Revenue Up 30% Year-Over-Year With Continued
Strength in New Customers and Order Growth
Total Active Vitacost.com Customers of 1.6
Million
BOCA RATON, Fla., Nov. 7, 2012 (GLOBE NEWSWIRE) --Vitacost.com,
Inc. (Nasdaq:VITC), a leading online retailer of health and
wellness products, reported financial results for the third quarter
ended September 30, 2012. The Company reported a 37% year-over-year
increase in the number of shipped orders, as total new customers
grew 76% for the third quarter of 2012. Excluding sales from
Amazon.com, the number of shipped orders increased 30%
year-over-year, with new customers up 59% driven by strong results
from the Company's marketing initiatives.
The Company reported net sales of $82.2 million for the third
quarter of 2012, a 30% increase from net sales of $63.5 million for
the third quarter of 2011. Excluding a $0.1 million loss on the
sale of inventory related to the Company's manufacturing
divestiture in August 2012, gross profit increased 31%
year-over-year to $18.9 million. Non-GAAP adjusted EBITDA for the
third quarter of 2012 was a loss of $3.1 million compared to a loss
of $1.3 million in the third quarter of 2011. The Company reported
an operating loss of $5.2 million compared to an operating loss of
$5.4 million in the third quarter of 2011.
"We delivered another quarter of strong growth with sales up 30%
compared to the third quarter of 2011 and we are especially pleased
that our active customer base has grown to 1.6 million on our
vitacost.com website," stated Jeffrey Horowitz, Chief Executive
Officer. "In the quarter we successfully completed the divestiture
of our manufacturing operations and are already beginning to see
the positive impact from this transaction. We have strengthened our
balance sheet as we have reduced our inventory levels from the
second quarter. Going forward, we remain focused on continuing to
grow our customer base and improving the efficiency of our
fulfillment operations along with our operating results."
Third Quarter Financial Highlights
Customer Acquisition: The Company added 317,000
total new customers in the third quarter of 2012, an increase of
76% year-over-year. The Company added 236,000 new customers from
its vitacost.com website, an increase of 59% year-over-year. This
represents an increase of 10,000 customers over the second quarter
of 2012.
Active Customer Base: The Company ended the
third quarter of 2012 with 2.0 million active customers, up 62%
year-over-year. The number of active customers from the Company's
vitacost.com website was 1.6 million at the end of the third
quarter, up 30% year-over-year.
Number of Shipped Orders: The Company shipped
1.2 million orders in the third quarter of 2012, up 37%
year-over-year. The Company shipped 1.1 million orders generated
from its vitacost.com website, up 30% year-over-year.
Average Order Value: The Company's AOV from its
vitacost.com website was $74.32, a 2% decline year-over-year, and
excluding Refer-A-Friend, AOV was flat year-over-year. Total
AOV for the third quarter of 2012 was $69.98, a decline of 6%
year-over-year.
Gross Margin: Gross margin was 22.9% in the
third quarter of 2012, excluding a $0.1 million loss on the sale of
inventory related to the Company's manufacturing divestiture
completed in August 2012, compared to 22.7% in the third quarter of
2011.
Fulfillment Expense: Fulfillment expense on a
per order shipped basis increased 8% year-over-year, excluding fees
related to the Company's freight savings program and a $0.1 million
executive recruiting expense in the third quarter of 2011. As a
percentage of sales, fulfillment expense was 10.3% for the third
quarter of 2012 compared to 8.7% in the third quarter of 2011.
Sales & Marketing Expense: Sales and
marketing expense was $8.0 million or 9.8% of sales in the third
quarter of 2012, compared to $5.5 million or 8.7% of sales in the
third quarter of 2011, which excludes $0.9 million in severance and
executive recruiting expense. The Company's direct customer
acquisition costs for vitacost.com customers declined 11%
year-over-year on a per customer basis.
Balance Sheet: The Company had cash and cash
equivalents of $35.0 million as of September 30, 2012, an increase
of $1.1 million from June 30, 2012.
E-Commerce Metrics
A copy of historical e-commerce metrics is available on the
Company's website at http://investor.vitacost.com.
Conference Call Information
The Company will host a conference call to discuss these results
and will provide additional comments and details at that time.
Participating on the call will be Jeff Horowitz, the Company's
Chief Executive Officer and Brian Helman, the Company's Chief
Financial Officer.
The conference call is scheduled to begin at 10:00 a.m. EDT on
November 7, 2012. The call will be broadcast live over the Internet
hosted on the Investor Relations section of Vitacost.com's website
at http://investor.vitacost.com, and will be archived online
through November 21, 2012. In addition, you may dial (877) 705-6003
to listen to the live broadcast.
A telephonic playback will be available from 1:00 p.m. EDT,
November 7, 2012, through November 21, 2012. Participants can dial
(877) 870-5176 to hear the playback. The pass code is 401757.
