Launched new e-commerce business model in
China
LifeVantage Corporation (Nasdaq:LFVN) today reported financial
results for its second quarter ended December 31, 2017.
Second Quarter Fiscal 2018 Summary:
- Revenue increased 1.1% to $49.5 million year over year and 0.7%
sequentially;
- Revenue in the Americas decreased 1.9% while revenue in
Asia/Pacific & Europe increased 11.0% including a 9.3% increase
in Japan, both on a year over year basis. On a sequential basis,
revenue in the Americas increased 2.0% while revenue in
Asia/Pacific & Europe decreased 3.0%, including a 4.4% decrease
in Japan;
- Active independent distributors and active preferred customers
decreased 1.6% and 2.7%, respectively, year over year and decreased
on a sequential basis 1.6% and 0.9%, respectively;
- Adjusted EBITDA decreased 5.0% year over year to $3.7 million
while increasing 37.6% sequentially;
- Earnings per diluted share were $0.02 and adjusted earnings per
diluted share were $0.11; and
- Completed first share repurchases under the Company's $5.0
million shares repurchase program.
”We continue to execute on our key initiatives for fiscal 2018
and generated both year over year and sequential revenue growth
during the second quarter,” stated LifeVantage President and Chief
Executive Officer Darren Jensen. “The recent launch of our highly
anticipated Vitality Stack Packets is a key aspect of our product
strategy initiatives. We are also pleased to have successfully
completed our commercial test of the new business model supporting
our entry into China and formally launched in this promising new
market on February 1, 2018. As we enter the second half of our
fiscal year, we are focused on accelerating revenue growth as our
transformational initiatives take hold across LifeVantage’s growing
global footprint.”
Second Quarter Fiscal 2018 Results
For the second fiscal quarter ended December 31, 2017, the
Company reported revenue of $49.5 million, an increase of 1.1% as
compared to $48.9 million in the second quarter of fiscal 2017.
Revenue in the Americas for the second quarter decreased 1.9%
compared to the second quarter of fiscal 2017, while revenue in the
Asia/Pacific & Europe region increased 11.0% compared to the
second quarter of fiscal 2017. Revenue in Japan increased 9.3%
compared to the second quarter of fiscal 2017. Revenue for the
second quarter of fiscal 2018 was negatively impacted $0.1 million,
or 0.3%, by foreign currency fluctuations associated with revenue
generated in several international markets when compared to the
second quarter of fiscal 2017.
Gross profit for the second quarter of fiscal 2018 was $40.4
million, or 81.6% of revenue, compared to $41.4 million, or 84.7%
of revenue, for the same period in fiscal 2017. Commissions and
incentives expense for the second quarter of fiscal 2018 was $23.4
million, or 47.3% of revenue, compared to $23.5 million, or 48.1%
of revenue, for the same period in fiscal 2017. Selling, general
and administrative expense (SG&A) for the second quarter of
fiscal 2018 was $14.6 million, or 29.6% of revenue, compared to
$17.2 million, or 35.2% of revenue, for the same period in fiscal
2017.
Operating income for the second quarter of fiscal 2018 was $2.3
million, compared to $0.7 million for the second quarter of fiscal
2017. Operating income during the second quarter of fiscal 2018
included approximately $0.2 million of expenses associated with
recruiting and transition fees and approximately $20,000 for
expenses associated with class-action lawsuits. Adjusted EBITDA was
$3.7 million for the second quarter of fiscal 2018, compared to
$3.9 million for the comparable period in fiscal 2017.
