LifeVantage Corp. announced on Friday that the Board of Directors and CEO Mr. David Brown have agreed to focus all of his efforts on continuing the rapid expansion of the Company’s network marketing channel. Mr. Brown will work with a search committee to recommend a successor to assume corporate CEO and President responsibilities while he retains the title of CEO and President of the network marketing operations. Mr. Brown made the announcement before more than 1,000 distributors gathered at the Company’s Elite Academy in San Diego, California.
Mr. Brown will continue to serve as corporate CEO and President until a successor is named and will continue to occupy a position on the Board. He said, “Given the tremendous growth and momentum we have generated and the continued opportunity before us, I believe, as does the Board, that I can bring more value to shareholders by focusing solely on continued revenue and growth.”
LifeVantage Corporation recently announced that they anticipate reporting their highest net revenue to date of approximately $7.4 million for the three month period ended December 31, 2010. This is an increase of approximately $1.0 million, or 15 percent, over net revenue of $6.4 million reported in the previous three-month period ended September 30, 2010. This is an approximate $4.9 million or 196 percent increase in net revenue over the $2.5 million net revenue reported for the same quarter the year prior.
Additionally, the Company anticipates operating income of at least $500,000 in the second fiscal quarter 2011. Operating income of $500,000 would result in almost a 7 percent operating profit margin, compared to an operating loss of $2.7M for the same quarter the year previous.
Mr. Brown stated, “We are pleased to announce that we are exceeding our previous guidance and anticipate reporting our highest quarterly net revenue to date. These results reflect the continued growth we have seen from both the U.S. and Japanese markets. We’d like to thank all of our distributors, customers and employees responsible for these record results.”
Headquartered in San Diego, California, LifeVantage Corporation is a science-based, nutraceutical company, founded in 2003. Their dedication is to helping people reach their health and wellness goals while creating business opportunities. LifeVantage currently offers two anti-aging and wellness products. These are Protandim®, a dietary supplement that combats oxidative stress, and LifeVantage TrueScience™ Anti-Aging Cream, a scientifically based skin care product.
For more information visit: www.LifeVantage.com