We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
GNC Holdings Inc | NYSE:GNC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0 | 01:00:00 |
[
X
]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the quarterly period ended September 30, 2017
|
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the transition period from
to
.
|
Delaware
|
20-8536244
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
Incorporation or organization)
|
Identification No.)
|
|
|
300 Sixth Avenue
|
15222
|
Pittsburgh, Pennsylvania
|
(Zip Code)
|
(Address of principal executive offices)
|
|
Large accelerated filer [
X
]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
Emerging growth company [ ]
|
|
|
|
PAGE
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
40,118
|
|
|
$
|
34,464
|
|
Receivables, net
|
133,111
|
|
|
129,178
|
|
||
Inventory (Note 3)
|
534,427
|
|
|
583,212
|
|
||
Prepaid and other current assets
|
41,683
|
|
|
39,400
|
|
||
Total current assets
|
749,339
|
|
|
786,254
|
|
||
Long-term assets:
|
|
|
|
|
|
||
Goodwill (Note 4)
|
165,231
|
|
|
176,062
|
|
||
Brand name
|
720,000
|
|
|
720,000
|
|
||
Other intangible assets, net (Note 4)
|
101,485
|
|
|
111,229
|
|
||
Property, plant and equipment, net (Note 4)
|
207,578
|
|
|
232,292
|
|
||
Other long-term assets
|
25,398
|
|
|
30,005
|
|
||
Total long-term assets
|
1,219,692
|
|
|
1,269,588
|
|
||
Total assets
|
$
|
1,969,031
|
|
|
$
|
2,055,842
|
|
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
152,513
|
|
|
$
|
179,933
|
|
Revolving credit facility (Note 5)
|
48,000
|
|
|
—
|
|
||
Current portion of term loan facility (Note 5)
|
—
|
|
|
12,562
|
|
||
Deferred revenue and other current liabilities
|
107,176
|
|
|
115,171
|
|
||
Total current liabilities
|
307,689
|
|
|
307,666
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Long-term debt (Note 5)
|
1,381,906
|
|
|
1,527,891
|
|
||
Deferred income taxes (Note 11)
|
248,538
|
|
|
259,203
|
|
||
Other long-term liabilities
|
55,607
|
|
|
56,129
|
|
||
Total long-term liabilities
|
1,686,051
|
|
|
1,843,223
|
|
||
Total liabilities
|
1,993,740
|
|
|
2,150,889
|
|
||
Contingencies (Note 7)
|
|
|
|
|
|
||
Stockholders’ deficit:
|
|
|
|
|
|
||
Common stock
|
115
|
|
|
114
|
|
||
Additional paid-in capital
|
928,460
|
|
|
922,687
|
|
||
Retained earnings
|
777,457
|
|
|
716,198
|
|
||
Treasury stock, at cost
|
(1,725,349
|
)
|
|
(1,725,349
|
)
|
||
Accumulated other comprehensive loss
|
(5,392
|
)
|
|
(8,697
|
)
|
||
Total stockholders’ deficit
|
(24,709
|
)
|
|
(95,047
|
)
|
||
Total liabilities and stockholders’ deficit
|
$
|
1,969,031
|
|
|
$
|
2,055,842
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
609,469
|
|
|
$
|
627,964
|
|
|
$
|
1,895,301
|
|
|
$
|
1,970,087
|
|
Cost of sales, including warehousing, distribution and occupancy
|
412,663
|
|
|
412,556
|
|
|
1,272,801
|
|
|
1,280,136
|
|
||||
Gross profit
|
196,806
|
|
|
215,408
|
|
|
622,500
|
|
|
689,951
|
|
||||
Selling, general, and administrative
|
150,961
|
|
|
148,392
|
|
|
465,575
|
|
|
430,448
|
|
||||
Gains on refranchising
|
(230
|
)
|
|
(383
|
)
|
|
(384
|
)
|
|
(18,283
|
)
|
||||
Long-lived asset impairments (Note 4)
|
3,861
|
|
|
3,045
|
|
|
23,217
|
|
|
3,045
|
|
||||
Other loss (income), net (Note 4)
|
1,769
|
|
|
(539
|
)
|
|
274
|
|
|
(441
|
)
|
||||
Operating income
|
40,445
|
|
|
64,893
|
|
|
133,818
|
|
|
275,182
|
|
||||
Interest expense, net (Note 5)
|
16,339
|
|
|
15,360
|
|
|
48,300
|
|
|
45,078
|
|
||||
Income before income taxes
|
24,106
|
|
|
49,533
|
|
|
85,518
|
|
|
230,104
|
|
||||
Income tax expense (Note 11)
|
2,643
|
|
|
17,179
|
|
|
24,544
|
|
|
82,907
|
|
||||
Net income
|
$
|
21,463
|
|
|
$
|
32,354
|
|
|
$
|
60,974
|
|
|
$
|
147,197
|
|
Earnings per share
(Note 8)
:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.31
|
|
|
$
|
0.47
|
|
|
$
|
0.89
|
|
|
$
|
2.11
|
|
Diluted
|
$
|
0.31
|
|
|
$
|
0.47
|
|
|
$
|
0.89
|
|
|
$
|
2.10
|
|
Weighted average common shares outstanding
(Note 8)
:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
68,354
|
|
|
68,190
|
|
|
68,296
|
|
|
69,808
|
|
||||
Diluted
|
68,569
|
|
|
68,315
|
|
|
68,411
|
|
|
69,939
|
|
||||
Dividends declared per share
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
0.60
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
21,463
|
|
|
$
|
32,354
|
|
|
$
|
60,974
|
|
|
$
|
147,197
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation gain (loss)
|
1,705
|
|
|
(592
|
)
|
|
3,305
|
|
|
2,263
|
|
||||
Comprehensive income
|
$
|
23,168
|
|
|
$
|
31,762
|
|
|
$
|
64,279
|
|
|
$
|
149,460
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Loss
|
|
Total
Stockholders’ (Deficit) Equity |
|||||||||||||||
|
Class A
|
|
|
|
|
|
||||||||||||||||||||
|
Shares
|
|
Dollars
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2016
|
68,399
|
|
|
$
|
114
|
|
|
$
|
(1,725,349
|
)
|
|
$
|
