The Boulder, CO-based company is a leading producer and marketer of lifestyle media and fitness accessories that distributes to more than 60,000 retail doors, 15,000 store within stores, and 6,000 media category management locations and also sells direct to consuemr through both its online store and television. The company has exclusive licensing agreements with Discovery Communications and other licensing partners.
Net revenue for the company’s business segment increased $11.5 million, or 44.7 percent, to $37.3 million for the first quarter of 2013, inclusive of internal revenue growth of 21.0 percent (which excludes revenue related to the acquisition of Vivendi Entertainment late in the 2012 first quarter).
Revenue for the direct to consumer segment was $19.4 million, down 11.3 percent from $21.6 million in the prior year quarter. The decrease in direct to consumer revenue primarily reflects the return to historical quarterly sales levels for the company’s direct response television marketing business, compared to the first quarter of 2012, which benefited from very high sales volumes of the Jillian Michaels Body Revolution media fitness program following its introduction early in 2012. Revenues generated by the company’s catalog and e-commerce businesses increased $0.2 million, or 4.3 percent, compared to the year-ago quarter.
“Gaiam’s operating results for the first quarter of 2013 included approximately 21 percent year-over-year internal revenue growth for the business segment, as well as solid revenue improvements in the core e-commerce, catalog and travel businesses, as compared to the prior year period,” said CEO Lynn Powers. “Including the Vivendi Entertainment acquisition, the business segment’s revenues increased approximately 45 percent. Gaiam’s revenue increases from these operations more than offset a year-over-year decline in direct response television marketing revenue, which faced a challenging comparison with the exceptional year-ago results.
“Our business segment revenue continues to benefit from the growing content library of Gaiam Vivendi Entertainment following its acquisition late in the first quarter last year as well as strong sales from the Gaiam and Gaiam Restore branded products. We are also encouraged by the progress in our direct to consumer segment, as the recent repositioning of our Gaiam Brands initiatives continue to be favorably received as reflected in the 4.3 percent year-over-year improvements in catalog and e-commerce revenue on a 15 percent decline in catalog circulation.”
Gross profit for the 2013 first quarter increased $5.1 million to $32.2 million, or 56.9 percent of net revenue, compared to gross profit of $27.1 million, or 57.3 percent of net revenue, in the first quarter of 2012. The decrease in gross margin primarily reflects lower net revenues in the higher margin direct response television marketing business, partially offset by the 100 percent margin (net fee revenue) of the Gaiam Vivendi Entertainment business.
Operating expenses were $32.1 million, or 56.6 percent of net revenue, in the 2013 first quarter period, compared to $28.4 million, or 60.0 percent of net revenue, in the first quarter of 2012. Included in operating expenses for the 2013 first quarter is $0.4 million of non-cash amortization expense related to the Gaiam Vivendi Entertainment acquisition, with no such similar expense in the prior-year period.
Operating income for the three months ended March 31, 2013 was $0.2
million, compared to a loss of $1.3 million in the first quarter of
2012.
Gaiam reported a net loss for the 2013 first quarter of $0.3 million, or $0.01 per share, compared to a net loss of $1.2 million, or $0.05 per share, for the first quarter of 2012.
Gaiam reported a net loss for the 2013 first quarter of $0.3 million, or $0.01 per share, compared to a net loss of $1.2 million, or $0.05 per share, for the first quarter of 2012.
Cash flow provided by operations increased $7.0 million to $6.2 million in the first quarter of 2013 from cash flow used in operations of $0.8 million in the prior year period.
“We are pleased with our continued top line internal growth and overall net revenue improvement on the back of solid results from our Vivendi Entertainment acquisition last year, as well as with the significant improvement in our cash flows provided by operations,” said Chairman Jirka Rysavy.
GAIAM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
| ||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||
| March 31, 2013 | March 31, 2012 | |||||||||||||
| Net revenue | $ | 56,633 | 100.0 | % | $ | 47,333 | 100.0 | % | ||||||
| Cost of goods sold | 24,428 | 43.1 | % | 20,227 | 42.7 | % | ||||||||
| Gross profit | 32,205 | 56.9 | % | 27,106 | 57.3 | % | ||||||||
| Selling and operating | 28,229 | 49.8 | % | 24,161 | 51.1 | % | ||||||||
| Corporate, general and administration | 3,825 | 6.8 | % | 2,573 | 5.4 | % | ||||||||
| Acquisition-related costs | — | — | % | 1,667 | 3.5 | % | ||||||||
| Income (loss) from operations | 151 | 0.3 | % | (1,295 | ) | -2.7 | % | |||||||
| Interest and other income (expense) | (229 | ) | -0.4 | % | 56 | 0.1 | % | |||||||
| Loss from equity method investment | — | — | % | (696 | ) | -1.5 | % | |||||||
| Loss before income taxes | (78 | ) | -0.1 | % | (1,935 | ) | -4.1 | % | ||||||
| Income tax expense (benefit) | 144 | 0.3 | % | (637 | ) | -1.3 | % | |||||||
| Net loss | (222 | ) | -0.4 | % | (1,298 | ) | -2.8 | % | ||||||
| Net (income) loss attributable to the noncontrolling interest | (54 | ) | -0.1 | % | 79 | 0.2 | % | |||||||
| Net loss attributable to Gaiam, Inc. | $ | (276 | ) | -0.5 | % | $ | (1,219 | ) | -2.6 | % | ||||
Source Gaiam through SportsOneSource
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