Nu Skin Results

Nu Skin produced bad results - with sales declining in pretty well every region. These are the sales from the third quarter.

Herbalife was punished by the market after a miss which involved positive but falling sales growth rate.

This is far worse.

But that is not what my complaint is about.

The company published its results WITHOUT a cash flow statement.

Call me old-fashioned but I like cash flow statements.

If you try to reconstruct it there is yet another quarter where cash generation does not reconcile with profits.

Also they drew a revolver after quarter end despite having almost $200 million of cash on the balance sheet and not obviously needing any more than the non-revolving part of the credit agreement.

I have no idea why.