Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Central Index Key | '0000896264 | ' |
Entity Registrant Name | 'USANA HEALTH SCIENCES INC | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 13,872,365 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $115,349 | $70,839 |
Inventories | 45,671 | 36,481 |
Prepaid expenses and other current assets | 35,105 | 25,225 |
Total current assets | 196,125 | 132,545 |
Property and equipment, net | 60,432 | 61,751 |
Goodwill | 18,105 | 17,890 |
Intangible assets, net | 42,078 | 42,085 |
Deferred tax assets | 3,562 | 5,956 |
Other assets | 11,031 | 7,128 |
Total assets | 331,333 | 267,355 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 8,061 | 7,040 |
Other current liabilities | 74,474 | 63,804 |
Total current liabilities | 82,535 | 70,844 |
Deferred tax liabilities | 9,022 | 10,001 |
Other long-term liabilities | 1,127 | 938 |
Stockholders' equity | ' | ' |
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 13,821 as of December 29, 2012 and 13,860 as of September 28, 2013 | 14 | 14 |
Additional paid-in capital | 52,848 | 43,822 |
Retained earnings | 179,741 | 134,800 |
Accumulated other comprehensive income | 6,046 | 6,936 |
Total stockholders' equity | 238,649 | 185,572 |
Total liabilities and stockholder's equity | $331,333 | $267,355 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 13,860 | 13,821 |
Common stock, shares outstanding | 13,860 | 13,821 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $173,691 | $165,175 | $531,909 | $480,196 |
Cost of sales | 31,491 | 30,343 | 93,657 | 85,633 |
Gross profit | 142,200 | 134,832 | 438,252 | 394,563 |
Operating expenses: | ' | ' | ' | ' |
Associate incentives | 76,361 | 70,406 | 224,017 | 209,316 |
Selling, general and administrative | 41,145 | 40,342 | 126,527 | 115,150 |
Total operating expenses | 117,506 | 110,748 | 350,544 | 324,466 |
Earnings from operations | 24,694 | 24,084 | 87,708 | 70,097 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 119 | 64 | 278 | 173 |
Other, net | -43 | 203 | -311 | 4 |
Other income (expense), net | 76 | 267 | -33 | 177 |
Earnings before income taxes | 24,770 | 24,351 | 87,675 | 70,274 |
Income taxes | 8,017 | 6,861 | 28,933 | 22,288 |
Net earnings | 16,753 | 17,490 | 58,742 | 47,986 |
Earnings per common share | ' | ' | ' | ' |
Basic | $1.22 | $1.22 | $4.31 | $3.27 |
Diluted | $1.16 | $1.18 | $4.16 | $3.19 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 13,751 | 14,365 | 13,636 | 14,673 |
Diluted | 14,393 | 14,884 | 14,132 | 15,064 |
Comprehensive income: | ' | ' | ' | ' |
Net earnings | 16,753 | 17,490 | 58,742 | 47,986 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 1,371 | 1,312 | -1,070 | 1,156 |
Tax benefit (expense) related to foreign currency translation adjustment | -552 | -402 | 180 | -334 |
Other comprehensive income (loss), net of tax | 819 | 910 | -890 | 822 |
Comprehensive income | $17,572 | $18,400 | $57,852 | $48,808 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
Balance, value at Dec. 29, 2012 | $14 | $43,822 | $134,800 | $6,936 | $185,572 |
Balance, shares at Dec. 29, 2012 | 13,821 | ' | ' | ' | 13,821 |
Net earnings | ' | ' | 58,742 | ' | 58,742 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -890 | -890 |
Equity-based compensation expense | ' | 6,113 | ' | ' | 6,113 |
Common stock repurchased and retired, shares | -414 | ' | ' | ' | -414 |
Common stock repurchased and retired, value | ' | -4,284 | -13,801 | ' | -18,085 |
Common stock issued under equity award plans, including tax benefit (expense), shares | 453 | ' | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit (expense), value | ' | 7,223 | ' | ' | 7,223 |
Tax impact of cancelled vested equity awards | ' | -26 | ' | ' | -26 |
Balance, value at Sep. 28, 2013 | $14 | $52,848 | $179,741 | $6,046 | $238,649 |
Balance, shares at Sep. 28, 2013 | 13,860 | ' | ' | ' | 13,860 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Condensed Consolidated Statement Of Stockholders' Equity [Abstract] | ' |
