Natural Health Trends Corp. Reports Revenues and Profits for the Six Months Ended June 30, 2002.Business Editors/Health WritersDALLAS--(BUSINESS WIRE)--Aug. 28, 2002 Natural Health Trends Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NHTC NHTC National Heat Transfer Conference NHTC Nuclear Hazards Training Course ) announced that it has filed its Form 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound with the Securities and Exchange Commission, reporting net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $15,270,000 and $13,010,000 for the six months ended June June: see month. 30, 2002 and June 30, 2001 - respectively, an increase of approximately $2,260,000 or 17%. The increased sales were primarily from the sales of Lexxus products at varying prices in different markets and the expansion of Lexxus into international markets offset by a slight decrease in the sales of eKaire products. Gross profit increased from approximately $9,602,000 in the six months ended June 30, 2001 to approximately $12,606,000 in the six months ended June 30, 2002. The increase of approximately $3,004,000 was attributable to higher sales volumes by Lexxus and the international expansion of Lexxus. The Company reported net income was approximately $673,000 in the six months ended June 30, 2002 as compared to approximately $1,374,000 in the six months ended June 30, 2001. Cash provided by operations for the six months ended June 30, 2002 was approximately $3,358,000. Cash used in investing activities during the period was approximately $368,000. Cash provided by financing activities during the period was approximately $95,000. Total cash increased by approximately $3,144,000 during the period. "This has been a very exciting year for our Company, as we continue to grow - not only here in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. but also in Asia. This year we have opened Taiwan, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , and India, and we are presently working on opening Singapore and the Philippines in the next sixty days," said Mark Woodburn, President of Natural Health Trends Corp. About Natural Health Trends Corp. Natural Health Trends Corporation is a holding company for two operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , ekaire.com, Inc., which sells nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. and vitamins and Lexxus International, Inc. Lexxus, started in January 2001, markets and sells quality-of-life products. Investors looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. information pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to Natural Health Trends Corp. or any of its subsidiaries are encouraged to look up http://www.nhtc.ws on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the or by contacting Investor Relations Investor relations The process by which the corporation communicates with its investors. Services, Inc. at 386.409.0200 or on the Internet at http://www.invrel.net. Shareholders are encouraged to register for updated information on the corporation via e-mail at the website. When used in Form 10-QSB and in future filings by the Company with the Securities and Exchange Commission, the words "will likely result", "the Company expects", "will continue", "is anticipated", "estimated", "projected", "outlook" or similar expressions are intended to identify "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, each of which speak only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company has no obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of such statements.
NATURAL HEALTH TRENDS CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
----------------
2002 2001
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 673,200 $ 1,373,690
---------- ------------
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation and amortization 191,008 39,589
Issuance of stock for services
rendered/ settlement of interest 7,192 61,758
Gain on forgiveness of debt (400,000) -
Minority interest of subsidiary 196,091 -
Changes in assets and liabilities:
Accounts receivable (239,846) (822,048)
Inventories (216,256) (306,737)
Prepaid expenses 175,393 (33,782)
Deposits and other assets 152,495 52,912
Accounts payable and accrued
expenses 2,476,668 1,320,513
Deferred revenue 116,684 (80,061)
Other current liabilities 225,071 (331,195)
----------- ------------
Total Adjustments 2,684,500 (99,051)
----------- ------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 3,357,700 1,274,639
----------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (367,958) (24,636)
----------- ------------
NET CASH USED IN INVESTING
ACTIVITIES (367,958) (24,636)
----------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Restricted cash (88,122) 6,050
Proceeds from preferred stock - 100,000
Proceeds from notes payable and
long-term debt 260,000 50,000
Payments of notes payable and
long-term debt (77,365) (33,187)
----------- ------------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 94,513 122,863
----------- ------------
Effect of Exchange Rate Changes 59,658 -
----------- ------------
NET INCREASE IN CASH 3,143,913 1,372,866
CASH, BEGINNING OF PERIOD 324,315 108,419
----------- ------------
CASH, END OF PERIOD $ 3,468,228 $ 1,481,285
----------- ------------
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion