DRAPER, Utah, May 2 /PRNewswire-FirstCall/ -- 1-800 CONTACTS, INC.
(NASDAQ:CTAC), today reported results for its first quarter ended
April 1, 2006. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO )
Consolidated net sales for the first quarter ended April 1, 2006
were $63.5 million, compared to $60.3 million for the comparable
quarter of the prior year. For the first quarter of fiscal 2006,
the Company reported consolidated net income of $1.2 million, or
$0.09 per diluted common share, compared to consolidated net income
of $0.2 million, or $0.01 per diluted common share, for the first
quarter of fiscal 2005. The fiscal 2006 results include $0.3
million of expense related to stock options granted prior to fiscal
2006 and approximately $50,000 of expense related to restricted
stock grants compared to approximately $5,000 of expense related to
restricted stock grants in the first quarter of fiscal 2005. These
amounts are included in other selling, general and administrative
expenses. US Retail Net sales and operating income for the
Company's US retail business for the first quarter of fiscal 2006
were $59.2 million and $7.0 million, respectively, compared to net
sales of $56.4 million and operating income of $4.4 million for the
first quarter of fiscal 2005. The gross margin for the US retail
business increased to 39.9% for the first quarter of fiscal 2006
from 39.4% for the first quarter of fiscal 2005. Advertising
expense for the first quarter of fiscal 2006 was approximately $2.6
million less than the first quarter of fiscal 2005. During the
first quarter of fiscal 2006, the US retail business other selling,
general and administrative expenses as a percentage of net sales
increased to 19.8% from 17.9% in the first quarter of fiscal 2005.
ClearLab Net sales and operating loss for ClearLab, the Company's
international manufacturing business, for the first quarter of
fiscal 2006 were $4.3 million and $(2.9) million, respectively,
compared to net sales of $4.3 million and an operating loss of
$(2.0) million for the first quarter of fiscal 2005. ClearLab's
results for the first quarter of fiscal 2006 include $1.5 million
in license fees from the Company's Japanese license agreement
compared to $1.0 million in the first quarter of fiscal 2005.
ClearLab's fiscal 2005 first quarter results also include $0.4
million of intercompany sales to the Company's US retail business.
For the first quarter of fiscal 2006, ClearLab's operating results
include a $0.3 million increase in research and development expense
and a $0.5 million increase in other selling, general and
administrative expenses. The change in other income (expense) for
the first quarter of fiscal 2006 is principally due to unrealized
foreign exchange transaction gains related primarily to
intercompany loans to ClearLab. Second Quarter Outlook For the
second quarter of fiscal 2006, the Company expects US retail net
sales of approximately $55.0 million to $57.0 million and operating
income of approximately $4.5 million to $5.5 million. The Company
expects ClearLab to achieve revenue of approximately $5.0 million
and an operating loss of approximately $(3.0) million for the
second quarter of fiscal 2006. Overview Jonathan Coon, Chief
Executive Officer, commented, "We exceeded our expectations for the
first quarter. Our first quarter performance was driven by our
Internet business as sales increased after the upgrades we made to
our website during 2005 and from targeted online marketing
programs. Our continued sales growth in spite of reduced
advertising is a short-term benefit of our cumulative investment of
approximately $190 million to build brand awareness to a record
level." Brian Bethers, President, added, "Our reduction in
advertising spending during the quarter from the first quarter of
2005 is consistent with our plans to spend less on advertising in
2006 as we focus on addressing the threat of 'doctors only' lenses.