Common stock issued under equity award plans, including tax benefit (expense) | $6,769 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities | ' | ' |
Net earnings | $58,742 | $47,986 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 6,870 | 6,608 |
(Gain) loss on sale of property and equipment | -23 | -106 |
Equity-based compensation expense | 6,113 | 8,184 |
Excess tax benefits from equity-based payment arrangements | -7,570 | -2,779 |
Common stock awarded to Associates | ' | 100 |
Deferred income taxes | 1,196 | 2,255 |
Changes in operating assets and liabilities: | ' | ' |
Inventories, net | -9,999 | 4,462 |
Prepaid expenses and other assets | -9,153 | -9,223 |
Accounts payable | 1,048 | -1,063 |
Other liabilities | 17,369 | 7,199 |
Net cash provided by operating activities | 64,593 | 63,623 |
Cash flows from investing activities | ' | ' |
Increase in notes receivable | -3,363 | ' |
Proceeds from sale of property and equipment | 47 | 148 |
Purchases of property and equipment | -6,306 | -6,811 |
Net cash used in investing activities | -9,622 | -6,663 |
Cash flows from financing activities | ' | ' |
Proceeds from equity awards exercised | 454 | 309 |
Excess tax benefits from equity-based payment arrangements | 7,570 | 2,779 |
Repurchase of common stock | -18,085 | -35,501 |
Borrowings on line of credit | ' | 1,842 |
Payments on line of credit | ' | -599 |
Net cash used in financing activities | -10,061 | -31,170 |
Effect of exchange rate changes on cash and cash equivalents | -400 | 458 |
Net increase in cash and cash equivalents | 44,510 | 26,248 |
Cash and cash equivalents, beginning of period | 70,839 | 50,353 |
Cash and cash equivalents, end of period | 115,349 | 76,601 |
Supplemental disclosures of cash flow information | ' | ' |
Interest | ' | 11 |
Income taxes | $25,554 | $25,008 |
Organization_Consolidation_And
Organization, Consolidation, And Basis Of Presentation | 9 Months Ended |
Sep. 29, 2012 | |
Organization, Consolidation, And Basis Of Presentation [Abstract] | ' |
Organization, Consolidation, And Basis Of Presentation | ' |
NOTE A – ORGANIZATION, CONSOLIDATION, AND BASIS OF PRESENTATION | |
USANA Health Sciences, Inc. develops and manufactures high-quality nutritional and personal care products that are sold internationally through a global network marketing system, which is a form of direct selling. The Consolidated Financial Statements include the accounts and operations of USANA Health Sciences, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “USANA”) in two geographic regions: Americas and Europe and Asia Pacific, which is further divided into three sub-regions; Southeast Asia Pacific, Greater China, and North Asia. Americas and Europe includes the United States, Canada, Mexico, Colombia, the United Kingdom, France, Belgium, and the Netherlands. Southeast Asia Pacific includes Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand; Greater China includes Hong Kong, Taiwan and China; and North Asia includes Japan and South Korea. All significant intercompany accounts and transactions have been eliminated in this consolidation. | |
The condensed balance sheet as of December 29, 2012, derived from audited financial statements, and the unaudited interim consolidated financial information of the Company have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission. Certain information and footnote disclosures that are normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying interim consolidated financial information contains all adjustments, consisting of normal recurring adjustments that are necessary to state fairly the Company’s financial position as of September 28, 2013 and results of operations for quarters and nine months ended September 29, 2012 and September 28, 2013. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2012. The results of operations for the quarters and nine months ended September 28, 2013, may not be indicative of the results that may be expected for the fiscal year 2013 ending December 28, 2013. | |