About Vitacost.com, Inc.
Vitacost.com, Inc. (Nasdaq:VITC) is a leading online
retailer of health and wellness products, including dietary
supplements such as vitamins, minerals, herbs and other botanicals,
amino acids and metabolites, as well as cosmetics, organic body and
personal care products, pet products, sports nutrition and health
foods. Vitacost.com, Inc. sells these products directly
to consumers through its website, www.vitacost.com.
Vitacost.com, Inc. strives to offer its customers the
broadest 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 statements regarding the Company's future growth
prospects and financial performance, the Company's customer
acquisition strategy and expectations regarding the pace of
customer growth, and the expected positive impact from the
divesture of the Company's manufacturing operations involve known
and unknown risks and uncertainties, which may cause the Company's
actual results in current or future periods to differ materially
from those anticipated or projected herein. Those risks and
uncertainties include, among other things, the current global
economic downturn or recession; difficulty expanding the Company's
distribution facilities; significant competition in the Company's
industry; unfavorable publicity or consumer perception of the
Company's products on the Internet; the incurrence of material
product liability and product recall costs; inability to defend
intellectual property claims; costs of compliance and the Company's
failure to comply with government regulations; the Company's
failure to keep pace with the demands of customers for new
products; disruptions in the Company's information technology
systems; or the lack of long-term experience with human consumption
of some of the Company's products with innovative
ingredients. Those and other risks are more fully described in
the Company's filings with the Securities and Exchange Commission,
including the Company's Form 10-K for the full year ended December
31, 2011 and in the Company's subsequent filings with the
Securities and Exchange Commission made prior to or after the date
hereof.
Discussion of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with Generally Accepted Accounting Principles (GAAP),
Vitacost.com uses the non-GAAP measure of adjusted EBITDA, defined
as earnings before interest, taxes, depreciation, and amortization
of intangible assets. To adjust for the impact of certain
matters in 2011 and 2012, the Company has further adjusted its
EBITDA calculation to exclude the impact of stock-based
compensation expense and expenses from certain legal actions,
settlements and related costs, severance costs, and certain other
charges and credits. These non-GAAP measures are provided to
enhance the user's overall understanding of the Company's current
financial performance. Management believes that adjusted EBITDA
provides useful information to the Company and to investors by
excluding certain items that may not be indicative of the Company's
core operating results. However, adjusted EBITDA should not be
considered in isolation, or as a substitute for, or as superior to,
net income/loss, cash flows, or other consolidated income/loss or
cash flow data prepared in accordance with GAAP, or as a measure of
the Company's profitability or liquidity. Although adjusted EBITDA
is frequently used as a measure of operating performance, it is not
necessarily comparable to other similarly titled captions of other
companies due to differences in methods of calculation. Operating
income (loss) is the closest financial measure prepared by the
Company in accordance with GAAP in terms of comparability to
adjusted EBITDA. Attached at the end of this release is a
reconciliation of reported operating income (loss) determined under
GAAP to the presentation of adjusted EBITDA.
| Vitacost.com, Inc. |
|
|
| Consolidated Balance
Sheets |
|
|
| September 30, 2012 and December 31,
2011 |
|
|
| (In thousands, except par
value) |
|
|
| |
As of |
| Assets |
September 30,
2012 |
December 31,
2011 |
| Current Assets |
|
|
| Cash and cash equivalents |
$ 35,007 |
$ 12,939 |
| Accounts receivable, net |
2,800 |
