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28.2.2003: Meldung: Gaiam Reports Results for FY 2002
Gaiam, Inc. (Nasdaq: GAIA - News) announced results for its fourth quarter and fiscal year ended December 31, 2002. Gaiam is a multi-channel lifestyle company marketing to customers who value healthy living, personal development and renewable energy.
For the year ended December 31, 2002, sales increased 13% to $111.4 million from $98.7 million reported for the year ended December 31, 2001. Operating income for the year 2002 increased 53% to $10.1 million or 9.1% of sales up from $6.6 million or 6.7% of sales during 2001. Net income for fiscal year 2002 increased to $6.3 million from $4.1 million reported for fiscal 2001. Earnings per share increased 38% to $0.44 for the year ended December 31, 2002, up from $0.32 for the prior year period.
For the fourth quarter ended December 31, 2002 sales increased to $37.3 million from $35.1 million reported in the prior year period. Operating income for the fourth quarter increased to $5.0 million or 13.5% of sales up from $2.5 million or 7.2% of sales during the same period of 2001. Net income for the fourth quarter increased to $3.2 million up from $2.1 million in the prior year period. Earnings per share increased 49% to $0.22 for the fourth quarter, up from $0.15 for the fourth quarter ended December 31, 2001.
During the first quarter of 2002 the company relocated its finance and creative staff formerly located in California to the company"s Colorado headquarters. Recently the company consolidated the remainder of its operations staff from Venice, California into the Colorado headquarters. As a result, the company"s office in Venice is being closed. The Company preliminarily estimates a one-time accrual of between $1.2 to $1.5 million primarily for lease termination costs into its fiscal 2002 results. This charge will reduce reported earnings for the year to a range of $0.37 to $0.39.
In the fourth quarter of 2002 the Company bought the remaining interest which it did not own in its Internet subsidiary Gaiam.com, and made a minority investment in Conscious Media, Inc., a multimedia company with visual media focus, as a part of the expansion of its media interests. In the first quarter 2003 the company also acquired a majority interest in Leisure Systems International (LSI), a U.K. based distributor and marketer of lifestyle products.
Gaiam ended its fiscal year with no debt, $11 million in cash and a $15 million line of credit, which is fully available and has been extended through December 2005.
"We are pleased with the 240 basis point improvement in our operating margin. Internal revenue growth of 18% for fiscal 2002 was good although internal growth of 9% for the fourth quarter was below our expectations. We continue to see the impact of the challenging economic environment that we experienced at the end of the fourth quarter into the current quarter," said Jirka Rysavy, Chairman and Chief Executive Officer.
"We continue to focus on our business channel where sales increased over 20% for the year," said Lynn Powers, President. "In addition to new account growth, our goal has been to further penetrate our existing accounts with incremental SKU placement and expansion of our Gaiam Lifestyle Store-within-a-store presentation. Comparable sales remained healthy at key accounts such as Target, Bed Bath & Beyond and Borders. We were disappointed by the decline in sales at mall based stores which is continuing into the current quarter. We have continued to expand our proprietary products offering which constituted over 60% of our sales in 2002, up from 53% in 2001. We remain optimistic about the prospects of our new launches, including the Health Solutions line, although we recognize the backdrop of a challenging economic environment in the near future."
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 February 28, 2003, at 9:00 p.m. E.S.T.
Domestic replay number: 800-835-4112
International replay number: 402-280-1656
http: www.gaiam.com
Gaiam, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Year ended Year ended
December 31, 2002 December 31, 2001
Net revenue $111,406 100.0% $98,737 100.0%
Cost of goods sold 45,476 40.8% 39,276 39.8%
Gross profit 65,931 59.2% 59,461 60.2%
Operating expenses 55,421 49.7% 51,499 52.2%
Non-recurring
restructuring charges 376 0.4% 1,350 1.4%
Income from operations 10,134 9.1% 6,612 6.7%
Interest income
and other - net (261) (0.2%) 346 0.3%
Profit before
income taxes 9,873 8.9% 6,958 7.0%
Provision for
income tax 3,522 3.2% 2,498 2.5%
Income before
minority interest 6,351 5.7% 4,460 4.5%
Minority interest (40) (0.0%) (404) (0.4%)
Net income $6,311 5.7% $4,056 4.1%
Shares outstanding
Basic 14,107,390 12,395,907
Diluted 14,488,783 12,808,631
Earnings per share:
Basic $0.45 $0.33
Diluted $0.44 $0.32
Gaiam, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended Three months ended
December 31, 2002 December 31, 2001
Net Revenue $37,262 100.0% $35,101 100.0%
Cost of goods sold 14,812 39.8% 13,932 39.7%
Gross profit 22,450 60.2% 21,169 60.3%
Operating expenses 17,414 46.7% 17,283 49.2%
Non-recurring