Net income for the second quarter of fiscal 2018 was $0.3
million, or $0.02 per diluted share. This compares to net income
for the second quarter of fiscal 2017 of $0.3 million, or $0.02 per
diluted share. Adjusted for recruiting and transition expenses of
$0.2 million and class-action lawsuit expense of $20,000, net of
$56,000 of tax impacts of these adjustments, and $1.2 million of
one-time, non-cash tax expense associated with the re-valuation of
deferred tax assets to the new federal corporate tax rate, adjusted
Non-GAAP net income was $1.6 million for the second quarter of
fiscal 2018, or $0.11 per diluted share; compared to $1.6 million,
or $0.11 per diluted share for the comparable period of fiscal
2017. Non-GAAP adjustments to net income during the second quarter
of fiscal 2017 included costs associated with the audit committee's
independent review of $1.7 million and executive recruiting and
transition expenses of $0.1 million, net of $0.6 million of tax
impacts for this adjustment.
Fiscal 2018 First Six Months Results
For the first six months of fiscal 2018, the Company reported
net revenue of $98.6 million, a decrease of 5.0% compared to $103.8
million for the first six months of fiscal 2017. In the first six
months of fiscal 2018, revenue in the Americas decreased 6.0% and
revenue in Asia/Pacific & Europe decreased 2.1%. Revenue for
the first six months of fiscal 2018 was negatively impacted $0.9
million, or 0.9%, by foreign currency fluctuations associated with
revenue generated in several international markets.
Gross profit for the first six months of fiscal 2018 was $80.8
million, or 81.9% of revenue, compared to $87.5 million, or 84.3%
of revenue, for the first six months of fiscal 2017. Commissions
and incentives expense for the first six months of fiscal 2018 was
$46.8 million, or 47.5% of revenue, compared to $49.8 million, or
48.0% of revenue, for the first six months of fiscal 2017. SG&A
for the first six months of fiscal 2018 was $30.2 million, or 30.7%
of revenue, compared to $35.0 million, or 33.7% of revenue, for the
first six months of fiscal 2017.
Operating income for the first six months of fiscal 2018 was
$3.7 million, compared to $2.7 million for the first six months of
fiscal 2017. Operating income for the first six months of fiscal
2018 includes $0.2 million for expenses associated with executive
recruiting fees, $0.2 million for expenses associated with
class-action lawsuit expenses and $0.1 million for expenses
associated with non-recurring legal and accounting expenses.
Operating income in the first six months of fiscal 2017 included
$2.7 million for expenses associated with the audit committee
review and $0.1 million for net executive severance, recruiting and
transition expenses. Adjusted EBITDA was $6.3 million for the first
six months of fiscal 2018, compared to $8.2 million for the same
period in fiscal 2017.
Net income for the first six months of fiscal 2018 was $1.1
million, or $0.08 per diluted share, compared to $1.5 million, or
$0.10 per diluted share for the first six months of fiscal 2017.
Adjusted for recruiting and transition expenses of $0.2 million,
class-action lawsuit expenses of $0.2 million, and non-recurring
legal and accounting expenses of $0.1 million, net of $0.1 million
of tax impacts of these adjustments, and $1.2 million of one-time,
non-cash tax expense associated with the re-valuation of deferred
tax assets to the new federal corporate tax rate, adjusted Non-GAAP
net income for the first six months of fiscal 2018 was $2.6
million, or $0.19 per diluted share. On a tax-adjusted basis,
adjusting for expenses associated with the audit committee review
of $1.9 million, along with $0.1 million of costs for net executive
severance, recruiting and transition expenses, adjusted Non-GAAP
net income for the first six months of fiscal year 2017 was $3.5
million or $0.24 per diluted share.
Balance Sheet & Liquidity
The Company generated $4.7 million of cash from operations
during the first six months of fiscal 2018 compared to $5.1 million
in fiscal 2017. The year-over-year decrease in cash provided by
operations during fiscal 2018 primarily relates to decreases in
certain working capital asset accounts, partially offset by a
decrease in net income. The Company's cash and cash equivalents at
December 31, 2017 were $12.8 million, an increase of $1.3
million when compared to $11.5 million at June 30, 2017. Total debt
at December 31, 2017 was $6.5 million compared to $7.4 million
at June 30, 2017.
