Good day everyone and welcome to LifeVantage's Q4 Fiscal Year 2015 Conference Call. Today’s call is being recorded. At this time I would like to turn the call over to Mr. John Mills of ICR. Please go ahead, sir.

Thank you. Good afternoon, ladies and gentlemen, and welcome to LifeVantage Corporation’s fiscal fourth quarter and full year 2015 conference call. On the call today from LifeVantage with prepared remarks are Darren Jensen, Chief Executive Officer; and Mark Jaggi, Chief Financial Officer. By now everyone should have access to the earnings release which went out this afternoon at approximately 4 pm. Eastern Time. If you have not received the release, it is available on the Investor Relations portion of LifeVantage’s website at lifevantage.com. This call is being webcast and a replay will be available on the company’s website as well. Before we begin we would like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance and therefore, undue reliance should not be placed upon them. These statements are based on current expectations of the management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of LifeVantage’s most recently filed Form 10-K. These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. Please note that during today's call we'll be discussing non-GAAP financials measures, including results on adjusted basis. We believe these financials measures can facilitate a more complete analysis and greater transparency in to LifeVantage's ongoing results of operations, particularly when comparing underlying results from period-to-period. We have included a reconciliation to these non-GAAP measures with today's press release. This also contains time sensitive information that is accurate only as of the date of this live broadcast, today September 1, 2015. LifeVantage assumes no obligation to update any forward-looking projection that maybe made in today's call or release. Based on the number of participants on today's call during the Q&A session we ask that you please limit the number of your questions to three. Now I will turn the call over to the company's CEO, Darren Jensen.

Thank you, John and good afternoon everyone. As many of you are likely aware this is my first earnings call as part of LifeVantage. In order to provide some background of myself, my career has been focused on direct marketing and I have over 25 years of global network marketing and direct selling experience. Before joining LifeVantage, I served as President of the Americas and Chief Sales Officer at Jeunesse Global, a personal care nutrition network marketing company. During my tenure at Jeunesse the company was ranked number 258 on The 2014 Inc. 500 with over 1500% revenue growth over a three-year period, and was the fastest growing Direct Selling Association Company in America for 2014. Before Jeunesse I served in senior roles in USANA Health Sciences, Agel, Synergy Worldwide, Amway Global, and Nu Skin Enterprises. In these roles I led the development and execution of global sales, product development and service expansion strategies. I was also responsible for international business development, performance improvement, and global sales and marketing efforts in more than 100 countries within the Asia Pacific Rim, Latin America, the Caribbean, Europe, the Middle East and Africa. I'm very excited to be the CEO of LifeVantage and I look forward to leveraging my many years of experience in an effort to reignite growth at LifeVantage and return us to one of the leaders in the industry. Today, I'm pleased to have the opportunity to speak with our shareholders and to share with everyone our vision and turnaround plans. Mark is going to review our financials in more detail, but as a high level overview, our fourth quarter fiscal 2015 financial results were in-line with our expectations and reflect stability in our revenue and operating results. Revenue for the fourth fiscal quarter of 2015 was $45 million, which…

Thank you, Darren. Good afternoon everyone. I'm glad to be on first of many calls with you. I want to start with expressing my excitement for this business personally. I worked in the consumer products field for many years. I have a great passion for the nutraceuticals and healthy living category. The direct selling industry is extremely interesting to me and I look forward to working with Darren and the rest of the LifeVantage team. And honestly I have been enjoying every minute that I have been here. For the fourth quarter ended June 30 we reported revenue of approximately $45.3 million. This was essentially flat on a sequential basis compared to $45.2 million in the third quarter of fiscal 2015 and compared to revenue of $56 million in the fourth quarter of fiscal 2014. On a sequential basis revenue in the Americas increased 2.5% and revenue in the Asia Pacific region declined 5.5% primarily due to the lower sales in Japan. On the year-over-year basis fourth quarter fiscal 2015 revenue in the America decreased 15% and revenue in the Asia Pacific region declined 29%, primarily due to lower sales in Japan. Revenue for the quarter was negatively impacted $2 million or approximately 3.6% by foreign currency fluctuation. Now looking at our customers, at the end of the fourth quarter of fiscal 2015 we ended the year with 65,000 total active distributors. This represents the decline from 66,000 at the end of third quarter fiscal 2015. But the decline rate is slowing compared to previous sequential period and the decline is all in the Asia Pacific region. The number of preferred customers at the end of the fourth quarter of fiscal 2015 was 115,000, an increase compared to 114,000 at the end of the third quarter 2015. And it's important…

[Operator Instructions]. We'll take our first question from Eric Weisenberger [ph], a Private Investor.

