Nu Skin produced bad results - with sales declining in pretty well every region. These are the sales from thethird quarter.
| 2014 | 2013 | ||
| Revenue: | |||
| Greater China | $226,744 | $449,558 | |
| North Asia | 205,488 | 202,390 | |
| South Asia/Pacific | 88,915 | 126,972 | |
| Americas | 76,737 | 84,813 | |
| EMEA | 40,916 | 44,566 | |
Herbalife was punished by the market after a miss which involved positive but falling sales growth rate.
This is far worse.
But that is not what my complaint is about.
The company published its results WITHOUT a cash flow statement.
Call me old-fashioned but I like cash flow statements.
If you try to reconstruct it there is yet another quarter where cash generation does not reconcile with profits.
Also they drew a revolver after quarter end despite having almost $200 million of cash on the balance sheet and not obviously needing any more than the non-revolving part of the credit agreement.
I have no idea why.
John
Disclaimer: Short Nu Skin, unfortunately (yesterday) long Herbalife.
