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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0001021561-10-000006.txt : 20100204
0001021561-10-000006.hdr.sgml : 20100204
20100204105409
ACCESSION NUMBER: 0001021561-10-000006
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20091231
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20100204
DATE AS OF CHANGE: 20100204
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: NU SKIN ENTERPRISES INC
CENTRAL INDEX KEY: 0001021561
STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122]
IRS NUMBER: 870565309
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1208
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-12421
FILM NUMBER: 10572898
BUSINESS ADDRESS:
STREET 1: 75 WEST CENTER ST
STREET 2: ATTN: D. MATTHEW DORNY
CITY: PROVO
STATE: UT
ZIP: 84601
BUSINESS PHONE: 801-345-6100
MAIL ADDRESS:
STREET 1: 75 WEST CENTER ST
STREET 2: ATTN: D. MATTHEW DORNY
CITY: PROVO
STATE: UT
ZIP: 84601
FORMER COMPANY:
FORMER CONFORMED NAME: NU SKIN ASIA PACIFIC INC
DATE OF NAME CHANGE: 19960919
8-K
1
earnrel4q098-k.htm
4Q YE 2009 EARNINGS RELEASE
FORM 8-K NSE February 4, 2010 Q4 and YE 2009 Earnins Release
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
|
February 4, 2010
Date of Report (Date of earliest event reported)
|
|
|
|
|
|
NU SKIN ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Delaware
(State or other jurisdiction
of incorporation) |
001-12421
(Commission File Number)
|
87-0565309
(IRS Employer
Identification Number) |
|
|
|
|
75 West Center Street
Provo, UT 84601
(Address of principal executive offices and zip code)
(801) 345-1000
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report) |
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
|
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Item 2.02 |
|
Results of
Operations and Financial Condition. |
On February 4, 2010, Nu Skin
Enterprises, Inc. (the Company) issued a press release announcing its
financial results for the fourth quarter and year ended December 31, 2009, and certain
other information. A copy of the Companys press release is attached as Exhibit 99.1
to this report and incorporated by reference.
The information furnished pursuant to
this Item 2.02 and the exhibit hereto shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange
Act), and shall not be deemed to be incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly
set forth by specific reference in such filing.
The press release furnished herewith
in Exhibit 99.1 contains earnings per share results and projections that exclude restructuring charges and/or
foreign currency translation losses as indicated in the release. Management believes these
non-GAAP financial measures assist management and investors in evaluating, and comparing
from period to period, results from ongoing operations in a more meaningful and consistent
manner while also highlighting more meaningful trends in the results of operations. A
reconciliation of each non-GAAP financial measure to GAAP is provided in the press release
furnished herewith.
Item 9.01 |
|
Financial Statements and Exhibits. |
(c)
Exhibit.
|
99.1 |
|
Nu Skin Enterprises press release dated February 4, 2010, regarding financial
results for the fourth quarter and year ended December 31, 2009. |
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
|
|
NU SKIN ENTERPRISES, INC. (Registrant)
/s/ Ritch Wood Ritch Wood Chief Financial Officer |
|
Date: February 4, 2010
EXHIBIT INDEX
Exhibit No. |
|
Exhibit Description |
99.1 |
|
Nu Skin Enterprises press release dated February 4, 2010, regarding financial
results for the fourth quarter and year ended December 31, 2009. |
GRAPHIC
2
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EX-99.1
3
ex99-1.htm
PRESS RELEASE DATED FEBRUARY 4, 2010
NSE 4Q 2009 Earnings Release
FOR IMMEDIATE RELEASE
CONTACTS:
Investors -- Scott Pond (801) 345-2657, spond@nuskin.com
Media -- Kara Schneck (801) 345-2116, kschneck@nuskin.com
NU SKIN ENTERPRISES
REPORTS
RECORD FOURTH QUARTER
AND 2009 RESULTS
Company Increases 2010
Guidance
PROVO, Utah Feb. 4, 2010
Nu Skin Enterprises, Inc. (NYSE: NUS) today announced record fourth-quarter and
annual results. Revenue for the quarter was $378.1 million, a 19 percent improvement over
the prior-year period. Revenue for the quarter was positively impacted 7 percent by
foreign currency fluctuations. Earnings per share for the quarter were $0.47, a 104
percent improvement, or 31 percent when excluding non-operating items impacting
year-over-year comparability.