922,687
|
|
|
$
|
716,198
|
|
|
$
|
(8,697
|
)
|
|
$
|
(95,047
|
)
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,974
|
|
|
3,305
|
|
|
64,279
|
|
||||||
Dividend forfeitures on restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285
|
|
|
—
|
|
|
285
|
|
||||||
Restricted stock awards
|
636
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Minimum tax withholding requirements
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
6,025
|
|
|
—
|
|
|
—
|
|
|
6,025
|
|
||||||
Balance at September 30, 2017
|
69,003
|
|
|
$
|
115
|
|
|
$
|
(1,725,349
|
)
|
|
$
|
928,460
|
|
|
$
|
777,457
|
|
|
$
|
(5,392
|
)
|
|
$
|
(24,709
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2015
|
76,276
|
|
|
$
|
114
|
|
|
$
|
(1,496,180
|
)
|
|
$
|
916,128
|
|
|
$
|
1,058,148
|
|
|
$
|
(9,649
|
)
|
|
$
|
468,561
|
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147,197
|
|
|
2,263
|
|
|
149,460
|
|
||||||
Purchase of treasury stock
|
(7,926
|
)
|
|
—
|
|
|
(229,169
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,169
|
)
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,939
|
)
|
|
—
|
|
|
(41,939
|
)
|
||||||
Exercise of stock options
|
23
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
343
|
|
||||||
Restricted stock awards
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Minimum tax withholding requirements
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
(1,126
|
)
|
|
—
|
|
|
—
|
|
|
(1,126
|
)
|
||||||
Net excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
(742
|
)
|
|
—
|
|
|
—
|
|
|
(742
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
7,191
|
|
|
—
|
|
|
—
|
|
|
7,191
|
|
||||||
Balance at September 30, 2016
|
68,398
|
|
|
$
|
114
|
|
|
$
|
(1,725,349
|
)
|
|
$
|
921,794
|
|
|
$
|
1,163,406
|
|
|
$
|
(7,386
|
)
|
|
$
|
352,579
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
60,974
|
|
|
$
|
147,197
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization expense
|
43,688
|
|
|
43,547
|
|
||
Amortization of debt costs
|
9,893
|
|
|
9,419
|
|
||
Stock-based compensation
|
6,025
|
|
|
7,191
|
|
||
Long-lived asset impairments
|
23,217
|
|
|
3,045
|
|
||
Gains on refranchising
|
(384
|
)
|
|
(18,283
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Decrease in receivables
|
1,204
|
|
|
3,519
|
|
||
Decrease (Increase) in inventory
|
43,468
|
|
|
(71,760
|
)
|
||
(Increase) in prepaid and other current assets
|
(2,502
|
)
|
|
(5,342
|
)
|
||
(Decrease) Increase in accounts payable
|
(19,732
|
)
|
|
35,700
|
|
||
(Decrease) Increase in deferred revenue and accrued liabilities
|
(18,769
|
)
|
|
13,515
|
|
||
Other operating activities
|
2,486
|
|
|
1,999
|
|
||
Net cash provided by operating activities
|
149,568
|
|
|
169,747
|
|
||
|
|
|
|
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(26,210
|
)
|
|
(35,368
|
)
|
||
Refranchising proceeds
|
3,410
|
|
|
30,306
|
|
||
Store acquisition costs
|
(1,930
|
)
|
|
(1,918
|
)
|
||
Net cash used in investing activities
|
(24,730
|
)
|
|
(6,980
|
)
|
||
|
|
|
|
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Borrowings under revolving credit facility
|
177,500
|
|
|
197,000
|
|
||
Payments on revolving credit facility
|
(256,500
|
)
|
|
(103,000
|
)
|
||
Payments on term loan facility
|
(40,853
|
)
|
|
(3,412
|
)
|
||
Debt issuance costs
|
—
|
|
|
(1,712
|
)
|
||
Proceeds from exercise of stock options
|
—
|
|
|
343
|
|
||
Gross excess tax benefit from stock-based compensation
|
—
|
|
|
162
|
|
||
Minimum tax withholding requirements
|
(252
|
)
|
|
(1,126
|
)
|
||
Cash paid for treasury stock
|
—
|
|
|
(229,169
|
)
|
||
Dividends paid to shareholders
|
—
|
|
|
(41,613
|
)
|
||
Net cash used in financing activities
|
(120,105
|
)
|
|
(182,527
|
)
|
||
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
921
|
|
|
501
|
|
||
Net increase (decrease) in cash and cash equivalents
|
5,654
|
|
|
(19,259
|
)
|
||
Beginning balance, cash and cash equivalents
|
34,464
|
|
|
56,462
|
|
||
Ending balance, cash and cash equivalents
|
$
|
40,118
|
|
|
$
|
37,203
|
|
|
As of September 30,
|
||||||
|
2017
|
|
2016
|
||||
Non-cash investing activities:
|
|
|
|
||||
Accrued capital expenditures
|
$
|
2,141
|
|
|
$
|
3,432
|
|
Receivable related to sale of Lucky Vitamin
|
7,117
|
|
|
—
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Finished product ready for sale
(*)
|
$
|
454,032
|
|
|
$
|
509,209
|
|
Work-in-process, bulk product and raw materials
(*)
|
73,757
|
|
|
67,275
|
|
||
Packaging supplies
|
6,638
|
|
|
6,728
|
|
||
Inventory
|
$
|
534,427
|
|
|
$
|
583,212
|
|
•
|
Future cash flow assumptions
- The Company's projections for Lucky Vitamin were based on organic growth and were derived from historical experience and assumptions regarding future growth and profitability trends. The Company's analysis incorporated an assumed period of cash flows of
8
years with a terminal value.
