Vitacost.com, Inc. (NASDAQ: VITC), a leading online retailer and
direct marketer of health and wellness products, today reported
financial results for the fourth quarter and full year ended
December 31, 2009.
Fourth Quarter of 2009 Operating Highlights Include:
- Net Sales increased 32% y/y to
$50.3 million, compared to $38.2 million for the fourth quarter of
2008.
- Gross Profit Margin increased
450 basis points to 31.9% from the prior year period.
- Sales and Marketing expenses as
a percent of sales decreased 110 basis points year over year to
8.5% for the fourth quarter of 2009 compared to 9.6% in the
comparable year period.
- Adjusted EBITDA improved to $5.4
million, an increase of approximately 180% from the prior year
period.
- Adjusted EBITDA margin increased
570 basis points to 10.7% from the prior year period.
- The Number of New Customers in
the fourth quarter of 2009 increased 38% y/y to 184,293.
- The Number of Orders in the
fourth quarter of 2009 increased 26% y/y to 655,575.
Fourth Quarter 2009 Results
For the fourth quarter of 2009, net sales increased 32% to $50.3
million from net sales of $38.2 million for the fourth quarter of
the prior year. Both of the Company’s primary sales categories,
propriety and third party products, contributed to this strong
year-over-year increase by generating record fourth quarter
results.
Gross profit for the fourth quarter of 2009 increased 53% to
$16.0 million, compared to $10.5 million in the fourth quarter of
the prior year. The Company's gross profit margin increased 450
basis points to 31.9% in the fourth quarter versus 27.4% in the
fourth quarter of 2008. Overall, the gross profit margin
improvement was primarily due to transitioning manufacturing of
proprietary capsules and tablets from third-party manufacturers
in-house, and increased purchasing power with third-party
distributors and raw material suppliers due to higher sales
volumes.
Operating income for the fourth quarter of 2009 was $3.7 million
compared to $0.5 million in the same period a year ago. The
Company’s operating margin expanded to 7.3% from 1.4% for the same
period last year. This improvement was due to strong net sales
growth, leverage of sales and marketing expense, and the strength
of the Company’s proven business model.
Adjusted EBITDA (earnings before interest, taxes, depreciation,
amortization and related non-cash compensation expense) for the
fourth quarter of 2009 increased approximately 180% y/y to $5.4
million, compared to $1.9 million in the previous year. The
Company's EBITDA margin increased 570 basis points to 10.7% in the
fourth quarter versus 5.0% in the fourth quarter of 2008.
Net income for the fourth quarter of 2009 was $2.6 million, or
$0.09 per diluted share calculated on a weighted average fully
diluted share count of 28.5 million shares, versus a net loss of
$0.6 million or ($0.02) per share for the comparable period last
year. The Company had approximately 22.8 million shares outstanding
pre IPO and issued approximately 4.4 million new shares for the IPO
during the last week of September.
“We achieved record sales for the fourth quarter and full year
of 2009 and are on track to deliver strong results in 2010. Fourth
quarter net sales increased in our two primary net sales sources —
third party products and propriety products — underscoring our
expanding product offering as well as customer growth,” said Ira
Kerker, Vitacost’s Chief Executive Officer. “The improved gross and
operating margins during 2009 illustrate the leverage in our
business model and with the planned expansion of our distribution
and manufacturing facilities in 2010; we believe we are well
positioned for increased sales, margin improvement and earnings
growth for many years to come.”
Full Year 2009 Results
For the full year of 2009, net sales increased 33.6% to $191.8
million compared to $143.6 million in the same period last
year.
The Company’s operating cash flow was $14.9 million for the full
year of 2009 compared to a use of $0.6 million in 2008. Adjusted
EBITDA was $24.4 million for the full year of 2009 compared to $5.3
million for the previous year.
Excluding the $10.9 million of one-time, non-cash stock option
expense recorded in the third quarter, full year 2009 net income
was $12.9 million, or $0.52 per diluted share, calculated on 24.7
million shares outstanding compared to breakeven net income or
$0.00 per diluted share, for full year 2008. The Company's GAAP net
income, which includes the $10.9 million of one-time, non-cash
stock-based compensation expense in connection with the recent
initial public offering, was $5.9 million or $0.24 per fully
diluted share for the full year of 2009 compared with breakeven net
income $0.00 per fully diluted share for the full year of 2008.
