Vitacost.com, Inc. Updates First Quarter and Full Year 2010 Revenue and EPS Guidance
21 4월 2010 - 5:05AM
Business Wire
Vitacost.com, Inc. (NASDAQ: VITC), a leading online retailer and
direct marketer of health and wellness products, today announced
updated guidance for revenue and fully diluted earnings per share
for the first quarter ending on March 31, 2010 and full year 2010.
The Company does not plan to provide preliminary financial
information in the future other than in unique circumstances, or in
the event of a material event that requires disclosure.
During the latter half of the first quarter, back orders
temporarily increased on select NSI proprietary products primarily
due to a manufacturing logistics issue at its Lexington, NC plant.
As a result, the Company estimates that $1.0 to $1.2 million of
revenue will shift from the first quarter to the second quarter as
the Company recognizes revenue when orders are delivered and not
shipped. As a result, the Company now expects revenue in the range
of $57.0 to $57.5 million for the first quarter of 2010, with fully
diluted earnings per share in the range of $0.08 to $0.09. The
Company’s prior guidance was for revenue in the range of $58 to $60
million and earnings per diluted share in the range of $0.14 to
$0.15. The revised earnings per share guidance is attributable to
the lower-than-expected revenue and a product mix shift with an
increased percentage of revenue stemming from lower margin third
party product sales. In addition, gross margin in the quarter was
also impacted by increased shipping expenses to maintain the
Company’s high level of customer service and an increase in the
level of promotional activity in order to mitigate the expense of
moving inventory from the Company’s former distribution center in
North Las Vegas to the newly opened facility in South Las
Vegas.
Accordingly, the Company is revising its full year 2010
estimates and now expects revenue to be in the range of $235 to
$245 million with full year earnings per share in the range of
$0.40 to $0.50. Previously, the Company’s full year guidance was
for revenue in the range of $245 to $255 million and earnings per
share in the range of $0.56 to $0.63.
"While we are disappointed with our first quarter preliminary
results and have prudently revised our full year expectations, we
believe these issues are short-term in nature and the Company has
taken the necessary steps to correct the situation and eliminate
the production bottleneck by the end of the second quarter,” said
Ira Kerker, Vitacost.com’s Chief Executive Officer. “We have made
some personnel changes in manufacturing, and are in the process of
implementing new scheduling software to enhance visibility and
efficiency of the scheduling process. In addition, we have adopted
additional oversight procedures to ensure that this situation is
not repeated in the future.”
Mr. Kerker continued, “Our business model remains sound and
taking into consideration the revenue that has now shifted into the
second quarter – we would have reported revenue within our
previously stated range. We believe the Company is well positioned
for long-term profitable growth and margin expansion as we continue
to achieve greater efficiencies and cost savings and note that our
new Las Vegas distribution center opened on schedule. As the
leading online retailer of health and wellness products, Vitacost
remains focused on offering its customers superior value and
quality on the best selection of products."
The Company plans to report full first quarter 2010 financial
results on Thursday, May 6, 2010, after market close. The Company
will also host a conference call to discuss these results and will
provide additional comments and details at that time. 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. EDT on
May 6, 2010. The call will be broadcast live over the Internet
hosted on the Investor Relations section of Vitacost.com's website
at www.vitacost.com, and will be archived online through May 20,
2010. In addition, you may dial (877) 407-0789 to listen to the
live broadcast.
A telephonic playback will be available from 8:00 p.m. EDT, May
6, 2010, through May 20, 2010. Participants can dial (877) 660-6853
to hear the playback. The account number is 3055 and the passcode
is 349388.
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 of healthy living products, 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-K filed for the
full year ending December 31, 2009.
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