Meldungen 30.10.2003

30.10.2003: Meldung: Gaiam Reports Third Quarter 2003 Results

Gaiam, Inc. announced results for its third quarter ended September 30, 2003. Gaiam is a multi-channel lifestyle company catering to customers who value personal development, healthy living and renewable energy.The company will host a conference call today, October 29, 2003, at 2:30 p.m. M.S.T. (4:30 p.m. E.S.T.) to review its results for the third quarter 2003.


For the third quarter ended September 30, 2003, Gaiam reported sales of $23.5 million, a decline of 9% from $25.8 million in the quarter ended September 30, 2002, primarily due to lower sales to retailers. Gaiam reported an operating income of $16 thousand for the third quarter of 2003 compared to operating income of $2.2 million during the same period of 2002. Net loss for the third quarter was $201 thousand compared to net income of $1.4 million during the same period of 2002. For the third quarter ended September 30, 2003, the Company reported earnings (loss) per share of ($0.01) compared to $0.10 for the third quarter ended September 30, 2002.

For the nine months ended September 30, 2003, Gaiam reported sales of $67.3 million compared to $74.1 million for the same period in 2002, and posted an operating loss of $1.4 million for the first nine months of 2003, compared to $5.1 million operating income for the nine months ended September 30, 2002. The net loss for the nine months ended September 30, 2003 was $1.3 million, or $0.09 per share, compared to net income of $3.1 million for the same period in 2002, or $0.22 per share.


Gaiam ended the first nine months with $7.9 million in cash, no debt and availability of $15 million of its line of credit. For the first nine months of 2003, Gaiam generated $1.6 million cash contribution from its operations, compared to cash use of $6.0 million in the first nine months of 2002.


"We were still disappointed with our results even though we did see some positive trends, especially in the month of September," said Jirka Rysavy, Chairman and Chief Executive Officer. "The negative internal growth rates subsided and is continuing to improve. We expect the internal growth rate to become neutral in the month of December and increase to positive 5-10% growth in the following quarter. In October, we finished the system consolidation in which third party distribution to our retailers was transferred to our own distribution facility in Ohio. We also plan to move support for all our accounts to our Ohio facility by the end of the year, which, as previously announced, is expected to bring significant savings."


"As forecasted, we continued to see negative growth in our business channel during the third quarter. Our sales to retailers remained soft especially in the department store, distributor, and mall based specialty store channels," said Lynn Powers, President. "Beginning in September, we saw an up tick in business including a store-within-store roll out to all Barnes and Noble stores, a test of our Healing Arts line in Kroger and a launch of our kids line exclusively with Target. We doubled our sales force, added new product categories, segregated our products by channel, reset store floor plans, consolidated our operations into our Colorado headquarters, restructured our management organization and reduced our labor costs. We are in the process of finalizing our distribution system consolidation and moving the support for our remaining accounts to our Cincinnati distribution facility. These benefits are expected be fully realized by January 2004."


In the fourth quarter, Gaiam expects a significant sequential increase in its revenues, which are anticipated to reach or be slightly above its last year"s fourth quarter revenue of $37.3 million. The bottom line will return to profitability, but it is not expected to be sufficient to offset the current year-to-date earnings deficit. Additional guidance may be given on the conference call.


This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "believe," "will," "should" or comparable terminology or by discussions of strategy. While the Company believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of the Company"s new products and services, the successful completion and integration of acquisitions, the possibility of negative economic conditions and other risks and uncertainties included in the Company"s filings with the Securities and Exchange Commission. The Company assumes no duty to update any forward-looking statements.


A replay of the conference call will begin 1 hour after the end of the call and will continue until Friday, October 31st, at 5:00 p.m. E.S.T.

Replay number: (888) 568-0137


For further information, please contact:


Janet Mathews

Chief Financial Officer of Gaiam, Inc.