Fiscal Year 2018 Guidance
The Company expects to be at the lower end of its prior revenue
guidance range, or about $206 million, in fiscal year 2018 and
reiterates its prior adjusted non-GAAP diluted earnings per share
guidance in the range of $0.40 to $0.50. The Company's adjusted
non-GAAP earnings per diluted share guidance excludes any
non-operating or non-recurring expenses that may materialize during
fiscal 2018. The Company is not providing GAAP earnings per diluted
share guidance for fiscal 2018 due to the potential occurrence of
one or more non-operating, one-time expenses, which the Company
does not believe it can reliably predict.
Conference Call Information
The Company will hold an investor conference call today at 2:30
p.m. MST (4:30 p.m. EST). Investors interested in participating in
the live call can dial (800) 239-9838 from the
U.S. International callers can dial (323) 794-2551. A
telephone replay will be available approximately two hours after
the call concludes and will be available through Wednesday,
February 14, 2018, by dialing (844) 512-2921 from the U.S. and
entering confirmation code 3965070, or (412) 317-6671 from
international locations, and entering confirmation code
3965070.
There will also be a simultaneous, live webcast available on the
Investor Relations section of the Company's web site at
http://investor.lifevantage.com/events.cfm. The webcast will be
archived for approximately 30 days.
About LifeVantage Corporation
LifeVantage Corporation is a science-based health, wellness and
anti-aging company dedicated to helping people transform themselves
internally and externally at a cellular level. Its
scientifically-validated product lines include Protandim® Nrf2 and
NRF1 Synergizers, TrueScience® Anti-Aging Skin Care Regimen,
Petandim® for Dogs, AXIO® Smart Energy and the PhysIQ™ Smart Weight
Management System. LifeVantage was founded in 2003 and is
headquartered in Salt Lake City, Utah. For more information, visit
www.lifevantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words and expressions reflecting optimism,
satisfaction or disappointment with current prospects, as well as
words such as "believe", "hopes", "intends", "estimates",
"expects", "projects", "plans", "anticipates", "look forward to",
"goal", “may be”, and variations thereof, identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements we make regarding the
effectiveness of our policies and procedures, future growth and
expected financial performance. Such forward-looking statements are
not guarantees of performance and the Company's actual results
could differ materially from those contained in such statements.
These forward-looking statements are based on the Company's current
expectations and beliefs concerning future events affecting the
Company and involve known and unknown risks and uncertainties that
may cause the Company's actual results or outcomes to be materially
different from those anticipated and discussed herein. These risks
and uncertainties include, among others, those discussed in greater
detail in the Company's Annual Report on Form 10-K and the
Company's Quarterly Report on Form 10-Q under the caption "Risk
Factors," and in other documents filed by the Company from time to
time with the Securities and Exchange Commission. The Company
cautions investors not to place undue reliance on the
forward-looking statements contained in this document. All
forward-looking statements are based on information currently
available to the Company on the date hereof, and the Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this document, except as required by law.
About Non-GAAP Financial Measures
We define Non-GAAP EBITDA as earnings before interest expense,
income taxes, depreciation and amortization and Non-GAAP Adjusted
EBITDA as earnings before interest expense, income taxes,
depreciation and amortization, stock compensation expense, other
income, net, and certain other adjustments. Non-GAAP EBITDA and
Non-GAAP Adjusted EBITDA may not be comparable to similarly titled
measures reported by other companies. We define Non-GAAP Net
Income as GAAP net income less certain tax adjusted non-recurring
one-time expenses incurred during the period and Non-GAAP Earnings
per Share as Non-GAAP Net Income divided by weighted-average shares
outstanding.
We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA,
Non-GAAP Net Income and Non-GAAP Earnings Per Share because
management believes that they provide additional ways to view our
operations when considered with both our GAAP results and the
reconciliation to net income, which we believe provides a more
complete understanding of our business than could be obtained
absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA,
Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented
solely as supplemental disclosure because: (i) we believe these
measures are a useful tool for investors to assess the operating
performance of the business without the effect of these items; (ii)
we believe that investors will find this data useful in assessing
shareholder value; and (iii) we use Non-GAAP EBITDA, Non-GAAP
Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per
Share internally as benchmarks to evaluate our operating
performance or compare our performance to that of our competitors.
