|
December 31,
2011
|
March 31,
2012
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 1,617 | $ | 2,758 | ||||
|
Restricted cash
|
494 | 248 | ||||||
|
Accounts receivable
|
93 | 338 | ||||||
|
Inventories, net
|
1,089 | 1,008 | ||||||
|
Other current assets
|
537 | 646 | ||||||
|
Total current assets
|
3,830 | 4,998 | ||||||
|
Property and equipment, net
|
68 | 76 | ||||||
|
Goodwill
|
1,764 | 1,764 | ||||||
|
Restricted cash
|
220 | 225 | ||||||
|
Other assets
|
241 | 241 | ||||||
|
Total assets
|
$ | 6,123 | $ | 7,304 | ||||
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 2,208 | $ | 1,997 | ||||
|
Income taxes payable
|
11 | 22 | ||||||
|
Accrued distributor commissions
|
1,177 | 1,271 | ||||||
|
Other accrued expenses
|
1,471 | 1,788 | ||||||
|
Deferred revenue
|
967 | 1,335 | ||||||
|
Deferred tax liability
|
148 | 148 | ||||||
|
Other current liabilities
|
950 | 974 | ||||||
|
Total liabilities
|
6,932 | 7,535 | ||||||
|
Commitments and contingencies
|
||||||||
|
Stockholders’ deficit:
|
||||||||
|
Preferred stock
|
124 | 124 | ||||||
|
Common stock
|
11 | 11 | ||||||
|
Additional paid-in capital
|
80,493 | 80,513 | ||||||
|
Accumulated deficit
|
(81,338 | ) | (80,831 | ) | ||||
|
Accumulated other comprehensive loss:
|
||||||||
|
Foreign currency translation adjustments
|
(99 | ) | (48 | ) | ||||
|
Total stockholders’ deficit
|
(809 | ) | (231 | ) | ||||
|
Total liabilities and stockholders’ deficit
|
$ | 6,123 | $ | 7,304 | ||||
|
Three Months Ended March 31,
|
||||||||
|
2011
|
2012
|
|||||||
|
Net sales
|
$ | 5,175 | $ | 9,090 | ||||
|
Cost of sales
|
1,529 | 2,399 | ||||||
|
Gross profit
|
3,646 | 6,691 | ||||||
|
Operating expenses:
|
||||||||
|
Distributor commissions
|
1,762 | 3,691 | ||||||
|
Selling, general and administrative expenses
|
2,030 | 2,437 | ||||||
|
Depreciation and amortization
|
232 | 12 | ||||||
|
Total operating expenses
|
4,024 | 6,140 | ||||||
|
Income (loss) from operations
|
(378 | ) | 551 | |||||
|
Other expense, net
|
(95 | ) | (63 | ) | ||||
|
Income (loss) before income taxes
|
(473 | ) | 488 | |||||
|
Income tax provision (benefit)
|
7 | (19 | ) | |||||
|
Net income (loss)
|
(480 | ) | 507 | |||||
|
Less: Net income attributable to the noncontrolling interest
|
8 | – | ||||||
|
Net income (loss) attributable to Natural Health Trends
|
(472 | ) | 507 | |||||
|
Preferred stock dividends
|
(4 | ) | (4 | ) | ||||
|
Net income (loss) attributable to common stockholders of Natural Health Trends
|
$ | (476 | ) | $ | 503 | |||
|
Income (loss) per share of Natural Health Trends:
|
||||||||
|
Basic
|
$ | (0.04 | ) | $ | 0.05 | |||
|
Diluted
|
$ | (0.04 | ) | $ | 0.04 | |||
|
Weighted-average number of shares outstanding:
|
||||||||
|
Basic
|
10,635 | 10,863 | ||||||
|
Diluted
|
10,635 | 11,181 | ||||||