The company generated record annual
revenue of $1.33 billion in 2009, a 7 percent improvement over the prior year. Currency
fluctuations did not materially impact year-over-year revenue comparisons. Earnings per
share for the year were $1.40, a 37 percent increase, or 22 percent when excluding
non-operating items impacting year-over-year comparability.
We finished our 25th
Anniversary year on a high note with record revenue, a record launch of our new skin care
system, and a record number of executive distributors, said Truman Hunt, president
and chief executive officer. Each region is contributing to our growth, with
particularly strong double-digit gains in South Korea, the Americas, China, Southeast Asia
and Europe.
-more-
Nu Skin Enterprises, Inc.
Feb. 4, 2010
Page 2
We also continue to drive
significant growth in operating income as demonstrated by a fourth-quarter improvement of
35 percent. Our consistent efforts to operate more efficiently have helped us build a
solid foundation for increasing profitability, and we will continue this focus going
forward, said Hunt.
Regional Results
North Asia. Fourth-quarter
revenue in North Asia grew 11 percent to $167.2 million, compared to $151.3 million for
the same period in 2008. Revenue was positively impacted 9 percent by foreign currency
fluctuations, due to the strengthening of both the Japanese yen and the South Korean won.
Local-currency revenue increased by 12 percent in South Korea, while Japan trends
continued to improve with a 1 percent local currency revenue decline. The number of
executive distributors in the region was up 2 percent while the number of active
distributors was down 2 percent compared to the prior year.
Americas. Fourth-quarter revenue in the Americas was $78.9 million, compared to
$58.9 million for the prior-year period. North America sales during the quarter
were positively impacted approximately $11 million by sales to non-U.S.
distributors at the companys global convention in October 2009. Revenue in
the United States improved 12 percent when excluding convention sales to
non-U.S. distributors. Canada and Latin America revenue grew by 35 percent and
11 percent, respectively. The number of executive distributors in the region
increased 13 percent compared to the prior year, while the number of active
distributors remained flat.
Greater China. Revenue in
Greater China improved 5 percent to $55.7 million for the quarter and was positively
impacted approximately 1 percent by foreign currency fluctuations. Local-currency revenue
in Mainland China improved 11 percent, while Taiwan revenue improved 7 percent and Hong
Kong experienced a revenue decline of 10 percent, compared to the prior year. The
executive distributor count in the region increased 10 percent, while the number of active
distributors was down 8 percent, due primarily to a decline in China.
-more-
Nu Skin Enterprises, Inc.
Feb. 4, 2010
Page 3
Europe. Fourth-quarter revenue from Europe was $41.0 million, a 44 percent
improvement over the prior-year period. Results in the region were positively
impacted 15 percent by foreign currency fluctuations. Executive and active
distributor counts in the region increased 16 percent and 12 percent,
respectively, compared to the prior year.
South Asia/Pacific. Revenue in
South Asia/Pacific was $35.3 million for the fourth quarter, a 36 percent improvement over
the prior year. Regional results were driven by solid performances in most markets and
were positively impacted 10 percent by foreign currency fluctuations. The regions
fourth-quarter executive count improved 16 percent, while the active distributor count
increased 9 percent.
Operational Performance
The companys operating margin
improved to 13.8 percent, compared to 12.2 percent in the prior year. The companys
gross margin in the fourth quarter was 82.3 percent, a 60-basis-point improvement. The
increase can largely be attributed to sales of products with improved margins. Selling
expenses, as a percent of revenue, were 41.0 percent in the fourth quarter, a 60
basis-point improvement, largely due to non-commissionable convention revenue. General and
administrative expenses for the quarter were $104.9 million, including approximately $7
million of costs associated with hosting the companys global convention. Despite
convention costs, the companys general and administrative expenses as a percent of
revenue remained flat at 27.8 percent.
