11.11.02

11.11.2002: Meldung: Gaiam, Inc.: Quartalsbericht (engl.)

Gaiam Reports Third Quarter Results
Thursday November 7, 4:00 pm ET

EPS Increased 35%

BROOMFIELD, Colo., Nov. 7 -- Gaiam, Inc. (Nasdaq: GAIA - News) announced results for its third quarter ended September 30, 2002. Gaiam is a lifestyle company marketing to customers who value healthy living, personal development and renewable energy.

For the third quarter ended September 30, 2002, sales increased to $25.8 million from $23.9 million reported for the quarter ended September 30, 2001. Operating income for the third quarter of 2002 increased 25% to $2.2 million or 8.7% of sales from $1.8 million or 7.5% of sales during the same period of 2001. Net income for the third quarter increased to $1.4 million from $969,000 during the same period of 2001. Earnings per share increased 35% to $0.10 for the third quarter, up from $0.07 for the third quarter ended September 30, 2001.

For the nine months ended September 30, 2002, sales increased to $74.1 million from $63.6 million for the nine months ended September 30, 2001. Operating income for the nine months ended September 30, 2002, increased 25% to $5.1 million from $4.1 million during the same period of 2001. Net income for the nine months ended September 30, 2002, increased to $3.1 million from $1.9 million during the same period of 2001. Earnings per share increased 37% to $0.22 for the nine months ended September 30, 2002 up from $0.16 for the like period in 2001.

"Internal sales growth remained healthy at 13% in a challenging macro environment, successfully overcoming a reduction in our catalog circulation," said Jirka Rysavy, Chairman and Chief Executive Officer. "The revenues for the quarter related to the closures of some catalog operations and to the retail stores acquired as part of the Real Goods acquisition exceed revenues acquired therefore lowering our overall year over year sales growth comparison by about 5%. Such differential will be about 2 to 3% in the fourth quarter and will disappear by first quarter of next year."

"We continue to see growth in our business channels," said Lynn Powers, President. "We expanded our Gaiam branded products and media and added new categories such as boxed clothing. Our proprietary products offering constituted over 61% of our sales in third quarter 2002, up from 53% at the end of last year. We have opened several new key retail accounts such as Macy"s and J.C. Penney while maintaining comp growth in our top retailers. We are pleased to announce that we have hired Cindy Heller-Hunter as our new Vice President of Marketing to further our Gaiam branding efforts. Cindy will make a great addition to our management team."

Cindy Heller-Hunter brings with her 16 years of brand management, marketing and broad business expertise. Cindy"s career highlights include brand management at General Mills, Quaker Oats, the Sterling-Rice Group, and Orange Glo International and international brand development for Hewlett-Packard and Orange Glo International. She has been honored by Advertising Age magazine as one of the top 100 Marketers of the Year and top 1000 of the decade, and awarded the Haldane Cup for outstanding qualities of leadership and character.

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 "expects," "believes," "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 November 11, 2002, 8:00 p.m. E.S.T.

Domestic replay number: 888-566-0450
International replay number: +1-402-998-0620

http://www.gaiam.com


Gaiam, Inc.

Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three months ended Three months ended
September 30, 2002 September 30, 2001

Net Revenue $25,794 100.0% $23,946 100.0%

Cost of goods sold 10,764 41.7% 9,724 40.6%

Gross profit 15,030 58.3% 14,222 59.4%

Operating expenses 12,784 49.6% 12,430 51.9%

Income from
operations 2,246 8.7% 1,792 7.5%

Interest (net) and
other (120) (0.5%) 132 0.5%

Profit before
income taxes 2,126 8.2% 1,924 8.0%

Provision for
income tax 755 2.9% 672 2.8%

Income before
minority interest 1,371 5.3 % 1,252 5.2%

Minority interest 24 0.1% (283) (1.2%)

Net income $1,395 5.4% $969 4.0%

Shares outstanding
Basic 14,033,066 13,005,026
Diluted 14,376,074 13,496,612

Earnings per share:
Basic $0.10 $0.07
Diluted $0.10 $0.07


Gaiam, Inc.

Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Nine months ended Nine months ended
September 30, 2002 September 30, 2001


Net Revenue $74,145 100.0% $63,636 100.0%

Cost of goods sold 30,664 41.4% 25,344 39.8%

Gross profit 43,481 58.6% 38,292 60.2%

Operating expenses 38,383 51.7% 34,216 53.8%

Income from
operations 5,098 6.9% 4,076 6.4%

Interest (net)
and other (259) (0.4%) 240 0.4%

Profit before
income taxes 4,839 6.5% 4,316 6.8%

Provision for
income tax 1,718 2.3% 1,569 2.5%

Income before
minority interest 3,121 4.2% 2,747 4.3%

Minority interest 13 0.0% (806) (1.3%)

Net income $3,134 4.2% $1,941 3.0%

Shares outstanding
Basic 14,020,392 11,864,398
Diluted 14,458,952 12,252,957

Earnings per share:
Basic $0.22 $0.16
Diluted $0.22 $0.16

Source: Gaiam, Inc.
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