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USANA Health Sciences gave their investors a look at some preliminary financials last week after the company received some news that had an effect on its fourth quarter. Usana said they expected to report a profit of 56 cents a share before one time adjustments when they release fourth quarter results next month. Those profits will likely fall to around 16 cents a share after the company is forced to fork over a hefty sum as a result of a tax audit by the IRS.

Because Usana is publicly traded company (NasdaqGS: USNA), they are required to keep its shareholders in the loop about events that could have an impact on the value of their investments. The company didn’t want to wait until next month to release the news but we did provide a sneak peak of their promise a few months back.

Chief Financial Officer Jeff Yates said “We are trying to fulfill that obligation by communicating as openly and as timely as it is possible to be.”

The IRS audit of tax statements for the years of 2003-2006 found that Usana owed more taxes to the government than they had paid. Usana has subtracted $1.8 million from quarterly profits to account for the ruling, but the final impact of the ruling could be much greater and could reach as much as $10 million dollars after Usana exhausts its appeals. And that wasn’t the only bad financial news the company received this year……

The company just recently lost a battle against a distributor who was fired in 2003 after allegedly breaching a contract with the company. An arbitrator found in favor of the distributor and ruled that he is entitled to approximately $7million dollars in lost compensation.

Usana will announce full fourth quarter results next month although early reports suggest that net sales will be down quite a bit from last year along with profit, revenue and share price.

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USANA general counsel and corporate secretary, James Bramble has received the 2008 Corporate Counsel Leadership Award from the Association of Corporate Counsel, Mountain West Chapter.

Bramble was presented with the award this past weekend at the annual 2008 awards gala which was held at the University of Utah Fine Arts Museum. The award is given each year to individuals who have been successful in championing the profession of corporate counsel. Bramble, like past winners has shown outstanding leadership and a dedication not only to USANA, but also to his community.

As general counsel for the health sciences company, Bramble is in charge of overseeing all litigation, intellectual property, international development, government relations and Associate compliance. Bramble must also keep board members up to date and informed on all legal responsibilities.

“James Bramble’s dedication, foresight and leadership make him an outstanding recipient for this award,” said USANA CEO Dave Wentz. “His legal influence on USANA’s marketing decisions and policies and procedures has helped our company remain the industry standard for quality and integrity. I congratulate James on this remarkable accomplishment and thank him for his commitment to USANA and his community.”

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Riley Timmer, a financial analyst for Usana Health Sciences has just been promoted to the role of Vice President of Finance. The nutritional and personal care product company made the announcement this week.

Timmer joined USANA in 2001 as a financial analyst and later took on many of the responsibilities of investor relations including educating analyst and the public about the company. After 2 years in that role, Timmer became executive director of finance where he oversaw financial reporting and budgeting.

As Vice President of Finance, Timmer will continue to manage the financial reporting and budgeting as well as oversee accounting and the tax department. He will also be responsible to maintain communication between USANA, its shareholders and investors and all regulatory agencies.

Dave Wentz, CEO of Usana Health Sciences, said: “Riley is a valuable asset to Usana and our management team. We look forward to Riley continuing to help Usana achieve its financial goals. His financial expertise and years of exceptional work on behalf of the company have earned him this well-deserved promotion.”

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Utah Business Magazine, in conjunction with the National Association of Corporate Directors, Utah Chapter has named Ron Poelman, a member of the USANA Board of Directors as a 2008 Outstanding Director.

Poelman has served on the USANA Board of Directors for over ten years, coming on board in 1995. During his reign on the board, Poelman has watched the company grow to become the 8th largest public company in Utah. There have been many ups and downs during the past decade and Poelman has helped the company avoid many of the pitfalls that are common with the rapid growth of a company. Poelman also assisted Usana in its transition from a small family owned business to a public company. He was one of five directors from various Utah companies honored at a recent awards ceremony sponsored by Utah Business Magazine.

The annual Outstanding Director Award is presented to directors who have shown the leadership and business skills that it takes to grow and build a business and achieve success. Utah Business said that the Outstanding Director Award honors those directors who have demonstrated the exceptional business and leadership skills that have helped their respective companies achieve great success.

“Ron has played a vital role in USANA’s success over the past 13 years,” said USANA CEO Dave Wentz. “His knowledge and experience have been a true asset to our board, and the entire USANA family applauds him on this well-deserved recognition.”

In Poelman’s other life, when not serving on Usana’s board, he is a partner in the Salt Lake City law firm of Jones, Waldo, Holbrook & McDonough, where he is head of the Corporate and Securities Practice Group. Poelman is a founding officer of the Utah Chapter of the National Association of Corporate Directors, and frequently lectures regarding corporate governance and related topics.

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