Balance Sheet
The Company ended the fourth quarter of 2009 with cash, cash
equivalents, and short-term investments, of $44.4 million as of
December 31, 2009.
Richard Smith, Chief Financial Officer, commented, “Our strong
operating cash flow of $14.9 million for the full year of 2009
combined with our recent initial public offering has us well
positioned to complete our distribution and manufacturing facility
expansion as well as sufficient capital to increase our competitive
advantage. For instance, we have utilized our infrastructure to
increase the number of SKU’s that we offer our customers to over
30,000 from 23,000 we had previously reported and we plan to end
2010 with approximately 60,000 SKU’s.”
Outlook
For the first quarter of 2010, the Company expects revenue to be
in the range of $58 to $60 million. Earnings per diluted share for
the first quarter are expected to be in the range of $0.14 to $0.15
per diluted share calculated with fully diluted shares outstanding
of 28.9 million.
For the full year ending December 31, 2010 the Company expects
revenue to be in the range of $245 to $255 million. The Company
expects its net income to be in the range of $16.5 to $18.5 million
which equates to an increase of 28% - 43% y/y, compared to the full
year 2009 net income of $12.9M which excludes the one-time,
non-cash stock compensation expense. The Company expects earnings
per diluted share to be in the range of $0.56 to $0.63 calculated
with fully diluted shares outstanding of 29.5 million.
The Company expects its EBITDA for the full year of 2010 to be
in the range of $32.5 to $34 million with approximately $4.0
million of depreciation and amortization for the full year.
E-Commerce Metrics
A copy of historical e-commerce metrics is available on the
Company’s website at www.vitacost.com/earnings.
Conference Call Information
The Company will also host a conference call to discuss these
results with additional comments and details. Participating on the
call will be Ira Kerker, Chief Executive Officer, and Richard
Smith, Chief Financial and Accounting Officer.
The conference call is scheduled to begin at 5:00 p.m. EST on
February 18, 2010. The call will be broadcast live over the
Internet hosted at the Investor Relations section of Vitacost.com’s
website at www.vitacost.com, and will be archived online through
March 4, 2010. In addition, you may dial 877-407-0784 to listen to
the live broadcast.
A telephonic playback will be available from 8:00 p.m. EST,
February 18, 2010, through March 4, 2010. Participants can dial
877-660-6853 to hear the playback. The account number is 3055 and
the passcode is 343860.
About Vitacost.com, Inc.
Vitacost.com, Inc. (Symbol: VITC) is a leading online retailer
and direct marketer of health and wellness products, including
dietary supplements such as vitamins, minerals, herbs or other
botanicals, amino acids and metabolites, as well as cosmetics,
organic body and personal care products, sports nutrition and
health foods. Vitacost.com, Inc. sells these products directly to
consumers through its website, www.vitacost.com, as well as through
its catalogs. Vitacost.com, Inc. strives to offer its customers the
broadest product selection supported by current scientific and
medical research at the best value, while providing superior
customer service and timely and accurate delivery.
Forward-Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements made herein, which
include management’s expected results of operations for the first
quarter of 2010, and the full year of 2010, involve known and
unknown risks and uncertainties, which may cause Vitacost’s actual
results in current or future periods to differ materially from
forecasted results. Those risks and uncertainties include, among
other things, the current global economic downturn or recession;
difficulty expanding its manufacturing and distribution facilities;
significant competition in its industry; unfavorable publicity or
consumer perception of its products on the Internet; the incurrence
of material product liability and product recall costs; Inability
to defend intellectual property claims; costs of compliance and its
failure to comply with government regulations; its failure to keep
pace with the demands of our customers for new products;
disruptions in its manufacturing system, including information
technology systems, or losses of manufacturing certifications; and
the lack of long-term experience with human consumption of some of
its products with innovative ingredients. Those and other risks are
more fully described in Vitacost’s filings with the Securities and
Exchange Commission, including the Registration Statement on Form
S-1, as amended, filed in connection with the Company’s initial
public offering as well as the Company’s form 10-Q filed for the
third quarter of 2009.
