Vitacost.com, Inc. (Nasdaq:VITC), a leading online retailer of
healthy living products, today reported financial results for the
first quarter ended March 31, 2014. The Company reported total net
sales of $104.8 million, a 7% increase from total net sales of
$97.8 million for the first quarter of 2013. Shipped orders on the
Company's core vitacost.com website increased 5% year-over-year in
the first quarter benefiting from the addition of 266,000 new
customers.
Non-GAAP adjusted EBITDA was a loss of $0.7 million for the
first quarter of 2014, excluding fees related to the Company's
freight savings program, compared to $0.3 million in adjusted
EBITDA generated in the first quarter of 2013. The Company reported
an operating loss of $3.9 million in the first quarter of 2014,
compared to an operating loss of $3.0 million in the first quarter
of 2013.
"In the first quarter, we launched a national television
advertising test and remain focused on increasing our reach to a
wider base of customers," stated Jeffrey Horowitz, Vitacost.com's
Chief Executive Officer. "In addition, we released numerous new
enhancements to our website to further improve the customer
experience with many more to come throughout the year."
First Quarter Financial Highlights
Customer Acquisition: The Company added 266,000
new customers in the first quarter of 2014 on its vitacost.com
website, a 2% year-over-year decline. In total, the Company added
389,000 new customers in the first quarter of 2014, an increase of
7% year-over-year, including results from the Company's Amazon.com
sales channel.
Active Customer Base: The number of active
customers on the Company's vitacost.com website was 1.8 million at
the end of the first quarter, up 7% year-over-year. The Company
ended the first quarter of 2014 with 2.3 million total active
customers, up 8% year-over-year, including results from the
Company's Amazon.com sales channel.
Number of Shipped Orders: The Company shipped
1.3 million orders generated from its vitacost.com website, up 5%
year-over-year. The Company shipped 1.5 million total orders in the
first quarter of 2014, up 8% 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 $75.55, a 2% year-over-year increase.
Total AOV for the first quarter of 2014 was $69.95, 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 22.1% in the
first quarter of 2014 compared to 23.1% in the first quarter of
2013.
Fulfillment Expense: Fulfillment expense on a
per order shipped basis decreased 1% year-over-year, excluding fees
related to the Company's freight savings program. As a percentage
of net sales, fulfillment expense was 8.8% for the first quarter of
2014 compared to 9.0% in the first quarter of 2013, excluding
certain items in the year ago quarter. 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 first quarter of 2014, consistent with the
year ago quarter.
Sales & Marketing Expense: Sales and
marketing expense was $8.7 million or 8.3% of net sales in the
first quarter of 2014, compared to $8.4 million or 8.6% of net
sales in the first quarter of 2013.
Balance Sheet: The Company had cash and cash
equivalents of $29.1 million as of March 31, 2014.
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
May 22, 2014. 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, May
8, 2014, through May 22, 2014. Participants can dial (877)
870-5176 to hear the playback. The pass code is 13580905.