|
•
|
Discount rate
- The discount rate was based on Lucky Vitamin’s estimated weighted average cost of capital ("WACC"). The components of WACC are the cost of equity and the cost of debt, each of which requires judgment by management to estimate. The Company developed its cost of equity estimate based on perceived risks and predictability of future cash flows. At June 30, 2017, the WACC used to estimate the fair value of the Lucky Vitamin reporting unit was
18.0%
.
|
|
U.S. and Canada
|
|
International
|
|
Manufacturing / Wholesale
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Goodwill at December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross
|
$
|
401,359
|
|
|
$
|
42,994
|
|
|
$
|
202,841
|
|
|
$
|
647,194
|
|
Accumulated impairments
|
(380,644
|
)
|
|
—
|
|
|
(90,488
|
)
|
|
(471,132
|
)
|
||||
Goodwill
|
20,715
|
|
|
42,994
|
|
|
112,353
|
|
|
176,062
|
|
||||
2017 Activity:
|
|
|
|
|
|
|
|
|
|||||||
Impairment
|
(11,464
|
)
|
|
—
|
|
|
—
|
|
|
(11,464
|
)
|
||||
Translation effect of exchange rates
|
—
|
|
|
633
|
|
|
—
|
|
|
633
|
|
||||
Total 2017 activity
|
(11,464
|
)
|
|
633
|
|
|
—
|
|
|
(10,831
|
)
|
||||
Balance at September 30, 2017:
|
|
|
|
|
|
|
|
||||||||
Gross
|
401,359
|
|
|
43,627
|
|
|
202,841
|
|
|
647,827
|
|
||||
Accumulated impairments
|
(392,108
|
)
|
|
—
|
|
|
(90,488
|
)
|
|
(482,596
|
)
|
||||
Goodwill
|
$
|
9,251
|
|
|
$
|
43,627
|
|
|
$
|
112,353
|
|
|
$
|
165,231
|
|
|
Weighted-
Average
Life
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
Cost
|
|
Accumulated
Amortization
|
|
Carrying
Amount
|
|
Cost
|
|
Accumulated
Amortization
|
|
Carrying
Amount
|
|||||||||||||
|
|
|
(in thousands)
|
||||||||||||||||||||||
Retail agreements
|
30.3
|
|
$
|
31,000
|
|
|
$
|
(11,250
|
)
|
|
$
|
19,750
|
|
|
$
|
31,000
|
|
|
$
|
(10,460
|
)
|
|
$
|
20,540
|
|
Franchise agreements
|
25.0
|
|
70,000
|
|
|
(29,517
|
)
|
|
40,483
|
|
|
70,000
|
|
|
(27,417
|
)
|
|
42,583
|
|
||||||
Manufacturing agreements
|
25.0
|
|
70,000
|
|
|
(29,517
|
)
|
|
40,483
|
|
|
70,000
|
|
|
(27,417
|
)
|
|
42,583
|
|
||||||
Other intangibles
|
6.8
|
|
673
|
|
|
(347
|
)
|
|
326
|
|
|
10,201
|
|
|
(5,467
|
)
|
|
4,734
|
|
||||||
Franchise rights
|
3.0
|
|
7,486
|
|
|
(7,043
|
)
|
|
443
|
|
|
7,486
|
|
|
(6,697
|
)
|
|
789
|
|
||||||
Total
|
|
|
$
|
179,159
|
|
|
$
|
(77,674
|
)
|
|
$
|
101,485
|
|
|
$
|
188,687
|
|
|
$
|
(77,458
|
)
|
|
$
|
111,229
|
|
Years ending December 31,
|
|
Estimated
amortization
expense
|
||
|
|
(in thousands)
|
||
|
|
|
||
2017 (remainder)
|
|
$
|
1,770
|
|
2018
|
|
6,964
|
|
|
2019
|
|
6,823
|
|
|
2020
|
|
6,760
|
|
|
2021
|
|
6,726
|
|
|
Thereafter
|
|
72,442
|
|
|
Total
|
|
$
|
101,485
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Term Loan Facility (net of $1.1 million and $1.6 million discount)
|
$
|
1,130,148
|
|
|
$
|
1,170,486
|
|
Revolving Credit Facility
|
48,000
|
|
|
127,000
|
|
||
Notes
|
253,330
|
|
|
245,273
|
|
||
Debt issuance costs
|
(1,572
|
)
|
|
(2,306
|
)
|
||
Total debt
|
1,429,906
|
|
|
1,540,453
|
|
||
Less: current maturities
|
(48,000
|
)
|
|
(12,562
|
)
|
||
Long-term debt
|
$
|
1,381,906
|
|
|
$
|
1,527,891
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Liability component
|
|
|
|
||||
Principal
|
$
|
287,500
|
|
|
$
|
287,500
|
|
Conversion feature
|
(30,023
|
)
|
|
(37,179
|
)
|
||
Discount related to debt issuance costs
|
(4,147
|
)
|
|
(5,048
|
)
|
||
Net carrying amount
|
$
|
253,330
|
|
|
$
|
245,273
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Senior Credit Facility:
|
|
|
|
|
|
|
|
||||||||
Term Loan Facility coupon
|
$
|
10,803
|
|
|
$
|
9,753
|
|
|
$
|
30,509
|
|
|
$
|
29,076
|
|
Revolving Credit Facility
|
1,188
|
|
|
1,359
|
|
|
3,982
|
|
|
3,420
|
|
||||
Amortization of discount and debt issuance costs
|
550
|
|
|
591
|
|
|
1,800
|
|
|
1,775
|
|
||||
Total Senior Credit Facility
|
12,541
|
|
|
11,703
|
|
|
36,291
|
|
|
34,271
|
|
||||
Notes:
|
|
|
|
|
|
|
|
||||||||
Coupon
|
1,078
|
|
|
1,078
|
|
|
3,210
|
|
|
3,234
|
|
||||
Amortization of conversion feature
|
2,422
|
|
|
2,294
|
|
|
7,156
|
|
|
6,778
|
|
||||
Amortization of discount and debt issuance costs
|
321
|
|
|
290
|
|
|
938
|
|
|
845
|
|
||||
Total Notes
|
3,821
|
|
|
3,662
|
|
|
11,304
|
|
|
10,857
|
|
||||
Other
|
(23
|
)
|
|
(5
|
)
|
|
705
|
|
|
(50
|
)
|
||||
Interest expense, net
|
$
|
16,339
|
|
|
$
|
15,360
|
|
|
$
|
48,300
|
|
|
$
|
45,078
|
|
Level 1 — observable inputs such as quoted prices in active markets for identical assets and liabilities;
|
Level 2 — observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other inputs that are observable, or can be corroborated by observable market data; and