The companys income tax rate
for the quarter was 37.8 percent, and its cash position at the end of the quarter was
$158.0 million. Dividend payments during the quarter were $7.2 million, and the company
repurchased $7.4 million of its outstanding shares.
Outlook
The introduction of the ageLOC
anti-aging skin care system has been very successful, said Hunt. The system
was introduced as a limited-time offering with a further rollout occurring in the majority
of our markets during the first quarter of 2010. In the past, our product introductions
were staged geographically over a one- to three-year period. The ageLOC introduction is
happening on a much more condensed timeline, enabling us to channel global distributor
enthusiasm more effectively. We expect ageLOC to generate more sales in its first 12
months than any other product in our history.
-more-
Nu Skin Enterprises, Inc.
Feb. 4, 2010
Page 4
In January 2010, we also
introduced a new and improved version of our best-selling Galvanic Spa to our ageLOC
product suite. This new ageLOC Galvanic Spa includes technical advancements that make it
more user-friendly, while significantly improving delivery of ageLOC ingredients to the
skin.
Overall, we are optimistic
about continuing our momentum into 2010. Our efforts are being rewarded with increased
sales, improved productivity and strong product opportunities that will propel our
business forward. As we build on our unique ageLOC platform, we will begin integrating
ageLOC into our nutritional line in late 2010. We believe this will further differentiate
Nu Skin in the anti-aging category by leveraging our unique ability to address the sources
of aging both internally and externally, concluded Hunt.
Given the strong revenue
results of the fourth quarter and an improved gross margin from the launch of ageLOC
products, we are increasing our 2010 projected revenue and earnings per share to $1.38 to
$1.41 billion and $1.65 to $1.75 respectively, said Ritch Wood, chief financial
officer. Although we expect currency to be mostly neutral for the year, we
anticipate a benefit of approximately 5 to 6 percent in the first quarter. We project
local-currency revenue growth of 9 to 10 percent which results in first-quarter revenue
guidance of $337 to $345 million. We expect first-quarter earnings per share in the $0.39
to $0.42 range, an improvement of approximately 100 percent, or 40 percent excluding
restructuring charges in the prior year, concluded Wood.
The companys management will
host a webcast with the investment community on Feb. 4, 2010 at 11 a.m. (EDT). Those
wishing to access the webcast, as well as the financial information presented during the
call, can visit the Investor Relations page on Nu Skin Enterprises website,
http://ir.nuskin.com . An archive of the webcast will be available at this same URL
through Feb. 19, 2010.
The Company
Nu Skin Enterprises, Inc.
demonstrates its tradition of innovation through its product portfolio, independent
business opportunity and corporate social responsibility initiatives. Nu Skins
scientific leadership in both skin care and nutrition has established Nu Skin as a premier
anti-aging company, evidenced in its patent-pending ageLOC anti-aging platform and
flagship products including the Galvanic Spa® System II, Tru Face® Essence Ultra
and LifePak® nano. A global direct selling company, Nu Skin operates in 48 markets
worldwide and has more than 760,000 independent sales representatives. Nu Skin Enterprises
is traded on the New York Stock Exchange under the symbol NUS. More
information is available at http://www.nuskinenterprises.com.