restructuring charges 0 0.0% 1,350 3.9%
Income from operations 5,036 13.5% 2,536 7.2%
Interest income
and other - net (1) (0.0%) 105 0.3%
Profit before
income taxes 5,035 13.5% 2,641 7.5%
Provision for
income tax 1,805 4.8% 928 2.6%
Income before
minority interest 3,230 8.7% 1,713 4.9%
Minority interest (53) (0.1%) 402 1.1%
Net income $3,177 8.6% $2,115 6.0%
Shares outstanding
Basic 14,365,547 13,973,107
Diluted 14,622,441 14,458,339
Earnings per share:
Basic $0.22 $0.15
Diluted $0.22 $0.15
GAIAM, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
Assets 2002 2001
Current assets:
Cash and cash equivalents $11,422,435 $22,243,647
Accounts receivable, net of allowance for
doubtful accounts of $854,131 in 2002
and $570,157 in 2001 21,455,744 15,747,329
Accounts and notes receivable, other 1,949,832 2,086,085
Inventory, less allowances 14,768,045 15,447,434
Deferred advertising costs 2,417,211 1,779,443
Other current assets 1,194,484 489,846
Total current assets 53,207,751 57,793,784
Property and equipment, net 9,543,231 13,278,545
Investments 7,865,192 --
Capitalized production costs, net 4,983,824 3,551,478
Video library, net 5,262,586 4,332,777
Goodwill, net 7,522,495 7,266,714
Deferred tax, net 1,670,591 873,131
Other assets 768,043 573,210
Total assets $90,823,713 $87,669,639
Liabilities and stockholders" equity
Current liabilities:
Accounts payable $11,998,087 $8,954,607
Accrued liabilities 4,326,887 5,810,657
Capital lease obligations, current 269,290 211,745
Income taxes payable 1,806,611 1,413,643
Total current liabilities 18,400,875 16,390,652
Capital lease obligations, long-term 54,529 238,078
Redeemable preferred stock in subsidiary -- 6,000,000
Deferred stock issuance 1,962,000 --
Total liabilities 20,417,404 22,628,730
Minority interest 172,481 6,408,277
Stockholders" equity:
Class A common stock, $.0001 par value,
150,000,000 shares authorized, 9,134,098
and 8,581,806 shares issued and outstanding
at December 31, 2002 and 2001, respectively 913 858
Class B common stock, $.0001 par value,
50,000,000 shares authorized, 5,400,000
shares issued and outstanding at December 31,
2002 and 2001, respectively 540 540
Additional paid-in capital 53,343,046 48,261,202
Deferred compensation (143,865) (352,326)
Retained earnings 17,033,194 10,722,358
Total stockholders" equity 70,233,828 58,632,632
Total liabilities and stockholders" equity $90,823,713 $87,669,639
Contact:
Corporate Headquarters:
360 Interlocken Blvd., Suite 300
Broomfield, Colorado 80021
Phone: 303-222-3600
Fax: 303-222-3700
For the year ended December 31, 2002, sales increased 13% to $111.4 million from $98.7 million reported for the year ended December 31, 2001. Operating income for the year 2002 increased 53% to $10.1 million or 9.1% of sales up from $6.6 million or 6.7% of sales during 2001. Net income for fiscal year 2002 increased to $6.3 million from $4.1 million reported for fiscal 2001. Earnings per share increased 38% to $0.44 for the year ended December 31, 2002, up from $0.32 for the prior year period.
For the fourth quarter ended December 31, 2002 sales increased to $37.3 million from $35.1 million reported in the prior year period. Operating income for the fourth quarter increased to $5.0 million or 13.5% of sales up from $2.5 million or 7.2% of sales during the same period of 2001. Net income for the fourth quarter increased to $3.2 million up from $2.1 million in the prior year period. Earnings per share increased 49% to $0.22 for the fourth quarter, up from $0.15 for the fourth quarter ended December 31, 2001.
During the first quarter of 2002 the company relocated its finance and creative staff formerly located in California to the company"s Colorado headquarters. Recently the company consolidated the remainder of its operations staff from Venice, California into the Colorado headquarters. As a result, the company"s office in Venice is being closed. The Company preliminarily estimates a one-time accrual of between $1.2 to $1.5 million primarily for lease termination costs into its fiscal 2002 results. This charge will reduce reported earnings for the year to a range of $0.37 to $0.39.
In the fourth quarter of 2002 the Company bought the remaining interest which it did not own in its Internet subsidiary Gaiam.com, and made a minority investment in Conscious Media, Inc., a multimedia company with visual media focus, as a part of the expansion of its media interests. In the first quarter 2003 the company also acquired a majority interest in Leisure Systems International (LSI), a U.K. based distributor and marketer of lifestyle products.
Gaiam ended its fiscal year with no debt, $11 million in cash and a $15 million line of credit, which is fully available and has been extended through December 2005.
"We are pleased with the 240 basis point improvement in our operating margin. Internal revenue growth of 18% for fiscal 2002 was good although internal growth of 9% for the fourth quarter was below our expectations. We continue to see the impact of the challenging economic environment that we experienced at the end of the fourth quarter into the current quarter," said Jirka Rysavy, Chairman and Chief Executive Officer.
