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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________________to __________________
Commission File #0-8707
NATURE'S SUNSHINE PRODUCTS, INC.
(Exact Name of Registrant)
Utah 87-0327982
----------------------- --------------------------------------
(State of Incorporation) (I.R.S. Employer Identification Number)
75 East 1700 South
Provo, Utah 84606
(801) 342-4300
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934, during the preceding 12 months (or such shorter period that the
Registrant was required to file such report(s), and
(2) has been subject to such filing requirements for the past 90 days.
Yes X No
--- ----
The number of shares of common stock, without par value, outstanding as of
July 31, 1995, was 12,169,670.
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PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30 December 31
1995 1994
----------- -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $12,906,462 $11,200,550
Accounts receivable, net 5,902,348 4,787,333
Inventories 18,749,819 17,277,762
Notes receivable due from related parties 345,000 205,000
Prepaid expenses and other 3,508,084 3,092,438
----------- -----------
Total Current Assets 41,411,713 36,563,083
PROPERTY, PLANT AND
EQUIPMENT, net 10,411,837 9,918,699
LONG-TERM INVESTMENTS 3,034,544 3,053,156
OTHER ASSETS 2,991,569 2,922,621
----------- ------------
$57,849,663 $52,457,559
----------- -----------
----------- -----------
The accompanying notes to the financial statements are an
integral part of these consolidated condensed balance sheets
2
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (CONTINUED)
(Unaudited)
June 30 December 31
1995 1994
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt $ 2,166,497 $ 1,533,042
Accounts payable 3,809,847 4,472,689
Accrued volume incentives 7,434,561 5,877,083
Accrued liabilities 7,002,340 4,818,173
Income taxes payable 1,475,322 1,064,239
------------ ------------
Total Current Liabilities 21,888,567 17,765,226
------------ ------------
DEFERRED INCOME TAXES 742,767 971,434
------------ ------------
MINORITY INTEREST 194,879 441,684
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, no par value, 20,000,000 shares
authorized; 13,278,544 shares issued 29,987,943 29,849,452
Retained earnings 13,547,818 9,778,478
Treasury stock, at cost, 1,117,894 and 1,033,278
shares at June 30, 1995 and December 31,
1994, respectively (5,022,685) (3,742,495)
Receivables due from related parties (365,477) (404,804)
Cumulative translation adjustments (3,124,149) (2,201,416)
------------ -----------
Total Shareholders' Equity 35,023,450 33,279,215
------------ -----------
$57,849,663 $52,457,559
------------ -------------
------------ -------------
The accompanying notes to the financial statements are an
integral part of these consolidated condensed balance sheets.
3
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended
June 30
------------------------------------------
(Unaudited)
1995 1994
----------- -----------
SALES REVENUE $50,725,319 $38,312,202
----------- -----------
COSTS AND EXPENSES:
Cost of goods sold 9,523,314 7,508,340
Volume incentives 23,104,274 17,839,741
Selling, general and administrative 13,446,072 9,358,762
----------- ----------
6,073,660 34,706,843
----------- ----------
OPERATING INCOME 4,651,659 3,605,359
----------- ----------
OTHER INCOME (EXPENSE):
Interest and other income 498,489 354,657
Interest expense (52,871) ---
Foreign exchange loss, net (85,845) (55,659)
Minority interest 20,947 77,266
---------- ---------
380,720 376,264
---------- ---------
INCOME BEFORE INCOME TAXES 5,032,379 3,981,623
PROVISION FOR INCOME TAXES 2,060,151 1,744,748
---------- ---------
NET INCOME $2,972,228 $2,236,875
---------- ----------
---------- ----------
NET INCOME PER COMMON SHARE $0.24 $0.18
---------- ----------
---------- ----------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 12,419,242 12,534,343
---------- ----------
---------- ----------
The accompanying notes to the financial statements are an integral
part of these consolidated condensed statements of income.
