Dividend payments during the quarter were $7.3million and the company repurchased $2.0 million of its common stock duringthe quarter.Outlook”We begin our 25th year of operations in a solid position,” said Hunt “Ourbusiness results are on pace with expectations. The company also incurred a $9.4 million planned restructuring chargeduring the quarter, primarily related to [...]
Dividend payments during the quarter were $7.3million and the company repurchased $2.0 million of its common stock duringthe quarter.Outlook”We begin our 25th year of operations in a solid position,” said Hunt “Ourbusiness results are on pace with expectations. The company also incurred a $9.4 million planned restructuring chargeduring the quarter, primarily related to Japan. General and administrative expenses for the quarter were $89.7million, or 30.3 percent of revenue, compared to 29.7 percent in the firstquarter of 2008, primarily due to increased spending on distributor events inJapan. Selling expenses, as a percent of revenue, improved to41.6 percent in the first quarter compared to 42.9 percent in the prior-yearperiod due to distributor compensation plan modifications to rewardproductivity. Revenue in South Asia/Pacific was $23.8 million for thefirst quarter, a 7 percent decline from the prior-year period, but increased 8percent in constant currency.
First-quarter revenue in Europe was $26.7 million, a 17 percentimprovement over the prior-year period or a 36 percent increase in constantcurrency, reflecting a negative foreign-currency impact of 19 percent. Theexecutive distributor count in the region declined 3 percent, while the numberof active distributors was down 28 percent compared to the prior-year period,primarily a reflection of continued transition in our business model in China.Europe. The number of executive distributorsimproved 8 percent while the number of active distributors increased 6 percentcompared to the prior year.Greater China. First-quarter revenue in the Americas was $58.4 million, compared to$50.4 million for the prior-year period Revenue improved 11 percent in theU.S. The number of executivedistributors in the region was down 7 percent, while the number of activedistributors was down 2 percent when compared to the prior-year period.Americas. First-quarter revenue in North Asia was $139.8 million, comparedto $149.4 million for the same period in 2008.
In addition, our restructuring efforts over the past three years areincreasing profitability, as demonstrated by a significant improvement infirst-quarter operating margin when excluding restructuring charges,” saidHunt.Regional ResultsNorth Asia. “We are very pleased with strong first-quarter results,” said Truman Hunt,president and chief executive officer. “Our innovative products and attractivebusiness opportunity continue to produce growth in this difficult economicclimate. We are generating local-currency growth as well as strong distributorsponsoring numbers globally as more people are attracted to opportunities tosupplement or replace income. Reported revenue for thequarter declined 1 percent, but increased 4 percent on a constant currencybasis, reflecting a negative 5 percent impact from foreign currencyfluctuations. Earnings per share for the quarter were $0.19, or $0.28 whenexcluding $9.4 million in planned restructuring charges, compared to $0.21 inthe prior-year.
Where would the pitchers be Bob if there was no faith in the staff?Maybe the win-loss record wouldn’t be that great with a bunch of no decisions, but thanks again for trying to build the staff’s confidence and hence the team’s confidence.How about Gio Gonzalez? Bob you sure built up his confidence so much so he’s back in the minors. Oh, look Orlando Cabrera with a home run now the game is back to trailing by a run.That same reliever needs to go more innings than he usually does. Look runners at second and third with two outs. Thanks, Bob appreciate the support.Hey, look our offense got us a big lead. What happens if these pitches start being rushed too the plate? How fast will this big lead disappear? Will Geren relieve the pitcher or let him stay in? Oh, look the pitcher is back on the mound and it’s time too struggle some more. Time to bring in a reliever with runners on second and third with only one out. What will happen? A fast ball right in the wheelhouse for a three run homer well there goes the lead.Wow! What a confidence builder to go from a big lead to losing the game. ) Bob Geren is a great manager to build your confidence with.
