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H Nces Usan Ana Health Scienc Lth Sciences Usana H NCES USAN ANA HEALTH SCIENC LTH SCIENCES USANA HEALTH ENCES USANA HEALTH SCIENCES USANA USANA HEALTH SCIENCES USANA HEALTH SCIENCES ALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH CIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIEN SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA H ES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES A HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USA TH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH NCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIE NA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES U ALTH SCIENCES USANA HEALTH SCIENCES 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USANA HEALTH SCIE USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USAN HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA H SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIE USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HE SCIENCES USANA HEALTH SCIENCES USANA HEALTH SCIENCES USANA HEALTH SC 2003 2003 Highlights Total Active Customers • In March, with the use of our strong cash flow, we eliminated all of our existing 140,000 139,000 bank debt. 136,000 • In July, we opened for business in South 130,000 127,000 Korea, the third largest market for direct sales, according to the Direct 120,000 Selling Association. 117,000 • In July, we vertically integrated 110,000 our manufacturing capabilities by acquiring Wasatch Product 100,000 Development, to manufacture our skin Q1-03 Q2-03 Q3-03 Q4-03 and personal care products. • In September, we held our tenth annual international convention in Salt Lake City, where a record number of Associates were in attendance. Earnings from Operations • In October, we announced a two-for-one stock split of our common stock, to 10,000 $9,842 provide an opportunity for more investors $8,505 to get involved with USANA and to 8,000 enhance share trading liquidity. $7,131 • In November, we began our operations 6,000 $5,641 in Singapore, with over 1,400 Associates attending the opening day event. 4,000 • On January 3, 2004, we ended our fiscal year with $200 million in net sales, up 2,000 from $133.8 million reported in 2002. Earnings per share for 2003 was $0.98, 0 compared to $0.41 in 2002. Q1-03 Q2-03 Q3-03 Q4-03 Dear Fellow Shareholders, In pursuit of our vision, 2003 was a great year USANA is effectively using the Internet to for USANA. We continued to capitalize on core streamline the direct-selling process and provide strengths: our superior scientifically-developed Associates with the ability to more efficiently products and our unique, internationally manage their business. Our Web-based system seamless compensation plan. allows Associates to create personalized Web sites and to gain access to real-time data, helping them to The results were exemplary. We achieved net manage their business electronically. Our “seamless” sales of $200 million, a 50% increase over last compensation plan enhances our Associates’ ability year. At the same time we significantly increased to manage their international businesses from their our profitability by growing operating earnings own homes. We now have 40% of our orders placed by 143% versus 2002. We also increased our online, compared to 5% last year. This drives down earnings per share by 139% to $0.98 and the cost per order and makes our Associates continued to generate strong cash flow, greatly more productive. strengthening our balance sheet. We completed 2003 with no debt and $19 million in cash on USANA is also committed to providing Associates our balance sheet. with the highest level of service and support, including increasing recognition and rewards, and Building Associates developing more pathways to allow them to achieve By creating an atmosphere of cooperation and greater success. A key to our Associate growth is teamwork, we continue to build on our strong building leadership through better training, which relationship with our Associates. USANA ended enables Associates to increase their income and to 2003 with 88,000 active Associates, an increase teach others how to do the same. We believe that of 33% compared with 2002. Throughout the growth in Associate leadership naturally leads to an year we focused on creating additional resources overall increase in enrollments. for our Associates to make an already strong home-based business opportunity even more compelling. International Expansion Looking To The Future Much of our attention in 2003 was focused on Our primary strategy for 2004 is to focus opening two new international markets: South our attention on growing sales in each of our Korea in July and Singapore in November. We established markets, with Mexico being the only believe that USANA’s philosophy, including our new market to be opened in 2004. We will devote strong product offering and attractive business this time to solidifying and strengthening each opportunity, allows USANA and our Associates of our 12 markets before resuming international to be successful in worldwide expansion. expansion. We thank the thousands of Associates and nearly 600 employees all over the world who In early March 2004, we launched operations in continue to strive to make our vision become Mexico. We have a large and growing number of a reality. We count heavily on their skills, great leaders in both the U.S. and Canada with commitment, and drive to move USANA forward close ties to Mexico, which we believe can make us to greater success. We are proud that their efforts very successful in that market. USANA currently have positively impacted the lives of thousands of does business in 12 countries and international people who, without proper nutrition, would not sales now represent about 54% of total sales. have the quality of life they enjoy today. While we are pleased with the great progress we made Operational Highlights in 2003, we are even more excited about what lies Our 2003 results in each of our markets around the ahead for USANA. world demonstrate the soundness of our business strategy and the dedication of our Associates. In Sincerely, the U.S., our most mature market, sales grew by 30%, and in Canada our sales grew nearly 40%. In each case, we believe that we have only scratched the surface of what we can achieve. Myron W. Wentz Chairman and CEO Each quarter in 2003 marked a new record high for sales, net earnings, and earnings per share. In Australia and New Zealand we achieved year-over-year sales growth of 68%, with record David A. Wentz numbers of Associates driving that growth. In President addition to significantly increasing revenues, we made important strides in creating operating efficiencies that will allow us to improve earnings from operations at an even faster rate than growth in net sales. At home and abroad, we believe we will continue to achieve predictable and consistent sales and earnings growth.
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