Yes hi, thanks for taking my call and Darren and Mark welcome on board and good luck. We're all very hopeful. As you know the shareholders of this company have been beaten up very badly for the last three years or so and we're all desperate for some good news and new direction. One of the things Darren mentioned was another new product announcement in October and a second one by a calendar year end. Yet we've heard nothing at all today about the skincare product, the K9 product or the energy drink. Are we abandoning those three or if not, how are their sales progressing and their outlook?

All right. Well thank you Eric for that the question. So let me first discuss. First of all we're not abandoning any of our product line at all. And if anything, when I -- taking a look at being here just a few weeks, a couple of months, if you look at the branding that we have with the company I think there has been some confusion where some of the products have mixed in with the actual brand of the company. And so what we're doing right now is trying to separate the various product brands from LifeVantage brand itself and form a federation of brands below it, so that we can more aggressively and targeted market each of these products. We talked about the -- you'd mentioned about the true science product line. I think the true science as well is Protandim. Protandim's our hero product for sure. And as well as AXIO is a wonderful product. We've seen -- we're getting some preliminary study facts on that product and there is some fantastic results from it. But what we're looking at doing is initially we'll be focusing a little bit more on the true science line, on expanding and driving some business through that. As we roll out globally typically the true science line or skincare can go into markets more rapidly. So I see that product line growing in importance with this. But as well, we're going to be expanding into some new categories. So I really don't see that we're abandoning any products, but we're reinforcing existing products as well as we're in the process of redoing the materials for our existing products and new products, so that we can do a better job of selling those and empowering our distributors to be able to share the benefits and the benefits of those products. So that's the plan right now.

Thank you. Okay, my second question that I have three is what's specifically were the cost cuts the $4 million in cuts that we've made. Can you give us more color on what that was?

I'll turn that one over to Mark. Mark do you want to cover those cost cuts?

Yes absolutely. The cost cuts were a plethora of multitude of different things in SG&A. The company did not really aggressively engage in SG&A cost reductions in the past. I can give you some texture to it. There was a good bundle of headcount. A little over a fourth of it was straight headcounts. And then we had somewhere in the range of another just under $1 million and also more headcount in temp agency work. A couple of other things, we had some facilities that were unused that we sub-leased. We had an event reduction from four events to three in the year. That was fairly substantial along with some professional services that was duplicative with our base business and with our -- the people we have. We have some other smaller things travel and other things like that that we're looked at and aggressively pursued. And just to give you a little bit of texture around that, I've got a lot of experience in cost reductions in my career. And we're implementing a lot of control to ensure that those cost reductions are seen. At the same time we are looking to grow next year and so we're targeting any spending inside of the current budget and possibly some small amount outside of the current budget that will help spur that growth into the $195 million to the $210 range. Does that help?

Yes that does help a little bit, thank you. My last question is and I know we are restricted to three, I have lots more but I'll only take my three and this is one I have mentioned several times in prior calls before you guys arrived. I am mystified that there is no public purchase of our stock by directors or officers of LifeVantage and I am mystified about it because the stock as you know has plummeted down to $0.50-$0.40 even I think opened at $0.20 again on that Monday when the market was down 1,000 points but no matter what I can’t understand how you could expect shareholders to stay with the company when the officers and directors don’t even think it’s worth purchasing even at these levels. I’d love to have your comment on that.

Can I jump in John, just going to say something on that? So as I was interviewing for the job, if I could have bought I would have bought in a heartbeat. And so that wasn’t it, it was I was not prepared at the time to do that and if I had a lot of inside information, then I wasn’t going to do that until I got into the company and got hold of that. So absolutely it’s a great stock to buy, that’s an easy one but John…

And this is Darren too, yes the moment that I am available to purchase I see no better time from my standpoint. And then John you have any comment?

Eric yes, hi it’s John Mills from ICR. We obviously publicly traded companies go through certain blackout periods. If you do look back over the past four or five months you will notice that some directors did buy stock when they were able to buy stocks. Unfortunately, during the past -- over the past month we have been in a blackout period where no one in management was allowed to purchase stock. I think fortunately we are having some institutions that are looking at our stock now and moving from $0.50 up to the mid-80s and the market has had a meaningful correction we are certainly very pleased with that.

[Operator Instructions] And with no further questions I would like to turn the call back over to Darren Jansen with any additional or closing remarks.

Well thank you everyone for joining us today. We appreciate your continued interest and loyalty to our company. And Mark and I both look forward to speaking and meeting with many of you over the next few months. Thank you for joining us today and have a wonderful day. Good bye.

This does conclude today’s conference. We thank you for your participation.