UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2005
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
USANA HEALTH SCIENCES, INC.
(Exact name of registrant as specified in its charter)
Utah |
|
87-0500306 |
(State or other jurisdiction |
|
(I.R.S. Employer |
of incorporation or organization) |
|
Identification No.) |
3838 West Parkway Blvd., Salt Lake City, Utah 84120
(Address of principal executive offices, Zip Code)
(801) 954-7100
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The number of shares outstanding of the registrants common stock as of July 29, 2005 was 18,833,182.
USANA HEALTH SCIENCES, INC.
For the Quarterly Period Ended July 2, 2005
INDEX
2
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
(in thousands)
|
|
January 1, |
|
July 2, |
|
||
|
|
2005 |
|
2005 |
|
||
|
|
|
|
(unaudited) |
|
||
ASSETS |
|
|
|
|
|
||
Current assets |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
15,067 |
|
$ |
20,428 |
|
Inventories, net |
|
17,722 |
|
22,044 |
|
||
Prepaid expenses and other current assets |
|
5,808 |
|
5,180 |
|
||
Deferred income taxes |
|
2,226 |
|
2,431 |
|
||
|
|
|
|
|
|
||
Total current assets |
|
40,823 |
|
50,083 |
|
||
|
|
|
|
|
|
||
Property and equipment, net |
|
23,194 |
|
23,233 |
|
||
|
|
|
|
|
|
||
Goodwill |
|
5,690 |
|
5,690 |
|
||
|
|
|
|
|
|
||
Other assets |
|
1,957 |
|
2,812 |
|
||
|
|
|
|
|
|
||
|
|
$ |
71,664 |
|
$ |
81,818 |
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
||
Accounts payable |
|
$ |
5,106 |
|
$ |
4,814 |
|
Other current liabilities |
|
17,644 |
|
20,706 |
|
||
|
|
|
|
|
|
||
Total current liabilities |
|
22,750 |
|
25,520 |
|
||
|
|
|
|
|
|
||
Long-term liabilities |
|
1,071 |
|
1,495 |
|
||
|
|
|
|
|
|
||
Stockholders equity |
|
|
|
|
|
||
Common stock, $0.001 par value; authorized 50,000 shares, issued and outstanding 18,953 as of January 1, 2005 and 18,816 as of July 2, 2005 |
|
19 |
|
19 |
|
||
Additional paid-in capital |
|
11,853 |
|
12,135 |
|
||
Retained earnings |
|
34,496 |
|
41,914 |
|
||
Accumulated other comprehensive income |
|
1,475 |
|
735 |
|
||
|
|
|
|
|
|
||
Total stockholders equity |
|
47,843 |
|
54,803 |
|
||
|
|
|
|
|
|
||
|
|
$ |
71,664 |
|
$ |
81,818 |
|
The accompanying notes are an integral part of these statements.
3
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
(unaudited)
|
|
Quarter Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
|
|
|
|
|
|
||
Net sales |
|
$ |
67,246 |
|
$ |
82,015 |
|
|
|
|
|
|
|
||
Cost of sales |
|
16,195 |
|
19,499 |
|
||
|
|
|
|
|
|
||
Gross profit |
|
51,051 |
|
62,516 |
|
||
|
|
|
|
|
|
||
Operating expenses: |
|
|
|
|
|
||
Associate incentives |
|
25,556 |
|
31,911 |
|
||
Selling, general and administrative |
|
13,656 |
|
15,168 |
|
||
Research and development |
|
607 |
|
689 |
|
||
|
|
|
|
|
|
||
Total operating expenses |
|
39,819 |
|
47,768 |
|
||
|
|
|
|
|
|
||
Earnings from operations |
|
11,232 |
|
14,748 |
|
||
|
|
|
|
|
|
||
Other income (expense): |
|
|
|
|
|
||
Interest income |
|
36 |
|
93 |
|
||
Interest expense |
|
|
|
(3 |
) |
||
Other, net |
|
(37 |
) |
(157 |
) |
||
|
|
|
|
|
|
||
Other income (expense), net |
|
(1 |
) |
(67 |
) |
||
|
|
|
|
|
|
||
Earnings before income taxes |
|
11,231 |
|
14,681 |
|
||
|
|
|
|
|
|
||
Income taxes |
|
3,818 |
|
5,138 |
|
||
|
|
|
|
|
|
||
Net earnings |
|
$ |
7,413 |
|
$ |
9,543 |
|
|
|
|
|
|
|
||
Earnings per common share |
|
|
|
|
|
||
Basic |
|
$ |
0.39 |
|
$ |
0.50 |
|
Diluted |
|
$ |
0.36 |
|
$ |
0.48 |
|
|
|
|
|
|
|
||
Weighted average common shares outstanding |
|
|
|
|
|
||
Basic |
|
19,199 |
|
18,948 |
|
||
Diluted |
|
20,523 |
|
19,821 |
|
The accompanying notes are an integral part of these statements.
