UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Natural Health Trends Corp.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.001 par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
63888P103
---------
(CUSIP Number)
March 15, 2004
--------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
-------------------------- --------------------------
CUSIP No. 63888P103 13G Page 2 of 9 Pages
--------- --- ---
-------------------------- --------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 257,729 (see Item 4)
OWNED -----------------------------------------------------------------
BY 7 SOLE DISPOSITIVE POWER
EACH
REPORTING 0
PERSON -----------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
257,729 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,729 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.53% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
-------------------------- --------------------------
CUSIP No. 63888P103 13G Page 3 of 9 Pages
--------- --- ---
-------------------------- --------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
------------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 257,729 (see Item 4)
OWNED ------------------------------------------------------------------
BY 7 SOLE DISPOSITIVE POWER
EACH
REPORTING 0
PERSON ------------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
257,729 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,729 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.53% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
-------------------------- --------------------------
CUSIP No. 63888P103 13G Page 4 of 9 Pages
--------- --- ---
-------------------------- --------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
------------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 257,729 (see Item 4)
OWNED ------------------------------------------------------------------
BY 7 SOLE DISPOSITIVE POWER
EACH
REPORTING 0
PERSON ------------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
257,729 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,729 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.53% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
-------------------------- --------------------------
CUSIP No. 63888P103 13G Page 5 of 9 Pages
--------- --- ---
-------------------------- --------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
------------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 257,729 (see Item 4)
OWNED ------------------------------------------------------------------
BY 7 SOLE DISPOSITIVE POWER
EACH
REPORTING 0
PERSON ------------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
257,729 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,729 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.53% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Item 1(a) Name of Issuer:
--------------
Natural Health Trends Corp.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
12901 Hutton Drive
Dallas, Texas 75234
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC,
("SAC Capital Advisors") with respect to Shares beneficially
owned by S.A.C. Capital Associates, LLC ("SAC Capital
Associates"); (ii) S.A.C. Capital Management, LLC, ("SAC Capital
Management") with respect to Shares beneficially owned by SAC
Capital Associates; (iii) SAC Capital Associates with respect to
Shares beneficially owned by it; and (iv) Steven A. Cohen with
respect to Shares beneficially owned by SAC Capital Advisors, SAC
Capital Management and SAC Capital Associates.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC Capital
Advisors and Mr. Cohen is 72 Cummings Point Road, Stamford,
Connecticut 06902, (ii) SAC Capital Management is 540 Madison
Avenue, New York, New York 10022, and (iii) SAC Capital
Associates is P.O. Box 58, Victoria House, The Valley, Anguilla,
British West Indies.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors and SAC Capital Management are Delaware
limited liability companies. SAC Capital Associates is an
Anguillan limited liability company. Mr. Cohen is a United States
citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, $.001 par value
Item 2(e) CUSIP Number:
------------
63888P103
Item 3 Not Applicable
Page 6 of 9
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the Shares
issued and outstanding as of November 19, 2003 as reported on the
Company's annual report on Form 10-QSB filed with the Securities
and Exchange Commission by the Company for the fiscal quarter
ended September 30, 2003.
As of the close of business on March 31, 2004:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 257,729
(b) Percent of class: 5.53%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 257,729
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 257,729
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 257,729
(b) Percent of class: 5.53%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -257,729-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 257,729
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 257,729
(b) Percent of class: 5.53%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 257,729
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 257,729
4. Steven A. Cohen
(a) Amount beneficially owned: 257,729
(b) Percent of class: 5.53%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 257,729
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 257,729
SAC Capital Advisors, SAC Capital Management, and Mr. Cohen own
directly no shares of Common Stock. Pursuant to investment
agreements, each of SAC Capital Advisors and SAC Capital
Page 7 of 9
Management share all investment and voting power with respect to
the securities held by SAC Capital Associates. Mr. Cohen controls
both SAC Capital Advisors and SAC Capital Management. By reason
of the provisions of Rule 13D-3 of the Securities Exchange Act of
1934, as amended, each of SAC Capital Advisors, SAC Capital
Management and Mr. Cohen may be deemed to own beneficially
257,729 shares (constituting approximately 5.53% of the shares
outstanding). Each of SAC Capital Advisors, SAC Capital
Management and Mr. Cohen disclaim beneficial ownership of any of
the securities covered by this statement.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
Not Applicable
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
---------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 8 of 9
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 1, 2004
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 9 of 9