|
Level 3 — unobservable inputs for which there are little or no market data, which require the reporting entity to develop its own assumptions.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Term Loan Facility
|
$
|
1,130,148
|
|
|
$
|
1,084,942
|
|
|
$
|
1,170,486
|
|
|
$
|
1,100,257
|
|
Notes
|
253,330
|
|
|
187,464
|
|
|
245,273
|
|
|
185,794
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||||||
Basic weighted average shares
|
68,354
|
|
|
68,190
|
|
|
68,296
|
|
|
69,808
|
|
Effect of dilutive stock-based compensation awards
|
215
|
|
|
125
|
|
|
115
|
|
|
131
|
|
Diluted weighted average shares
|
68,569
|
|
|
68,315
|
|
|
68,411
|
|
|
69,939
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||||||
Antidilutive:
|
|
||||||||||
Time-based
|
2,381
|
|
|
1,120
|
|
|
2,179
|
|
|
1,011
|
|
Market-based
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
Contingently issuable:
|
|
|
|
|
|
|
|
||||
Performance-based
|
62
|
|
|
130
|
|
|
67
|
|
|
133
|
|
Market-based
|
387
|
|
|
167
|
|
|
416
|
|
|
112
|
|
Total stock-based awards excluded from diluted EPS
|
2,830
|
|
|
1,417
|
|
|
2,662
|
|
|
1,312
|
|
•
|
the GNC Holdings, Inc. 2015 Stock and Incentive Plan (the "2015 Stock Plan") amended and adopted in May 2015, formerly the GNC Holdings, Inc. 2011 Stock and Incentive Plan (the “2011 Stock Plan”) adopted in March 2011; and
|
•
|
the GNC Acquisition Holdings Inc. 2007 Stock Incentive Plan adopted in March 2007 (as amended, the “2007 Stock Plan”).
|
•
|
"make-whole" restricted stock awards consisting of the following:
|
◦
|
$600,000
, which are
67,000
fully vested restricted shares with transfer restrictions that lapse on the earliest to occur of a Change in Control of GNC, the third anniversary of grant or death, disability or other separation from service for any reason;
|
◦
|
$950,000
, which are
106,000
unvested restricted shares scheduled to vest on December 29, 2017 subject to acceleration to cover any applicable income and payroll tax withholding resulting from the recognition of ordinary income pursuant to a Section 83(b) election (“Section 83(b) Tax Liability”); and
|
◦
|
$1,200,000
, which are
134,000
unvested restricted shares scheduled to vest in
three
equal installments on each of the first three anniversaries of grant subject to acceleration to cover any applicable Section 83(b) Tax Liability; and
|
•
|
time-vested awards consisting of
212,000
restricted shares and
519,000
stock options in the amount of
$1,900,000
each, which are scheduled to vest in
three
equal installments on each of the first three anniversaries of grant.
|
|
September 30, 2017
|
|
December 31, 2016
|
||
|
(in thousands)
|
||||
Time-based stock options
|
2,680
|
|
|
914
|
|
Time-based restricted stock awards
|
1,137
|
|
|
312
|
|
Performance-based restricted stock awards
|
62
|
|
|
101
|
|
Market-based restricted stock awards
|
387
|
|
|
166
|
|
Total
|
4,266
|
|
|
1,493
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
||||||
U.S. and Canada
|
$
|
507,108
|
|
|
$
|
525,505
|
|
|
$
|
1,603,447
|
|
|
$
|
1,671,048
|
|
International
|
49,057
|
|
|
41,118
|
|
|
132,105
|
|
|
121,037
|
|
||||
Manufacturing / Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|||||
Intersegment revenues
|
58,037
|
|
|
53,016
|
|
|
175,335
|
|
|
172,603
|
|
||||
Third party
|
53,304
|
|
|
61,341
|
|
|
159,749
|
|
|
178,002
|
|
||||
Subtotal Manufacturing / Wholesale
|
111,341
|
|
|
114,357
|
|
|
335,084
|
|
|
350,605
|
|
||||
Total reportable segment revenues
|
667,506
|
|
|
680,980
|
|
|
2,070,636
|
|
|
2,142,690
|
|
||||
Elimination of intersegment revenues
|
(58,037
|
)
|
|
(53,016
|
)
|
|
(175,335
|
)
|
|
(172,603
|
)
|
||||
Total revenue
|
$
|
609,469
|
|
|
$
|
627,964
|
|
|
$
|
1,895,301
|
|
|
$
|
1,970,087
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
||||||
U.S. and Canada
|
$
|
29,730
|
|
|
$
|
65,292
|
|
|
$
|
112,336
|
|
|
$
|
256,142
|
|
International
|
16,768
|
|
|
14,676
|
|
|
46,908
|
|
|
41,428
|
|
||||
Manufacturing / Wholesale
|
19,505
|
|
|
17,395
|
|
|
53,989
|
|
|
53,719
|
|
||||
Total reportable segment operating income
|
66,003
|
|
|
97,363
|
|
|
213,233
|
|
|
351,289
|
|
||||
Unallocated corporate costs and other
|
(25,558
|
)
|
|
(32,470
|
)
|
|
(79,415
|
)
|
|
(76,107
|
)
|
||||
Total operating income
|
40,445
|
|
|
64,893
|
|
|
133,818
|
|
|
275,182
|
|
||||
Interest expense, net
|
16,339
|
|
|
15,360
|
|
|
48,300
|
|
|
45,078
|
|
||||
Income before income taxes
|
$
|
24,106
|
|
|
$
|
49,533
|
|
|
$
|
85,518
|
|
|
$
|
230,104
|
|
•
|
Loyalty programs.
