Utah's USANA posts record 2Q financial results
USANA Health Sciences, a Salt Lake City-based multi-level marketing company that sells health and nutrition products, reported its sales for the second quarter of 2012 increased by 8 percent to $160.9 million, compared with $148.9 million in the same quarter of the prior year.
Earnings increased to $16.7 million, or $1.11 per share, compared with $13.9 million, or 88 cents per share, for the same quarter a year earlier.
"USANA delivered solid second quarter results, which capped a very impressive first half of 2012," Dave Wentz, company CEO, said in a statement announcing the company's financial results.
With the release of its second-quarter results, USANA said it is projecting that its sales for all of fiscal 2012 will be between $630 million to $640 million. It previously was expecting sales between $610 million and $625 million for the year.
As a result, the company said it is now anticipating it will report earnings for fiscal 2012 of between $4.10 and $4.20 per share, versus earlier projections of between $3.60 and $3.70 per share.
"Leverage gained on higher sales, better than expected gross margins, and a lower effective tax rate were the main factors that contributed to our strong bottom line performance this quarter," said Doug Hekking, USANA's chief financial officer. "Our strong performance during the first six months of the year has laid the foundation for what we believe will be a solid second half of 2012."