4
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
(unaudited)
|
|
Six Months Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
|
|
|
|
|
|
||
Net sales |
|
$ |
129,021 |
|
$ |
158,593 |
|
|
|
|
|
|
|
||
Cost of sales |
|
31,253 |
|
37,509 |
|
||
|
|
|
|
|
|
||
Gross profit |
|
97,768 |
|
121,084 |
|
||
|
|
|
|
|
|
||
Operating expenses: |
|
|
|
|
|
||
Associate incentives |
|
49,168 |
|
61,461 |
|
||
Selling, general and administrative |
|
26,918 |
|
30,017 |
|
||
Research and development |
|
1,185 |
|
1,288 |
|
||
|
|
|
|
|
|
||
Total operating expenses |
|
77,271 |
|
92,766 |
|
||
|
|
|
|
|
|
||
Earnings from operations |
|
20,497 |
|
28,318 |
|
||
|
|
|
|
|
|
||
Other income (expense): |
|
|
|
|
|
||
Interest income |
|
86 |
|
197 |
|
||
Interest expense |
|
|
|
(3 |
) |
||
Other, net |
|
62 |
|
(96 |
) |
||
|
|
|
|
|
|
||
Other income (expense), net |
|
148 |
|
98 |
|
||
|
|
|
|
|
|
||
Earnings before income taxes |
|
20,645 |
|
28,416 |
|
||
|
|
|
|
|
|
||
Income taxes |
|
7,019 |
|
9,945 |
|
||
|
|
|
|
|
|
||
Net earnings |
|
$ |
13,626 |
|
$ |
18,471 |
|
|
|
|
|
|
|
||
Earnings per common share |
|
|
|
|
|
||
Basic |
|
$ |
0.71 |
|
$ |
0.97 |
|
Diluted |
|
$ |
0.66 |
|
$ |
0.93 |
|
|
|
|
|
|
|
||
Weighted average common shares outstanding |
|
|
|
|
|
||
Basic |
|
19,288 |
|
19,008 |
|
||
Diluted |
|
20,688 |
|
19,896 |
|
The accompanying notes are an integral part of these statements.
5
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY AND COMPREHENSIVE INCOME
Six Months Ended July 3, 2004 and July 2, 2005
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|||||
|
|
|
|
|
|
Additional |
|
|
|
Other |
|
|
|
|||||
|
|
Common Stock |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
|
|
|||||||
|
|
Shares |
|
Value |
|
Capital |
|
Earnings |
|
Income (Loss) |
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the Six Months Ended July 3, 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at January 3, 2004 |
|
19,470 |
|
$ |
19 |
|
$ |
14,187 |
|
$ |
28,935 |
|
$ |
1,230 |
|
$ |
44,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings |
|
|
|
|
|
|
|
13,626 |
|
|
|
13,626 |
|
|||||
Foreign currency translation adjustment, net |
|
|
|
|
|
|
|
|
|
(88 |
) |
(88 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
13,538 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock retired |
|
(524 |
) |
|
|
(4,505 |
) |
(10,392 |
) |
|
|
(14,897 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock issued under stock option plan, including tax benefit of $1,372 |
|
224 |
|
|
|
1,865 |
|
|
|
|
|
1,865 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at July 3, 2004 |
|
19,170 |
|
$ |
19 |
|
$ |
11,547 |
|
$ |
32,169 |
|
$ |
1,142 |
|
$ |
44,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the Six Months Ended July 2, 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at January 1, 2005 |
|
18,953 |
|
$ |
19 |
|
$ |
11,853 |
|
$ |
34,496 |
|
$ |
1,475 |
|
$ |
47,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings |
|
|
|
|
|
|
|
18,471 |
|
|
|
18,471 |
|
|||||
Foreign currency translation adjustment, net |
|
|
|
|
|
|
|
|
|
(740 |
) |
(740 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
17,731 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock retired |
|
(353 |
) |
|
|
(3,948 |
) |
(11,053 |
) |
|
|
(15,001 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock issued under stock option plan, including tax benefit of $2,679 |
|
216 |
|
|
|
4,230 |
|
|
|
|
|
4,230 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at July 2, 2005 |
|
18,816 |
|
$ |
19 |
|
$ |
12,135 |
|
$ |
41,914 |
|
$ |
735 |
|
$ |
54,803 |
|
The accompanying notes are an integral part of these statements.
6
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
Six Months Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
|
|
|
|
|
|
||
Increase (decrease) in cash and cash equivalents |
|
|
|
|
|
||
Cash flows from operating activities |
|
|
|
|
|
||
Net earnings |
|
$ |
13,626 |
|
$ |
18,471 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities |
|
|
|
|
|
||
Depreciation and amortization |
|
2,255 |
|
2,824 |
|
||
(Gain) loss on sale of property and equipment |
|
(2 |
) |
5 |
|
||
Deferred income taxes |
|
174 |
|
56 |
|
||
Allowance for inventory valuation |
|
553 |
|
43 |
|
||
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Inventories |
|
(34 |
) |
(4,545 |
) |
||
Prepaid expenses and other assets |
|
(246 |
) |
(734 |
) |
||
Accounts payable |
|
(1,144 |
) |
(261 |
) |
||
Other current liabilities |
|
1,688 |
|
6,105 |
|
||
|
|
|
|
|
|
||
Total adjustments |
|
3,244 |
|
3,493 |
|
||
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
16,870 |
|
21,964 |
|
||
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
||
Acquisition, net of cash acquired |
|
(2,140 |
) |
|
|
||
Purchases of property and equipment |
|
(5,349 |
) |
(2,688 |
) |
||
Proceeds from the sale of property and equipment |
|
21 |
|
4 |
|
||
|
|
|
|
|
|
||
Net cash used in investing activities |
|
(7,468 |
) |
(2,684 |
) |
||
The accompanying notes are an integral part of these statements.
