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Gaiam Reports 2012 Third Quarter Results

A reconciliation of GAAP net loss to the non-GAAP net loss is set forth below as indicated (unaudited, in millions):

               
Pro Forma RSOL Deconsolidated RSOL Consolidated Pro Forma RSOL Deconsolidated RSOL Consolidated
For the Three Months Ended September 30, 2012 For the Three Months Ended September 30, 2011 For the Three Months Ended September 30, 2011 For the Nine Months Ended September 30, 2012 For the Nine Months Ended September 30, 2011 For the Nine Months Ended September 30, 2011
Net loss attributable to Gaiam, Inc. $ (11.2

)

$ (1.1 ) $ (1.2 ) $ (14.4 ) $ (6.0 ) $ (6.4 )
Exclusion of acquisition-related costs (a) 0.2 1.1

1.4

Exclusion of loss from equity method investment (b)   10.8     0.2         11.9     0.7      
 
Non-GAAP net loss attributable to Gaiam, Inc. $ (0.4 ) $ (0.9 ) $ (1.0 ) $ (1.4 ) $ (5.3 ) $ (5.0 )
 

A reconciliation of GAAP net loss per share to the non-GAAP net loss per share is set forth below as indicated (unaudited, shares in millions):

 
Pro Forma RSOL Deconsolidated RSOL Consolidated Pro Forma RSOL Deconsolidated RSOL Consolidated
For the Three Months Ended September 30, 2012 For the Three Months Ended September 30, 2011 For the Three Months Ended September 30, 2011 For the Nine Months Ended September 30, 2012 For the Nine Months Ended September 30, 2011 For the Nine Months Ended September 30, 2011
Net loss per share attributable to Gaiam, Inc. common shareholders—diluted $ (0.49 ) $ (0.05 ) $ (0.05 ) $ (0.64 ) $ (0.26 ) $ (0.27 )
Exclusion of acquisition-related costs per share (a) 0.01 0.04 0.06
Exclusion of loss from equity method investment per share (b)   0.48     0.01         0.52     0.03      
 
Non-GAAP net income (loss) per share attributable to Gaiam, Inc. common shareholders—diluted $ (0.01 ) $ (0.04 ) $ (0.04 ) $ (0.08 ) $ (0.23 ) $ (0.21 )
 
Weighted average shares used in net loss per share calculations—diluted   22.7     23.2     23.2     22.7     23.3     23.3  
 

_____________________

(a)

 

Net of taxes of $0.2 million for the three months ended September 30, 2011 and $0.6 million and $1.0 million for the nine months ended September 30, 2012 and 2011, respectively. Income taxes were computed at an effective tax rate of approximately 35.5% for 2012 and 39.5% for 2011.

(b)

Net of taxes of $5.1 million and $5.7 million for the three and nine months ended September 30, 2012, respectively. Income taxes were computed at an effective tax rate of approximately 35.5%.

         
GAIAM, INC.
2011 RESULTS WITH REAL GOODS SOLAR CONSOLIDATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 
Three Months Ended Three Months Ended
September 30, 2012 September 30, 2011
Net revenue $ 42,983 100.0 % $ 73,333 100.0 %
Cost of goods sold   18,912   44.0 %   41,419   56.5 %
 
Gross profit 24,071 56.0 % 31,914 43.5 %
Selling and operating 21,771 50.7 % 29,860 40.7 %
Corporate, general and administration 2,471 5.7 % 3,311 4.5 %
Acquisition-related costs    

%

  383   0.5 %
 
Loss from operations (171 ) -0.4 % (1,640 ) -2.2 %
Interest and other expense (192

)

-0.5 % (15 ) 0.0 %
Loss from equity method investment   (15,940 ) -37.1 %     %
 
Loss before income taxes (16,303 ) -38.0 % (1,655 ) -2.2 %
Income tax benefit   (5,377 ) -12.5 %   (466 ) -0.6 %
 
Net loss (10,926 ) -25.5 % (1,189 ) -1.6 %
Net income attributable to the noncontrolling interest   (231 ) -0.5 %   (40 ) -0.1 %
 
Net loss attributable to Gaiam, Inc. $ (11,157 ) -26.0 % $ (1,229 ) -1.7 %
 
Weighted-average shares outstanding:
Basic 22,704 23,205
Diluted 22,704 23,205
Net loss per share attributable to Gaiam, Inc. common shareholders:
Basic $ (0.49 ) $ (0.05 )
Diluted $ (0.49 ) $ (0.05 )
 
           
GAIAM, INC.
2011 RESULTS WITH REAL GOODS SOLAR CONSOLIDATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 
Nine Months Ended Nine Months Ended
September 30, 2012 September 30, 2011
Net revenue $ 135,762 100.0 % $ 178,854 100.0 %
Cost of goods sold   56,574   41.7 %   98,478   55.1 %
 
Gross profit 79,188 58.3 % 80,376 44.9 %
Selling and operating 72,828 53.6 % 79,209 44.3 %
Corporate, general and administration 8,125 6.0 % 9,143 5.1 %
Acquisition-related costs   1,667   1.2 %   2,393   1.3 %
 
Loss from operations (3,432

)

-2.5 % (10,369 ) -5.8 %
Interest and other income (expense) (259 ) -0.2 % 92 0.0 %
Loss from equity method investment   (17,580 ) -12.9 %     %
 
Loss before income taxes (21,271 ) -15.6 % (10,277

)

-5.8 %
Income tax benefit   (6,938 ) -5.1 %   (3,169 ) -1.8 %
 
Net loss (14,333 ) -10.5 % (7,108 ) -4.0 %
Net (income) loss attributable to the noncontrolling interest   (96 ) -0.1 %   738   0.4 %
 
Net loss attributable to Gaiam, Inc. $ (14,429 ) -10.6 % $ (6,370 ) -3.6 %
 
Weighted-average shares outstanding:
Basic 22,702 23,272
Diluted 22,702 23,272
Net loss per share attributable to Gaiam, Inc. common shareholders:
Basic $ (0.64 ) $ (0.27 )
Diluted $ (0.64 ) $ (0.27 )




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