"We continue to focus on our business channel where sales increased over 20% for the year," said Lynn Powers, President. "In addition to new account growth, our goal has been to further penetrate our existing accounts with incremental SKU placement and expansion of our Gaiam Lifestyle Store-within-a-store presentation. Comparable sales remained healthy at key accounts such as Target, Bed Bath & Beyond and Borders. We were disappointed by the decline in sales at mall based stores which is continuing into the current quarter. We have continued to expand our proprietary products offering which constituted over 60% of our sales in 2002, up from 53% in 2001. We remain optimistic about the prospects of our new launches, including the Health Solutions line, although we recognize the backdrop of a challenging economic environment in the near future."
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 February 28, 2003, at 9:00 p.m. E.S.T.
Domestic replay number: 800-835-4112
International replay number: 402-280-1656
http: www.gaiam.com
Gaiam, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Year ended Year ended
December 31, 2002 December 31, 2001
Net revenue $111,406 100.0% $98,737 100.0%
Cost of goods sold 45,476 40.8% 39,276 39.8%
Gross profit 65,931 59.2% 59,461 60.2%
Operating expenses 55,421 49.7% 51,499 52.2%
Non-recurring
restructuring charges 376 0.4% 1,350 1.4%
Income from operations 10,134 9.1% 6,612 6.7%
Interest income
and other - net (261) (0.2%) 346 0.3%
Profit before
income taxes 9,873 8.9% 6,958 7.0%
Provision for
income tax 3,522 3.2% 2,498 2.5%
Income before
minority interest 6,351 5.7% 4,460 4.5%
Minority interest (40) (0.0%) (404) (0.4%)
Net income $6,311 5.7% $4,056 4.1%
Shares outstanding
Basic 14,107,390 12,395,907
Diluted 14,488,783 12,808,631
Earnings per share:
Basic $0.45 $0.33
Diluted $0.44 $0.32
Gaiam, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended Three months ended
December 31, 2002 December 31, 2001
Net Revenue $37,262 100.0% $35,101 100.0%
Cost of goods sold 14,812 39.8% 13,932 39.7%
Gross profit 22,450 60.2% 21,169 60.3%
Operating expenses 17,414 46.7% 17,283 49.2%
Non-recurring
restructuring charges 0 0.0% 1,350 3.9%
Income from operations 5,036 13.5% 2,536 7.2%
Interest income
and other - net (1) (0.0%) 105 0.3%
Profit before
income taxes 5,035 13.5% 2,641 7.5%
Provision for
income tax 1,805 4.8% 928 2.6%
Income before
minority interest 3,230 8.7% 1,713 4.9%
Minority interest (53) (0.1%) 402 1.1%
Net income $3,177 8.6% $2,115 6.0%
Shares outstanding
Basic 14,365,547 13,973,107
Diluted 14,622,441 14,458,339
Earnings per share:
Basic $0.22 $0.15
Diluted $0.22 $0.15
GAIAM, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
Assets 2002 2001
Current assets:
Cash and cash equivalents $11,422,435 $22,243,647
Accounts receivable, net of allowance for
doubtful accounts of $854,131 in 2002
and $570,157 in 2001 21,455,744 15,747,329
Accounts and notes receivable, other 1,949,832 2,086,085
Inventory, less allowances 14,768,045 15,447,434
Deferred advertising costs 2,417,211 1,779,443
Other current assets 1,194,484 489,846
Total current assets 53,207,751 57,793,784
Property and equipment, net 9,543,231 13,278,545
Investments 7,865,192 --
Capitalized production costs, net 4,983,824 3,551,478
Video library, net 5,262,586 4,332,777
Goodwill, net 7,522,495 7,266,714
Deferred tax, net 1,670,591 873,131
Other assets 768,043 573,210
Total assets $90,823,713 $87,669,639
Liabilities and stockholders" equity
Current liabilities:
Accounts payable $11,998,087 $8,954,607
Accrued liabilities 4,326,887 5,810,657
Capital lease obligations, current 269,290 211,745
Income taxes payable 1,806,611 1,413,643
Total current liabilities 18,400,875 16,390,652
Capital lease obligations, long-term 54,529 238,078
Redeemable preferred stock in subsidiary -- 6,000,000
Deferred stock issuance 1,962,000 --
Total liabilities 20,417,404 22,628,730
Minority interest 172,481 6,408,277
Stockholders" equity:
Class A common stock, $.0001 par value,
150,000,000 shares authorized, 9,134,098
and 8,581,806 shares issued and outstanding
at December 31, 2002 and 2001, respectively 913 858
Class B common stock, $.0001 par value,
50,000,000 shares authorized, 5,400,000
shares issued and outstanding at December 31,
2002 and 2001, respectively 540 540
Additional paid-in capital 53,343,046 48,261,202
Deferred compensation (143,865) (352,326)
Retained earnings 17,033,194 10,722,358
Total stockholders" equity 70,233,828 58,632,632
Total liabilities and stockholders" equity $90,823,713 $87,669,639
Contact:
Corporate Headquarters:
360 Interlocken Blvd., Suite 300
Broomfield, Colorado 80021
Phone: 303-222-3600
Fax: 303-222-3700