Natural Health Trends Corp. (OTCBB:NHTC) announced that it has filed its Form 10-QSB with the Securities and Exchange Commission, reporting revenues of approximately $6,154,000 for the three months ended March 31, 2002 compared to approximately $3,186,000 for the same period last year. The increased sales were primarily from the sales of Lexxus products and the expansion of Lexxus into international markets offset by a slight decrease in the sales of eKaire products.
Gross profit increased from approximately $2,547,000 in the three months ended March 31, 2001 to approximately $5,064,000 in the three months ended March 31, 2002. The increase of approximately $2,517,000 was attributable to higher sales volumes by Lexxus.
The Company reported net income of approximately $10,000 in the three months ended March 31, 2002 as compared to approximately $121,000 in the three months ended March 31, 2001. During the three months ended March 31, 2002, the Company realized an extraordinary gain of $200,000 on the various debt and payables related to the sale of a subsidiary in 2001.
On January 28, 2002, NHTC incorporated MyLexxus Europe AG, a corporation organized under the laws of Switzerland and a majority-owned subsidiary of NHTC ("Lexxus Europe"). This company manages the sales of Lexxus product into sixteen eastern European countries, including Russia.
March 2002, NHTC incorporated Lexxus International Co., Ltd., a corporation organized under the laws of Hong Kong and a majority-owned subsidiary of NHTC ("Lexxus Hong Kong").
"Our Company's success is testimony to a business model that generates profits from operations. Management believes the Company will continue to generate sufficient profits, easing its dependency on debt and equity financing in the foreseeable future," 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, ekaire.com, Inc., which sells nutritional supplements and vitamins and Lexxus International, Inc. Lexxus, started in January 2001, markets and sells the revolutionary new product, Viacreme(TM). Viacreme, developed by a leading gynecologist, is a quality-of-life product that contains the essential active ingredients to promote clitoral sensitivity and to improve the opportunity for women to achieve greater sexual satisfaction.
Investors looking for information pertaining to Natural Health Trends Corp. or any of its subsidiaries are encouraged to look up http://www.nhtc.ws on the Internet or by contacting Investor Relations 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" within the meaning of the Private Securities 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 occurring after the date of such statements.