Usana Health Sciences 4Q profit up as spending reduced, 2010 profit forecast exceeds estimates

Usana 4Q profit doubles on lower general costs

SALT LAKE CITY — Nutritional supplement maker Usana Health Sciences Inc. said its profit more than doubled in the fourth quarter as it cut spending.

Usana said its profit rose to $10.2 million, to 66 cents per share, from $4.5 million, or 29 cents per share. The company cut its selling, general, and administrative spending by more than a quarter to $24.5 million over the three months ended Jan. 2.

Meanwhile its revenue rose 5 percent, to $116.8 million from $111.1 million.

The company reported its results after the market closed on Tuesday. According to a Thomson Reuters survey, analysts expected a profit of 59 cents per share and $115.7 million in revenue.

The fourth quarter of 2009 was a week shorter than the fourth quarter of 2008, which cut into the company’s sales. It said North American revenue fell 9.3 percent to $60.8 million, and Asia Pacific revenue rose 27.1 percent to $56 million.

For the full year, Usana’s profit increased 12 percent, to $33.6 million, or $2.17 per share, from $29.9 million, or $1.85 per share. Revenue grew 2 percent to $436.9 million from $429 million.

Usana said it expects a profit of $2.45 to $2.55 per share in 2010, and said revenue will grow to $465 million to $475 million. Analysts had forecast $2.40 per share in profit, and $470.4 million in revenue.