Please
note: This press release, particularly the Outlook section,
contains forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934 that represent the companys current expectations and beliefs,
including, among other things: (i) managements positive outlook for the company;
(ii) managements expectations regarding the companys initiatives, strategies,
development and launch of new products, and other innovation efforts; and (iii)
managements projections regarding revenue, earnings per share, and the impact of
foreign currency fluctuations for the year 2010 and for the first quarter of 2010 set
forth in the Outlook section. The forward-looking statements and related
assumptions involve risks and uncertainties that could cause actual results and outcomes
to differ materially from any forward-looking statements or views expressed herein. These
risks and uncertainties include, but are not limited to: (a) challenging economic
conditions globally; (b) any prospective or retrospective increases in duties on our
products imported into our markets outside of the United States and any adverse
results of tax audits or unfavorable changes to tax laws in our various markets; (c) the
recent fluctuations of numerous foreign currencies and the associated currency translation
impact on our business if these currencies continue to fluctuate; (d) uncertainty
regarding the impact on our business of increased regulatory scrutiny of the direct
selling industry in Japan and our efforts to increase distributor compliance efforts in
this market;
-more-
Nu Skin Enterprises, Inc.
Feb. 4, 2010
Page 6
(e) an increase in complaints and general inquiries to consumer
protection agencies in Japan regarding the activities of some distributors and the
associated risks to the companys business if such increase results in further
regulatory scrutiny; (f) regulatory risks associated with the companys tools and
products, which could inhibit the companys ability to market a tool or product in a
market if it is determined to be a medical device in any market, if distributors make
unauthorized claims that would cause such products to be classified as drugs, or if the
company is unable to obtain necessary product registrations in a timely manner; (g) risks
related to the recent H1N1 flu outbreak, which could negatively impact our business to the
extent that it inhibits travel, causes people to avoid interaction with other people, or
restricts our ability to produce or distribute any of our porcine-sourced gelatin
encapsulated products; (h) continued regulatory scrutiny and investigations in Mainland
China, which have from time to time in the past, and could in the future, negatively
impact the companys business, including the interruption of sales activities in
stores, loss of licenses, and the imposition of fines; (i) any failure of current or
planned initiatives or products to generate interest among distributors and customers and
generate sponsoring and selling activities on a sustained basis; (j) any failure of the
implementation of business transformation initiatives to reduce overhead and drive growth,
and any negative impact of such initiatives on the companys ability to effectively
manage its operations; (k) adverse publicity related to the companys business,
products, industry or any legal actions or complaints by distributors or others; and (l)
continued competitive pressures in the companys markets. The companys
financial performance and the forward-looking statements contained herein are further
qualified by a detailed discussion of associated risks set forth in the documents filed by
the company with the Securities and Exchange Commission, including the companys
Annual Report on Form 10-K filed on February 27, 2009 and Quarterly Reports on Form 10-Q
filed on May 8, 2009, August 7, 2009 and November 9, 2009. The forward-looking statements
set forth the companys beliefs as of the date of this release, and the company
assumes no duty to update the forward-looking statements contained in this release to
reflect any change except as required by law.
-more-
Nu Skin Enterprises, Inc.