As of October 25, 2017, we had 9.6 million members in our myGNC Rewards program, of which 585,000 members were enrolled in our PRO Access program.
|
•
|
Increasing average transaction amount.
We noted positive comparable same store transactions of
12.4%
in the third quarter of 2017 for company-owned stores and GNC.com and positive same store sales of
1.3%
. We are focused on improving average transaction amount through associate training and merchandising in order to continue to increase same store sales in the fourth quarter of 2017 and beyond.
|
•
|
Proprietary products and innovation capabilities.
We believe that product innovation is critical to our growth, brand image superiority and competitive advantage. Through market research, interactions with customers and partnerships with leading industry vendors, we work to identify shifting consumer trends that can inform our product development process. We believe that our brand portfolio of proprietary products, which are
|
•
|
We made significant changes in our e-commerce pricing and promotion strategy in August 2016, which eliminated channel conflict and bulk sales. These changes allowed GNC to successfully launch on Amazon (sales from which are included in the GNC.com business unit) in January 2017, which continues to outperform expectations. In addition, the recently completed re-platforming of the website from a third-party to a cloud-based solution provides more flexibility and control for new features and enhancements including advanced personalization capability, improved merchandising and opportunity for omnichannel expansion, which is creating the ability to better optimize the e-commerce business;
|
•
|
During the first quarter of 2017, we completed the roll-out of new point-of-sale terminals and tablets to all of our company-owned U.S. stores to address issues regarding speed of transactions and to support back-office needs and functionality;
|
•
|
Technology, training and incentives for store associates have been refocused on loyalty, building basket, and growing our proprietary GNC brand. For example, the tablets can now be used by store associates to enroll customers into the loyalty programs and facilitate product recommendations supporting customer regimens; and
|
•
|
Supply chain focus has been reducing overall enterprise inventory including lower weeks of supply while maintaining in-stocks. Our focus has been to reduce lead time, address slow moving items, and strengthen our forecasting practices. Additional focus has also been placed on consistency of in-stocks across all channels and testing store service improvements. Our inventory decreased from $574.7 million at June 30, 2017 to $534.4 million at September 30, 2017. Going forward, management sees ongoing opportunity to optimize inventory.
|
|
2017
|
|
2016
|
||||||||||||||
U.S. Company-Owned Same Store Sales, including GNC.com
|
Q1 3/31
|
|
Q2 6/30
|
|
Q3 9/30
|
|
Q1 3/31
|
|
Q2 6/30
|
|
Q3 9/30
|
||||||
Total same store sales
|
(3.9
|
)%
|
|
(0.9
|
)%
|
|
1.3
|
%
|
|
(2.3
|
)%
|
|
(3.9
|
)%
|
|
(8.6
|
)%
|
Drivers of same store sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Number of transactions
|
9.3
|
%
|
|
12.3
|
%
|
|
12.4
|
%
|
|
(4.1
|
)%
|
|
(5.5
|
)%
|
|
(6.6
|
)%
|
Average transaction amount
|
(12.1
|
)%
|
|
(11.8
|
)%
|
|
(9.9
|
)%
|
|
1.8
|
%
|
|
1.7
|
%
|
|
(2.2
|
)%
|
Contribution to same store sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domestic retail same store sales
|
(3.6
|
)%
|
|
(0.5
|
)%
|
|
(1.2
|
)%
|
|
(1.9
|
)%
|
|
(3.4
|
)%
|
|
(6.5
|
)%
|
GNC.com contribution to same store sales
|
(0.3
|
)%
|
|
(0.4
|
)%
|
|
2.5
|
%
|
|
(0.4
|
)%
|
|
(0.5
|
)%
|
|
(2.1
|
)%
|
Total same store sales
|
(3.9
|
)%
|
|
(0.9
|
)%
|
|
1.3
|
%
|
|
(2.3
|
)%
|
|
(3.9
|
)%
|
|
(8.6
|
)%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Revenues:
|
|
|
|
|
|
|
|
||||
U.S. and Canada
|
83.2
|
%
|
|
83.7
|
%
|
|
84.6
|
%
|
|
84.8
|
%
|
International
|
8.1
|
%
|
|
6.5
|
%
|
|
7.0
|
%
|
|
6.1
|
%
|
Manufacturing / Wholesale:
|
|
|
|
|
|
|
|
||||
Intersegment revenues
|
9.5
|
%
|
|
8.4
|
%
|
|
9.3
|
%
|
|
8.8
|
%
|
Third party
|
8.7
|
%
|
|
9.8
|
%
|
|
8.4
|
%
|
|
9.1
|
%
|
Subtotal Manufacturing / Wholesale
|
18.2
|