Intangible_Assets
Intangible Assets | 9 Months Ended |
Sep. 28, 2013 | |
Intangible Assets [Abstract] | ' |
Intangible Assets | ' |
NOTE B – INTANGIBLE ASSETS | |
Goodwill and indefinite-lived intangible assets are tested annually for impairment, or more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate, and operating or cash flow losses related to such assets. Goodwill and indefinite-lived intangible assets are not amortized. Definite lived intangibles are amortized over their related useful lives. | |
During the third quarter of 2013, the annual test for impairment was performed. The result of this test indicated that there was not an impairment of the value of goodwill or indefinite-lived intangible assets for any reporting unit. | |
Contingencies
Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
NOTE C — CONTINGENCIES | |
The Company is involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, relationships with suppliers, distributors, relationships with competitors, employees and other matters. While complete assurance cannot be given to the outcome of these proceedings, management does not currently believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. | |
On July 23, 2013, the Company disclosed that the Securities and Exchange Commission is conducting a formal investigation, which appears to involve possible issues regarding trading in the Company’s stock during late 2012 by certain of the Company’s directors, including the Chairman. The Company, as well as certain of its directors and executives, have received subpoenas from the SEC to produce documents related to this matter. The Company and its directors are cooperating with the SEC in this matter. In the opinion of management, based upon advice of counsel, the likelihood of an adverse outcome against the Company in this matter is remote. As such, management believes that the ultimate outcome of the SEC investigation will not have a material impact on the Company’s financial position or results of operations. | |
LongTerm_Debt_And_Line_Of_Cred
Long-Term Debt And Line Of Credit | 9 Months Ended |
Sep. 28, 2013 | |
Long-Term Debt And Line Of Credit [Abstract] | ' |
Long-Term Debt And Line Of Credit | ' |
NOTE D —LONG-TERM DEBT AND LINE OF CREDIT | |
The Company has a line of credit with Bank of America. Interest is computed at the bank's Prime Rate or LIBOR, adjusted by features specified in the Credit Agreement. The collateral for this line of credit is the pledge of the capital stock of certain subsidiaries of the Company, set forth in a separate pledge agreement with the bank. On July 18, 2013, the Company entered into an amended credit agreement, which increased the amount that it may borrow under the credit facility to $75,000. The only other modification to the amended credit agreement was that any new or existing bank guarantees are considered a reduction of the overall availability of credit and part of the covenant calculation. This resulted in a $3,400 reduction in the available borrowing limit in the third quarter of 2013 due to existing normal course of business guarantees in certain markets. The Credit Agreement contains restrictive covenants based on adjusted EBITDA and a debt coverage ratio. | |
There was no outstanding debt on this line of credit at December 29, 2012 or at September 28, 2013. The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 2016 unless the line of credit is replaced or terms are renegotiated. | |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 29, 2012 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
NOTE E – INVENTORIES | ||||||
Inventories consist of the following: | ||||||
December 29, | September 28, | |||||
2012 | 2013 | |||||
Raw materials | $ 9,228 | $ 12,142 | ||||
Work in progress | 7,703 | 7,771 | ||||
Finished goods | 19,550 | 25,758 | ||||
$ 36,481 | $ 45,671 | |||||
Common_Stock_And_Earnings_Per_
Common Stock And Earnings Per Share | 9 Months Ended | |||||
Sep. 29, 2012 | ||||||
