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Gaiam Inc., a lifestyle media company, announced results for its fourth quarter ended December 31, 2009. The Company's fourth quarter 2009 net revenue, as well as the operating income and EPS, are the best that Gaiam has ever recognized in any quarter since its inception. The strong performance is the result of streamlining the business during last few quarters and internal revenue growth of 18.7%.
Net revenue for the fourth quarter ended December 31, 2009 increased 17.6% to $87.6 million from $74.5 million recorded in the same quarter last year. The increase in net revenue was primarily due to the business segment which grew 44.1% and strong growth in the solar segment, partially offset by a planned reduction in catalog circulation.
Gross profit increased to $45.9 million, or 52.3% of net revenue, for the fourth quarter of 2009, from $38.3 million, or 51.4% of net revenue, during the comparable quarter last year. The improvement in gross profit as a percentage of revenue primarily reflects higher sales of media.
Selling and operating expenses decreased to $35.4 million, or 40.4% of net revenue, during the fourth quarter of 2009, from $39.7 million, or 53.3% of net revenue, during the same quarter last year, reflecting leverage from sales growth and the significant cost saving measures implemented earlier this year. The 1290 basis point improvement was the result of reducing payroll costs, optimizing the direct to consumer segment through reduced catalog prospecting and closing an unprofitable business.
Operating income for the quarter increased to $6.7 million from a loss of $47.2 million during the same quarter of last year. The results during the comparable quarter last year included a $42.3 million pre-tax charge primarily related to goodwill and intangible asset impairments and the disposition of an unprofitable business.
The Company recorded net income of $4.0 million during the quarter, or $0.17 per share, compared to a net loss of $30.3 million, or a loss of $1.26 per share, during the same quarter last year. Excluding the impairment charges discussed above and a gain from the issuance of Real Goods Solar stock, the Company's net loss during the fourth quarter of 2008 would have been $2.6 million or $0.11 per share.
For the year ended December 31, 2009, Gaiam recorded net revenue of $278.5 million, an 8.3% increase from $257.2 million during 2008. The Company recorded net income of $296,000, or $0.01 per share, compared to a net loss of $35.6 million, or a loss of $1.46 per share, last year. Prior year results included impairment charges primarily related to goodwill and acquired media libraries and a gain on the issuance of Real Goods Solar stock. Excluding these items, the Company would have recognized a loss of $2.0 million, or a loss of $0.08 per share, during 2008.
During the quarter, the Company generated free cash flow of $5.6 million, a $17.2 million improvement from the use of free cash flow of $11.6 million during the fourth quarter last year. For the year, free cash flow increased to $22.8 million, a $52.8 million improvement from the use of $30.0 million in free cash flow during last year.
For the year ended December 31, 2009, the Company generated $28.1 million in cash from operations and ended the year with $48.3 million in cash, up $16.4 million from the end of 2008, even after the Company's repurchase of 932,000 shares of its common stock during 2009. Since the inception of the authorized share buyback program, the Company has repurchased 4.8 million shares, which is over 20% of the 23.1 million shares currently outstanding. The Company still has 2.7 million shares remaining in its authorized share repurchase program.
"Our focus on growth strategies and cost savings initiatives during 2009 has enabled us to deliver a significant improvement in results in the last half of the year," commented Lynn Powers, Gaiam's President&CEO. "We ended the year on a very positive note. Our fourth quarter revenue, operating income and EPS results were the best in the Company's history. It was an especially good quarter for our business segment, where we reported over 44% growth in net sales to retailers compared to the same quarter last year."
"At the end of last year we set goals to grow revenue and focus on free cash flow. We are pleased with 2009 record revenues and free cash flow of $22.8 million. Looking forward to 2010, we believe that our revenue momentum and new media relationships will result in good top and bottom line growth," said Jirka Rysavy, Chairman. "In addition, our tax loss carryforwards, accumulated mostly from our intangible write-offs taken in 2008 and acquired net operating losses, will result in the next $30 million of our earnings being tax free. We are in a good position to take advantage of growth opportunities as well as to cover the cost of capital to our shareholders."
On March 8, 2010, Gaiam's board of directors declared the payment of an annual cash dividend of $0.15 per common share. This annual dividend is intended to cover the cost of capital for Gaiam shareholders. This "cost of the capital" dividend is funded by cash flows resulting from the excess of our annual depreciation and amortization over capital expenditures. The dividend is payable in late April 2010 to common stock shareholders of record as of the close of business on April 1, 2010.
Gaiam, Inc. is a leading producer and marketer of lifestyle media and fitness accessories. With a wide distribution network that consists of 70,000 retail doors, over 11,000 store within stores, a digital distribution platform and more than 8 million direct customers, Gaiam is dedicated to providing solutions for the many facets of healthy and eco-conscious living. The company dominates the health and wellness category and releases non-theatrical programming focused on family entertainment and conscious media. In addition Gaiam has exclusive licensing agreement with Discovery Communications and other licensing partners. For more information about Gaiam, please visit http://www.gaiam.com/ or call 1.800.869.3603.
