GSI Commerce Inc. today announced its financial results for its fiscal second quarter ended July 3, 2010.
Fiscal 2010 Second Quarter Compared to Fiscal 2009 Second Quarter:
Net revenues were $264.2 million compared to $187.2 million.
Loss from operations was $22.6 million compared to $12.3 million.
Non-GAAP income from operations was $11.8 million compared to $9.3 million.
Net loss was $25.7 million or $0.41 per share compared to net loss of $13.1 million or $0.27 per share.
Trailing 12 month income from operations was $1.5 million compared to a loss from operations of $0.8 million.
Trailing 12 month non-GAAP income from operations was $117.0 million compared to $93.0 million.
Trailing 12 month cash flow from operating activities was $114.8 million compared to $83.8 million.
Trailing 12 month free cash flow was $55.5 million compared to $38.5 million.
The definitions of non-GAAP income from operations, free cash flow, and a discussion of the importance of these non-GAAP financial metrics to GSI’s business can be found under “Non-GAAP Financial Measures” provided later in this news release.
“GSI continued to deliver excellent results with net revenues up 41% and non-GAAP income from operations up 28% in the second quarter. Comparable store sales growth within our e-commerce segment was strong again, up 19%, and revenue growth in marketing services remained impressive, up 55%. Rue La La site sales nearly doubled from last year, increased sequentially versus the first quarter and also increased against the seasonally important fourth quarter. In addition to the solid financial results, GSI made significant progress in other areas, including several M&A transactions that add important new capabilities to GSI’s suite of products and services and making notable progress on ShopRunner, our new start-up business within the Consumer Engagement segment,” said Michael G. Rubin, chairman and CEO of GSI.
Fiscal 2010 Third Quarter and Year Guidance
The following forward-looking statements reflect GSI’s expectations as of today. Given the risk factors discussed in our forward-looking statements disclosure and in our public reports, actual results may differ materially.
The company provides the following guidance for fiscal 2010 third quarter:
Net revenues are expected to be $280 million.
Loss from operations is expected to be $25.8 million.
Non-GAAP income from operations is expected to be $10.0
million.
