SAN DIEGO, April 21, 2011 /PRNewswire/ -- LifeVantage Corporation (OTCBB: LFVN), the maker of science-based solutions to oxidative stress, recently held its Inaugural Global Convention where more than 2,000 distributors and guests gathered from the United States, Mexico, Japan and Australia.
"Our convention was a historic event and a tremendous success, locally and internationally," stated David W. Brown, LifeVantage President & CEO of Network Marketing Operations. "It was a chance for us to review where we have been and to celebrate the tremendous growth we have achieved. We have been able to continue growing and building the Company despite challenging economic conditions, and we sincerely recognize and appreciate the enthusiastic support and hard work of our distributors as a key factor driving our rapid growth. We are excited to move forward and anticipate a very bright future for our company."
The Company also announced preliminary net revenue for its third fiscal quarter of 2011 of approximately $10 million. This represents an increase of approximately $2.6 million or 35% over net revenue of $7.4 million for the three month period ended December 31, 2010. This is also an approximate $7.3 million or 270% increase in net revenue over the $2.7 million net revenue reported for the same quarter last year.
"We were very excited to hold our inaugural global Convention and to be able to announce such impressive revenue growth. As we continue to finalize our results, we also anticipate reporting our highest quarterly operating profit to date," stated Douglas C. Robinson, President & Chief Executive Officer of LifeVantage.
During the convention the Company also recognized its first Master Pro 10 distributors who achieved a monthly organizational sales volume of $1 million; introduced Garry Mauro as Chairman of The Board and Douglas C. Robinson, as the Company's new President & CEO. Dr. Joe McCord also presented an update on the Company's independent, peer-reviewed studies.
Other significant announcements made at the first annual convention included news that the company has begun exploratory efforts towards launching sales in Australia and would be accepting applications of intent from Australia beginning May 1; the unveiling of the new look of Protandim, the company's flagship product as well as new sample packs and packaging for TrueScience Anti-Aging Cream.
At the event, LifeVantage was proud to partner with the American Red Cross to raise money for its Japan Earthquake and Pacific Tsunami relief effort.
About LifeVantage Corporation
LifeVantage Corporation is a publicly traded (OTCBB: LFVN), science-based, nutraceutical company dedicated to helping people reach their health and wellness goals while creating business opportunities. Founded in 2003 and based in San Diego, CA, LifeVantage currently offers two anti-aging and wellness products: Protandim®, a dietary supplement that combats oxidative stress, and LifeVantage TrueScience Anti-Aging Cream, a scientifically-based skin care product. For more information, visit www.LifeVantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as 'believes,' 'anticipates,' 'intends,' 'plans,' 'seeks' and similar references to the future. Examples of forward-looking statements include, but are not limited to, statements we make regarding our anticipated results of operations, future growth, and our international expansion efforts. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, the risk factors contained in the Company's Annual Report on Form 10-K and its Quarterly Report on Form 10-Q under the caption "Risk Factors", and in other documents filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
Investor Relations Contact:
Ioana C. Hone
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SOURCE LifeVantage Corporation