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Crumbs Bake Shop, Inc. Reports Second Quarter 2012 Financial Results

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 June 30, 2012.

Second Quarter 2012 Highlights as Compared to Second Quarter 2011 Highlights:

  • Net sales increased 7.7% to $11.1 million; gross profit increased 6.1% to $6.3 million.
  • Store operating weeks increased 45.7% to 663 from 455.
  • Net loss attributable to stockholders was $(0.8) million, or $(0.14) per diluted share, compared to net loss of $(0.3) million, or $(0.06) per diluted share.
  • Net loss attributable to the controlling and non-controlling interests was $(1.3) million compared to net loss of $(0.5) million.
  • Adjusted EBITDA 1, a non GAAP measure, was $(0.5) million compared to $0.1 million.

1. S ee 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 “While our financial performance during the second quarter was consistent with our expectations for a year of transition, we believe that we have been able to foster necessary structural and operational changes more quickly than anticipated, and as a result, have become confident in increasing the number of new store openings during the second half of 2012, and in 2013. We believe that this growth, combined with our recently announced agreement with Starbucks Corporation, and with ongoing progress with our six primary initiatives, will change the trajectory of our business in a positive direction over the next 12 to 18 months.”

Second Quarter 2012 Financial Results

Net sales increased 7.7% to $11.1 million from $10.3 million for the same period last year. Store operating weeks increased 45.7% to 663 from 455 compared to the second quarter of 2011.

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