Crumbs Bake Shop, Inc. (“Crumbs”) (NASDAQ: CRMB), the largest cupcake specialty store chain in the U.S., today reported financial results for the quarter ended March 31, 2012.
First Quarter 2012 Highlights as Compared to First Quarter 2011 Highlights:
- Net sales increased 16.0% to $11.3 million; gross profit increased 15.4% to $6.5 million.
- Store operating weeks increased 48.1% to 650 from 439.
- Net loss attributable to stockholders was $(0.5) million, or $(0.09) per diluted share, compared to net income of $0.1 million, or $.01 per diluted share.
- Net loss attributable to the controlling and non-controlling interests was $(0.9) million compared to net income of $0.1 million.
- Adjusted EBITDA 1, a non GAAP measure, of $(0.1) million compared to $0.5 million.
- Opened one store in each of Boston, Chicago, and Washington, D.C.
1. See financial tables for a reconciliation of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP measure, to GAAP results.
Julian R. Geiger, President and Chief Executive Officer of Crumbs, said, “Our first quarter results were disappointing, but were essentially what we had envisioned. As we move through a transitional period, we are pleased with the progress we are making on our ‘six point’ strategic plan: creating an emotional connection with the customer; restructuring our organization; upgrading supply chain management; migrating to a coherent real estate strategy; building and maintaining a unique corporate culture; and controlling expenses. We believe that we are positioning ourselves for an improved financial performance in the second half of 2012 and beyond, by focusing on these initiatives.”First Quarter 2012 Financial Results Net sales for the first quarter of 2012 increased 16.0% to $11.3 million from $9.7 million for the same period last year. Store operating weeks increased 48.1% to 650 from 439.