7
|
|
Six Months Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
||
Proceeds from stock options exercised |
|
493 |
|
1,551 |
|
||
Redemption of common stock |
|
(14,897 |
) |
(15,001 |
) |
||
|
|
|
|
|
|
||
Net cash used in financing activities |
|
(14,404 |
) |
(13,450 |
) |
||
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
(165 |
) |
(469 |
) |
||
|
|
|
|
|
|
||
Net (decrease) increase in cash and cash equivalents |
|
(5,167 |
) |
5,361 |
|
||
|
|
|
|
|
|
||
Cash and cash equivalents, beginning of period |
|
18,965 |
|
15,067 |
|
||
|
|
|
|
|
|
||
Cash and cash equivalents, end of period |
|
$ |
13,798 |
|
$ |
20,428 |
|
|
|
|
|
|
|
||
Supplemental disclosures of cash flow information |
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
||
Interest |
|
$ |
|
|
$ |
3 |
|
Income taxes |
|
5,727 |
|
5,944 |
|
Non-cash activities
In February 2004, the Company acquired FMG Productions (FMG), LLC for $2,140 in cash, which included $80 for
professional fees directly associated with the acquisition.
The accompanying notes are an integral part of these statements.
8
USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except per share data)
(unaudited)
Basis of Presentation
The unaudited interim consolidated financial information of USANA Health Sciences, Inc. and Subsidiaries (the Company or USANA) has been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying interim consolidated financial information contains all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Companys financial position as of July 2, 2005, and results of operations for the quarters and six months ended July 3, 2004 and July 2, 2005. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended January 1, 2005. The results of operations for the quarter and six months ended July 2, 2005 may not be indicative of the results that may be expected for the fiscal year ending December 31, 2005.
NOTE A STOCK-BASED COMPENSATION
The Company has applied the disclosure provisions of Statement of Financial Accounting Standards No. 148, Accounting for Stock-Based Compensation Transition and Disclosure An Amendment of FASB Statement No. 123, for the quarters and six months ended July 3, 2004 and July 2, 2005. Issued in December 2002, SFAS No. 148 amends SFAS No. 123, Accounting for Stock-Based Compensation to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based compensation. In addition, this Statement amends the disclosure requirements of SFAS No. 123 to require prominent disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results. As permitted by SFAS No. 148, the Company continues to account for stock options under APB Opinion No. 25, under which no compensation has been recognized.
The following table illustrates the effects on net earnings and earnings per share as if the Company had applied the fair value recognition provisions of SFAS No. 123, as amended by SFAS No. 148, to stock-based compensation:
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
||||||||
|
|
|
|
July 3, |
|
July 2, |
|
July 3, |
|
July 2, |
|
||||
|
|
|
|
2004 |
|
2005 |
|
2004 |
|
2005 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
As reported |
|
$ |
7,413 |
|
$ |
9,543 |
|
$ |
13,626 |
|
$ |
18,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deduct: Total stock-based compensation expense determined under fair value based method for all awards, net of related tax effects |
|
|
|
$ |
(440 |
) |
$ |
(466 |
) |
$ |
(664 |
) |
$ |
(914 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
Pro forma |
|
$ |
6,973 |
|
$ |
9,077 |
|
$ |
12,962 |
|
$ |
17,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share - basic |
|
As reported |
|
$ |
0.39 |
|
$ |
0.50 |
|
$ |
0.71 |
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Pro forma |
|
$ |
0.36 |
|
$ |
0.48 |
|
$ |
0.67 |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share - diluted |
|
As reported |
|
$ |
0.36 |
|
$ |
0.48 |
|
$ |
0.66 |
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Pro forma |
|
$ |
0.34 |
|
$ |
0.46 |
|
$ |
0.63 |
|
$ |
0.88 |
|
9
Weighted average assumptions used to determine the Black-Scholes fair value for options granted during the periods indicated:
|
|
Quarter Ended |
|
Six Months Ended |
|
|||||||
|
|
July 3, |
|
July 2, |
|
July 3, |
|
July 2, |
|
|||
|
|
2004 |
|
2005 |
|
2004 |
|
2005 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Expected volatility |
|
|
* |
72% |
|
76% |
|
72% |
|
|||
Risk free interest rate |
|
|
* |
3.87% |
|
4.02% |
|
3.87% |
|
|||
Expected life |
|
|
* |
5.25 yrs. |
|
10 yrs. |
|
5.25 yrs. |
|
|||
Expected dividend yield |
|
|
* |
0% |
|
0% |
|
0% |
|
|||
Weighted average fair value of options granted** |
|
|
* |
$ |
42.64 |
|
$ |
29.72 |
|
$ |
42.64 |
|
* No grants were issued during the quarter ended July 3, 2004.