%
|
|
18.2
|
%
|
|
17.7
|
%
|
|
17.9
|
%
|
Elimination of intersegment revenue
|
(9.5
|
)%
|
|
(8.4
|
)%
|
|
(9.3
|
)%
|
|
(8.8
|
)%
|
Total net revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Cost of sales, including warehousing, distribution and occupancy
|
67.7
|
%
|
|
65.7
|
%
|
|
67.2
|
%
|
|
65.0
|
%
|
Gross profit
|
32.3
|
%
|
|
34.3
|
%
|
|
32.8
|
%
|
|
35.0
|
%
|
Selling, general and administrative
|
24.8
|
%
|
|
23.6
|
%
|
|
24.6
|
%
|
|
21.8
|
%
|
Gains on refranchising
|
—
|
%
|
|
(0.1
|
)%
|
|
—
|
%
|
|
(0.9
|
)%
|
Long-lived asset impairments
|
0.6
|
%
|
|
0.5
|
%
|
|
1.2
|
%
|
|
0.2
|
%
|
Other loss (income), net
|
0.3
|
%
|
|
(0.1
|
)%
|
|
—
|
%
|
|
—
|
%
|
Total operating expenses
|
93.4
|
%
|
|
89.6
|
%
|
|
93.0
|
%
|
|
86.1
|
%
|
Operating income:
|
|
|
|
|
|
|
|
||||
U.S. and Canada
|
4.9
|
%
|
|
10.4
|
%
|
|
5.9
|
%
|
|
13.0
|
%
|
International
|
2.8
|
%
|
|
2.3
|
%
|
|
2.5
|
%
|
|
2.1
|
%
|
Manufacturing / Wholesale
|
3.2
|
%
|
|
2.8
|
%
|
|
2.8
|
%
|
|
2.8
|
%
|
Unallocated corporate costs and other
|
(4.2
|
)%
|
|
(5.2
|
)%
|
|
(4.1
|
)%
|
|
(3.9
|
)%
|
Total operating income
|
6.7
|
%
|
|
10.3
|
%
|
|
7.1
|
%
|
|
14.0
|
%
|
Interest expense, net
|
2.7
|
%
|
|
2.4
|
%
|
|
2.5
|
%
|
|
2.3
|
%
|
Income before income taxes
|
4.0
|
%
|
|
7.9
|
%
|
|
4.6
|
%
|
|
11.7
|
%
|
Income tax expense
|
0.4
|
%
|
|
2.7
|
%
|
|
1.3
|
%
|
|
4.2
|
%
|
Net income
|
3.6
|
%
|
|
5.2
|
%
|
|
3.3
|
%
|
|
7.5
|
%
|
|
Nine months ended September 30,
|
||||
|
2017
|
|
2016
|
||
U.S. & Canada
|
|
|
|
||
Company-owned
(a)
:
|
|
|
|
|
|
Beginning of period balance
|
3,513
|
|
|
3,584
|
|
Store openings
|
47
|
|
|
46
|
|
Acquired franchise stores
(b)
|
46
|
|
|
16
|
|
Franchise conversions
(c)
|
(2
|
)
|
|
(96
|
)
|
Store closings
|
(136
|
)
|
|
(38
|
)
|
End of period balance
|
3,468
|
|
|
3,512
|
|
Domestic Franchise:
|
|
|
|
||
Beginning of period balance
|
1,178
|
|
|
1,084
|
|
Store openings
|
22
|
|
|
21
|
|
Acquired franchise stores
(b)
|
(46
|
)
|
|
(16
|
)
|
Franchise conversions
(c)
|
2
|
|
|
96
|
|
Store closings
|
(30
|
)
|
|
(16
|
)
|
End of period balance
|
1,126
|
|
|
1,169
|
|
International
(d)
:
|
|
|
|
||
Beginning of period balance
|
1,973
|
|
|
2,095
|
|
Store openings
(e)
|
207
|
|
|
61
|
|
Store closings
|
(105
|
)
|
|
(165
|
)
|
End of period balance
|
2,075
|
|
|
1,991
|
|
Store-within-a-store (Rite Aid):
|
|
|
|
||
Beginning of period balance
|
2,358
|
|
|
2,327
|
|
Store openings
|
62
|
|
|
29
|
|
Store closings
|
(6
|
)
|
|
(9
|
)
|
End of period balance
|
2,414
|
|
|
2,347
|
|
Total Stores
|
9,083
|
|
|
9,019
|
|
|
|
|
|
•
|
The change in our loyalty programs resulted in a decrease to revenue in company-owned stores, including GNC.com, of $12.0 million primarily due to the impact of the discontinued Gold Card program in the U.S;
|
•
|
A decrease in domestic franchise revenue of
$7.5 million
to $
78.3 million
in the current quarter compared with $
85.8 million
in the prior year quarter due to the impact of a decrease in retail same store sales of
1.7%
, a decrease in the number of franchise stores from
1,169
at September 30, 2016 to
1,126
at September 30, 2017 and the discontinuation of the Gold Card program as discussed above;
|
•
|
A decrease in our Canada business (not currently under the One New GNC) of $1.2 million compared with the prior year quarter was primarily due to a reduction in same store sales of 10.9%; and
|
•
|
Partially offsetting the above decreases was an increase in U.S. company-owned same store sales of
1.3%
, which includes GNC.com sales, which resulted in a $4.8 million increase to revenue. GNC.com contributed 2.5% to the increase in same store sales due to an increase in sales through Amazon as well as the change to better align our web promotions to our stores in August 2016. Same store sales for company-owned stores decreased 1.2% in the current quarter due to lower sales in the Vitamins, Protein, Food/Drink, Weight Management, and Wellness Supplement categories, partially offset by higher sales in the Performance Supplements, Health and Beauty, and Herbs/Greens categories and includes the impact of Hurricanes Harvey, Irma and Maria, which we estimate contributed a 0.7% decrease to same store sales.
