Lifevantage announced preliminary results for the fourth quarter and full year ended June 30, 2015.
For the fourth fiscal quarter ended June 30, 2015, the Company expects to report revenue of approximately $45 million, compared to $56 million for the same period of fiscal 2014. The change in revenue was primarily due to a decline in revenue from Japan. Operating income for the fourth quarter of 2015 was $1.5 million, compared to $4.7 million in the fourth fiscal quarter of 2014.
For the full fiscal year ended June 30, 2015, the Company expects to report revenue of approximately $190 million, compared to $214 million in fiscal 2014. Operating income for full fiscal year 2015 was $13.9 million, compared to $19.5 million in the prior year period.
During the full year of fiscal 2015, the Company reduced its overall debt to approximately $20.7 million from approximately $31 million. The Company ended fiscal 2015 with approximately $13.9 million in cash and cash equivalents.
Darren Jensen, President and Chief Executive Officer of LifeVantage, stated, “Our fourth quarter and full fiscal year 2015 results were in-line with our previously issued guidance and we are well positioned to increase revenue and net income in fiscal 2016 compared to fiscal 2015. Over the past several months, LifeVantage has undergone significant transitions, including me as the new CEO, the hiring of a new Chief Sales Officer, Justin Rose, and we enter fiscal 2016 with approximately $4 million of annual cost savings in order to better align our cost structure.
I have spent my career in network marketing and LifeVantage has the attributes necessary to be a great growth company. As we begin fiscal 2016, we are committed to improving our financial performance by increasing awareness of our products, more fully engaging our distributor base, and strategically expanding our geographic reach. With our new corporate leadership team in place, we have a refocused set of initiatives to return LifeVantage to aggressive top line growth. We will be discussing our comprehensive new strategy to obtain this during our fourth quarter earnings conference call in September.”
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