220,000 New Customers Added on vitacost.com
Website
Company Narrows EBITDA Loss
Vitacost.com, Inc. (Nasdaq:VITC), a leading online retailer of
healthy living products, today reported financial results for the
third quarter ended September 30, 2013. The Company reported total
net sales of $90.5 million for the third quarter of 2013, a 10%
increase from total net sales of $82.2 million for the third
quarter of 2012. Shipped orders on the Company's core vitacost.com
website increased 8% year-over-year in the third quarter benefiting
from the addition of 220,000 new customers.
Gross profit in the third quarter increased 9% year-over-year to
$20.6 million, excluding certain items in the year ago
period. Non-GAAP adjusted EBITDA was a loss of $1.2 million
for the third quarter of 2013, a $1.9 million improvement from the
$3.1 million loss posted in the third quarter of 2012. The
Company reported an operating loss of $3.6 million in the third
quarter of 2013 compared to an operating loss of $5.2 million in
the third quarter of 2012.
"During the third quarter, we tested new promotional strategies
in order to better balance customer growth and retention with gross
margin," stated Jeffrey Horowitz, Vitacost.com's Chief Executive
Officer. "These efforts had a positive impact, as we reduced
our non-GAAP adjusted EBITDA loss by $1.9 million year-over-year,
while still growing the top-line double-digits. Going forward, we
will continue to adjust our promotional strategy
accordingly. We feel very strongly about the value proposition
that we offer to customers and the long-term growth prospects of
our business and have new marketing initiatives under way to
accelerate customer growth in the future."
Third Quarter Financial Highlights
Customer Acquisition: The Company added 220,000
new customers in the third quarter of 2013 on its vitacost.com
website, a decline of 7% year-over-year, primarily related to the
modification of the Company's Refer-A-Friend program in the fourth
quarter of 2012. In total, the Company added 312,000 new customers
in the third quarter of 2013, a decrease of 2% year-over-year,
including results from the Company's Amazon.com sales channel.
Active Customer Base: The number of active
customers from the Company's vitacost.com website was 1.8 million
at the end of the third quarter, up 12% year-over-year. The Company
ended the third quarter of 2013 with 2.1 million total active
customers, up 6% year-over-year, including results from the
Company's Amazon.com sales channel.
Number of Shipped Orders: The Company shipped
1.2 million orders generated from its vitacost.com website, up 8%
year-over-year. The Company shipped 1.3 million total orders in the
third quarter of 2013, up 9% year-over-year, including results from
the Company's Amazon.com sales channel.
Average Order Value: The Company's AOV from its
vitacost.com website was $75.44, a 2% year-over-year
increase. Total AOV for the third quarter of 2013 was
$70.58, an increase of 1% year-over-year, including orders
generated from the Company's Amazon.com sales channel which carries
a lower AOV.
Gross Margin: Gross margin was 22.7% in the
third quarter of 2013 compared to 22.9% in the third quarter of
2012, excluding certain items.
Fulfillment Expense: Fulfillment expense on a
per order shipped basis decreased 13% year-over-year, excluding
fees related to the Company's freight savings program. As a
percentage of net sales, fulfillment expense was 8.9% for the third
quarter of 2013 compared to 10.3% in the third quarter of
2012. Excluding fees related to the Company's current freight
savings program, which is expected to expire in mid-2014,
fulfillment expense as a percentage of net sales was 8.2% in the
third quarter of 2013 compared to 9.5% of net sales in the third
quarter of 2012.
Sales & Marketing Expense: Sales and
marketing expense was $7.5 million or 8.3% of net sales in the
third quarter of 2013, compared to $8.0 million or 9.8% of net
sales in the third quarter of 2012.
Balance Sheet: The Company had cash and cash
equivalents of $19.2 million as of September 30, 2013 as the
Company reduced its accounts payable during the quarter.
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 Jeffrey Horowitz, the Company's
Chief Executive Officer and Brian Helman, the Company's Chief
Financial Officer.
The conference call is scheduled to begin today at 10:00 a.m.
ET. 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 20, 2013. 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. ET,
November 6, 2013, through November 20, 2013. Participants can dial
(877) 870-5176 to hear the playback. The pass code is 10000491.
About Vitacost.com, Inc.
