000-19932
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37-1172197
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(Commission File Number)
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(IRS Employer Identification No.)
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136 Chesterfield Industrial Boulevard
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Chesterfield, Missouri 63005 |
(Address of principal executive offices)
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(Zip Code) |
Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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(c)
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Exhibits
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99
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Press Release dated November 2, 2011 captioned: “Relìv International Reports Third-Quarter Financial Results.”
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RELIV’ INTERNATIONAL, INC.
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By:
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/s/ Steven D. Albright | |
Steven D. Albright
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Chief Financial Officer
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Exhibit No.
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Description
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99
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Press Release dated November 2, 2011 captioned: “Relìv International Reports Third-Quarter Financial Results.”
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September 30
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December 31
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|||||||||||||||
2011
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2010
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(Unaudited)
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Assets
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Current Assets:
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||||||||||||||||
Cash and cash equivalents
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$ | 7,140,671 | $ | 6,331,038 | ||||||||||||
Accounts receivable, less allowances of
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||||||||||||||||
$69,400 in 2011 and $67,100 in 2010
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274,767 | 291,405 | ||||||||||||||
Accounts due from employees and distributors
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50,023 | 55,854 | ||||||||||||||
Inventories
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5,206,300 | 5,650,790 | ||||||||||||||
Other current assets
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1,199,636 | 916,239 | ||||||||||||||
Total current assets
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13,871,397 | 13,245,326 | ||||||||||||||
Other assets
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2,035,702 | 1,867,976 | ||||||||||||||
Intangible assets, net
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1,636,147 | 1,785,987 | ||||||||||||||
Net property, plant and equipment
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7,486,085 | 7,944,412 | ||||||||||||||
Total Assets
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$ | 25,029,331 | $ | 24,843,701 | ||||||||||||
Liabilities and Stockholders' Equity
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Total current liabilities
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$ | 6,837,952 | $ | 6,387,164 | ||||||||||||
Long-term debt, less current maturities
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3,713,188 | 4,150,770 | ||||||||||||||
Other non-current liabilities
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261,770 | 375,244 | ||||||||||||||
Stockholders' equity
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14,216,421 | 13,930,523 | ||||||||||||||
Total Liabilities and Stockholders' Equity
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$ | 25,029,331 | $ | 24,843,701 | ||||||||||||
Consolidated Statements of Income
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||||||||||||||||
Three months ended September 30
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Nine months ended September 30
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|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Product sales
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$ | 15,382,332 | $ | 16,612,215 | $ | 50,693,657 | $ | 53,559,074 | ||||||||
Handling & freight income
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1,927,261 | 2,060,849 | 6,300,712 | 6,661,873 | ||||||||||||
Net Sales
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17,309,593 | 18,673,064 | 56,994,369 | 60,220,947 | ||||||||||||
Costs and expenses:
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Cost of products sold
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3,601,116 | 3,820,490 | 11,636,647 | 12,093,367 | ||||||||||||
Distributor royalties and commissions
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6,450,155 | 7,011,217 | 21,317,105 | 22,560,625 | ||||||||||||
Selling, general and administrative
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7,089,832 | 7,402,210 | 22,766,198 | 23,486,389 | ||||||||||||
Total Costs and Expenses
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17,141,103 | 18,233,917 | 55,719,950 | 58,140,381 | ||||||||||||
Income from operations
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168,490 | 439,147 | 1,274,419 | 2,080,566 | ||||||||||||
Other income (expense):
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Interest income
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7,045 | 12,961 | 32,846 | 35,334 | ||||||||||||
Interest expense
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(32,925 | ) | (52,885 | ) | (105,349 | ) | (159,336 | ) | ||||||||
Other income (expense)
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(452 | ) | 437 | 13,883 | 21,592 | |||||||||||
Income before income taxes
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142,158 | 399,660 | 1,215,799 | 1,978,156 | ||||||||||||
Provision for income taxes
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93,000 | 228,000 | 488,000 | 854,000 | ||||||||||||
Net Income
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$ | 49,158 | $ | 171,660 | $ | 727,799 | $ | 1,124,156 | ||||||||
Earnings per common share - Basic
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$ | 0.00 | $ | 0.01 | $ | 0.06 | $ | 0.09 | ||||||||