4
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Six Months Ended
June 30
------------------------------------------
(Unaudited)
1995 1994
----------- -----------
SALES REVENUE $97,787,079 $75,649,184
----------- -----------
COSTS AND EXPENSES:
Cost of goods sold 18,752,687 14,556,877
Volume incentives 44,897,802 35,557,515
Selling, general and administrative 26,497,881 18,862,232
----------- ----------
90,148,370 8,976,624
----------- ----------
OPERATING INCOME 7,638,709 6,672,560
----------- ----------
OTHER INCOME (EXPENSE):
Interest and other income 897,165 500,402
Interest expense (97,015) ---
Foreign exchange loss, net (212,863) (266,744)
Minority interest 246,805 113,125
----------- ----------
834,092 346,783
----------- ----------
INCOME BEFORE INCOME TAXES 8,472,801 7,019,343
PROVISION FOR INCOME TAXES 3,486,686 3,081,350
----------- ----------
NET INCOME $4,986,115 $3,937,993
----------- ----------
----------- ----------
NET INCOME PER COMMON SHARE $0.40 $0.31
----------- ----------
----------- ----------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 12,411,308 12,530,602
----------- ----------
----------- ----------
The accompanying notes to the financial statements are an integral
part of these consolidated condensed statements of income.
5
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30
------------------------------------------
Increase (Decrease) in Cash and Cash Equivalents (Unaudited)
1995 1994
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sales revenue $96,631,728 $75,165,565
Cash paid as volume incentives (43,340,324) (35,247,158)
Cash paid to suppliers and employees (45,602,935) (32,671,106)
Interest paid (97,015) ---
Interest received 724,638 398,150
Income taxes paid (2,716,700) (1,609,700)
------------ -----------
Net Cash Provided by Operating Activities 5,599,392 6,035,751
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,710,118) (1,939,919)
Purchase of other assets (11,700) (1,735,688)
Investments in subsidiaries (246,805) 813,336
Payments received on long-term receivables 67,752 98,426
Short-term related party receivables, net (330,673) 130,898
Proceeds from sale of assets 257,566 ---
Purchase (sale) of long-term investments, net 18,612 (460,598)
----------- -----------
Net Cash Used in Investing Activities (1,955,366) (3,093,545)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of cash dividends (1,220,683) (1,114,715)
Purchase of treasury stock (1,297,981) ---
Proceeds from short-term debt, net 633,455 ---
Issuance of treasury stock --- 200,003
Proceeds from exercise of stock options 160,190 158,744
----------- ----------
Net Cash Used in Financing Activities (1,725,019) (755,968)
----------- ----------
EFFECT OF EXCHANGE RATES ON CASH (213,095) (149,334)
----------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS 1,705,912 2,036,904
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 11,200,550 8,666,915
----------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $12,906,462 $10,703,819
----------- -----------
----------- -----------
The accompanying notes to the financial statements are an integral
part of these consolidated condensed statements of cash flows.
6
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)
Reconciliation of Net Income to Net Cash Provided by Operating Activities
Six Months Ended
June 30
-----------------------------------------
(Unaudited)
1995 1994
---------- ----------
NET INCOME $4,986,115 $3,937,993
----------- ----------
Bad debt expense 19,954 566,150
Depreciation and amortization 1,216,980 1,324,665
Increase in accounts receivable (1,134,969) (885,277)
Increase in inventories (1,472,057) (638,629)
Increase in prepaid expenses and other assets (568,212) (408,021)
Increase in income taxes payable 411,083 878,712
Increase in accrued liabilities and volume incentives 3,741,645 1,122,780
Increase (decrease) in accounts payable (662,842) 375,878
Decrease in deferred income taxes (228,667) (3,071)
Cumulative translation adjustments (709,638) (235,429)
----------- ----------
Total Adjustments 613,277 2,097,758
----------- ----------
Net Cash Provided by Operating Activities $5,599,392 $6,035,751
----------- ----------
----------- ----------
The accompanying notes to the financial statements are an integral
part of these consolidated condensed statements of cash flows.
7
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(1) INTERIM FINANCIAL STATEMENT POLICIES AND DISCLOSURES
The unaudited, consolidated, condensed financial statements of
Nature's Sunshine Products, Inc. and subsidiaries included herein have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally required
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the disclosures are
adequate to make the information presented not misleading.
These consolidated, condensed financial statements reflect all
adjustments, which in the opinion of management, are necessary to a fair
statement of the results of operations for the interim periods presented.
All of the adjustments which have been made in these consolidated, condensed
financial statements are of a normal recurring nature.
Weighted average shares outstanding and all per share amounts included
in the condensed financial statements have been adjusted to reflect the ten
percent stock dividend effected in February of 1995.
It is suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto included in
the Company's latest Annual Report on Form 10-K.