Common Stock And Earnings Per Share [Abstract] | ' | |||||
Common Stock And Earnings Per Share | ' | |||||
NOTE F — COMMON STOCK AND EARNINGS PER SHARE | ||||||
Basic earnings per share are based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic earnings per share based on the time they were outstanding in any period. Diluted earnings per common share are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted earnings per share calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised. | ||||||
The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the periods indicated: | ||||||
Quarter Ended | ||||||
September 29, | September 28, | |||||
2012 | 2013 | |||||
Net earnings available to common shareholders | $ 17,490 | $ 16,753 | ||||
Basic EPS | ||||||
Shares | ||||||
Common shares outstanding entire period | 14,940 | 13,821 | ||||
Weighted average common shares: | ||||||
Issued during period | 229 | 344 | ||||
Canceled during period | -804 | -414 | ||||
Weighted average common shares outstanding during | ||||||
period | 14,365 | 13,751 | ||||
Earnings per common share from net earnings - basic | $ 1.22 | $ 1.22 | ||||
Diluted EPS | ||||||
Shares | ||||||
Weighted average common shares outstanding during | ||||||
period - basic | 14,365 | 13,751 | ||||
Dilutive effect of in-the-money equity awards | 519 | 642 | ||||
Weighted average common shares outstanding during | ||||||
period - diluted | 14,884 | 14,393 | ||||
Earnings per common share from net earnings - diluted | $ 1.18 | $ 1.16 | ||||
Equity awards for 522 and 15 shares of stock were not included in the computation of diluted EPS for the quarters ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive. | ||||||
NOTE F — COMMON STOCK AND EARNINGS PER SHARE – CONTINUED | ||||||
Nine Months Ended | ||||||
September 29, | September 28, | |||||
2012 | 2013 | |||||
Net earnings available to common shareholders | $ 47,986 | $ 58,742 | ||||
Basic EPS | ||||||
Shares | ||||||
Common shares outstanding entire period | 14,940 | 13,821 | ||||
Weighted average common shares: | ||||||
Issued during period | 107 | 154 | ||||
Canceled during period | -374 | -339 | ||||
Weighted average common shares outstanding during | ||||||
period | 14,673 | 13,636 | ||||
Earnings per common share from net earnings - basic | $ 3.27 | $ 4.31 | ||||
Diluted EPS | ||||||
Shares | ||||||
Weighted average common shares outstanding during | ||||||
period - basic | 14,673 | 13,636 | ||||
Dilutive effect of in-the-money equity awards | 391 | 496 | ||||
Weighted average common shares outstanding during | ||||||
period - diluted | 15,064 | 14,132 | ||||
Earnings per common share from net earnings - diluted | $ 3.19 | $ 4.16 | ||||
Equity awards for 1,357 and 445 shares of stock were not included in the computation of diluted EPS for the nine months ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive. | ||||||
The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. During the first nine months of 2012, the Company repurchased and retired 877 shares of common stock for a total of $35,501, at an average market price of $40.48 per share. During the first nine months of 2013, the Company repurchased and retired 414 shares of common stock for a total investment of $18,085 at an average market price of $43.68 per share. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. As of September 28, 2013, the remaining approved repurchase amount under the stock repurchase plan was $13,622. There currently is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases. | ||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||
Sep. 29, 2012 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Segment Information | ' | |||||||||
NOTE G – SEGMENT INFORMATION | ||||||||||