Corporate Headquarters:

360 Interlocken Blvd.

Broomfield, Colorado 80021

Phone: +1 303-222-3600

Fax: +1 303-222-3700



Gaiam, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)


Three months ended Three months ended

September 30, 2003 September 30, 2002

Net Revenue $23,533 100.0% $25,794 100.0%

Cost of goods sold 11,263 47.9% 10,764 41.7%

Gross profit 12,270 52.1% 15,030 58.3%

Operating expenses 12,254 52.0% 12,784 49.6%

Income (loss) from

operations 16 0.1% 2,246 8.7%

Interest (net) and

other (93) (0.4%) (120) (0.5%)

Profit (loss) before

income taxes (77) (0.3%) 2,126 8.2%

Income tax expense

(benefit) (44) (0.2%) 755 2.9%

Income (loss) before

minority interest (33) (0.1%) 1,371 5.3%

Minority interest

income (expense) (168) (0.7%) 24 0.1%

Net income (loss) $(201) (0.8%) $1,395 5.4%

Shares outstanding:

Basic 14,601,121 14,033,066

Diluted 14,601,121 14,376,074

Earnings (loss)

per share:

Basic $(0.01) $0.10

Diluted $(0.01) $0.10

Gaiam, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)


Nine months ended Nine months ended

September 30, 2003 September 30, 2002

Net Revenue $67,254 100.0% $74,145 100.0%

Cost of goods sold 31,547 46.9% 30,664 41.4%

Gross profit 35,707 53.1% 43,481 58.6%

Operating expenses 37,080 55.1% 38,383 51.8%

Income (loss) from

operations (1,373) (2.0%) 5,098 6.8%

Interest (net)

and other (243) (0.4%) (259) (0.3%)

Profit (loss) before

income taxes (1,616) (2.4%) 4,839 6.5%

Income tax expense

(benefit) (648) (1.0%) 1,718 2.3%

Income (loss) before

minority interest (968) (1.4%) 3,121 4.2%

Minority interest

income (expense) (345) (0.5%) 13 0.0%

Net income (loss) $(1,313) (1.9%) $3,134 4.2%

Shares outstanding:

Basic 14,591,428 14,020,392

Diluted 14,591,428 14,458,952

Earnings (loss)

per share:

Basic $(0.09) $0.22

Diluted $(0.09) $0.22



September 30,

Assets 2003


Current assets:

Cash and cash equivalents $ 7,852,489

Accounts receivable, net 15,866,172

Accounts and notes receivable, other 964,076

Inventory, less allowances 16,820,313

Deferred advertising costs 3,232,035

Other current assets 2,123,408

Total current assets 46,858,493

Property and equipment, net 10,155,773

Investments 7,865,192

Capitalized production costs, net 6,154,916

Video library, net 5,224,010

Goodwill, net 10,288,251

Deferred tax assets 2,514,257

Other assets 616,693

Total assets $89,677,585

Liabilities and stockholders" equity

Current liabilities:

Accounts payable $10,802,010

Accrued liabilities 4,399,734

Income taxes payable 29,982

Capital lease obligations, current 118,256

Total current liabilities 15,349,982

Capital lease obligations, long-term 9,349

Deferred tax liability 943,286

Other liabilities 1,962,000

Total liabilities 18,264,617

Minority interest 2,820,465

Stockholders" equity:

Class A common stock, $.0001 par value,

150,000,000 shares authorized, 9,201,296

and 9,134,098 shares issued and

outstanding at September 30, 2003 and

December 31, 2002, respectively 920

Class B common stock, $.0001 par value,

50,000,000 shares authorized, 5,400,000

issued and outstanding at

September 30, 2003 and

December 31, 2002, respectively 540

Additional paid-in capital 53,823,504

Deferred compensation (89,865)

Retained earnings 14,857,404

Total stockholders" equity 68,592,503

Total liabilities and stockholders"

equity $89,677,585


Gaiam Inc.: ISIN US36268Q1031 / WKN 929048



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