The use of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net
Income and Non-GAAP Earnings per Share has limitations and you
should not consider these measures in isolation from or as an
alternative to the relevant GAAP measure of net income prepared in
accordance with GAAP, or as a measure of profitability or
liquidity.
The tables set forth below present Non-GAAP EBITDA, Non-GAAP
Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per
Share which are non-GAAP financial measures to Net Income and
Earnings per Share, our most directly comparable financial measures
presented in accordance with GAAP.
Investor Relations Contacts:
Scott Van WinkleManaging Director, ICR(617)
956-6736scott.vanwinkle@icrinc.com
|
LIFEVANTAGE CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(In thousands, except
per share data) |
December 31, 2017 |
|
June 30, 2017 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and
cash equivalents |
$ |
12,794 |
|
|
$ |
11,458 |
|
Accounts
receivable |
1,542 |
|
|
1,334 |
|
Income
tax receivable |
86 |
|
|
913 |
|
Inventory, net |
16,819 |
|
|
16,575 |
|
Prepaid
expenses and deposits |
4,052 |
|
|
5,266 |
|
Total
current assets |
35,293 |
|
|
35,546 |
|
|
|
|
|
Property
and equipment, net |
4,644 |
|
|
3,127 |
|
Intangible assets, net |
1,181 |
|
|
1,247 |
|
Long-term
deferred income tax asset |
3,396 |
|
|
4,087 |
|
Other
long-term assets |
1,142 |
|
|
1,242 |
|
TOTAL ASSETS |
$ |
45,656 |
|
|
$ |
45,249 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts
payable |
$ |
3,269 |
|
|
$ |
4,850 |
|
Commissions payable |
6,692 |
|
|
6,837 |
|
Income
tax payable |
407 |
|
|
215 |
|
Other
accrued expenses |
10,360 |
|
|
9,453 |
|
Current
portion of long-term debt |
2,000 |
|
|
2,000 |
|
Total
current liabilities |
22,728 |
|
|
23,355 |
|
|
|
|
|
Long-term debt |
|
|
|
Principal
amount |
4,500 |
|
|
5,500 |
|
Less: unamortized discount and deferred offering costs |
(43 |
) |
|
(60 |
) |
Long-term
debt, net of unamortized discount and deferred offering costs |
4,457 |
|
|
5,440 |
|
Other long-term
liabilities |
1,966 |
|
|
1,927 |
|
Total
liabilities |
29,151 |
|
|
30,722 |
|
Commitments and
contingencies |
|
|
|
Stockholders'
equity |
|
|
|
Preferred
stock — par value $0.001 per share, 50,000 shares authorized, no
shares issued or outstanding |
— |
|
|
— |
|
Common
stock — par value $0.001 per share, 250,000 shares authorized and
14,211 and 14,232 issued and outstanding as of December 31, 2017
and June 30, 2017, respectively |
|
14 |
|
|
|
14 |
|
Additional paid-in capital |
122,627 |
|
|
121,599 |
|
Accumulated deficit |
(106,108 |
) |
|
(106,992 |
) |
Accumulated other comprehensive loss |
(28 |
) |
|
(94 |
) |
Total
stockholders’ equity |
16,505 |
|
|
14,527 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
45,656 |
|
|
$ |
45,249 |
|
|
|
|
|
|
|
|
|
|
LIFEVANTAGE CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(In thousands, except
per share data) |
|
|
|
|
|
|
|
Revenue, net |
$ |
49,482 |
|
|
$ |
48,947 |
|
|
$ |
98,609 |
|
|
$ |
103,841 |
|
Cost of sales |
9,117 |
|
|
7,500 |
|
|
17,856 |
|
|
16,332 |
|
Gross
profit |
40,365 |
|
|
41,447 |
|
|