USANA operates as a direct selling company that develops, manufactures, and distributes high-quality nutritional and personal care products that are sold through a global network marketing system of independent distributors (“Associates”). As such, management aggregates its operating segments into one reportable segment as management believes that the Company’s segments exhibit similar long-term financial performance and have similar economic characteristics. Performance for a region or market is evaluated based on sales. No single Associate accounted for 10% or more of net sales for the periods presented. The table below summarizes the approximate percentage of total product revenue that has been contributed by the Company’s nutritional and personal care products for the periods indicated. | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
USANA® Nutritionals | 80% | 79% | 79% | 80% | ||||||
USANA Foods | 12% | 13% | 12% | 12% | ||||||
Sensé – beautiful science® | 6% | 6% | 7% | 6% | ||||||
Selected financial information for the Company is presented for two geographic regions: Americas and Europe and Asia Pacific, with three sub-regions under Asia Pacific. Individual markets are categorized into these regions as follows: | ||||||||||
· Americas and Europe – United States, Canada, Mexico, Colombia (1), the United Kingdom, France (2), Belgium (2), and the Netherlands. | ||||||||||
· | Asia Pacific – | |||||||||
· | Southeast Asia Pacific – Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand (2) | |||||||||
· | Greater China – Hong Kong, Taiwan and China(3) | |||||||||
· | North Asia – Japan and South Korea | |||||||||
(1) The Company commenced operations in Colombia at the beginning of the third quarter of 2013 | ||||||||||
(2)The Company commenced operations in Thailand, France, and Belgium at the end of the first quarter 2012. | ||||||||||
(3)The Company’s business in China is that of BabyCare, its wholly-owned subsidiary. | ||||||||||
NOTE G – SEGMENT INFORMATION - CONTINUED | ||||||||||
Selected Financial Information | ||||||||||
Financial information by geographic region is presented for the periods indicated below: | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Net Sales to External Customers | ||||||||||
Americas and Europe | $ 62,490 | $ 66,294 | $ 183,586 | $ 197,215 | ||||||
Asia Pacific | ||||||||||
Southeast Asia Pacific | 35,709 | 40,230 | 102,232 | 113,014 | ||||||
Greater China | 59,722 | 59,768 | 173,127 | 200,141 | ||||||
North Asia | 7,254 | 7,399 | 21,251 | 21,539 | ||||||
Asia Pacific Total | 102,685 | 107,397 | 296,610 | 334,694 | ||||||
Consolidated Total | $ 165,175 | $ 173,691 | $ 480,196 | $ 531,909 | ||||||
The following table provides further information on markets representing ten percent or more of consolidated net sales and long-lived assets, respectively: | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Net sales: | ||||||||||
Hong Kong | $ 44,944 | $ 21,554 | $ 132,298 | $ 109,089 | ||||||
United States | 39,991 | 39,282 | 115,577 | 118,329 | ||||||
China | N/A | 29,788 | N/A | 66,772 | ||||||
As of | ||||||||||
December 29, | September 28, | |||||||||
2012 | 2013 | |||||||||
Long-lived Assets: | ||||||||||
China | $ 59,130 | $ 60,827 | ||||||||
United States | 46,559 | 48,969 | ||||||||
Australia | 15,121 | 13,324 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 28, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventories | ' | |||||
Inventories consist of the following: | ||||||
December 29, | September 28, | |||||
2012 | 2013 | |||||
Raw materials | $ 9,228 | $ 12,142 | ||||
Work in progress | 7,703 | 7,771 | ||||
Finished goods | 19,550 | 25,758 | ||||
$ 36,481 | $ 45,671 | |||||
Common_Stock_And_Earnings_Per_1
Common Stock And Earnings Per Share (Tables) | 9 Months Ended | |||||
Sep. 28, 2013 | ||||||
Common Stock And Earnings Per Share [Abstract] | ' | |||||
Schedule Of Common Stock And Earnings Per Share | ' | |||||
Quarter Ended | ||||||
September 29, | September 28, | |||||
2012 | 2013 | |||||
Net earnings available to common shareholders | $ 17,490 | $ 16,753 | ||||
Basic EPS | ||||||
Shares | ||||||
Common shares outstanding entire period | 14,940 | 13,821 | ||||
Weighted average common shares: | ||||||
Issued during period | 229 | 344 | ||||