** All options during the periods indicated have been granted at the market value on the date of grant, which is established by averaging the closing price of the Companys common stock over the five trading days preceding the date of grant.
Option pricing models require the input of highly subjective assumptions including the expected stock price volatility. Additionally, the Companys employee stock options have characteristics significantly different from those of traded options, including long vesting schedules and changes in the subjective input assumptions that can materially affect the fair value estimate. Management believes the best assumptions available were used to value the options under the Black-Scholes option pricing model and that the resulting option values were reasonable as of the dates the options were granted.
NOTE B INVENTORIES
Inventories consist of the following:
|
|
January 1, |
|
July 2, |
|
||
|
|
2005 |
|
2005 |
|
||
|
|
|
|
|
|
||
Raw materials |
|
$ |
8,846 |
|
$ |
11,747 |
|
Work in progress |
|
3,123 |
|
3,671 |
|
||
Finished goods |
|
7,897 |
|
8,436 |
|
||
|
|
|
|
|
|
||
|
|
19,866 |
|
23,854 |
|
||
|
|
|
|
|
|
||
Less allowance for inventory valuation |
|
2,144 |
|
1,810 |
|
||
|
|
|
|
|
|
||
|
|
$ |
17,722 |
|
$ |
22,044 |
|
10
Prepaid expenses and other current assets consist of the following:
|
|
January 1, |
|
July 2, |
|
||
|
|
2005 |
|
2005 |
|
||
|
|
|
|
|
|
||
Prepaid expenses |
|
$ |
1,599 |
|
$ |
1,553 |
|
Miscellaneous receivables, net |
|
3,734 |
|
3,129 |
|
||
Other current assets |
|
475 |
|
498 |
|
||
|
|
|
|
|
|
||
|
|
$ |
5,808 |
|
$ |
5,180 |
|
Cost of property and equipment and their estimated useful lives is as follows:
|
|
|
|
January 1, |
|
July 2, |
|
||
|
|
Years |
|
2005 |
|
2005 |
|
||
|
|
|
|
|
|
|
|
||
Building |
|
40 |
|
$ |
9,400 |
|
$ |
9,400 |
|
Laboratory and production equipment |
|
5-7 |
|
8,706 |
|
9,187 |
|
||
Sound and video library |
|
5 |
|
600 |
|
600 |
|
||
Computer equipment and software |
|
3-5 |
|
22,580 |
|
23,440 |
|
||
Furniture and fixtures |
|
3-5 |
|
2,530 |
|
2,588 |
|
||
Automobiles |
|
3-5 |
|
206 |
|
204 |
|
||
Leasehold improvements |
|
3-5 |
|
2,568 |
|
2,522 |
|
||
Land improvements |
|
15 |
|
931 |
|
931 |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
47,521 |
|
48,872 |
|
||
|
|
|
|
|
|
|
|
||
Less accumulated depreciation and amortization |
|
|
|
26,459 |
|
28,402 |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
21,062 |
|
20,470 |
|
||
|
|
|
|
|
|
|
|
||
Land |
|
|
|
1,899 |
|
1,899 |
|
||
|
|
|
|
|
|
|
|
||
Deposits and projects in process |
|
|
|
233 |
|
864 |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
$ |
23,194 |
|
$ |
23,233 |
|
NOTE E GOODWILL
Goodwill represents the excess of the purchase price paid of acquired entities over the fair market value of the net assets acquired. As of July 2, 2005, goodwill totaled $5,690, comprised of $4,267 associated with the July 1, 2003 acquisition of Wasatch Product Development, Inc. (WPD) and $1,423 in connection with the February 1, 2004 acquisition of FMG. No events have occurred subsequent to either acquisition that have resulted in an impairment of the original goodwill amounts initially recorded from the transactions. In accordance with SFAS No. 142, Goodwill and Other Intangible Assets, goodwill must be tested at least annually and if the carrying amount of goodwill exceeds its fair value, an impairment loss must be recognized in an amount equal to that excess.
During June 2005, an independent third party conducted the annual impairment test of goodwill related to the acquisition of WPD. The fair market value of the net assets of WPD was estimated using widely accepted valuation methods, including both a market approach and an income approach. In determining the fair market value as part of the impairment test, certain assumptions were used to project future results that management believes are reasonable, given current facts and circumstances; however, there
11
can be no assurance that, under the assumptions used, these projections will materialize. Based upon the results of the independent appraisal, the fair market value of the net assets of WPD has been determined to be in excess of the carrying amount of the net assets, and, therefore, no impairment loss for goodwill has been recognized.