Feb. 4, 2010
Page 7
NU
SKIN ENTERPRISES, INC.
Consolidated
Statements of Income (Unaudited)
For the Fourth Quarters Ended December 31, 2009 and
2008
(in thousands, except
per share amounts)
|
2009 | |
2008 | |
Revenue: |
|
|
|
|
|
North Asia | |
$ 167,156 |
|
$ 151,330 |
|
Americas | |
78,897 |
|
58,939 |
|
Greater China | |
55,741 |
|
52,904 |
|
Europe | |
40,972 |
|
28,410 |
|
South Asia/Pacific | |
35,287 |
|
25,995 |
|
Total revenue | |
378,053 |
|
317,578 |
|
| |
|
|
|
|
Cost of sales | |
67,097 |
|
58,164 |
|
| |
|
|
|
|
Gross profit | |
310,956 |
|
259,414 |
|
| |
|
|
|
|
Operating expenses: | |
Selling expenses | |
154,927 |
|
132,255 |
|
General and administrative expenses | |
104,896 |
|
88,338 |
|
Restructuring and other charges | |
(1,035 |
) |
|
|
Total operating expenses | |
258,788 |
|
220,593 |
|
| |
|
|
|
|
Operating income | |
52,168 |
|
38,821 |
|
| |
|
|
|
|
Other income (expense), net | |
(3,402 |
) |
(14,787 |
) |
Income before provision for income taxes | |
48,766 |
|
24,034 |
|
Provision for income taxes | |
18,447 |
|
9,537 |
|
| |
|
|
|
|
Net income | |
$ 30,319 |
|
$ 14,497 |
|
| |
|
|
|
|
Net income per share: | |
Basic | |
$ 0.48 |
|
$ 0.23 | |
|
Diluted | |
$ 0.47 |
|
$ 0.23 |
|
| |
|
|
|
|
Weighted average common shares outstanding: | |
Basic | |
62,977 |
|
63,455 |
|
Diluted | |
65,074 |
|
63,673 |
|
-more-
Nu Skin Enterprises
Feb. 4, 2010
Page 8
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
For the Years Ended December 31, 2009 and 2008
(in thousands, except per share amounts)
|
2009 | |
2008 | |
Revenue: |
|
|
|
|
|
North Asia | |
$ 606,113 |
|
$ 594,548 |
|
Americas | |
260,865 |
|
223,902 |
|
Greater China | |
210,379 |
|
209,968 |
|
Europe | |
133,578 |
|
111,572 |
|
South Asia/Pacific | |
120,123 |
|
107,656 |
|
Total revenue | |
1,331,058 |
|
1,247,646 |
|
| |
|
|
|
|
Cost of sales | |
243,648 |
|
228,597 |
|
| |
|
|
|
|
Gross profit | |
1,087,410 |
|
1,019,049 |
|
| |
|
|
|
|
Operating expenses: | |
Selling expenses | |
550,637 |
|
529,368 |
|
General and administrative expenses | |
378,336 |
|
364,253 |
|
Restructuring and other charges | |
10,724 |
|
|
|
Total operating expenses | |
939,697 |
|
893,621 |
|
| |
|
|
|
|
Operating income | |
147,713 |
|
125,428 |
|
| |
|
|
|
|
Other income (expense), net | |
(6,589 |
) |
(24,775 |
) |
Income before provision for income taxes | |
141,124 |
|
100,653 |
|
Provision for income taxes | |
51,279 |
|
35,306 |
|
| |
|
|
|
|
Net income | |
$ 89,845 |
|
$ 65,347 |
|
| |
|
|
|
|
Net income per share: | |
Basic | |
$ 1.42 |
|
$ 1.03 | |
|
Diluted | |
$ 1.40 |
|
$ 1.02 | |
|
| |
|
|
|
|
Weighted average common shares outstanding: | |
Basic | |
63,333 |
|
63,510 |
|
Diluted | |
64,296 |
|
64,132 |
|
-more-
Nu Skin Enterprises
Feb. 4, 2010
Page 9
NU SKIN ENTERPRISES, INC.
Reconciliation of GAAP Net Income and Earnings Per Share to
Net Income and Earnings Per Share Excluding Certain Non-Operating Charges
(in thousands, except per share amounts)
|
Three Months Ended
December 31, | |
Year Ended
December 31, | |
|
2009 | |
2008 | |
2009 | |
2008 | |
|
| |
| |
| |
| |
GAAP diluted earnings per share |
|
$ 0.47 |
|
$ 0.23 |
|
$ 1.40 |
|
$ 1.02 |
|
|
|
|
|
|
EPS percent increase |
|
104% |
|
|
|
37% |
|
|
|
|
| |
| |
| |
| |
GAAP net income as reported |
|
$ 30,319 |
|
$ 14,497 |
|
$ 89,845 |
|
$ 65,347 |
|
Certain non-operating charges | |
Restructuring charges | |
(1,035 |
) |
|
|
10,724 |
|
|
|
Foreign currency translation losses/(gains) | |
397 |
|
12,567 |
|
(1,966 |
) |
18,409 |
|
Tax effects on certain non-operating charges | |
241 |
|
(4,987 |
) |
(3,182 |
) |
(6,457 |
) |
Total certain non-operating charges, net of tax effects | |
(397 |
) |
7,580 |
|
5,576 |
|
11,952 |
|
|
| |
| |
| |
| |
Net income excluding certain non-operating charges | |
$ 29,922 |
|
$ 22,077 |
|
$ 95,421 |
|
$ 77,299 |
|
|
| |
| |
| |
| |
Diluted earnings per share excluding certain non-operating charges | |
$ 0.46 |
|
$ 0.35 |
|
$ 1.48 |
|
$ 1.21 |
|
EPS percent increase | |
31% |
|
|
|
22% |
|
|
|
-more-
Nu Skin Enterprises
Feb. 4, 2010
Page 10
NU SKIN ENTERPRISES,
INC.
