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