|
•
|
The change in our loyalty programs resulted in a net decrease to revenue of $22.9 million. Gold Card sales decreased $20.9 million, which includes the impact of the recognition of $24.4 million in deferred revenue in the first quarter of 2017 and $1.4 million of applicable coupon redemptions. Also included in this decrease was a $2.0 million net reduction to revenue related to the new loyalty programs as the change in the free myGNC Rewards deferred points liability more than offset PRO Access membership fees;
|
•
|
The decrease in the number of corporate stores in the current year period from
3,512
at September 30, 2016 to
3,468
at September 30, 2017 contributed an approximate $19 million decrease to revenue;
|
•
|
A decrease in domestic retail same store sales of 1.3%, which includes GNC.com sales, resulted in a $15.1 million decrease in revenue in the current year period. The decrease in same store sales was primarily due to lower sales in company-owned stores in the Protein, Vitamins, Weight Management, Food / Drink, and Wellness Supplement categories partially offset by improvement in the Performance Supplements, Health and Beauty, and Herbs / Greens categories. GNC.com contributed 0.5% to same store sales primarily due to increased sales made through Amazon, partially offset by the impact of better aligning our web promotions to our stores in the third quarter of 2016;
|
•
|
Canada revenue declined $5.8 million compared to the prior year period due to a decrease in same store sales; and
|
•
|
Domestic franchise revenue decreased $5.3 million to $248.8 million in the current year period compared with $254.1 million in the prior year period primarily due to the impact of a decrease in retail same store sales of
2.5%
in the current year period, partially offset by a higher average store count.
|
•
|
Susan Straub individually and as Administratrix of the Estate of Shane Staub v. USPlabs, LLC and General Nutrition Holdings, Inc, Common Pleas Court of Philadelphia County, Pennsylvania (Case No. 140502403), filed May 20, 2014
|
•
|
Justin Carolyne, et al. v. USPlabs, LLC, GNC Corporation, et al. Superior Court of California, County of Los Angeles (Case No. BC508212), filed May 22, 2013
|
•
|
Jeremy Reed, Timothy Anderson, Dan Anderson, Nadia Black, et al. v. USPlabs, LLC, et al., GNC, Superior Court for California, County of San Diego (Case No. 37-2013-00074052-CU-PL-CTL), filed November 1, 2013
|
•
|
Kenneth Waikiki v. USPlabs, LLC, Doyle, Geissler, USPlabs OxyElite, LLC, et al. and GNC Corporation, et al., United States District Court for the District of Hawaii (Case No. 3-00639 DMK), filed November 21, 2013
|
•
|
Nicholas Akau v. USPlabs, LLC, GNC Corporation, et al., United States District Court for the District of Hawaii (Case No. CV 14-00029), filed January 23, 2014
|
•
|
Melissa Igafo v. USPlabs, LLC, GNC Corporation, et al., United States District Court for the District of Hawaii (Case No. CV 14-00030), filed January 23, 2013
|
•
|
Calvin Ishihara v. USPlabs, LLC, GNC Corporation, et al., United States District Court for the District of Hawaii (Case No. CV 14-00031), filed January 23, 2014
|
•
|
Gaye Anne Mattson v. USPlabs, LLC, GNC Corporation, et al., United States District for the District of Hawaii (Case No. CV 14-00032), filed January 23, 2014
|
•
|
Thomas Park v. GNC Holdings, Inc., USPlabs, LLC, Superior Court of California, County of San Diego (Case No. 37-2014-110924), filed September 8, 2014
|
•
|
Nicholas Olson, Adrian Chavez, Rebecca Fullerton, Robert Gunter, Davina Maes and Edwin Palm v. GNC Corporation, USPlabs, LLC, Superior Court of California, County of Orange (Case No. 2014-00740258) filed August 18, 2014
|
•
|
Mereane Carlisle, Charles Paio, Chanelle Valdez, Janice Favella and Christine Mariano v. USPlabs, LLC et al., United states District Court for the District of Hawaii (Case No. CV14-00029), filed January 23, 2014.
|
•
|
Nichole Davidson, William Dunlao, Gina Martin, Lee Ann Miranda, Yuka Colescott, Sherine Cortinas, and Shawna Nishimoto v. GNC Corporation and USPlabs, LLC, United States District Court for the District of Hawaii (Case No. 14-cv-00364) filed October 24, 2014
|
•
|
Rodney Ofisa, Christine Mosca, Margaret Kawamoto as guardian for Jane Kawamoto (a minor), Ginny Pia, Kimberlynne Tom, Faituitasi Tuioti, Ireneo Rabang, and Tihane Laupola v. GNC Corporation and USPlabs, LLC, United States District Court for the District of Hawaii (Case No. CV14-00365) filed October 24, 2014
|
•
|
Palani Pantohan, Deborah Cordiero, J. Royal Kanamu, Brent Pascula, Christie Shiroma, Justan Chun, Kasey Grace and Adam Miyasato v. USPlabs, LLC. et al., United States District Court for the District of Hawaii (Case No. CV14-00366) filed August 15, 2014
|
•
|
Keahi Pavao, Derek Kamiya, as personal representative of the Estate of Sonnette Marras, Gary Powell, on behalf of and as conservator for M.P.C.F.S.M., a minor child, R.P.O.C.S.S.M., a minor child, M.P.C.I.H.S.M., a minor child, M.K.C.S.M., a minor child, Michael Soriano, and Lance Taniguchi v. USPlabs, LLC, et al. United States District Court for the District of Hawaii (Case No. 14-cv-00367) filed October 24, 2014
|
•
|
