EXHIBIT 99 NEWS RELEASE FOR FURTHER INFORMATION, CONTACT: David G. Kreher Fred A. Nielson Chief Operating Officer Investor Relations (636) 537-9715 (636) 733-1314 Reliv International 2003 Net Profits Grow 74 Percent, On a 20 Percent Increase in Net Sales Compared To 2002 FOR IMMEDIATE RELEASE CHESTERFIELD, MO, March 17, 2004 -- Reliv International, Inc. (Nasdaq/NM - RELV), an international manufacturer and network marketer of nutritional supplements and other food technology products, today announced its results of operations for the year ended December 31, 2003 and for the fourth quarter of 2003. Year-End Results For the year, the company's net income available to common shareholders totaled $4.34 million, or $0.29 per share basic ($0.26 per share diluted) - an increase of more than 74 percent compared to 2002, when net profits reached $2.49 million, or $0.18 per share basic ($0.15 per share diluted). Revenues grew 22 percent, to total $76.96 million in 2003, compared to sales of $62.93 million in 2002. The earnings per share for 2002 have been restated for the company's 5 for 4 stock split in November, 2003. The company's outstanding 2003 results were driven by the continued strong growth of its network marketing activities in the United States, and in several key international markets. Network marketing sales in the United States - the company's largest market - grew 24 percent in 2003 compared to the prior year. Fourth Quarter Results For the fourth quarter of 2003, Reliv posted a 25 percent increase in worldwide sales - to $20.91 million, up from $16.76 million for the same period last year. Fourth quarter net income available to common shareholders also showed a significant improvement - reaching $1.26 million, or $0.08 per share basic ($0.08 per share diluted), nearly doubling the earnings performance in the fourth quarter of 2002, where the company earned $668,000, or $0.05 per share basic ($0.04 per share diluted). Reliv's network marketing sales in the United States rose 25 percent in the fourth quarter of 2003 compared to the same period in 2002, while network marketing sales from the company's international markets increased by 22 percent during the same period. -- MORE -- Reliv International, Inc. Robert L. Montgomery, President and Chief Executive Officer of Reliv, said, "The company is continuing to prosper by focusing on the fundamentals of our business. We have unique strengths, in that we formulate and manufacture our own nutritional products based on the latest advances in food science, and we go to market by offering an exceptional business opportunity to those who want to own their own business. It's a simple business model, but it really works - as our recent results prove." Mr. Montgomery noted that the company's growth continues to be broad-based - with significant gains in several key international markets. "Along with the double-digit percentage growth we experienced in the U.S., our fourth quarter sales grew sharply in Canada (up 32 percent), Australia and New Zealand (up 24 percent) and the United Kingdom (up 20 percent)," he said. The company also reported more than $500,000 in net sales from Malaysia, a market where Reliv opened for business in November, 2003. Reliv continues to see strong growth from its efforts to recruit new distributors for its marketing network, Mr. Montgomery said. New 2003 sponsorships grew 15 percent in the U.S. and 27 percent in Canada compared to the prior year, he said. Reliv International, Inc., based in suburban St. Louis, manufactures and distributes several lines of food products, including nutritional and fiber supplements, diet management products, functional foods, sports drink mixes and a line of premium skin care products. Its proprietary product lines include an extensive line of soy-based products. Reliv International's common stock trades on The Nasdaq Stock Market(R) under the symbol RELV. The Company will host an earnings conference call at 1:00 p.m. Eastern Standard Time on Wednesday, March 17, 2004. The call can be accessed via listen-only dial-in conference lines by dialing 800-399-3409. A replay of this call will be available by telephone from 3:00 p.m. Eastern Standard Time until midnight by calling 800-642-1687 and entering ID number 6178311#. To listen to the live call, please call at least 10 minutes before the scheduled conference call to register. A live webcast of this call will be available through the Investor Relations section of the Company's Web site, http://www.reliv.com/us/investor. An online archive of the broadcast will be available on the Company's Web site in the Investor Relations section shortly after the call concludes. NOTE: Any statement released by Reliv International, Inc. that is forward looking is made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the Company's business prospect and performance. This includes economic, competitive, governmental, technological and other factors described in the Company's filings with the SEC on forms 10-K and 10-Q. -- FINANCIAL HIGHLIGHTS FOLLOW - Reliv International, Inc. and Subsidiaries Consolidated Balance Sheets December 31 December 31 2003 2002 (Unaudited) (Audited) ---------------------------- Assets Current assets: Cash and cash equivalents $ 7,902,508 $ 3,364,484 Accounts and notes receivable, less allowances of $8,600 in 2003 and $10,000 in 2002 751,887 688,898 Accounts due from employees and distributors 72,846 104,000 Inventories: Finished goods 3,171,185 2,361,064 Raw materials 1,047,068 680,516 Sales aids and promotional materials 452,066 415,565 ---------------------------- Total inventories 4,670,319 3,457,145 Refundable income taxes -- 8,072 Prepaid expenses and other current assets 727,939 637,968 Deferred income taxes 296,164 171,873 ---------------------------- Total current assets 14,421,663 8,432,440 Other assets 793,091 442,927 Note receivable from officer -- 48,250 Accounts due from employees and distributors 52,291 78,000 Property, plant and equipment 17,214,909 16,484,644 Less accumulated depreciation and amortization 7,801,038 7,040,275 ---------------------------- 9,413,871 9,444,369 ---------------------------- Total assets $24,680,916 $18,445,986 ============================ ** MORE ** Reliv International, Inc. and Subsidiaries Consolidated Balance Sheets December 31 December 31 2003 2002 (Unaudited) (Audited) ------------------------------- Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 6,596,785 $ 5,358,082 Income taxes payable 147,520 257,441 Current maturities of long-term debt 421,063 415,235 Current maturities of capital leases -- 8,755 ------------------------------- Total current liabilities 7,165,368 6,039,513 Non-current liabilities: Long-term debt, less current maturities 3,700,138 4,057,042 Non-current deferred income taxes 77,000 84,435 Other non-current liabilities 666,032 467,350 ------------------------------- Total non-current liabilities 4,443,170 4,608,827 Stockholders' equity: Preferred stock, par value $0.001 per share; 3,000,000 shares authorized; 97,500 issued and outstanding as of 12/31/03 975,000 -- Common stock, par value $0.001 per share; 30,000,000 shares authorized, 15,143,961 shares issued and 15,141,224 shares outstanding as of 12/31/03 and 15,008,451 shares issued and 14,902,415 outstanding as of 12/31/02 15,144 12,007 Additional paid-in capital 18,684,338 17,863,505 Notes receivable - officers and directors -- (2,449) Accumulated deficit (5,878,869) (8,960,782) Accumulated other comprehensive loss: Foreign currency translation adjustment (714,527) (775,383) Treasury stock (8,708) (339,252) ------------------------------- Total stockholders' equity 13,072,378 7,797,646 ------------------------------- Total liabilities and stockholders' equity $ 24,680,916 $ 18,445,986 =============================== ** MORE ** Reliv International, Inc. and Subsidiaries Consolidated Statements of Operations Quarter ended December 31 Year to Date December 31 2003 2002 2003 2002 (Unaudited) (Unaudited) (Unaudited) (Audited) ------------------------------- -------------------------------- Sales at suggested retail $ 31,145,554 $ 24,081,425 $ 110,569,576 $ 90,110,444 Less distributor allowances on product purchases 10,237,654 7,324,954 33,609,853 27,183,581 ------------------------------- -------------------------------- Net sales 20,907,900 16,756,471 76,959,723 62,926,863 Costs and expenses: Cost of products sold 3,611,510 3,122,169 13,228,050 11,569,163 Distributor royalties and commissions 8,147,942 6,499,893 29,916,744 24,205,030 Selling, general and administrative 7,070,221 5,983,687 26,438,447 22,898,359 ------------------------------- -------------------------------- Total Costs and Expenses 18,829,673 15,605,749 69,583,241 58,672,552 ------------------------------- -------------------------------- Income from operations 2,078,227 1,150,722 7,376,482 4,254,311 Other income (expense): Interest income 28,381 15,911 91,038 43,047 Interest expense (46,526) (57,908) (234,956) (340,343) Other income/expense (10,897) (33,842) 66,876 77,792 ------------------------------- -------------------------------- Income before income taxes 2,049,185 1,074,883 7,299,440 4,034,807 Provision for income taxes 773,000 407,000 2,902,000 1,542,000 ------------------------------- -------------------------------- Net income $ 1,276,185 $ 667,883 $ 4,397,440 $ 2,492,807 =============================== ================================ Preferred dividends accrued and paid 14,745 -- 56,762 -- ------------------------------- -------------------------------- Net income available to common shareholders 1,261,440 667,883 4,340,678 2,492,807 =============================== ================================ Basic earnings per share $ 0.08 $ 0.05 $ 0.29 $ 0.18 =============================== ================================ Diluted earnings per share $ 0.08 $ 0.04 $ 0.26 $ 0.15 =============================== ================================ Weighted average shares of common stock and common stock equivalents outstanding Basic 15,004,000 14,220,000 14,969,000 14,144,000 =============================== ================================ Diluted 16,736,000 16,188,000 16,706,000 16,111,000 =============================== ================================ NOTE: 2002 earnings per share have been restated for the effect of the Company's 5 for 4 stock split in November, 2003. ** 30 **