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Gaiam Reports Second Quarter Revenue Increases 48% To $45.4 Million

Stocks in this article: GAIA

Gaiam, Inc. (NASDAQ: GAIA) (“the Company”), a lifestyle media company, today reported improved financial results for the second quarter ended June 30, 2012. Excluding Real Goods Solar, Inc. (“RSOL”), which was deconsolidated from the Company on December 31, 2011, second quarter 2012 revenue rose 47.8% to $45.4 million compared to revenue of $30.8 million in the prior-year period. The increase in revenue reflects internal revenue growth of 26.8%, or $8.2 million, and a $6.3 million contribution by Gaiam Vivendi Entertainment, which was acquired on March 28, 2012. Excluding a non-cash unconsolidated equity investment loss of $0.9 million from RSOL, net loss in the quarter was $1.2 million, or $0.05 per diluted share, compared to a net loss of $3.3 million, or $0.14 per diluted share, in the same quarter last year.

Gaiam will be hosting a conference call today, August 9, 2012, beginning at 2:30 p.m. MT (4:30 p.m. ET). The conference call dial-in numbers are 212/231-2900 or 415/226-5355. Questions and answers will be reserved for analysts and investors.

The table below summarizes the Company’s 2012 second quarter results, 2011 pro forma second quarter results (as if RSOL was deconsolidated) and 2011 second quarter historical results:

Summary of Second Quarter Results

  Three Months Ended
    June 30,
(in millions except per share data)  

2012 Actual

      2011 (With RSOL Deconsolidated)       2011

(With RSOL Consolidated)

Net revenues   $ 45.4         $ 30.8         $ 50.7  
Gross profit     28.0           17.2           22.6  
Operating expenses (1)     30.0           22.5           27.8  
Operating loss before acquisition-related costs     (2.0 )         (5.3 )         (5.2 )
Acquisition-related costs               N/A           2.0  
Adjusted EBITDA (2)     0.3           (3.9 )         (3.4 )
Net loss excluding RSOL (Non-GAAP) (2)     (1.2 )         (3.3 )         (2.9 )
Net loss attributable to Gaiam     (2.1 )         (3.9 )         (4.1 )
Diluted loss per share attributable to Gaiam     (0.09 )         (0.17 )         (0.18 )
(1)   Total operating expenses excluding charges related to a business acquisition of $2.0 for the three months ended June 30, 2011 with RSOL consolidated.
(2) Non-GAAP Financial Measures can be found later in this release.

Lynn Powers, CEO of Gaiam, Inc., commented, “We are pleased with Gaiam’s improved second quarter financial results, which reflect the progress we are making in positioning the Company as a leading independent distributor for quality media, fitness and wellness products. In addition, Gaiam branded products, such as our Restore line of wellness accessories, are increasingly resonating with consumers and we expect the re-launch of our website later this year with new features and increased functionality will benefit our direct to consumers segment. As a result, we continue to forecast growth over the balance of 2012, including improvements in revenues, operating income, and EBITDA.”

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