Canceled during period | -804 | -414 | ||||
Weighted average common shares outstanding during | ||||||
period | 14,365 | 13,751 | ||||
Earnings per common share from net earnings - basic | $ 1.22 | $ 1.22 | ||||
Diluted EPS | ||||||
Shares | ||||||
Weighted average common shares outstanding during | ||||||
period - basic | 14,365 | 13,751 | ||||
Dilutive effect of in-the-money equity awards | 519 | 642 | ||||
Weighted average common shares outstanding during | ||||||
period - diluted | 14,884 | 14,393 | ||||
Earnings per common share from net earnings - diluted | $ 1.18 | $ 1.16 | ||||
Equity awards for 522 and 15 shares of stock were not included in the computation of diluted EPS for the quarters ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive. | ||||||
NOTE F — COMMON STOCK AND EARNINGS PER SHARE – CONTINUED | ||||||
Nine Months Ended | ||||||
September 29, | September 28, | |||||
2012 | 2013 | |||||
Net earnings available to common shareholders | $ 47,986 | $ 58,742 | ||||
Basic EPS | ||||||
Shares | ||||||
Common shares outstanding entire period | 14,940 | 13,821 | ||||
Weighted average common shares: | ||||||
Issued during period | 107 | 154 | ||||
Canceled during period | -374 | -339 | ||||
Weighted average common shares outstanding during | ||||||
period | 14,673 | 13,636 | ||||
Earnings per common share from net earnings - basic | $ 3.27 | $ 4.31 | ||||
Diluted EPS | ||||||
Shares | ||||||
Weighted average common shares outstanding during | ||||||
period - basic | 14,673 | 13,636 | ||||
Dilutive effect of in-the-money equity awards | 391 | 496 | ||||
Weighted average common shares outstanding during | ||||||
period - diluted | 15,064 | 14,132 | ||||
Earnings per common share from net earnings - diluted | $ 3.19 | $ 4.16 | ||||
Equity awards for 1,357 and 445 shares of stock were not included in the computation of diluted EPS for the nine months ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive. | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Schedule Of Revenue Percentage By Product | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
USANA® Nutritionals | 80% | 79% | 79% | 80% | ||||||
USANA Foods | 12% | 13% | 12% | 12% | ||||||
Sensé – beautiful science® | 6% | 6% | 7% | 6% | ||||||
Schedule Of Revenues From External Customers By Geographical Areas | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Net Sales to External Customers | ||||||||||
Americas and Europe | $ 62,490 | $ 66,294 | $ 183,586 | $ 197,215 | ||||||
Asia Pacific | ||||||||||
Southeast Asia Pacific | 35,709 | 40,230 | 102,232 | 113,014 | ||||||
Greater China | 59,722 | 59,768 | 173,127 | 200,141 | ||||||
North Asia | 7,254 | 7,399 | 21,251 | 21,539 | ||||||
Asia Pacific Total | 102,685 | 107,397 | 296,610 | 334,694 | ||||||
Consolidated Total | $ 165,175 | $ 173,691 | $ 480,196 | $ 531,909 | ||||||
Consolidated Net Sales And Long Lived Assets | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 29, | September 28, | September 29, | September 28, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Net sales: | ||||||||||
Hong Kong | $ 44,944 | $ 21,554 | $ 132,298 | $ 109,089 | ||||||
United States | 39,991 | 39,282 | 115,577 | 118,329 | ||||||
China | N/A | 29,788 | N/A | 66,772 | ||||||
As of | ||||||||||
December 29, | September 28, | |||||||||
2012 | 2013 | |||||||||
Long-lived Assets: | ||||||||||
China | $ 59,130 | $ 60,827 | ||||||||
United States | 46,559 | 48,969 | ||||||||
Australia | 15,121 | 13,324 | ||||||||
LongTerm_Debt_And_Line_Of_Cred1
Long-Term Debt And Line Of Credit (Details) (USD $) | 9 Months Ended | ||
Sep. 28, 2013 | Jul. 18, 2013 | Dec. 29, 2012 | |
Long-Term Debt And Line Of Credit [Abstract] | ' | ' | ' |
Credit Facility | ' | $75,000,000 | ' |
Reduction in available borrowing limit | 3,400,000 | ' | ' |
Outstanding debt | $0 | ' | $0 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $12,142 | $9,228 |
Work in progress | 7,771 | 7,703 |
Finished goods | 25,758 | 19,550 |
Inventories | $45,671 | $36,481 |
Common_Stock_And_Earnings_Per_2