There were no changes in the carrying amount of goodwill for the acquired subsidiaries for the six months ended July 2, 2005:
|
|
|
|
|
|
Consolidated |
|
||||
|
|
WPD |
|
FMG |
|
Total |
|
||||
|
|
|
|
|
|
|
|
||||
Balance at January 1, 2005 |
|
$ |
4,267 |
|
$ |
1,423 |
|
$ |
5,690 |
|
|
|
|
|
|
|
|
|
|
||||
Goodwill acquired |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Impairment adjustments |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Balance at July 2, 2005 |
|
$ |
4,267 |
|
$ |
1,423 |
|
$ |
5,690 |
|
|
NOTE F OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
|
|
January 1, |
|
July 2, |
|
||
|
|
2005 |
|
2005 |
|
||
|
|
|
|
|
|
||
Associate incentives |
|
$ |
2,379 |
|
$ |
3,115 |
|
Accrued employee compensation |
|
4,696 |
|
3,968 |
|
||
Income taxes |
|
1,901 |
|
3,789 |
|
||
Sales taxes |
|
1,986 |
|
1,923 |
|
||
Associate promotions |
|
429 |
|
1,619 |
|
||
Deferred revenue |
|
1,825 |
|
1,814 |
|
||
Provision for returns and allowances |
|
1,284 |
|
1,292 |
|
||
Accrued loss on foreign currency forwards |
|
425 |
|
|
|
||
All other |
|
2,719 |
|
3,186 |
|
||
|
|
|
|
|
|
||
|
|
$ |
17,644 |
|
$ |
20,706 |
|
12
NOTE G COMMON STOCK AND EARNINGS PER SHARE
Basic earnings per share are based on the weighted average number of shares outstanding for each period. Weighted average shares redeemed have been included in the calculation of weighted average shares outstanding for basic earnings per share. Diluted earnings per common share are based on shares outstanding (computed under basic EPS) and potentially dilutive shares. Shares included in dilutive earnings per share calculations include stock options granted that are in the money but have not yet been exercised.
|
|
For the Quarter Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
Earnings available to common shareholders |
|
$ |
7,413 |
|
$ |
9,543 |
|
Basic EPS |
|
|
|
|
|
||
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
||
Common shares outstanding entire period |
|
19,470 |
|
18,953 |
|
||
Weighted average common shares: |
|
|
|
|
|
||
Issued during period |
|
180 |
|
211 |
|
||
Canceled during period |
|
(451 |
) |
(216 |
) |
||
Weighted average common shares outstanding during period |
|
19,199 |
|
18,948 |
|
||
Earnings per common share - basic |
|
$ |
0.39 |
|
$ |
0.50 |
|
|
|
|
|
|
|
||
Diluted EPS |
|
|
|
|
|
||
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
||
Weighted average shares outstanding during period - basic |
|
19,199 |
|
18,948 |
|
||
Dilutive effect of stock options |
|
1,324 |
|
873 |
|
||
Weighted average shares outstanding during period - diluted |
|
20,523 |
|
19,821 |
|
||
Earnings per common share - diluted |
|
$ |
0.36 |
|
$ |
0.48 |
|
Options to purchase 390 shares of stock were not included in the computation of EPS for the quarter ended July 3, 2004 due to their exercise price being greater than the average market price of the shares.
13
|
|
For the Six Months Ended |
|
||||
|
|
July 3, |
|
July 2, |
|
||
|
|
2004 |
|
2005 |
|
||
Earnings available to common shareholders |
|
$ |
13,626 |
|
$ |
18,471 |
|
Basic EPS |
|
|
|
|
|
||
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
||
Common shares outstanding entire period |
|
19,470 |
|
18,953 |
|
||
Weighted average common shares: |
|
|
|
|
|
||
Issued during period |
|
104 |
|
163 |
|
||
Canceled during period |
|
(286 |
) |
(108 |
) |
||
Weighted average common shares outstanding during period |
|
19,288 |
|
19,008 |
|
||
Earnings per common share - basic |
|
$ |
0.71 |
|
$ |
0.97 |
|
|
|
|
|
|
|
||
Diluted EPS |
|
|
|
|
|
||
|
|
|
|
|
|
||
Shares |
|
|
|
|
|
||
Weighted average shares outstanding during period - basic |
|
19,288 |
|
19,008 |
|
||
Dilutive effect of stock options |
|
1,400 |
|
888 |
|
||
Weighted average shares outstanding during period - diluted |
|
20,688 |
|
19,896 |
|
||
Earnings per common share - diluted |
|
$ |
0.66 |
|
$ |
0.93 |
|
Options to purchase 290 shares of stock were not included in the computation of EPS for the six months ended July 3, 2004 due to their exercise price being greater than the average market price of the shares.
During the six months ended July 2, 2005 and July 3, 2004 the Company expended $15,001 and $14,897 to purchase 353 and 524 shares, respectively, under the Companys share repurchase plan. The purchase of shares under this plan reduces the number of shares issued and outstanding.
NOTE H SEGMENT INFORMATION
The Companys operations are distinguished by markets served and method of distribution employed and are classified into two reportable business segments: Direct Selling and Contract Manufacturing. These operating segments are evaluated regularly by management in determining the allocation of resources and in assessing the performance of the Company. Management evaluates performance based on net sales and the amount of operating income or loss. Segment profit or loss is based on profit or loss from operations before income taxes. Interest income and expense, as well as income taxes, while significant, are not included in the Companys determination of segment profit or loss in assessing the performance of a segment.
Direct Selling
The Direct Selling segment comprises the Companys principal line of business: developing, manufacturing, and distributing nutritional and personal care products. Products are distributed through a network marketing system using independent distributors referred to as Associates. Products are also sold directly to Preferred Customers who purchase products for personal use and are not permitted to resell or distribute the products.
