Excluding the non-cash equity investment loss of $15.9 million from RSOL and a related tax benefit of $5.1 million, Gaiam reported a net loss for the quarter of $0.4 million, or $0.01 per share, compared to a net loss of $0.9 million, or $0.04 per share, in the same quarter last year. Including the loss from Gaiam’s equity investment in RSOL, Gaiam reported a net loss of $11.2 million, or $0.49 per share, for the third quarter of 2012. (See Non-GAAP Financial Measurements.)
The table below summarizes the Company’s 2012 third quarter results, 2011 pro forma third quarter results (as if RSOL was deconsolidated) and 2011 third quarter historical results:
|Three Months Ended September 30,|
|(in millions except per share data)||2012 Actual||2011 (With RSOL Deconsolidated)||2011 (With RSOL Consolidated)|
|Operating expenses (1)||24.2||25.1||33.2|
|Operating loss before acquisition-related costs||(0.2||)||(1.0||)||(1.3||)|
|Adjusted EBITDA (2)||2.2||0.5||0.8|
|Net loss excluding acquisition-related costs and RSOL (Non-GAAP) (2)||(0.4||
|Net loss attributable to Gaiam||(11.2||)||(1.1||)||(1.2||)|
|Diluted loss per share attributable to Gaiam||(0.49||)||(0.05||)||(0.05||)|
Total operating expenses excluding charges related to a business acquisition of $0.4 million for the three months ended September 30, 2011 with RSOL consolidated.
Non-GAAP Financial Measures can be found later in this release.
Revenue for the first nine months of 2012 increased $25.9 million, or 23.5%, to $135.8 million. Internal net revenue growth was $14.2 million or 13.0%. Gross profit margin for the nine months ended September 30, 2012 increased to 58.3% of net revenue, compared to 56.5% in the comparable year-ago period. Operating loss declined $4.5 million, or 56.7%, to $3.4 million for the nine months ended September 30, 2012 from an operating loss of $7.9 million for the same period last year.
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