Although we saw an increase in sales during the first quarter of
2006 compared to the first quarter of 2005, we expect that our
sales later this year will be impacted by the decrease in
advertising spending as reflected in our projection of a sequential
drop in sales during the second quarter." Mr. Coon, added, "We are
pleased with ClearLab's progress in preparation for our previously
announced July 26th press conference in New York." About 1-800
CONTACTS, INC. 1-800 CONTACTS offers consumers an attractive
alternative for obtaining replacement contact lenses in terms of
convenience, price and speed of delivery. Through its
easy-to-remember, toll-free telephone number, "1-800 CONTACTS"
(1-800-266-8228), and its Internet web site,
http://www.1800contacts.com/, the Company sells almost all of the
popular brands of contact lenses. 1-800 CONTACTS offers products at
competitive prices, while delivering a high level of customer
service. ClearLab develops and manufactures a wide range of
disposable contact lens products and distributes these lenses in
international markets. More information about ClearLab can be found
at its website, http://www.clearlab.com/. This news release
contains forward-looking statements about the Company's future
business prospects. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements. Factors that may cause future results to differ
materially from the Company's current expectations include, among
others: general economic conditions, the health of the contact lens
industry, inventory acquisition and management, manufacturing
operations, governmental regulations, exchange rate fluctuations,
advertising spending and effectiveness, unanticipated costs and
expected benefits associated with the Japanese license agreement
and the Company's supply agreements and related arrangements,
research and development initiatives, prescription verification
requirements of The Fairness to Contact Lens Consumers Act, and
other regulatory considerations. Information on the Company's
websites, other than the information specifically referenced in
this press release, shall not be deemed to be part of this press
release. 1-800 CONTACTS, INC. CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS INFORMATION (in thousands, except per share amounts)
(unaudited) Quarter Ended April 2, April 1, 2005 2006 NET SALES
$60,283 $63,491 COST OF GOODS SOLD 37,775 39,013 Gross profit
22,508 24,478 SELLING, GENERAL & ADMINISTRATIVE EXPENSES:
Advertising 6,538 3,983 Legal and professional 1,284 1,125 Research
and development 1,055 1,328 Other selling, general &
administrative 11,517 13,679 Total selling, general &
administrative expenses 20,394 20,115 INCOME FROM OPERATIONS 2,114
4,363 OTHER INCOME (EXPENSE), net (641) 313 INCOME BEFORE PROVISION
FOR INCOME TAXES 1,473 4,676 PROVISION FOR INCOME TAXES (1,290)
(3,495) NET INCOME $183 $1,181 PER SHARE INFORMATION: Basic and
diluted net income per common share $0.01 $0.09 OTHER DATA:
Depreciation $1,055 $1,388 Amortization 1,071 910 Total
depreciation and amortization $2,126 $2,298 Depreciation and
amortization included in the following captions: Cost of goods sold
$692 $770 Research and development 27 49 Other selling, general
& administrative 1,407 1,479 Total depreciation and
amortization $2,126 $2,298 SEGMENT INFORMATION: Quarter Ended April
2, 2005 U.S. International Eliminations Total Net sales $56,366
$4,288 $(371) $60,283 Gross profit 22,187 603 (282) 22,508 Research
and development -- 1,055 -- 1,055 Other selling, general &
administrative 10,078 1,439 -- 11,517 Income (loss) from operations
4,403 (2,007) (282) 2,114 Quarter Ended April 1, 2006 U.S.
International Eliminations Total Net sales $59,173 $4,318 $--
$63,491 Gross profit 23,624 638 216 24,478 Research and development
10 1,318 -- 1,328 Other selling, general & administrative
11,713 1,966 -- 13,679 Income (loss) from operations 7,006 (2,859)
216 4,363 1-800 CONTACTS, INC. CONDENSED CONSOLIDATED BALANCE SHEET
INFORMATION (in thousands) (unaudited) ASSETS December 31, April 1,
2005 2006 CURRENT ASSETS: Cash $1,481 $407 Accounts receivable, net
3,451 3,027 Inventories, net 21,458 21,596 Deferred income taxes
1,624 1,872 Other current assets 5,530 3,766 Total current assets
33,544 30,668 PROPERTY, PLANT AND EQUIPMENT, net 29,705 31,389
DEFERRED INCOME TAXES 1,087 1,054 GOODWILL 35,405 35,773
DEFINITE-LIVED INTANGIBLE ASSETS, net 13,847 13,268 OTHER ASSETS
1,357 1,365 Total assets $114,945 $113,517 LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Line of credit $--
$13,061 Current portion of long-term debt 1,633 1,686 Current
portion of capital lease obligations 58 28 Accounts payable and
accrued liabilities 24,126 32,418 Total current liabilities 25,817
47,193 LONG-TERM LIABILITIES: Line of credit $23,746 $-- Long-term
debt, net of current portion 6,440 6,211 Capital lease obligations,
net of current portion 83 70 Other long-term liabilities 1,642
1,143 Total long-term liabilities 31,911 7,424 STOCKHOLDERS' EQUITY
57,217 58,900 Total liabilities and stockholders' equity $114,945
$113,517
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO
http://photoarchive.ap.org/ DATASOURCE: 1-800 CONTACTS, INC.
CONTACT: Brian W. Bethers, President, or Robert G. Hunter, CFO,
both of 1-800 CONTACTS, INC., Web site: http://www.contacts.com/
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