14
NOTE H SEGMENT INFORMATION - CONTINUED
Historically, selected financial information for the Direct Selling segment has been reported for seven operating geographic regions including North America, Australia-New Zealand, Hong Kong, Japan, Taiwan, South Korea, and Singapore. To simplify the presentation of selected financial information, these formerly segregated regions have been aggregated into two geographic regions: North America and Pacific Rim. North America includes the United States, Canada, and Mexico. All other entities outside of North America are located within the Pacific Rim region, which includes Australia-New Zealand, Hong Kong, Japan, Taiwan, South Korea, and Singapore.
Contract Manufacturing
Operations for the Contract Manufacturing segment are located in Draper, Utah. Operating activities for this segment include the manufacture of premium personal care products, and primarily exist for the production of the Companys Sensé line of skin and personal care. In addition to the production of the Sensé product line, contract manufacturing services are provided to a limited number of customers in the personal care marketplace, which helps offset operating expenses associated with this segment. In both the second quarters of 2004 and 2005, we had one external customer that accounted for more than ten percent of segment sales. Financial data for the Contract Manufacturing segment has been modified to include a reasonable markup on the intersegment sale of the Sensé product line consistent with what we believe is typical of the industry.
Financial information summarized by operating segment and geographic region for the quarters ended July 3, 2004 and July 2, 2005 is listed below:
|
|
Revenues |
|
|
|
Earnings |
|
|||
|
|
from External |
|
Intersegment |
|
before Income |
|
|||
|
|
Customers |
|
Revenues |
|
Taxes |
|
|||
Quarter ended July 3, 2004: |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
Direct Selling |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
North America |
|
$ |
42,415 |
|
$ |
11,598 |
|
$ |
11,389 |
|
Pacific Rim |
|
21,711 |
|
912 |
|
281 |
|
|||
|
|
|
|
|
|
|
|
|||
Segment Total |
|
64,126 |
|
12,510 |
|
11,670 |
|
|||
|
|
|
|
|
|
|
|
|||
Contract Manufacturing |
|
3,120 |
|
256 |
|
254 |
|
|||
|
|
|
|
|
|
|
|
|||
Reportable Segments Total |
|
67,246 |
|
12,766 |
|
11,924 |
|
|||
|
|
|
|
|
|
|
|
|||
Unallocated and Other * |
|
|
|
(12,766 |
) |
(693 |
) |
|||
|
|
|
|
|
|
|
|
|||
Consolidated Total |
|
$ |
67,246 |
|
$ |
|
|
$ |
11,231 |
|
* Unallocated and Other includes certain corporate items and eliminations that are not allocated to the operating segments.
15
|
|
Revenues |
|
|
|
Earnings |
|
|||
|
|
from External |
|
Intersegment |
|
before Income |
|
|||
|
|
Customers |
|
Revenues |
|
Taxes |
|
|||
Quarter ended July 2, 2005: |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
Direct Selling |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
North America |
|
$ |
52,264 |
|
$ |
15,316 |
|
$ |
15,284 |
|
Pacific Rim |
|
27,548 |
|
1,382 |
|
(424 |
) |
|||
|
|
|
|
|
|
|
|
|||
Segment Total |
|
79,812 |
|
16,698 |
|
14,860 |
|
|||
|
|
|
|
|
|
|
|
|||
Contract Manufacturing |
|
2,203 |
|
2,395 |
|
221 |
|
|||
|
|
|
|
|
|
|
|
|||
Reportable Segments Total |
|
82,015 |
|
19,093 |
|
15,081 |
|
|||
|
|
|
|
|
|
|
|
|||
Unallocated and Other * |
|
|
|
(19,093 |
) |
(400 |
) |
|||
|
|
|
|
|
|
|
|
|||
Consolidated Total |
|
$ |
82,015 |
|
$ |
|
|
$ |
14,681 |
|
Financial information summarized by operating segment and geographic region for the six months ended July 3, 2004 and July 2, 2005 is listed below:
|
|
Revenues |
|
|
|
Earnings |
|
|
|
|
|
|||||
|
|
from External |
|
Intersegment |
|
before Income |
|
Long-lived |
|
|
|
|||||
|
|
Customers |
|
Revenues |
|
Taxes |
|
Assets |
|
Total Assets |
|
|||||
Six months ended July 3, 2004: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Selling |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
North America |
|
$ |
82,701 |
|
$ |
20,921 |
|
$ |
22,018 |
|
$ |
37,733 |
|
$ |
55,049 |
|
Pacific Rim |
|
41,666 |
|
1,584 |
|
(1,686 |
) |
2,902 |
|
17,294 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment Total |
|
124,367 |
|
22,505 |
|
20,332 |
|
40,635 |
|
72,343 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Contract Manufacturing |
|
4,654 |
|
907 |
|
103 |
|
5,923 |
|
9,510 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reportable Segments Total |
|
129,021 |
|
23,412 |
|
20,435 |
|
46,558 |
|
81,853 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Unallocated and Other * |
|
|
|
(23,412 |
) |
210 |
|
(14,308 |
) |
(16,904 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated Total |
|
$ |
129,021 |
|
$ |
|
|
$ |
20,645 |
|
$ |
32,250 |
|
$ |
64,949 |
|
* Unallocated and Other includes certain corporate items and eliminations that are not allocated to the operating segments.