(2) INVENTORIES
Inventories consist of:
(Unaudited)
June 30 December 31
1995 1994
------------- ------------
Raw materials $ 6,297,593 $ 6,124,791
Work in process 1,089,893 1,303,024
Finished goods 11,362,333 9,849,947
------------ -----------
$18,749,819 $17,277,762
------------ -----------
------------ -----------
8
NATURE'S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(3) EARNINGS PER SHARE
Outstanding stock options are considered common stock equivalents and
are included in the computation of primary earnings per share.
As of June 30, 1995, the Company had a total of 1,416,129 options
outstanding. The options were all granted at market prices, which vary from
$2.69 to $13.25 per share.
(4) QUARTERLY CASH DIVIDENDS
The Company has declared 28 consecutive quarterly cash dividends. The
most recent quarterly cash dividend of $.05 per common share was declared on
August 8, 1995, to shareholders of record on August 18, 1995, payable August
29, 1995.
9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
SUMMARY
The following table identifies (i) the relationship that net income items
disclosed in the consolidated condensed financial statements have to total
sales, and (ii) amount and percent of change of such items compared to the
corresponding prior period.
(i) (ii)
Income and Expense Three Months Ended June 30
-------------------------------------------------
Items as a Percent of Sales 1995 to 1994 1994 to 1993
----------------------------- ------------------------------ -------------
Three Months Ended Amount of Percent Percent
June 30 Income and Increase/ of of
----------------------------
1995 1994 Expense Items (Decrease) Change Change
---------- ------ ------------- ----------- -------- --------
100.00% 100.00% Sales revenue $12,413,117 32.40% 21.15%
--------- ------- ----------- ------- -------
18.77 19.60 Cost of sales 2,014,974 26.84 28.82
45.55 46.56 Volume incentives 5,264,533 29.51 19.94
26.51 24.43 SG&A expenses 4,087,310 43.67 21.14
-------- ------- ----------- ------- -------
90.83 90.59 11,366,817 32.75 22.09
-------- ------- ----------- ------- -------
9.17 9.41 Operating income 1,046,300 29.02 12.81
-------- ------- ----------- ------- -------
0.98 0.93 Interest and other income 143,832 40.56 161.04
(0.10) --- Interest expense (52,871) (100.00) --
(0.17) (0.14) Foreign exchange loss (30,186) (54.23) (7,242.88)
0.04 0.20 Minority interest (56,319) (72.89) 302.51
-------- ------- ----------- ------- -------
0.75 0.99 4,456 1.18 143.85
-------- ------- ----------- ------- -------
9.92 10.39 Income before income taxes 1,050,756 26.39 18.84
-------- -------
4.06 4.55 Provision for income taxes 315,403 18.08 25.91
-------- ------- ----------- ------- -------
5.86% 5.84% Net income $ 735,353 32.87% 13.86%
-------- ------- ----------- ------- -------
-------- ------- ----------- ------- -------
10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
SUMMARY
The following table identifies (i) the relationship that net income items
disclosed in the consolidated condensed financial statements have to total
sales, and (ii) amount and percent of change of such items compared to the
corresponding prior period.
(i) (ii)
Income and Expense Six Months Ended June 30
-------------------------------------------------
Items as a Percent of Sales 1995 to 1994 1994 to 1993
---------------------------- ------------------------------ -------------
Six Months Ended Amount of Percent Percent
June 30 Income and Increase/ of of
---------------------------
1995 1994 Expense Items (Decrease) Change Change
---------- ------ ------------- ----------- -------- --------
100.00% 100.00% Sales revenue $22,137,895 29.26% 23.10%
--------- ------- ----------- ------ ------------
19.18 19.24 Cost of sales 4,195,810 28.82 22.82
45.91 47.00 Volume incentives 9,340,287 26.27 24.89
27.10 24.94 SG&A expenses 7,635,649 40.48 18.86
--------- ------- ----------- ------ ------------
92.19 91.18 21,171,746 30.69 22.75
--------- ------- ----------- ------ ------------
7.81 8.82 Operating income 966,149 14.48 26.79
--------- ------- ----------- ------ ------------
0.92 0.66 Interest and other income 396,763 79.29 90.14
(0.10) --- Interest expense (97,015) 100.00 ---
(0.22) (0.35) Foreign exchange loss 53,881 (20.20) (62,863.29)
0.25 0.15 Minority interest 133,680 118.17 489.32
--------- ------- ----------- ------ ------------
0.85 0.46 487,309 140.52 22.63
--------- ------- ----------- ------ ------------
8.66 9.28 Income before income taxes 1,453,458 20.71 26.58
--------- -------
3.56 4.07 Provision for income taxes 405,336 13.15 27.23
--------- ------- ----------- ------ ------------
5.10% 5.21% Net income $ 1,048,122 26.62% 26.07%
--------- ------- ----------- ------ ------------
--------- ------- ----------- ------ ------------
11
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
RESULTS OF OPERATIONS
SALES REVENUE:
The Company reported record consolidated sales for the three and six
months ended June 30, 1995. Sales revenue for the three and six months ended
June 30, 1995, was $50.7 million and $97.8 million compared to $38.3 million
and $75.6 million, an increase of 32 percent and 29 percent for the three and
six months, respectively.