80,753 |
|
|
87,509 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Commissions and incentives |
23,395 |
|
|
23,540 |
|
|
46,804 |
|
|
49,836 |
|
Selling,
general and administrative |
14,643 |
|
|
17,207 |
|
|
30,224 |
|
|
34,987 |
|
Total
operating expenses |
38,038 |
|
|
40,747 |
|
|
77,028 |
|
|
84,823 |
|
Operating income |
2,327 |
|
|
700 |
|
|
3,725 |
|
|
2,686 |
|
|
|
|
|
|
|
|
|
Other expense: |
|
|
|
|
|
|
|
Interest
expense |
(103 |
) |
|
(138 |
) |
|
(265 |
) |
|
(275 |
) |
Other
expense, net |
(169 |
) |
|
(150 |
) |
|
(147 |
) |
|
(321 |
) |
Total other
expense |
(272 |
) |
|
(288 |
) |
|
(412 |
) |
|
(596 |
) |
Income before income
taxes |
2,055 |
|
|
412 |
|
|
3,313 |
|
|
2,090 |
|
Income tax expense |
(1,738 |
) |
|
(129 |
) |
|
(2,179 |
) |
|
(627 |
) |
Net income |
$ |
317 |
|
|
$ |
283 |
|
|
$ |
1,134 |
|
|
$ |
1,463 |
|
Net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
0.11 |
|
Diluted |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
0.10 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
13,956 |
|
|
13,840 |
|
|
13,959 |
|
|
13,830 |
|
Diluted |
14,153 |
|
|
14,132 |
|
|
14,117 |
|
|
14,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFEVANTAGE CORPORATION AND
SUBSIDIARIES |
|
|
Revenue by Region |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
36,903 |
|
|
75 |
% |
|
$ |
37,613 |
|
|
77 |
% |
|
$ |
73,066 |
|
|
74 |
% |
|
$ |
77,748 |
|
|
75 |
% |
Asia/Pacific &
Europe |
12,579 |
|
|
25 |
% |
|
11,334 |
|
|
23 |
% |
|
25,543 |
|
|
26 |
% |
|
26,093 |
|
|
25 |
% |
Total |
$ |
49,482 |
|
|
100 |
% |
|
$ |
48,947 |
|
|
100 |
% |
|
$ |
98,609 |
|
|
100 |
% |
|
$ |
103,841 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Independent Distributors
(1) |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Americas |
44,000 |
|
|
71 |
% |
|
46,000 |
|
|
73 |
% |
|
|
|
|
|
|
|
|
Asia/Pacific &
Europe |
18,000 |
|
|
29 |
% |
|
17,000 |
|
|
27 |
% |
|
|
|
|
|
|
|
|
Total |
62,000 |
|
|
100 |
% |
|
63,000 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Preferred Customers (2) |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Americas |
86,000 |
|
|
80 |
% |
|
89,000 |
|
|
80 |
% |
|
|
|
|
|
|
|
|
Asia/Pacific &
Europe |
22,000 |
|
|
20 |
% |
|
22,000 |
|
|
20 |
% |
|
|
|
|
|
|
|
|
Total |
108,000 |
|
|
100 |
% |
|
111,000 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Active Independent Distributors have purchased product in the prior
three months for retail or personal consumption. |
(2)
Active Preferred Customers have purchased product in the prior
three months for personal consumption only. |
|
|
LIFEVANTAGE CORPORATION AND
SUBSIDIARIES |
Reconciliation of GAAP Net Income to Non-GAAP
EBITDA and Non-GAAP Adjusted EBITDA |
(Unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(In thousands) |
|
|
|
|
|
|
|
GAAP Net income |
$ |
317 |
|
|
$ |
283 |
|
|
$ |
1,134 |
|
|
$ |
1,463 |
|
Interest Expense |
103 |
|
|
138 |
|
|
265 |
|
|
275 |
|
Provision for income
taxes |
1,738 |
|
|
129 |
|
|
2,179 |
|
|
627 |
|
Depreciation and
amortization |
322 |
|
|
414 |
|
|
672 |
|
|
826 |
|
Non-GAAP EBITDA: |
2,480 |
|
|
964 |
|
|
4,250 |
|