2,169 |
| Inventory |
31,214 |
34,822 |
| Prepaid expenses |
1,371 |
1,912 |
| Other receivables |
3,029 |
264 |
| Other assets |
74 |
2,344 |
| Total current
assets |
73,495 |
54,450 |
| |
|
|
| Property and equipment, net |
33,653 |
33,629 |
| |
|
|
| Restricted cash |
225 |
225 |
| Deposits |
245 |
125 |
| Goodwill |
2,200 |
2,200 |
| |
2,670 |
2,550 |
| |
|
|
| Total assets |
$ 109,818 |
$ 90,629 |
| |
|
|
| Liability and Stockholders'
Equity |
|
|
| Current Liabilities |
|
|
| Accounts payable |
27,340 |
30,250 |
| Deferred revenue |
4,453 |
4,573 |
| Accrued expenses |
8,403 |
6,425 |
| Total current
liabilities |
40,196 |
41,248 |
| |
|
|
| Deferred tax liability |
336 |
574 |
| Total liabilities |
$ 40,532 |
$ 41,822 |
| |
|
|
| Commitments and Contingencies |
|
|
| |
|
|
| Stockholders' Equity |
|
|
| Preferred stock, par value $.00001 per share;
authorized 25,000; no shares issued and outstanding |
-- |
-- |
| Common stock, par value $.00001 per share;
authorized 100,000; 33,410 and 27,975 shares issued and outstanding
at September 30, 2012, and December 31, 2011, respectively |
-- |
-- |
| Additional paid-in capital |
108,476 |
76,262 |
| Warrants |
4,262 |
-- |
| Accumulated deficit |
(43,452) |
(27,455) |
| Total stockholders'
equity |
69,286 |
48,807 |
| Total liabilities and
stockholders' equity |
$ 109,818 |
$ 90,629 |
| |
|
|
|
|
|
|
| Vitacost.com, Inc. |
|
|
|
|
|
|
| Condensed Consolidated Statement of
Operations |
|
|
|
|
|
|
| (In thousands, except per
share) |
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
| |
Three Months
Ended |
| |
September 30,
2012 |
September 30,
2011 |
| |
As |
|
Excluding |
As |
|
Excluding |
| |
Reported |
Adjustments |
Adjustments |
Reported |
Adjustments |
Adjustments |
| |
|
|
|
|
|
|
| Net Sales |
$82,218 |
|
$82,218 |
$63,456 |
|
$63,456 |
| |
|
|
|
|
|
|
| Cost of Goods Sold |
63,453 |
102 |
63,351 |
49,024 |
|
49,024 |
| Gross Profit |
18,765 |
|
18,867 |
14,432 |
|
14,432 |
| |
|
|
|
|
|
|
| Fulfillment |
8,476 |
|
8,476 |
5,603 |
94 |
5,509 |
| Sales & Marketing |
8,017 |
|
8,017 |
6,391 |
892 |
5,499 |
| General & Administrative |
7,478 |
(89) |
7,567 |
7,797 |
807 |
6,990 |
| Total Operating Expenses |
23,971 |
|
24,060 |
19,791 |
|
17,998 |
| |
|
|
|
|
|
|
| Operating Loss |
(5,206) |
|
(5,193) |
(5,359) |
|
(3,566) |
| |
|
|
|
|
|
|
| Other Income |
78 |
|
78 |
11 |
|
11 |
| |
|
|
|
|
|
|
| Loss Before Income Taxes |
(5,128) |
|
(5,115) |
(5,348) |
|
(3,555) |
| Income Tax (Expense) Benefit |
(13) |
-- |
(13) |
7 |
-- |
7 |
| |
|
|
|
|
|
|
| Net Loss |
($5,141) |
|
($5,128) |
($5,341) |
|
($3,548) |
| |
|
|
|
|
|
|
| EPS |
|
|
|
|
|
|
| Basic |
($0.15) |
|
($0.15) |
($0.19) |
|
($0.13) |
| Fully Diluted |
($0.15) |
|
($0.15) |
($0.19) |
|
($0.13) |
| |
|
|
|
|
|
|
| Basic Shares Outstanding |
33,364 |
|
33,364 |
27,836 |
|
27,836 |
| Fully Diluted Shares Outstanding* |
33,364 |
|
33,364 |
27,836 |
|
27,836 |
| |
|
|
|
|
|
|
| *The inclusion of common stock
equivalents in the calculation of diluted earnings per share during
the periods was anti-dilutive |
| |
|
|
|
|
|
|
| Vitacost.com, Inc. |
|
|
|
|
|
|
| Condensed Consolidated
Statement of Operations |
|
|
|
|
| (In thousands, except per
share) |
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
| |
Nine Months
Ended |
| |
September 30,
2012 |
September 30,
2011 |
| |
As |
|
Excluding |
As |
|
Excluding |
| |
Reported |
Adjustments |
Adjustments |
Reported |
Adjustments |
Adjustments |
| |
|
|
|
|
|
|
| Net Sales |
$245,688 |
|
$245,688 |
$193,109 |
|
$193,109 |
| |
|
|
|
|
|
|
| Cost of Goods Sold |
188,783 |
102 |
188,681 |
148,837 |
(454) |
149,291 |
| Gross Profit |
56,905 |
|
57,007 |
44,272 |
|
43,818 |
| |
|
|
|
|
|
|
| Fulfillment |
24,692 |
-- |
24,692 |
15,639 |
94 |
15,545 |
| Sales & Marketing |
25,153 |
-- |
25,153 |
16,767 |
892 |
15,875 |
| General & Administrative |
23,147 |
480 |
22,667 |
23,125 |
2,536 |
20,589 |
| Total Operating Expenses |
72,992 |
|
72,512 |
55,531 |
|
52,009 |
| |
|
|
|
|
|
|
| Operating Loss |
(16,087) |
|
(15,505) |
(11,259) |
|
(8,191) |
| |
|
|
|
|
|
|
| Other Income |
129 |
|
129 |
36 |
|
36 |
| |
|
|
|
|
|
|
| Loss Before Income Taxes |