Management believes the increase in sales for the three- and six-month
periods is attributable to the expansion of the Company's independent sales
force, a continued increase of consumer awareness and interest in natural
health and nutritional products and incentives the Company offers its
independent sales force. In addition, the Company's sales revenue growth has
been enhanced by its international expansion. Despite a sales decrease of 47
percent in Mexico as a result of the devaluation of the Peso and related
economic turmoil, the Company's international operations reported sales
revenue of $32.1 million for the six months ended June 30, 1995, an increase
of 45 percent compared to the same period in 1994.
The Company's independent sales force consists of Managers and
Distributors. A Distributor interested in earning additional income by
committing more time and effort to selling the Company's products may attain
the rank of "Manager." Appointment as a Manager is dependent upon attaining
certain purchase volume levels and demonstrating leadership abilities. The
number of Managers increased to 10,396 at June 30, 1995, from 7,928 at June
30, 1994. The number of Distributors at June 30, 1995, was 280,830 compared
to 172,420 at June 30, 1994.
12
VOLUME INCENTIVES:
The dollar increase in volume incentives, for the three and six months
ended June 30, 1995, is directly related to the increase in sales revenue.
Volume incentives are an integral part of the Company's direct sales
marketing program and are payments to independent sales force members for
reaching certain levels of sales performance and organizational development.
Volume incentives vary slightly, on a percentage basis, by product due to the
Company's pricing policies. Volume incentives decreased approximately one
percent, as a percentage of sales for the three-and six-month period ended
June 30, 1995, compared to the same periods of 1994, primarily as the result
of lower volume incentive payments in the Company's newest operations, Japan
and Brazil. Lower volume incentive payments are generally expected from
newer operations.
Management expects volume incentives to decrease slightly, as a
percent of sales, during the rest of 1995. The decrease is anticipated as the
result of increasing sales from Japan and Brazil, which have comparatively
lower volume incentive payments.
COST OF GOODS SOLD:
The Company has experienced a slight decrease in cost of goods sold,
as a percentage of sales, for the three months ended June 30, 1995, compared
to the same period last year. The decrease in cost of goods sold, as a
percentage of sales, was primarily related to increased efficiencies in the
Company's manufacturing operations. Management expects cost of goods sold to
decrease slightly as a percent of sales during the rest of 1995.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
The Company experienced increased selling, general and administrative
expenses (SG&A) as a percent of sales during the three- and six-month
periods ended June 30, 1995, increasing from less than 25 percent in 1994 to
more than 26 percent and 27 percent of sales for the three and six months
ended June 30, 1995, respectively.
13
The increase in SG&A expenses, as a percentage of sales, results
primarily from the incremental costs of approximately $3.9 million for the
six months ended June 30, 1995, incurred in the Company's newest operations
in Japan and Brazil. Management expects SG&A to decrease from current
levels, as a percentage of sales, for the entire year as sales increase in
both Brazil and Japan in the remainder of 1995.