Common Stock And Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Common Stock And Earnings Per Share [Abstract] | ' | ' | ' | ' |
Equity awards of stock excluded in computation of diluted EPS | 15 | 522 | 445 | 1,357 |
Shares repurchased and retired | ' | ' | 414 | 877 |
Value of shares repurchased and retired | ' | ' | $18,085 | $35,501 |
Average market price | ' | ' | $43.68 | $40.48 |
Remaining approved repurchase amount | ' | ' | $13,622 | ' |
Common_Stock_And_Earnings_Per_3
Common Stock And Earnings Per Share (Schedule Of Common Stock And Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | Dec. 31, 2011 |
Common Stock And Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Net earnings available to common shareholders | $16,753 | $17,490 | $58,742 | $47,986 | ' | ' |
Common shares outstanding entire period | 13,860 | ' | 13,860 | ' | 13,821 | 14,940 |
Weighted average common shares issued during period | 344 | 229 | 154 | 107 | ' | ' |
Weighted average common shares cancelled during period | -414 | -804 | -339 | -374 | ' | ' |
Weighted average common shares outstanding during period | 13,751 | 14,365 | 13,636 | 14,673 | ' | ' |
Earnings per common share from net earnings - basic | $1.22 | $1.22 | $4.31 | $3.27 | ' | ' |
Weighted average common shares outstanding during period - basic | 13,751 | 14,365 | 13,636 | 14,673 | ' | ' |
Dilutive effect of in-the-money equity awards | 642 | 519 | 496 | 391 | ' | ' |
Weighted average common shares outstanding during period - diluted | 14,393 | 14,884 | 14,132 | 15,064 | ' | ' |
Earnings per common share from net earnings - diluted | $1.16 | $1.18 | $4.16 | $3.19 | ' | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 29, 2012 | |
Segment Information [Abstract] | ' |
Percentage of revenue from major customers, maximum | 10.00% |
Segment_Information_Percentage
Segment Information (Percentage Of Total Product Revenue Contributed By Company's Nutritional And Care Products) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
USANA Nutritionals [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 79.00% | 80.00% | 80.00% | 79.00% |
USANA Foods [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 13.00% | 12.00% | 12.00% | 12.00% |
Sense - Beautiful Science [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 6.00% | 6.00% | 6.00% | 7.00% |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenues From External Customers And Assets By Geographic Region) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | $173,691 | $165,175 | $531,909 | $480,196 |
Americas And Europe [Member] | ' | ' | ' | ' |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 66,294 | 62,490 | 197,215 | 183,586 |
Southeast Asia/Pacific [Member] | ' | ' | ' | ' |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 40,230 | 35,709 | 113,014 | 102,232 |
Greater China [Member] | ' | ' | ' | ' |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 59,768 | 59,722 | 200,141 | 173,127 |
North Asia [Member] | ' | ' | ' | ' |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 7,399 | 7,254 | 21,539 | 21,251 |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues From External Customers By Geographic Area [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | $107,397 | $102,685 | $334,694 | $296,610 |
Segment_Information_Consolidat
Segment Information (Consolidated Net Sales And Long Lived Assets By Percent) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | $173,691 | $165,175 | $531,909 | $480,196 | ' |
Hong Kong [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 21,554 | 44,944 | 109,089 | 132,298 | ' |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 39,282 | 39,991 | 118,329 | 115,577 | ' |
Long-lived Assets | 48,969 | ' | 48,969 | ' | 46,559 |
Australia [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Long-lived Assets | 13,324 | ' | 13,324 | ' | 15,121 |
China [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 29,788 | ' | 66,772 | ' | ' |
Long-lived Assets | $60,827 | ' | $60,827 | ' | $59,130 |