Consolidated Balance Sheets
(Unaudited)
As of December 31, 2009 and 2008
(in thousands)
|
2009 | |
2008 | |
|
|
|
ASSETS |
|
|
|
|
|
Current assets: | |
Cash and cash equivalents | |
$ 158,045 |
|
$ 114,586 |
|
Accounts receivable | |
22,513 |
|
16,496 |
|
Inventories, net | |
105,661 |
|
114,378 |
|
Prepaid expenses and other | |
51,724 |
|
44,944 |
|
| |
337,943 |
|
290,404 |
|
|
|
|
Property and equipment, net | |
79,356 |
|
82,336 |
|
Goodwill | |
112,446 |
|
112,446 |
|
Other intangible assets, net | |
81,968 |
|
87,888 |
|
Other assets | |
136,736 |
|
136,698 |
|
Total assets | |
$ 748,449 |
|
$ 709,772 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY | |
Current liabilities: | |
Accounts payable | |
$ 25,292 |
|
$ 20,378 |
|
Accrued expenses | |
124,520 |
|
115,794 |
|
Current portion of long-term debt | |
35,400 |
|
30,196 |
|
| |
185,212 |
|
166,368 |
|
|
|
|
Long-term debt | |
121,119 |
|
158,760 |
|
Other liabilities | |
66,431 |
|
68,464 |
|
Total liabilities | |
372,762 |
|
393,592 |
|
|
|
|
Stockholders' equity: | |
Class A common stock | |
91 |
|
91 |
|
Additional paid-in capital | |
232,219 |
|
218,928 |
|
Treasury stock, at cost | |
(433,567 |
) |
(417,017 |
) |
Accumulated other comprehensive loss | |
(68,134 |
) |
(70,061 |
) |
Retained earnings | |
645,078 |
|
584,239 |
|
| |
375,687 |
|
316,180 |
|
Total liabilities and stockholders' equity | |
$ 748,449 |
|
$ 709,772 |
|
-more-
Nu Skin Enterprises
Feb. 4, 2010
Page 11
NU SKIN ENTERPRISES,
INC.
Distributor/Preferred
Customer Growth by Market
|
As of December 31, 2009 | |
As of December 31, 2008 | |
% Increase (Decrease) | |
|
Active* | |
Executive | |
Active* | |
Executive | |
Active* | |
Executive | |
North Asia |
|
319,000 |
|
14,144 |
|
316,000 |
|
13,937 |
|
(2.1%) |
|
1.5% |
|
Americas | |
171,000 |
|
5,522 |
|
171,000 |
|
4,876 |
|
|
|
13.2% |
|
Greater China | |
106,000 |
|
6,938 |
|
115,000 |
|
6,323 |
|
(7.8%) |
|
9.7% |
|
Europe | |
94,000 |
|
3,385 |
|
83,000 |
|
2,911 |
|
13.3% |
|
16.3% |
|
South Asia/Pacific | |
71,000 |
|
2,950 |
|
66,000 |
|
2,541 |
|
7.6% |
|
16.1% |
|
Total | |
761,000 |
|
32,939 |
|
761,000 |
|
30,588 |
|
|
|
7.7% |
|
* |
|
Active
distributors include preferred customers and distributors purchasing products directly
from the company during the quarter. |
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end
-----END PRIVACY-ENHANCED MESSAGE-----