$
|
—
|
|
Granted
|
51,015
|
|
|
34.13
|
|
|
Vested
|
(4,255
|
)
|
|
34.13
|
|
|
Nonvested at June 30, 2016
|
46,760
|
|
|
34.13
|
|
|
Shares
|
|
Wtd. Avg. Price at Date of Issuance
|
|||
Nonvested at December 31, 2015
|
44,712
|
|
|
$
|
12.15
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(11,182
|
)
|
|
12.15
|
|
|
Nonvested at June 30, 2016
|
33,530
|
|
|
12.15
|
|
Declaration Date
|
|
Per Share
|
|
Amount
|
|
Record Date
|
|
Payment Date
|
||||
April 21, 2016
|
|
$
|
0.06
|
|
|
$
|
686
|
|
|
May 10, 2016
|
|
May 20, 2016
|
March 1, 2016
|
|
0.05
|
|
|
576
|
|
|
March 16, 2016
|
|
March 24, 2016
|
||
|
|
$
|
0.11
|
|
|
$
|
1,262
|
|
|
|
|
|
•
|
through commissions paid on product purchases made by their down-line members; and
|
•
|
through retail markups on sales of products purchased by members at wholesale prices (in the majority of our markets, sales are for personal consumption only and income may not be earned through retail mark-ups on sales in that market).
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
18.7
|
|
|
20.2
|
|
|
19.0
|
|
|
20.8
|
|
Gross profit
|
81.3
|
|
|
79.8
|
|
|
81.0
|
|
|
79.2
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Commissions expense
|
47.1
|
|
|
50.2
|
|
|
47.1
|
|
|
48.4
|
|
Selling, general and administrative expenses
|
15.5
|
|
|
11.9
|
|
|
15.1
|
|
|
13.3
|
|
Depreciation and amortization
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Total operating expenses
|
62.7
|
|
|
62.2
|
|
|
62.3
|
|
|
61.8
|
|
Income from operations
|
18.6
|
|
|
17.6
|
|
|
18.7
|
|
|
17.4
|
|
Other income (expense), net
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
Income before income taxes
|
18.6
|
|
|
17.8
|
|
|
18.7
|
|
|
17.4
|
|
Income tax provision
|
3.4
|
|
|
0.2
|
|
|
3.5
|
|
|
0.2
|
|
Net income
|
15.2
|
%
|
|
17.6
|
%
|
|
15.2
|
%
|
|
17.2
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
North America
|
$
|
1,995
|
|
|
2.5
|
%
|
|
$
|
1,878
|
|
|
2.7
|
%
|
|
$
|
3,058
|
|
|
2.0
|
%
|
|
$
|
3,111
|
|
|
2.8
|
%
|
Hong Kong
|
73,347
|
|
|
91.2
|
|
|
64,778
|
|
|
92.9
|
|
|
141,506
|
|
|
91.4
|
|
|
102,117
|
|
|
92.5
|
|
||||
China
|
2,500
|
|
|
3.1
|
|
|
810
|
|
|
1.2
|
|
|
5,815
|
|
|
3.8
|
|
|
1,311
|
|
|
1.2
|
|
||||
Taiwan
|
1,899
|
|
|
2.4
|
|
|
1,359
|
|
|
2.0
|
|
|
3,124
|
|
|
2.0
|
|
|
2,364
|
|
|
2.1
|
|
||||
South Korea
|
191
|
|
|
0.2
|
|
|
516
|
|
|
0.7
|
|
|
392
|
|
|
0.3
|
|
|
728
|
|
|
0.7
|
|
||||
Japan
|
16
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
42
|
|
|
—
|
|
||||
Singapore
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Russia, Kazakhstan and Ukraine
|
222
|
|
|
0.3
|
|
|
260
|
|
|
0.4
|
|
|
427
|
|
|
0.3
|
|
|
581
|
|
|
0.5
|
|
||||
Europe
|
205
|
|
|
0.3
|
|
|
97
|
|
|
0.1
|
|
|
337
|
|
|
0.2
|
|
|
171
|
|
|
0.2
|
|
||||
Total
|
$
|
80,391
|
|
|
100.0
|
%
|
|
$
|
69,716
|
|
|
100.0
|
%
|
|
$
|
154,737
|
|
|
100.0
|
%
|
|
$
|
110,425
|
|
|
100.0
|
%
|
Declaration Date
|
|
Per Share
|
|
Amount
|
|
Record Date
|
|
Payment Date
|
||||
April 21, 2016
|
|
$
|
0.06
|
|
|
$
|
686
|
|
|
May 10, 2016
|
|
May 20, 2016
|
March 1, 2016
|
|
0.05
|
|
|
576
|
|
|
March 16, 2016
|
|
March 24, 2016
|
||
|
|
$
|
0.11
|
|
|
$
|
1,262
|
|
|
|
|
|
Period
|
|
Total Number of Shares Purchased
(a)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(b)
|
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
(c)
(in thousands)
|
||||||
April 1-30, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
41,701
|
|
May 1-31, 2016
|
|
69,500
|
|
|
$
|
29.83
|
|
|
69,500
|
|
|
$
|
39,628
|
|
June 1-30, 2016
|
|
113,170
|
|
|
$
|
29.25
|
|
|
113,170
|
|
|
$
|
36,318
|
|
(a)
|
The shares were purchased in open market transactions as described in footnote (b) below.
|
(b)
|
On January 12, 2016, the Board of Directors authorized an increase to our stock repurchase program first approved on July 28, 2015 from $15.0 million to
$70.0 million
. Repurchases are expected to be executed to the extent that our earnings and cash-on-hand allow, and will be made in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. For all or a portion of the authorized repurchase amount, we may enter into one or more plans that are compliant with Rule 10b5-1 of the Exchange Act that are designed to facilitate these purchases. The stock repurchase program does not require us to acquire a specific number of shares, and may be suspended from time to time or discontinued. During the three months ended
June 30, 2016
, we purchased a total of 182,670 shares of our common stock for an aggregate purchase price of $5.4 million, plus transaction costs, under the stock repurchase program.
|
(c)
|
As of
June 30, 2016
,
$36.3 million
of the
$70.0 million
stock repurchase program first approved on July 28, 2015 and increased on January 12, 2016 remained available for future purchases, excluding the related estimated income tax associated with repatriating funds necessary to effect future purchases. After deducting such related estimated income tax, as of
June 30, 2016
,
$32.0 million
of the
$70.0 million
stock repurchase program remained available for future purchases.
|
Exhibit
Number
|
|
Exhibit Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation
|
101.DEF
|
|
XBRL Taxonomy Extension Definition
|
101.LAB
|
|
XBRL Taxonomy Extension Labels
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation
|
|
NATURAL HEALTH TRENDS CORP.
|
|
|
|
|
Date: July 27, 2016
|
/s/ Timothy S. Davidson
|
|
|
Timothy S. Davidson
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
Exhibit
Number
|
|
Exhibit Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation
|
101.DEF
|
|
XBRL Taxonomy Extension Definition
|
101.LAB
|
|
XBRL Taxonomy Extension Labels
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation
|
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