- Company Officers Display Confidence, Exercise Options -
CHESTERFIELD, Mo., Dec. 17 /PRNewswire-FirstCall/ -- Reliv International, Inc. (Nasdaq: RELV), an international manufacturer and network marketer of nutritional supplements and other food technology products, today announced that its revenues and earnings during the fourth quarter of 2002 continue to grow. Revenues and earnings for the fourth quarter and the year 2002 are expected to exceed estimates.
The Company indicated that earnings for the fourth quarter of 2002 are likely to be in the range of $600,000 to $700,000 and for the year are likely to be in the range of $2,425,000 to $2,525,000, compared to earnings of $34,000 for the fourth quarter of 2001 and $308,000 for the year 2001. On a per share basis, the Company indicated that earnings for the year 2002 are likely to be in the range of $0.21 to $0.22 ($0.19 to $0.20 on a fully diluted basis), compared to earnings per share of $0.03 (basic and fully diluted) for 2001. The Company also indicated that revenues continue to surge, with revenues for the fourth quarter 2002 anticipated to be in the range of $16,500,000 compared to $12,000,000 for the fourth quarter of 2001 and revenues for the year anticipated to be approximately $62,500,000 compared to 2001 annual revenues of $53,000,000.
Several senior members of Company management showed confidence in Reliv by increasing individual holdings in the Company in total by over 600,000 shares through the exercise of stock options.
Robert L. Montgomery, Chief Executive Officer of Reliv, commented, "Our revenues and earnings are continuing the momentum which began more than a year ago, reflecting strong growth in our biggest market, the U.S., as well as in several of our international markets, including particularly Mexico and the Philippines." Mr. Montgomery reported that, "In September and October, we held regional conferences in several areas of the U.S. which were attended by more than 3,500 distributors. In October, we had eight distributors qualify as Presidential Directors, the highest level, each with earnings of more than $8,000 in a month, a record. And, we had record numbers qualifying at other important income levels as well. Our company-wide sales at retail in October were the second highest of any month in our history at $8,300,000."
Mr. Montgomery stated, "We are focused on continuing this momentum by building our network and sales in the United States and our seven other existing markets, as well as by entering at least two or three promising new markets during 2003."
Reliv International, Inc., based in suburban St. Louis, manufactures and distributes several lines of food supplements, including patented nutritional and fiber supplements, diet management products, functional foods and sports drink mixes. Reliv's proprietary product lines include an extensive line of soy-based products. Reliv distributes its products through a network of independent distributors in the United States, Canada, Mexico, Australia, New Zealand, the Philippines, the United Kingdom and Ireland.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially from those projected in the forward-looking statements, which involve a number of risks and uncertainties, including reliance upon the company's distributor network, government regulation of products and sales and marketing Systems and methods, manufacturing and marketing. Those statements include the statements that "earnings per share are likely to be" and "revenues are anticipated to be." The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in Reliv's most recent filings with the Securities and Exchange Commission on Forms l0-Q and 10-K.