SUBSIDIARY OPERATIONS:
Domestic and international sales for the six months ended June 30,
1995, compared to the previous year are as follows:
SALES (Dollars in Thousands)
SIX MONTHS ENDED JUNE 30 1995 1994
------------------------ ------- --------
DOMESTIC $65,664 $53,539
------- --------
------- --------
INTERNATIONAL:
Mexico $ 7,210 $13,504
Japan 4,304 102
Colombia 4,181 1,742
Venezuela 3,977 727
Canada 3,825 3,318
Brazil 3,219 98
Great Britain 1,829 1,508
Costa Rica 1,687 ---
Malaysia 1,100 426
Export 791 685
------- --------
TOTAL INTERNATIONAL $32,123 $22,110
------- --------
------- --------
14
Domestic and international operating income for the six months
ended June 30, 1995, compared to the previous year are as follows:
OPERATING INCOME (Dollars in Thousands)
SIX MONTHS ENDED JUNE 30 1995 1994
------------------------ ------- ------
DOMESTIC $5,140 $4,594
------- ------
------- ------
INTERNATIONAL:
Mexico $ 311 $2,305
Japan (595) (134)
Colombia 782 73
Venezuela 741 (195)
Canada 183 48
Brazil (10) (147)
Great Britain 37 (23)
Costa Rica 611 ---
Malaysia 94 (117)
Export 345 269
------ ------
TOTAL INTERNATIONAL $2,499 2,079
------ ------
------ ------
Domestic and international assets as of June 30, 1995, compared to
December 31, 1994, balances are as follows:
(Dollars in Thousands)
June 30 December 31
ASSETS 1995 1994
------- -----------
DOMESTIC $35,697 $34,973
------- --------
------- --------
INTERNATIONAL:
Mexico $ 4,733 $ 5,885
Japan 4,022 2,677
Colombia 2,920 1,967
Venezuela 3,358 1,635
Canada 1,407 1,598
Brazil 2,422 1,598
Great Britain 1,167 1,028
Costa Rica 1,102 287
Malaysia 1,022 810
------- --------
TOTAL INTERNATIONAL $22,153 $17,485
------- --------
------- --------
15
BALANCE SHEET
ACCOUNTS RECEIVABLE
Accounts receivable increased approximately $1.1 million during the
period ended June 30, 1995. The increase in receivables is related to the
Company's growing international operations.
INVENTORIES
Inventories increased approximately $1.5 million during the first six
months of 1995. The increase in inventories is primarily related to the
increase in sales. Sales increased 29 percent, during the six months ended
June 30, 1995, while inventories only increased 9 percent.
ACCRUED VOLUME INCENTIVES
Accrued volume incentives increased approximately $1.6 million during
the first six months of the year as a direct result of increased sales.
ACCRUED LIABILITIES
The balance of accrued liabilities increased approximately $2.2
million during the six months ended June 30, 1995. The increase in accrued
liabilities reflects the increased level of sales and related accruals for
sales incentives such as conventions and other travel awards.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents increased approximately $1.7 million for the
six months ended June 30, 1995. The increase in cash and cash equivalents
is primarily the result of the increased sales and income as well as
increases in short-term liabilities.
16
The Company acquired approximately $1.7 million in machinery,
equipment and building improvements during the first six months of 1995 to
improve its manufacturing and administrative capabilities. During the period
ended June 30, 1995, the Company acquired approximately $1.3 million of
treasury stock in the market. Approximately $1.2 million was used for the
payment of dividends during the first quarter.
Management believes the Company's stock is an attractive investment
and, from time to time pursuant to its previously announced 440,000 share
stock buyback program, may utilize a portion of its available cash to
purchase up to the remaining balance of approximately 81,000 shares of its
stock should market conditions warrant. The Company purchased approximately
115,000 treasury shares during the first half of 1995.
During the period ended June 30, 1995, the Company advanced $120,000
to one of its officers on a short-term basis at an interest rate of 9
percent. The loan was repaid with applicable interest shortly after the end
of the second quarter. The Company also advanced $250,000 to one of its key
employees. The loan is collateralized and is to be repaid in monthly
installments over a two-year period with an interest rate of 9 percent.
The Company is evaluating the need to expand its domestic
manufacturing, inventory and other facilities. The Company may consider
long-term financing for these projects in the event that they require
significant capital outlays.
Management believes that future working capital requirements can be
internally funded. Management expects cash and investments to increase
during the remainder of 1995, primarily resulting from operations. However,
cash and investments may be reduced in the event the Company proceeds with
the capital projects mentioned above.
17
PART II OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) No exhibits are required to be filed by Item 601 of Regulation S-K.
b) No reports were filed on Form 8-K during the quarter for which
this report is filed.
OTHER ITEMS
There were no other items to be reported under Part II of this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NATURE'S SUNSHINE PRODUCTS, INC.
Date: August 11, 1995 /s/ WILLIAM E. SPEARS
------------------- -------------------------------------
WILLIAM E. SPEARS
Chief Operating Officer
Date: August 11, 1995 /s/ DOUGLAS FAGGIOLI
-------------------- --------------------------------------
DOUGLAS FAGGIOLI, Chief Financial Officer
18