Vitacost.com, Inc. (Nasdaq:VITC) is a leading online
retailer of healthy living 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, the Company's expectations regarding customer growth and
future investments to support growth and drive operational
efficiencies, 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,
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; costs of compliance and the Company's failure to
comply with government regulations; inability to defend
intellectual property claims; the Company's failure to keep pace
with the demands of customers for new products; the current global
economic climate; disruptions in the Company's information
technology systems, and 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, 2012 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 2012 and 2013, 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 |
(In thousands, except par
value) |
(Unaudited) |
|
As of |
Assets |
September 30, 2013 |
December 31, 2012 |
Current Assets |
|
|
Cash and cash equivalents |
$ 19,230 |
$ 32,152 |
Accounts receivable, net |
2,899 |
2,613 |
Inventory |
41,410 |
33,319 |
Prepaid expenses |
1,590 |
1,270 |
Other receivables |
430 |
2,054 |
Restricted cash |
225 |
-- |
Other assets |
74 |
93 |
Total current
assets |
65,858 |
71,501 |
|
|
|
Property and equipment, net |
31,889 |
33,491 |
|
|
|
Restricted cash |
250 |
225 |
Deposits |
150 |
246 |
Goodwill |
2,200 |
2,200 |
|
2,600 |
2,671 |
|
|
|
Total assets |
$ 100,347 |
$ 107,663 |
|
|
|
Liability and Stockholders'
Equity |
|
|
Current Liabilities |
|
|
Accounts payable |
28,862 |
28,696 |
Deferred revenue |
5,320 |
5,414 |
Accrued expenses |
7,380 |
6,545 |
Total current
liabilities |
41,562 |
40,655 |
|
|
|
Deferred tax liability |
389 |
350 |
Total liabilities |
$ 41,951 |
$ 41,005 |
|
|
|
Commitments and Contingencies |
|
|
|
|
|
Stockholders' Equity |
|
|
Preferred stock, par value $.00001 per share;
25,000 shares authorized; no shares issued and outstanding |
-- |
-- |
Common stock, par value $.00001 per share;
100,000 shares authorized; 33,643 and 33,500 shares issued and
outstanding at September 30, 2013, and December 31, 2012,
respectively |
-- |
-- |
Additional paid-in capital |
111,615 |
109,022 |
Warrants |
4,348 |
4,262 |
Accumulated deficit |
(57,567) |
(46,626) |
Total stockholders'
equity |
58,396 |
66,658 |
Total liabilities and
stockholders' equity |
$ 100,347 |
$ 107,663 |
|
|
Vitacost.com,
Inc. |
Condensed Consolidated
Statements of Operations |
(In thousands, except per
share) |
(Unaudited) |
|
Three Months
Ended |
|
September 30,
2013 |
September 30,
2012 |
|
As Reported |
Adjustments |
Excluding
Adjustments |
As Reported |
Adjustments |
Excluding
Adjustments |
|
|
|
|
|
|
|
Net Sales |
$90,492 |
|
$90,492 |
$82,218 |
|
$82,218 |
|
|
|
|
|
|
|
Cost of Goods Sold |
69,914 |
|
69,914 |
63,453 |
102 |
63,351 |
Gross Profit |
20,578 |
|
20,578 |
18,765 |
|
18,867 |
|
|
|
|
|
|
|
Fulfillment |
8,041 |
|
8,041 |
8,476 |
|
8,476 |
Sales & Marketing |
7,474 |
|
7,474 |
8,017 |
|
8,017 |
General & Administrative |
8,644 |
|
8,644 |
7,478 |
(89) |
7,567 |
Total Operating Expenses |
24,159 |
|
24,159 |
23,971 |
|
24,060 |
|
|
|
|
|
|
|
Operating Loss |
(3,581) |
|
(3,581) |
(5,206) |
|
(5,193) |
|
|
|
|
|
|
|
Other Income |
28 |
|
28 |
78 |
|
78 |
|
|
|
|
|
|
|
Loss Before Income Taxes |
(3,553) |
|
(3,553) |
(5,128) |
|
(5,115) |
Income Tax Expense |
(13) |
|
(13) |
(13) |
|
(13) |
|
|
|
|
|
|
|
Net Loss |
($3,566) |
|
($3,566) |
($5,141) |
|
($5,128) |
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