Kai Wing Tsui and John McCutchen v. GNC Corporation, USPlabs, LLC, Superior Court of California, County of Los Angeles (Case No. BC559542), filed October 6, 2014
|
•
|
Dennis Balila, Melinda Jean Collins, Janice Samson, Mia Fagley, Clayton Goo, Joliana Kurtz and Mae Kwan v. USPlabs, LLC et al., California Superior Court, San Diego County (Case No. 37-2015-00008455), filed March 13, 2015
|
•
|
Cuong Bahn, Ismael Flores, Chue Xiong, Leilani Groden, Trudy Jenkins, and Mary Hess v. USPlabs, LLC et al., California Superior Court, Orange County (Case No. 30-2015-00776749), filed March 12, 2015
|
•
|
Alexis Billones, Austin Ashworth, Karen Litre, Nancy Murray, Wendy Ortiz, Edward Pullen, and Corazon Vu v. USPlabs, LLC et al., California Superior Court, Los Angeles County (Case No. BC575264), filed March 13, 2015
|
•
|
Asofiafia Morales, Richard Ownes, Lynn Campbell, Joseph Silzgy, Delphone Smith-Dean, Nicole Stroud, Barrett Mincey and Amanda Otten v. USPlabs, LLC et al., California Superior Court, Los Angeles County (Case No. BC575262), filed March 13, 2015
|
•
|
Laurie Nadura, Angela Abril-Guthmiller, Sarah Rogers, Jennifer Apes, Ellen Beedie, Edmundo Cruz, and Christopher Almanza v. USPlabs, LLC et al., California Superior Court, Monterey County (Case No. M131321), filed March 13, 2015
|
•
|
Cynthia Novida, Demetrio Moreno, Mee Yang, Tiffone Parker, Christopher Tortal, David Patton and Raymond Riley v. USPlabs, LLC et al., California Superior Court, San Diego County (Case No. 37-2015-00008404), filed March 13, 2015
|
•
|
Johanna Stussy, Lai Uyeno, Gwenda Tuika-Reyes, Zeng Vang, Kevin Williams, and Kristy Williams v. USPlabs, LLC, et al., California Superior Court, Santa Clara County (Case No. 115CV78045), filed March 13, 2015
|
•
|
Natasiri Tali, Tram Dobbs, Mauela Reyna-Perez, Kimberly Turvey, Meagan Van Dyke, Hang Nga Tran, Shea Steard, and Jimmy Tran v. USPlabs, LLC et al., California Superior Court, Los Angeles County (Case No. BC575263), filed March 13, 2015
|
•
|
Issam Tnaimou, Benita Rodriguez, Marcia Rouse, Marcel Macy, Joseph Worley, Joanne Zgrezepski, Crystal Franklin, Deanne Fry, and Caron Jones, in her own right, o/b/h Joshua Jones and o/b/o The Estate of James Jones v. USPlabs, LLC et al., California Superior Court, Monterey County (Case No. M131322), filed March 13, 2015
|
•
|
Kuulei Hirota v. USPlabs, LLC et al., First Circuit Court, State of Hawaii (Case No. 15-1-0847-05), filed May 1, 2015
|
•
|
Roel Vista v. USPlabs, LLC, GNC Corporation et al., California Superior Court, County of Santa Clara (Case No. CV-14-0037), filed January 24, 2014
|
•
|
Larry Tufts v. USPlabs, LLC, GNC Corporation et al., Court of Common Pleas for the County of Jasper, South Carolina (Case No. 2016-CP-27-0257), filed June 16, 2016
|
•
|
Dominic Little, David Blake Allen, Jeff Ashworth, Naomi Book and Stanley Book as Conservators of the Estate of Justin Book, Martin Sanchez, John Bainter, Rich Wolnik, Brian Norris, Joseph Childs, Jimi Hernandez and Novallie Hill v. USPlabs, LLC, et al., California Superior Court, Los Angeles County (Case No. BC534065), filed January 23, 2014
|
•
|
David Ramirez, Michelle Sturgill, Joseph losefa, Yanira Bernal, Jacob Michels, Cynthia Gaona and Tamara Gandara v. USPlabs, LLC, et al., California Superior Court Orange County (Case No. 30-2015-00783256-CU-PL-CXC), filed April 16, 2015
|
•
|
Thad Estrada v. USPlabs, LLC, et al., United States District Court for the District of Hawaii (Case No. CV-15-00228), filed June 17, 2016
|
•
|
Calwin Williams v. USPlabs, LLC, et al., Circuit Court of Jackson County, State of Missouri at Independence (Case No. 1716-CV-23399), filed September 28, 2017
|
Period
(1)
|
Total Number of
Shares Purchased
(2)
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or Programs
(3)
|
|
Dollar Value of Shares that
May Yet Be Purchased
under the Plans or
Programs
|
||||||
|
|
|
|
|
|
|
|
||||||
July 1 to July 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
197,795,011
|
|
August 1 to August 31, 2017
|
219
|
|
|
$
|
9.60
|
|
|
—
|
|
|
$
|
197,795,011
|
|
September 1 to September 30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
197,795,011
|
|
Total
|
219
|
|
|
$
|
9.60
|
|
|
—
|
|
|
|
|
(1)
|
Other than as set forth in the table above, we made no purchases of shares of Class A common stock for the quarter ended
September 30, 2017
.
|
(2)
|
Includes 219 shares withheld from employees to satisfy minimum tax withholding obligations associated with the vesting of restricted stock during the period.
|
(3)
|
In August 2015, the Board approved a
$500.0 million
multi-year repurchase program in addition to the
$500.0 million
multi-year program approved in August 2014, bringing the aggregate share repurchase program to
$1.0 billion
of Holdings' common stock. Holdings has utilized
$802.2 million
of the current repurchase program. As of
September 30, 2017
,
$197.8 million
remains available for purchase under the program.
|
|
GNC HOLDINGS, INC.
|
|
(Registrant)
|
|
|
|
/s/ Tricia K. Tolivar
|
Date: October 26, 2017
|
Tricia K. Tolivar
|
|
Chief Financial Officer
|
|
(Principal Financial Officer and Duly Authorized Officer)
|
1 Year GNC Chart |
1 Month GNC Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions