GSI Commerce Inc. reported revenues for the first quarter ended April 2 improved 18.7% to $323.5 million compared to $272.6 million in the year-ago period.
Fiscal 2011 First Quarter Compared to Fiscal 2010 First Quarter
Loss from operations was $27.9 million compared to $12.9 million and includes $7.3 million of expenses related to the pending acquisition of GSI by eBay, $3.5 million of expenses related to the acquisition of Fanatics, Inc. and $3.3 million of earn-out expenses related to the acquisition of Fetchback, Inc.
Non-GAAP income from operations (NGIO) was $14.8 million compared to $17.4 million.
Core NGIO was $19.3 million compared to $18.5 million.*
Emerging NGIO loss was $4.6 million compared to $1.2 million.**
Net loss was $13.6 million or $0.20 per share compared to net loss of $8.1 million or $0.13 per share.
Trailing 12 month loss from operations was $32.2 million compared to income from operations of $11.9 million.
Trailing 12 month NGIO was $132.1 million compared to $114.5 million.
Trailing 12 month Core NGIO was $144.6 million compared to $114.3 million.
Trailing 12 month Emerging NGIO loss was $12.6 million compared to NGIO profit of $0.2 million.
Trailing 12 month cash flow from operating activities was $132.8
million compared to $127.7 million.
Trailing 12 month free cash flow was $59.3 million compared to $76.2 milion
GSI COMMERCE, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | ||||||||||
April 3, | April 2, | |||||||||
2010 | 2011 | |||||||||
Revenues: | ||||||||||
Net revenues from product sales | $ | 159,275 | $ | 178,940 | ||||||
Service fee revenues | 113,317 | 144,554 | ||||||||
Net revenues | 272,592 | 323,494 | ||||||||
Costs and expenses: | ||||||||||
Cost of revenues from product sales | 117,474 | 129,100 | ||||||||
Marketing | 10,807 | 14,691 | ||||||||
Account management and operations | 77,694 | 91,284 | ||||||||
Product development | 34,317 | 46,587 | ||||||||
General and administrative | 24,397 | 46,519 | ||||||||
Depreciation and amortization | 18,761 | 23,165 | ||||||||
Changes in fair value of deferred acquisition payments | 2,074 | – | ||||||||
Total costs and expenses | 285,524 | 351,346 | ||||||||
Loss from operations | (12,932 | ) | (27,852 | ) | ||||||
Other (income) expense: | ||||||||||
Interest expense | 5,208 | 5,248 | ||||||||
Interest income | (234 | ) | (65 | ) | ||||||
Other (income) expense | 474 | (1,098 | ) | |||||||
Total other expense | 5,448 | 4,085 | ||||||||
Loss before income taxes and equity-method | ||||||||||
investment earnings | (18,380 | ) | (31,937 | ) | ||||||
Benefit for income taxes | (10,255 | ) | (17,874 | ) | ||||||
Equity-method investment earnings | – | (454 | ) | |||||||
Net loss | $ | (8,125 | ) | $ | (13,609 | ) | ||||
Loss per share- basic and diluted | $ | (0.13 | ) | $ | (0.20 | ) | ||||
Weighted average shares outstanding – basic and diluted | 60,446 | 68,156 |