|
December 31,
2011
|
June 30,
2012
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 1,617 | $ | 4,637 | ||||
|
Restricted cash
|
494 | – | ||||||
|
Accounts receivable
|
93 | 203 | ||||||
|
Inventories, net
|
1,089 | 1,258 | ||||||
|
Other current assets
|
537 | 627 | ||||||
|
Total current assets
|
3,830 | 6,725 | ||||||
|
Property and equipment, net
|
68 | 114 | ||||||
|
Goodwill
|
1,764 | 1,764 | ||||||
|
Restricted cash
|
220 | 221 | ||||||
|
Other assets
|
241 | 247 | ||||||
|
Total assets
|
$ | 6,123 | $ | 9,071 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 2,208 | $ | 2,480 | ||||
|
Income taxes payable
|
11 | 66 | ||||||
|
Accrued distributor commissions
|
1,177 | 1,513 | ||||||
|
Other accrued expenses
|
1,471 | 1,749 | ||||||
|
Deferred revenue
|
967 | 1,627 | ||||||
|
Deferred tax liability
|
148 | 148 | ||||||
|
Other current liabilities
|
950 | 903 | ||||||
|
Total liabilities
|
6,932 | 8,486 | ||||||
|
Commitments and contingencies
|
||||||||
|
Stockholders’ equity (deficit):
|
||||||||
|
Preferred stock
|
124 | 124 | ||||||
|
Common stock
|
11 | 11 | ||||||
|
Additional paid-in capital
|
80,493 | 80,532 | ||||||
|
Accumulated deficit
|
(81,338 | ) | (79,985 | ) | ||||
|
Accumulated other comprehensive loss:
|
||||||||
|
Foreign currency translation adjustments
|
(99 | ) | (97 | ) | ||||
|
Total stockholders’ equity (deficit)
|
(809 | ) | 585 | |||||
|
Total liabilities and stockholders’ equity (deficit)
|
$ | 6,123 | $ | 9,071 | ||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
|
2011
|
2012
|
2011
|
2012
|
|||||||||||||
|
Net sales
|
$ | 7,208 | $ | 10,980 | $ | 12,383 | $ | 20,070 | ||||||||
|
Cost of sales
|
1,977 | 2,884 | 3,506 | 5,283 | ||||||||||||
|
Gross profit
|
5,231 | 8,096 | 8,877 | 14,787 | ||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Distributor commissions
|
2,714 | 4,886 | 4,476 | 8,577 | ||||||||||||
|
Selling, general and administrative expenses
|
1,836 | 2,313 | 3,866 | 4,750 | ||||||||||||
|
Depreciation and amortization
|
26 | 8 | 258 | 20 | ||||||||||||
|
Total operating expenses
|
4,576 | 7,207 | 8,600 | 13,347 | ||||||||||||
|
Income from operations
|
655 | 889 | 277 | 1,440 | ||||||||||||
|
Other income (expense), net
|
26 | 2 | (69 | ) | (61 | ) | ||||||||||
|
Income before income taxes
|
681 | 891 | 208 | 1,379 | ||||||||||||
|
Income tax provision
|
13 | 45 | 20 | 26 | ||||||||||||
|
Net income
|
668 | 846 | 188 | 1,353 | ||||||||||||
|
Plus: Net loss attributable to the noncontrolling interest
|
1 | – | 9 | – | ||||||||||||
|
Net income attributable to Natural Health Trends
|
669 | 846 | 197 | 1,353 | ||||||||||||
|
Preferred stock dividends
|
(4 | ) | (4 | ) | (8 | ) | (8 | ) | ||||||||
|
Net income attributable to common stockholders of Natural Health Trends
|
$ | 665 | $ | 842 | $ | 189 | $ | 1,345 | ||||||||
|
Income per share of Natural Health Trends – basic and diluted
|
$ | 0.06 | $ | 0.08 | $ | 0.02 | $ | 0.12 | ||||||||
|
Weighted-average number of shares outstanding:
|
||||||||||||||||
|
Basic
|
10,675 | 10,919 | 10,655 | 10,891 | ||||||||||||
|
Diluted
|
10,706 | 11,219 | 10,659 | 11,208 | ||||||||||||