Vitacost.com, Inc Balance Sheets December 31, 2009
and 2008 (unaudited) 2009
2008
Assets Current Assets Cash and cash equivalents $
8,658,157 $ 61,326 Securities available for sale 35,787,227 -
Accounts receivable 735,355 842,523 Other receivables 1,055,372
645,451 Related party receivables - 215,241 Inventory, net
28,096,884 21,662,746 Prepaid expenses 876,788 656,975 Deferred tax
asset 1,336,852 1,179,288
Total current
assets 76,546,635 25,263,550
Property and Equipment, net 21,961,903 19,305,832 Goodwill
2,200,000 2,200,000 Intangible Assets, net 9,446 13,947 Deposits
4,656,128 85,207 Deferred Tax Asset 4,176,717 -
11,042,291 2,299,154
Total assets $ 109,550,829 $ 46,868,536
Liability and Stockholders' Equity Current Liabilities Line
of credit $ 2,705,000 $ 9,412,630 Current maturities of note
payable 1,090,969 983,032 Current maturities of capital lease
obligation 35,452 58,343 Accounts payable 17,693,928 15,769,909
Deferred revenue 1,919,352 2,379,298 Accrued expenses 3,282,476
2,620,760 Income taxes payable 51,221 29,252
Total current liabilities 26,778,398 31,253,224 Notes
Payable, less current maturities 4,820,042 5,740,436 Notes Payable,
related party - 2,000,000 Capital Lease Obligation, less current
maturities - 37,698 Deferred Tax Liability 2,984,028 167,368
Interest Rate Swap Liability 468,719 704,840
Total liabilities $ 35,051,187 $ 39,903,566
Commitments and Contingencies
Stockholders' Equity
Preferred stock, par value $.00001 per share; authorized
25,000,000; no shares issued and outstanding at December 31, 2009
and 2008 $ - $ - Common stock, par value $.00001 per share;
authorized 100,000,000; 27,488,353 and 23,188,380 shares issued and
outstanding at December 31, 2009 and 2008, respectively 275 232
Additional paid-in capital 71,932,256 11,457,241 Note receivable
from exercise of options - (1,165,625 ) Retained earnings (deficit)
2,567,111 (3,326,878 )
Total stockholders'
equity 74,499,642 6,964,970
Total
liabilities and stockholders' equity $ 109,550,829 $ 46,868,536
Condensed Consolidated Statements of Operations For the Three
Months and Full Year Ended December 31, 2009 and 2008
Vitacost.com, Inc. Quarterly Income Statement ($ in
000s) (Unaudited) Three Months
Ended December 31, 2009 December 31, 2008
As Excluding As
Excluding Reported
Adjustments Adjustments
Reported Adjustments
Adjustments Net Sales $ 50,290.8 $
50,290.8 $ 38,165.7 $ 38,165.7 Cost of Goods Sold
34,252.3 34,252.3
27,697.0 27,697.0 Gross
Profit 16,038.5 16,038.5 10,468.7 10,468.7 Fulfillment
2,926.4 2,926.4 2,693.8 2,693.8 Sales & Marketing 4,291.2
4,291.2 3,665.0 3,665.0 General & Administrative 4,018.2
4,018.2 2,778.9 2,778.9 Depreciation & Amortization
1,134.5 1,134.5
801.1 801.1 Total
Operating Expenses 12,370.3 12,370.3 9,938.8 9,938.8
Operating Income 3,668.2 3,668.2 529.9 529.9 Interest Income
33.5 33.5 22.5 22.5 Interest Expense (40.0 ) (40.0 ) (690.1 )
(690.1 ) Other Income (Expense) 223.4
223.4 (26.5 )
(26.5 ) Income (loss) before taxes 3,885.1 3,885.1
(164.2 ) (164.2 ) Income Tax (expense) benefit (1,330.9 ) (1,330.9
) (389.0 ) (389.0 ) Net Income (loss) $ 2,554.3
$ 2,554.3 ($553.2 )
($553.2 ) EPS Basic $ 0.09 $ 0.09
($0.02 ) ($0.02 ) Fully Diluted $ 0.09 $ 0.09 ($0.02 ) ($0.02 )
Basic Shares Outstanding 27,488.4 27,488.4 23,188.4 23,188.4
Fully Diluted Shares Outstanding 28,513.1 28,513.1 23,188.4
23,188.4
Vitacost.com, Inc. Income Statement ($ in
000s) (Unaudited) Fiscal Year Ended
December 31, 2009 December 31, 2008
As Excluding As
Excluding Reported
Adjustments Adjustments
Reported Adjustments
Adjustments Net Sales $ 191,807.0 $