16
|
|
Revenues |
|
|
|
Earnings |
|
|
|
|
|
|||||
|
|
from External |
|
Intersegment |
|
before Income |
|
Long-lived |
|
|
|
|||||
|
|
Customers |
|
Revenues |
|
Taxes |
|
Assets |
|
Total Assets |
|
|||||
Six months ended July 2, 2005: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Selling |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
North America |
|
$ |
101,522 |
|
$ |
33,251 |
|
$ |
31,613 |
|
$ |
37,550 |
|
$ |
68,688 |
|
Pacific Rim |
|
52,939 |
|
2,659 |
|
(820 |
) |
2,909 |
|
18,778 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment Total |
|
154,461 |
|
35,910 |
|
30,793 |
|
40,459 |
|
87,466 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Contract Manufacturing |
|
4,132 |
|
5,160 |
|
764 |
|
6,361 |
|
12,720 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reportable Segments Total |
|
158,593 |
|
41,070 |
|
31,557 |
|
46,820 |
|
100,186 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Unallocated and Other * |
|
|
|
(41,070 |
) |
(3,141 |
) |
(15,085 |
) |
(18,368 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated Total |
|
$ |
158,593 |
|
$ |
|
|
$ |
28,416 |
|
$ |
31,735 |
|
$ |
81,818 |
|
* Unallocated and Other includes certain corporate items and eliminations that are not allocated to the operating segments.
17
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of USANAs financial condition and results of operations should be read in conjunction with the Unaudited Consolidated Financial Statements and Notes thereto contained in this quarterly report.
General
USANA Health Sciences, Inc. develops and manufactures high-quality nutritional and personal care products. We market all of our products on the basis of high levels of bioavailability, safety, and quality. We distribute our products through a network marketing system using independent distributors that we refer to as Associates. As of July 2, 2005, we had 125,000 active Associates worldwide. We also sell products directly to Preferred Customers who purchase products for personal use and are not permitted to resell or distribute the products. As of July 2, 2005, we had 66,000 active Preferred Customers worldwide. The majority of sales in the Direct Selling segment come from Associates. During the second quarter of 2005 sales to Associates accounted for approximately 86% of net sales for the Direct Selling segment. For purposes of this report, we only count as active customers those Associates and Preferred Customers who have purchased product from USANA at any time during the most recent three-month period.
The fiscal year end of USANA is the Saturday closest to December 31 of each year. Fiscal year 2004 ended on January 1, 2005, and fiscal year 2005 will end on December 31, 2005.
As discussed more fully in Note H Segment Information, beginning on page 14 to the consolidated financial statements, we have two reportable segments: Direct Selling and Contract Manufacturing. The Direct Selling segment constitutes our principal line of business: developing, manufacturing, and distributing nutritional and personal care products through a network marketing system. The Contract Manufacturing segment primarily consists of manufacturing and packaging the Companys Sensé product line of skin and personal care products, but also includes the manufacture of premium personal care products, produced for a limited number of third-party customers, under their independent brand names.
Our primary product lines within the Direct Selling segment consist of USANAâ Nutritionals and Sensé beautiful scienceâ (Sensé). The USANAâ Nutritionals product line is further categorized into three separate classifications: Essentials, Optimizers, and Macro Optimizers. Additionally, we offer combination packs, which generally contain a variety of products from each product line.
USANAâ Nutritionals.
The Essentials include core vitamin and mineral supplements that provide a foundation of advanced nutrition for every age group. To help meet the essential nutrient needs of children and teens during the years of development, when good nutrition is most important, USANA offers: UsanimalsÔ, a formulation of vitamins, minerals, and antioxidants, in an easy-to-take chewable tablet for children 13 months to 12 years old; and Body RoxÔ, a nutritional supplement containing 31 essential vitamins, minerals, antioxidants, and cofactors for adolescents 12 to 18 years old. USANAâ Essentials for adults is a combination of two products: Mega Antioxidant, a balanced, high-potency blend of 30 vitamins, antioxidants, and other important nutrients to support cellular metabolism and to counteract free-radical damage; and Chelated Mineral, a complete spectrum of essential minerals, in balanced, highly bioavailable forms. The USANAâ Essentials are also available in a convenient pillow pack format, HealthPak 100Ô.
The Optimizers are more targeted supplements designed to meet individual health and nutritional needs. Products in this category include Proflavanolâ, Poly Câ, Procosaâ II, CoQuinoneâ 30, BiOmega-3Ô, E-PrimeÔ, Active CalciumÔ, PhytoEstrinÔ, Palmetto PlusÔ, Ginkgo-PSÔ, Garlic ECÔ, Visionexâ, and OptOmegaâ.
The Macro Optimizers include healthy convenience foods and other related products. NutrimealÔ, Fibergyâ, and SoyaMaxÔ powdered drink mixes, and nutrition and fiber bars, are included in this product category.