Basic |
($0.11) |
|
($0.11) |
($0.15) |
|
($0.15) |
Fully Diluted |
($0.11) |
|
($0.11) |
($0.15) |
|
($0.15) |
|
|
|
|
|
|
|
Basic Shares Outstanding |
33,630 |
|
33,630 |
33,364 |
|
33,364 |
Fully Diluted Shares Outstanding* |
33,630 |
|
33,630 |
33,364 |
|
33,364 |
|
|
|
|
|
|
|
*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
Statements of Operations |
(In thousands, except per
share) |
(Unaudited) |
|
Nine Months
Ended |
|
September 30,
2013 |
September 30,
2012 |
|
As Reported |
Adjustments |
Excluding
Adjustments |
As Reported |
Adjustments |
Excluding
Adjustments |
|
|
|
|
|
|
|
Net Sales |
$285,482 |
|
$285,482 |
$245,688 |
|
$245,688 |
|
|
|
|
|
|
|
Cost of Goods Sold |
220,575 |
|
220,575 |
188,783 |
102 |
188,681 |
Gross Profit |
64,907 |
|
64,907 |
56,905 |
|
57,007 |
|
|
|
|
|
|
|
Fulfillment |
25,616 |
135 |
25,481 |
24,692 |
|
24,692 |
Sales & Marketing |
24,500 |
|
24,500 |
25,153 |
|
25,153 |
General & Administrative |
25,777 |
|
25,777 |
23,147 |
480 |
22,667 |
Total Operating Expenses |
75,893 |
|
75,758 |
72,992 |
|
72,512 |
|
|
|
|
|
|
|
Operating Loss |
(10,986) |
|
(10,851) |
(16,087) |
|
(15,505) |
|
|
|
|
|
|
|
Other Income |
84 |
|
84 |
129 |
|
129 |
|
|
|
|
|
|
|
Loss Before Income Taxes |
(10,902) |
|
(10,767) |
(15,958) |
|
(15,376) |
Income Tax Expense |
(39) |
|
(39) |
(39) |
|
(39) |
|
|
|
|
|
|
|
Net Loss |
($10,941) |
|
($10,806) |
($15,997) |
|
($15,415) |
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
Basic |
($0.33) |
|
($0.32) |
($0.49) |
|
($0.48) |
Fully Diluted |
($0.33) |
|
($0.32) |
($0.49) |
|
($0.48) |
|
|
|
|
|
|
|
Basic Shares Outstanding |
33,588 |
|
33,588 |
32,414 |
|
32,414 |
Fully Diluted Shares Outstanding* |
33,588 |
|
33,588 |
32,414 |
|
32,414 |
|
|
|
|
|
|
|
*The inclusion of common stock
equivalents in the calculation of diluted earnings per share during
the periods was anti-dilutive |
|
|
Vitacost.com -
Supplemental Net Sales Information |
($ in 000s) |
|
|
|
Three Months Ended
September 30, |
|
2013 |
2012 |
Third-party products |
$ 68,200 |
$ 61,492 |
Proprietary products |
18,679 |
17,846 |
Freight |
3,613 |
2,880 |
Net sales |
$ 90,492 |
$ 82,218 |
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2013 |
2012 |
Third-party products |
$ 216,050 |
$ 181,303 |
Proprietary products |
58,167 |
54,852 |
Freight |
11,265 |
9,533 |
Net sales |
$ 285,482 |
$ 245,688 |
|
|
Adjusted EBITDA
Calculation ($ in 000s) |
|
|
|
Three Months Ended
September 30, |
|
2013 |
2012 |
Reported operating loss |
($3,581) |
($5,206) |
Depreciation and amortization |
1,795 |
1,622 |
Stock-based compensation expense |
571 |
469 |
Adjustments: |
|
|
- Loss on sale of inventory for
manufacturing divestiture |
|
102 |
- Severance/recruiting for
executives |
|
199 |
- Additional legal/consulting
expenses |
|
(289) |
|
|
|
Adjusted EBITDA |
($1,215) |
($3,103) |
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2013 |
2012 |
Reported operating loss |
($10,986) |
($16,087) |
Depreciation and amortization |
5,104 |
4,764 |
Stock-based compensation expense |
1,886 |
1,524 |
Adjustments: |
|
|
- Loss on sale of inventory for
manufacturing divestiture |
|
102 |
- Severance/recruiting for
executives |
135 |
473 |
- Financing fees |
|
161 |
- Additional legal/consulting
expenses |
|
(153) |
|
|
|
Adjusted EBITDA |
($3,861) |
($9,216) |
CONTACT: Investor Contact:
Vitacost.com
Kathleen Reed
Director of Investor Relations
561.982.4180
ICR, Inc.
Katie Turner
Managing Director
646.277.1228
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