Hi Pat: I am wondering what your opinion is of Usana Health Sciences. Would this be a good stock to hold considering its business model and products? Thanks.
Usana Health Sciences, $43.73, symbol USNA on New York (Shares outstanding: 14.5 million; Market cap: $634.1 million; www.usana.com), is a Utah-based marketing company that produces various nutritional and skin-care products.
Usana makes most of its products at its West Valley City, Utah, facility. It sells them in 16 international markets via a network of independent distributors (referred to as “associates”).
These associates sell Usana’s goods through memberships. The company uses a multi-level marketing program, or “pyramid,” that encourages individuals to sell memberships and allows them to recruit and develop their own sales organizations.
In the quarter ended October 1, 2012, Usana’s earnings per share jumped 45.7%, to $1.18 from $0.81 a year earlier. That’s a new record for the company. Sales rose 15.1% to $165.2 million from $143.5 million.
Even so, as many as 90% of Usana’s commission-earning distributors do not make enough to recoup the cost of their monthly qualifying purchases; the top 8% of Usana’s distributors make 72% of the company’s commissions;…
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