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Gaiam Reports 2012 Third Quarter Results

Stocks in this article: GAIA

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)
Net revenues $ 43.0 $ 41.8 $ 73.3
Gross profit 24.1 24.1 31.9
Operating expenses (1) 24.2 25.1 33.2
Operating loss before acquisition-related costs (0.2 ) (1.0 ) (1.3 )
Acquisition-related costs 0.4
Adjusted EBITDA (2) 2.2 0.5 0.8
Net loss excluding acquisition-related costs and RSOL (Non-GAAP) (2) (0.4

)

(0.9 ) (1.0 )
Net loss attributable to Gaiam (11.2 ) (1.1 ) (1.2 )
Diluted loss per share attributable to Gaiam (0.49 ) (0.05 ) (0.05 )
 

_____________________

(1)

 

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.

(2)

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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