18
Sensé - beautiful scienceâ
The Sensé product line includes premium, science-based personal care products that support healthy skin and hair by providing advanced topical nourishment, moisturization, and protection. This line is formulated with our patent-pending, self-preserving technology, which uses a unique blend of botanicals, antioxidants, and active ingredients to keep products fresh, without adding parabens, the most common preservative used in cosmetics and skin care products. Products in this line include Perfecting Essence, Gentle Daily Cleanser, Hydrating Toner, Daytime Protective Emulsion SPF 15, Eye Nourisher, Night Renewal, Serum Intensive, Rice Bran Polisher, Nutritious Crème Masque, Revitalizing Shampoo, Nourishing Conditioner, Firming Body Nourisher, Energizing Shower Gel, and Intensive Hand Therapy.
All Other
In addition to these principal product lines, we have developed and sell to Associates materials and online tools designed to assist them in building their businesses and selling products. These resource materials or sales tools include product brochures and business forms designed internally and printed by outside publishers. We periodically contract with authors and publishers to produce or provide books, tapes, and other items dealing with health topics and personal motivation, which are sold to Associates. We also write and develop our own materials for CDs and DVDs, which are produced by our wholly-owned subsidiary, FMG Productions. New Associates are required to purchase a starter kit containing USANA training materials that assist the Associates in starting and growing their businesses. Associates do not earn commissions on the sale of sales tools or starter kits.
The following table summarizes the approximate percentage of total product revenue for the Direct Selling segment contributed by major product line for the six months ended as of the dates indicated:
|
|
Sales By Product Line * |
|
||
|
|
Six Months Ended |
|
||
|
|
July 3, |
|
July 2, |
|
Product Line |
|
2004 |
|
2005 |
|
USANAâ Nutritionals |
|
|
|
|
|
Essentials ** |
|
38 |
% |
37 |
% |
Optimizers |
|
34 |
% |
35 |
% |
Macro Optimizers |
|
10 |
% |
9 |
% |
Sensé beautiful scienceâ |
|
13 |
% |
15 |
% |
All Other |
|
5 |
% |
4 |
% |
* Combination Pack sales have been allocated to their respective product lines based on the weighted average price of the product components that compose each pack.
** The Essentials category under the USANAâ Nutritionals product line includes USANAâ Essentials, HealthPak 100Ô, Body RoxÔ, and UsanimalsÔ.
The following highlights sales data for our top-selling products as a percentage of Direct Selling segment product sales for the six months ended as of the dates indicated.
|
|
Six Months Ended |
|
||
|
|
July 3, |
|
July 2, |
|
Key Product |
|
2004 |
|
2005 |
|
USANAâ Essentials |
|
25 |
% |
22 |
% |
HealthPak 100 |
|
11 |
% |
12 |
% |
Proflavanolâ |
|
10 |
% |
10 |
% |
19
Quarters Ended July 3, 2004 and July 2, 2005
Net Sales. Net sales increased 22.0% to $82.0 million for the quarter ended July 2, 2005, an increase of $14.8 million from $67.2 million for the comparable quarter in 2004. The change consisted of a $15.7 million increase in the Direct Selling segment, and a $0.9 million decrease in the Contract Manufacturing segment.
The following table summarizes the changes in net sales by segment and geographic region for the fiscal quarters ended July 3, 2004, and July 2, 2005.
|
|
Sales By Segment and Region |
|
|
|
|
|
|||||||||
|
|
(in thousands) |
|
|
|
|
|
|||||||||
|
|
Quarter Ended |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Change from |
|
Percent |
|
|||
Segment / Region |
|
July 3, 2004 |
|
July 2, 2005 |
|
Prior Year |
|
Change |
|
|||||||
Direct Selling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
27,821 |
|
41.4% |
|
$ |
33,067 |
|
40.3% |
|
$ |
5,246 |
|
18.9% |
|
Canada |
|
12,378 |
|
18.4% |
|
15,287 |
|
18.6% |
|
2,909 |
|
23.5% |
|
|||
Mexico |
|
2,216 |
|
3.3% |
|
3,910 |
|
4.8% |
|
1,694 |
|
76.4% |
|
|||
North America Total |
|
42,415 |
|
63.1% |
|
52,264 |
|
63.7% |
|
9,849 |
|
23.2% |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pacific Rim |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Australia-New Zealand |
|
8,471 |
|
12.6% |
|
11,241 |
|
13.7% |
|
2,770 |
|
32.7% |
|
|||
Hong Kong |
|
2,750 |
|
4.1% |
|
3,377 |
|
4.1% |
|
627 |
|
22.8% |
|
|||
Japan |
|
2,176 |
|
3.2% |
|
2,620 |
|
3.2% |
|
444 |
|
20.4% |
|
|||
Taiwan |
|
3,898 |
|
5.8% |
|
5,381 |
|
6.6% |
|
1,483 |
|
38.0% |
|
|||
South Korea |
|
1,804 |
|
2.7% |
|
1,323 |
|
1.6% |
|
(481 |
) |
(26.7)% |
|
|||
Singapore |
|
2,612 |
|
3.9% |
|
3,606 |
|
4.4% |
|
994 |
|
38.1% |
|
|||
Pacific Rim Total |
|
21,711 |
|
32.3% |
|
27,548 |
|
33.6% |
|
5,837 |
|
26.9% |
|
|||
Segment Total |
|
64,126 |
|
95.4% |
|