Nu Skin Reports Higher Profits, Names New CFO

Nu Skin Enterprises Inc., Provo, UT, on Wednesday said quarterly profits rose due to strength in Asia, particularly Japan and Taiwan, and also named a new chief financial officer. The company, which makes personal care and nutrition products, said third-quarter net income rose to $15.9 million, or 19 cents per share, from $12.5 million, or 15 cents per share a year earlier. The company said revenue rose to $252.9 million from $224.2 million a year earlier.

The company said it is on track for double-digit local currency revenue growth and a significant improvement in operating margin in 2002. It sees fourth-quarter revenue up 7-10%, assuming an exchange rate of up to 127 yen to the dollar, and earnings per share growth of 30-45%.

It sees 2003 revenue up in the mid- to high-single digits, with earnings growth in the low- to mid-teens, assuming an exchange rate of up to 128 yen to the dollar. It sees consistent revenue growth in existing markets and expects revenue in China of about $30 million in 2003.

It said Ritch Wood would replace as of Nov. 15 Corey Lindley, who has been CFO since 1996 and who is relocating to run operations in China, Taiwan, and Hong Kong. Mr. Wood has been with the company for 12 years.