(15,958) |
|
(15,376) |
(11,223) |
|
(8,155) |
| Income Tax Expense |
(39) |
-- |
(39) |
(40) |
-- |
(40) |
| |
|
|
|
|
|
|
| Net Loss |
($15,997) |
|
($15,415) |
($11,263) |
|
($8,195) |
| |
|
|
|
|
|
|
| EPS |
|
|
|
|
|
|
| Basic |
($0.49) |
|
($0.48) |
($0.41) |
|
($0.29) |
| Fully Diluted |
($0.49) |
|
($0.48) |
($0.41) |
|
($0.29) |
| |
|
|
|
|
|
|
| Basic Shares Outstanding |
32,414 |
|
32,414 |
27,806 |
|
27,806 |
| Fully Diluted Shares Outstanding* |
32,414 |
|
32,414 |
27,806 |
|
27,806 |
| |
|
|
|
|
|
|
| *The inclusion of common stock
equivalents in the calculation of diluted earnings per share during
the periods was anti-dilutive |
| |
|
|
| Vitacost.com - Revenue by Product
Line |
|
|
| ($ in 000s) |
|
| |
Three Months Ended
September 30, |
| |
2012 |
2011 |
| Third-party products |
$ 61,492 |
$ 46,753 |
| Proprietary products |
17,846 |
14,679 |
| Freight |
2,881 |
2,024 |
| Net sales |
$ 82,218 |
$ 63,456 |
| |
|
|
| |
|
|
| |
Nine Months Ended June
30, |
| |
2012 |
2011 |
| Third-party products |
$ 181,303 |
$ 139,854 |
| Proprietary products |
54,852 |
46,650 |
| Freight |
9,533 |
6,605 |
| Net sales |
$ 245,688 |
$ 193,109 |
Vitacost.com Reconciliation of GAAP Operating Income to
Adjusted EBITDA
To supplement the consolidated financial statements presented in
accordance with GAAP, Vitacost.com uses the non-GAAP measure of
adjusted EBITDA, defined as earnings before interest, taxes,
depreciation, and amortization of intangible assets. To adjust
for the impact of certain matters in 2011 and 2012, the Company has
further adjusted its EBITDA calculation to exclude the impact of
stock-based compensation expense and expenses from certain legal
actions, settlements and related costs, severance costs, and
certain other charges and credits. These non-GAAP measures are
provided to enhance the user's overall understanding of the
Company's current financial performance. Management believes that
adjusted EBITDA provides useful information to the Company and to
investors by excluding certain items that may not be indicative of
the Company's core operating results. However, adjusted EBITDA
should not be considered in isolation, or as a substitute for, or
as superior to, net income/loss, cash flows, or other consolidated
income/loss or cash flow data prepared in accordance with GAAP, or
as a measure of the Company's profitability or liquidity. Although
adjusted EBITDA is frequently used as a measure of operating
performance, it is not necessarily comparable to other similarly
titled captions of other companies due to differences in methods of
calculation. Operating income (loss) is the closest financial
measure prepared by the Company in accordance with GAAP in terms of
comparability to adjusted EBITDA. Below is a reconciliation of
reported operating income (loss) determined under GAAP to the
presentation of adjusted EBITDA.
| Adjusted EBITDA
Calculation ($ in 000s) |
| |
|
| |
Three Months Ended
September 30, |
| |
2012 |
2011 |
| Reported operating (loss) income |
($5,206) |
($5,359) |
| Depreciation and amortization |
1,622 |
1,543 |
| Stock-based compensation Expense |
469 |
770 |
| Adjustments: |
|
|
| - Loss on sale of inventory for
manufacturing divestiture |
102 |
|
| - Severance/recruiting for
executives |
199 |
1,125 |
| - Additional legal/consulting
expenses |
(289) |
669 |
| |
|
|
| Adjusted EBITDA |
($3,103) |
($1,252) |
| |
|
|
| |
|
|
| |
Nine Months Ended June
30, |
| |
2012 |
2011 |
| Reported operating (loss) income |
($16,087) |
($11,259) |
| Depreciation and amortization |
4,764 |
4,569 |
| Stock-based compensation Expense |
1,524 |
1,112 |
| Adjustments: |
|
|
| - Loss on sale of inventory for
manufacturing divestiture |
102 |
|
| - Severance/recruiting for
executives |
473 |
1,125 |
| - Financing fees |
161 |
|
| - Credit from shipping provider |
|
(454) |
| - Additional legal/consulting
expenses |
(153) |
2,399 |
| |
|
|
| Adjusted EBITDA |
($9,216) |
($2,508) |
CONTACT: Investor Contact:
Vitacost.com
Kathleen Reed
Director of Investor Relations
561.982.4180
ICR, Inc.
John Mills
Senior Managing Director
310.954.1105
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