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, 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, 2013 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 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) |
|
|
|
|
As of |
Assets |
March 31, 2014 |
December 31, 2013 |
Current Assets |
|
|
Cash and cash equivalents |
$ 29,092 |
$ 24,799 |
Accounts receivable, net |
2,957 |
1,486 |
Inventory |
35,653 |
37,143 |
Prepaid expenses |
1,159 |
902 |
Other current assets |
490 |
567 |
Total current
assets |
69,351 |
64,897 |
|
|
|
Property and equipment, net |
29,315 |
30,288 |
|
|
|
Other assets |
3,256 |
3,192 |
|
|
|
|
|
|
Total
assets |
$ 101,922 |
$ 98,377 |
|
|
|
Liability and Stockholders'
Equity |
|
|
Current Liabilities |
|
|
Accounts payable |
34,475 |
29,357 |
Deferred revenue |
5,135 |
4,634 |
Accrued expenses |
6,760 |
6,326 |
Total current
liabilities |
46,370 |
40,317 |
|
|
|
Deferred tax liability |
415 |
402 |
Total
liabilities |
$ 46,785 |
$ 40,719 |
|
|
|
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; 34,054 and 34,050 shares issued and
outstanding at March 31, 2014, and December 31, 2013,
respectively |
-- |
-- |
Additional paid-in capital |
115,048 |
113,658 |
Warrants |
4,347 |
4,347 |
Accumulated deficit |
(64,258) |
(60,347) |
Total stockholders'
equity |
55,137 |
57,658 |
Total liabilities and
stockholders' equity |
$ 101,922 |
$ 98,377 |
|
|
|
|
Vitacost.com,
Inc. |
Condensed Consolidated
Statements of Operations |
(In thousands, except per
share) |
(Unaudited) |
|
Three
Months Ended |
|
March 31,
2014 |
March 31,
2013 |
|
As |
|
Excluding |
As |
|
Excluding |
|
Reported |
Adjustments |
Adjustments |
Reported |
Adjustments |
Adjustments |
|
|
|
|
|
|
|
Net Sales |
$104,830 |
|
$104,830 |
$97,756 |
|
$97,756 |
|
|
|
|
|
|
|
Cost of Goods Sold |
81,712 |
|
81,712 |
75,127 |
|
75,127 |
Gross Profit |
23,118 |
|
23,118 |
22,629 |
|
22,629 |
|
|
|
|
|
|
|
Fulfillment |
9,264 |
|
9,264 |
8,915 |
135 |
8,780 |
Sales & Marketing |
8,700 |
|
8,700 |
8,417 |
|
8,417 |
General &
Administrative |
9,075 |
|
9,075 |
8,303 |
|
8,303 |
Total Operating Expenses |
27,039 |
|
27,039 |
25,635 |
|
25,500 |
|
|
|
|
|
|
|
Operating Loss |
(3,921) |
|
(3,921) |
(3,006) |
|
(2,871) |
|
|
|
|
|
|
|
Other Income |
23 |
|
23 |
20 |
|
20 |
|
|
|
|
|
|
|
Loss Before Income Taxes |
(3,898) |
|
(3,898) |
(2,986) |
|
(2,851) |
Income Tax Expense |
(13) |
|
(13) |
(13) |
|
(13) |
|
|
|
|
|
|
|
Net Loss |
($3,911) |
|
($3,911) |
($2,999) |
|
($2,864) |
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
Basic |
($0.11) |
|
($0.11) |
($0.09) |
|
($0.09) |
Fully Diluted |
($0.11) |
|
($0.11) |
($0.09) |
|
($0.09) |
|
|
|
|
|
|
|
Basic Shares Outstanding |
34,051 |
|
34,051 |
33,519 |
|
33,519 |
Fully Diluted Shares Outstanding* |
34,051 |
|
34,051 |
33,519 |
|
33,519 |
|
|
|
|
|
|
|
*The inclusion of common stock
equivalents in the calculation of diluted earnings per share during
the periods was anti-dilutive |
|
|
Vitacost.com -
Supplemental Net Sales Information |
($ in 000s) |
|
Three Months Ended
March 31, |
|
2014 |
2013 |
Third-party products |
$ 80,676 |
$ 74,545 |
Proprietary products |
20,513 |
19,382 |
Freight |
3,641 |
3,829 |
Net sales |
$ 104,830 |
$ 97,756 |
|
|
|
|
Adjusted EBITDA
Calculation ($ in 000s) |
|
|
|
|
Three Months Ended
March 31, |
|
2014 |
2013 |
Reported operating loss |
($3,921) |
($3,006) |
Depreciation and amortization |
1,704 |
1,655 |
Stock-based compensation expense |
840 |
775 |
|
|
|
Adjustments: |
|
|
- Severance/recruiting for
executives |
|
135 |
- Fees for freight savings
program |
671 |
754 |
|
|
|
Adjusted EBITDA |
($706) |
$313 |
|
|
|
CONTACT: Investor Contact:
Vitacost.com
Kathleen Reed
Director of Investor Relations
561.982.4180 #2292
Kathleen.reed@vitacost.com
ICR, Inc.
Katie Turner
Managing Director
646.277.1228
Katie.turner@icrinc.com
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