191,807.0 $ 143,602.3 $ 143,602.3 Cost of Goods Sold
130,605.5 130,605.5
105,529.3 105,529.3
Gross Profit 61,201.5 61,201.5 38,073.0 38,073.0
Fulfillment 8,953.6 8,953.6 8,392.6 8,392.6 Sales & Marketing
14,283.7 14,283.7 13,146.6 13,146.6 General & Administrative
25,432.5 10,896.9 14,535.6 12,007.3 12,007.3 Depreciation &
Amortization 3,650.1
3,650.1 2,864.3
2,864.3 Total Operating Expenses 52,319.9 41,423.0 36,410.9
36,410.9 Operating Income 8,881.6 19,778.5 1,662.2 1,662.2
Interest Income 96.5 96.5 85.9 85.9 Interest Expense (497.9
) (497.9 ) (1,236.3 ) (1,236.3 ) Other Income (Expense)
249.8 249.8 (12.7
) (12.7 ) Income (loss) before
taxes 8,730.1 19,626.9 499.0 499.0 Income tax (expense) benefit
(2,836.1 ) $ 3,931.9 (6,768.0 ) (481.6 ) (481.6 ) Net Income
(loss) $ 5,894.0 $ 12,858.9 $
17.4 $ 17.4 EPS Basic $
0.24 $ 0.53 $ 0.00 $ 0.00 Fully Diluted $ 0.24 $ 0.52 $ 0.00 $ 0.00
Basic Shares Outstanding 24,216.9 24,216.9 23,188.4 23,188.4
Fully Diluted Shares Outstanding 24,674.2 24,674.2 23,975.1
23,975.1
VITACOST.COM, INC.
Reconciliation of GAAP Net
(loss) Income to Pro Forma Net Income (Loss) Available to Common
Shareholders
This earnings release includes
information presented on a pro forma basis. These pro forma
financial measures are considered "non-GAAP" financial measures
within the meaning of SEC Regulation G. The Company believes that
this presentation of pro forma results provides useful information
to both management and investors by excluding specific expenses
that the Company believes are not indicative of core operating
results. The presentation of this additional information should not
be considered in isolation or as a substitute for results prepared
in accordance with generally accepted accounting principles. The
reconciliations set forth below are provided in accordance with
Regulation G and reconcile the pro forma financial measures with
the most directly comparable GAAP-based financial measures.
VITACOST.COM, INC.
Reconciliation of GAAP
Operating (loss) Income to Adjusted EBITDA
Fiscal Period Ended
December 31, 2009 December 31, 2008
Operating income 8,881.6 1,662.2 Stock based compensation charge
10,896.9 - FAS 123R - Stock Option Expense 934.5 794.9 Depreciation
and amortization 3,650.1 2,864.3 Adjusted EBITDA $
24,363.1 $ 5,321.4
Three Months Ended
December 31, 2009
December 31, 2008
Operating income 3,668.2 529.9 FAS 123R - Stock Option
Expense 592.5 583.3 Depreciation and amortization 1,134.5
801.1 Adjusted EBITDA $ 5,395.2 $ 1,914.2
EBITDA (earnings before interest,
income taxes, depreciation, and amortization, including goodwill
and intangible asset impairment) is not a measure of financial
performance under generally accepted accounting principles, or
GAAP, but is used by some investors to determine the strength of a
company's cash flow. The presentation of this additional
information should not be considered in isolation or as a
substitute for results prepared in accordance with generally
accepted accounting principles. The reconciliation set forth above
is provided in accordance with Regulation G and reconciles EBITDA,
with the most directly comparable GAAP-based financial measure.
EBITDA is not calculated in the same manner by all companies and
accordingly is not necessarily comparable to similarly entitled
measures of other companies and may not be an appropriate measure
for performance relative to other companies. EBITDA is not intended
to represent and should not be considered more meaningful than, or
as an alternative to, measures of operating performance as
determined in accordance with GAAP.
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