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," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While Gaiam 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 new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Gaiam's filings with the Securities and Exchange Commission. Gaiam assumes no duty to update any forward-looking statements.
GAIAM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended Three Months Ended December 31, December 31, 2009 2008 ------------------ ------------------ Net revenue $87,636 100.0% $74,497 100.0% Cost of goods sold 41,776 47.7% 36,228 48.6% ------ ------ Gross profit 45,860 52.3% 38,269 51.4% Selling and operating 35,390 40.4% 39,715 53.3% Corporate, general and administration 3,794 4.3% 3,458 4.6% Other expenses, net - 0.0% 42,273 56.8% --- ------ Income (loss) from operations 6,676 7.6% (47,177) -63.3% Interest and other income (expense) (1,745) -2.0% 1,653 2.2% ------ ----- Income (loss) before income taxes 4,931 5.6% (45,524) -61.1% Income tax expense (benefit) 611 0.7% (3,511) -4.7% --- ------ Net income (loss) 4,320 4.9% (42,013) -56.4% Net (income) loss attributable to the noncontrolling interest (290) -0.3% 11,711 15.7% ---- ------ Net income (loss) attributable to Gaiam, Inc. $4,030 4.6% $(30,302) -40.7% ====== ======== Weighted-average shares outstanding: Basic 23,110 23,980 Diluted 23,267 23,980 Net income (loss) per share attributable to Gaiam, Inc. common shareholders: Basic $0.17 $(1.26) Diluted $0.17 $(1.26) GAIAM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Twelve Months Ended Twelve Months Ended December 31, December 31, 2009 2008 ------------------- ------------------- Net revenue $278,473 100.0% $257,172 100.0% Cost of goods sold 134,370 48.3% 107,927 42.0% ------- ------- Gross profit 144,103 51.7% 149,245 58.0% Selling and operating 131,659 47.3% 142,401 55.4% Corporate, general and administration 13,225 4.7% 13,059 5.1% Other expenses, net - 0.0% 82,928 32.2% --- ------ Loss from operations (781) -0.3% (89,143) -34.7% Interest and other income (expense) (1,524) -0.5% 34,016 13.3% ------ ------ Loss before income taxes (2,305) -0.8% (55,127) -21.4% Income tax benefit (2,088) -0.7% (7,542) -2.9% ------ ------ Net loss (217) -0.1% (47,585) -18.5% Net loss attributable to the noncontrolling interest 513 0.2% 11,962 4.6% --- ------ Net income (loss) attributable to Gaiam, Inc. $296 0.1% $(35,623) -13.9% ==== ======== Weighted-average shares outstanding: Basic 23,306 24,452 Diluted 23,378 24,452 Net income (loss) per share attributable to Gaiam, Inc. common shareholders: Basic $0.01 $(1.46) Diluted $0.01 $(1.46) GAIAM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) December 31, ------------ 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $48,325 $31,965 Accounts receivable, net 46,266 33,664 Inventory, net 26,872 40,782 Deferred advertising costs 1,909 2,578 Receivable and deferred tax assets 10,179 15,448 Other current assets 5,681 4,795 ----- ----- Total current assets 139,232 129,232 Property and equipment, net 28,217 27,381 Media library, net 12,354 12,102 Deferred tax assets, net 4,414 6,076 Goodwill 24,166 23,180 Other intangibles, net 652 880 Notes receivable and other assets 3,178 3,247 ----- ----- Total assets $212,213 $202,098 ======== ======== Liabilities and Equity Current liabilities: Accounts payable $33,261 $26,567 Accrued liabilities 11,061 6,885 ------ ----- Total current liabilities 44,322 33,452 Total equity 167,891 168,646 ------- ------- Total liabilities and equity $212,213 $202,098 ======== ======== Non-GAAP Financial Measures
The Company has utilized the non-GAAP information set forth below as an additional device to aid in understanding and analyzing its financial results for the quarter and year ended December 31, 2008. Management believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of the results in the current period to those in prior periods and future periods. Reference to these non-GAAP measures should not be considered a substitute for results that are presented in a manner consistent with GAAP.
A reconciliation of the Company's quarter and year ended December 31, 2008 GAAP net loss to its non-GAAP net loss is set forth below (unaudited, in millions except share and per share data):
For the Quarter For the Year Ended Ended December 31, December 31, 2008 2008 ------------- ------------- Net loss (30.3) (35.6) Exclusion of non-cash gain on issuance of Real Goods Solar stock (net of taxes of $0.5 million and $12.7 million, respectively) (0.9) (20.1) Exclusion of non-cash impairment of goodwill and intangible assets (net of taxes of $2.3 million and $17.8 million, respectively) 28.6 53.7 Non-GAAP net loss (2.6) (2.0) Non-GAAP weighted average shares used in earnings per share calculation -diluted 23,980,000 24,599,000 Non-GAAP loss per share -diluted $(0.11) $(0.08)
CONTACT: Carole Buyers, VP Corporate Finance and Investor Relations of Gaiam, Inc., +1-303-222-3808, email@example.com
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