Weighted average shares
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12,416,000 | 12,380,000 | 12,436,000 | 12,380,000 | ||||||||||||
Earnings per common share - Diluted
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$ | 0.00 | $ | 0.01 | $ | 0.06 | $ | 0.09 | ||||||||
Weighted average shares
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12,416,000 | 12,380,000 | 12,436,000 | 12,380,000 | ||||||||||||
Cash dividends declared per common share
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$ | - | $ | - | $ | 0.03 | $ | 0.02 |
Three months ended September 30,
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Change From | |||||||||||||||||||||||
2011
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2010
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Prior Year | ||||||||||||||||||||||
Amount
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% of Net Sales
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Amount
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% of Net Sales
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Amount
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%
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United States
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$ | 14,134 | 81.6 | % | $ | 15,975 | 85.5 | % | $ | (1,841 | ) | -11.5 | % | |||||||||||
Australia/New Zealand
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563 | 3.2 | % | 656 | 3.5 | % | (93 | ) | -14.2 | % | ||||||||||||||
Canada
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495 | 2.9 | % | 505 | 2.7 | % | (10 | ) | -2.0 | % | ||||||||||||||
Mexico
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280 | 1.6 | % | 320 | 1.7 | % | (40 | ) | -12.5 | % | ||||||||||||||
Europe
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998 | 5.8 | % | 439 | 2.4 | % | 559 | 127.3 | % | |||||||||||||||
Asia
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840 | 4.9 | % | 778 | 4.2 | % | 62 | 8.0 | % | |||||||||||||||
Consolidated total
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$ | 17,310 | 100.0 | % | $ | 18,673 | 100.0 | % | $ | (1,363 | ) | -7.3 | % | |||||||||||
Net sales by Market
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(in thousands)
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Nine months ended September 30,
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Change From
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2011 | 2010 | Prior Year | ||||||||||||||||||||||
Amount
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% of Net Sales
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Amount
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% of Net Sales
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Amount
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%
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United States
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$ | 47,440 | 83.3 | % | $ | 51,378 | 85.3 | % | $ | (3,938 | ) | -7.7 | % | |||||||||||
Australia/New Zealand
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1,778 | 3.1 | % | 1,924 | 3.2 | % | (146 | ) | -7.6 | % | ||||||||||||||
Canada
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1,669 | 2.9 | % | 1,634 | 2.7 | % | 35 | 2.1 | % | |||||||||||||||
Mexico
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982 | 1.7 | % | 1,107 | 1.9 | % | (125 | ) | -11.3 | % | ||||||||||||||
Europe
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2,577 | 4.5 | % | 1,440 | 2.4 | % | 1,137 | 79.0 | % | |||||||||||||||
Asia
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2,548 | 4.5 | % | 2,738 | 4.5 | % | (190 | ) | -6.9 | % | ||||||||||||||
Consolidated total
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$ | 56,994 | 100.0 | % | $ | 60,221 | 100.0 | % | $ | (3,227 | ) | -5.4 | % | |||||||||||
The following table sets forth, as of September 30, 2011 and 2010, the number of our active distributors and Master Affiliates and above.
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The total number of active distributors includes Master Affiliates and above. We define an active distributor as one that enrolls as a
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distributor or renews its distributorship during the prior twelve months. Master Affiliates and above are distributors that have attained
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the highest level of discount and are eligible for royalties generated by Master Affiliates and above in their downline organization.
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Growth in the number of active distributors and Master Affiliates and above is a key factor in continuing the growth of our business.
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Active Distributors and Master Affiliates and above by Market
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As of 9/30/2011
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As of 9/30/2010
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Change in %
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Total Active Distributors
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Master Affiliates and Above
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Total Active Distributors
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Master Affiliates and Above
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Total Active Distributors
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Master Affiliates and Above
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United States
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44,900 | 5,920 | 48,520 | 6,730 | -7.5 | % | -12.0 | % | ||||||||||||||||
Australia/New Zealand
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1,950 | 160 | 2,410 | 200 | -19.1 | % | -20.0 | % | ||||||||||||||||
Canada
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1,350 | 200 | 1,390 | 180 | -2.9 | % | 11.1 | % | ||||||||||||||||
Mexico
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1,310 | 230 | 2,100 | 300 | -37.6 | % | -23.3 | % | ||||||||||||||||
Europe
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3,280 | 360 | 1,860 | 260 | 76.3 | % | 38.5 | % | ||||||||||||||||
Asia
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4,870 | 500 | 5,950 | 620 | -18.2 | % | -19.4 | % | ||||||||||||||||
Consolidated total
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57,660 | 7,370 | 62,230 | 8,290 | -7.3 | % | -11.1 | % |