|
3,191 |
|
Adjustments: |
|
|
|
|
|
|
|
Stock compensation
expense |
830 |
|
|
576 |
|
|
1,453 |
|
|
1,515 |
|
Other (income) expense,
net |
169 |
|
|
150 |
|
|
147 |
|
|
321 |
|
Other
adjustments(1) |
183 |
|
|
2,165 |
|
|
474 |
|
|
3,176 |
|
Total adjustments |
1,182 |
|
|
2,891 |
|
|
2,074 |
|
|
5,012 |
|
Non-GAAP Adjusted
EBITDA |
$ |
3,662 |
|
|
$ |
3,855 |
|
|
$ |
6,324 |
|
|
$ |
8,203 |
|
|
|
|
|
|
|
|
|
(1) Other
adjustments for the three months ended December 31, 2017 include
approximately $0.2 million for expenses associated with executive
transition fees and $20,000 for expenses associated with
class-action lawsuits. Other adjustments for the three months ended
December 31, 2016 include approximately $1.7 million for costs
associated with the audit committee review and $0.5 million for
executive severance and recruiting fees. Other adjustments for the
six months ended December 31, 2017 include approximately $0.2
million for expenses associated with executive recruiting fees,
$0.2 million for expenses associated with class-action lawsuits and
$0.1 million for expenses associated with non-recurring legal and
accounting expenses. Other adjustments for the six months ended
December 31, 2016 include approximately $2.7 million for costs
associated with the audit committee review and $0.5 million for
executive severance and recruiting fees. |
|
|
LIFEVANTAGE CORPORATION AND
SUBSIDIARIES |
Reconciliation of GAAP Net Income to Non-GAAP
Net Income and Non-GAAP Adjusted EPS |
(Unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(In thousands) |
|
|
|
|
|
|
|
GAAP Net income |
$ |
317 |
|
|
$ |
283 |
|
|
$ |
1,134 |
|
|
$ |
1,463 |
|
Adjustments: |
|
|
|
|
|
|
|
Executive
team severance expenses, net |
— |
|
|
79 |
|
|
— |
|
|
79 |
|
Executive
team recruiting and transition expenses |
163 |
|
|
65 |
|
|
207 |
|
|
65 |
|
Audit
committee independent review expenses |
— |
|
|
1,730 |
|
|
— |
|
|
2,742 |
|
Class-action lawsuit expenses |
20 |
|
|
— |
|
|
216 |
|
|
— |
|
Other
nonrecurring legal and accounting expenses |
— |
|
|
— |
|
|
51 |
|
|
— |
|
Tax
impact of adjustments (1) |
(56 |
) |
|
(563 |
) |
|
(145 |
) |
|
(867 |
) |
Tax
expense impact of revaluation of deferred tax assets (2) |
1,166 |
|
|
— |
|
|
1,166 |
|
|
— |
|
Total adjustments, net
of tax |
1,293 |
|
|
1,311 |
|
|
1,495 |
|
|
2,019 |
|
Non-GAAP Net
Income: |
$ |
1,610 |
|
|
$ |
1,594 |
|
|
$ |
2,629 |
|
|
$ |
3,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
0.10 |
|
Total
adjustments, net of tax |
0.09 |
|
|
0.09 |
|
|
0.11 |
|
|
0.14 |
|
Diluted earnings per
share, as adjusted |
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.19 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
(1) Tax impact of adjustments excludes the effect of the
one-time deferred tax asset adjustment. |
(2) Tax impact of the remeasurement of our deferred tax
assets, pursuant to the 2017 tax reform legislation. Deferred
tax assets were reduced as the reversal of the underlying
transactions will be deductible at the lower corporate tax rates
included in the 2017 legislation. |
|
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