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Coastal Reports Record Revenue Of $196 Million In Fiscal 2012

Key figures:

Sales for fiscal 2012 increased to $196.1 million compared to $182.7 million in fiscal 2011. Adjusted EBITDA for fiscal 2012 was $1.4 million compared with $0.7 million for fiscal 2011. Net loss for the fiscal year was $4.9 million or $0.17 per share compared with a net loss of $5.3 million or $0.19 per share in fiscal 2011.

Sales for the fourth quarter of 2012 increased to $50.7 million compared with $48.7 million in the same period last year. Adjusted EBITDA during the quarter was a loss of $0.4 million compared to $0.1 million in the fourth quarter of 2011.   Net loss for the fourth quarter of 2012 was $2.6 million or $0.09 per share, compared with a net loss of $1.5 million, or $0.05 per share in the fourth quarter of 2011.

       
COASTAL CONTACTS INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in Thousands of Canadian Dollars)
       
  October 31, October 31, November 1,
  2012 2011 2010
       
ASSETS      
Current assets      
Cash and cash equivalents  $ 19,153  $ 16,864  $ 18,266
Trade and other receivables  6,681  6,013  9,070
Inventories  25,435  27,749  18,276
Prepaid expenses  2,250  3,125  3,109
Income tax receivable  --   79  -- 
Total current assets  53,519  53,830  48,721
Non-current assets      
Deferred tax assets  --   97  97
Property, equipment and leasehold improvements  9,887  8,960  4,160
Intangible assets  11,376  10,882  10,306
Goodwill   8,322  8,518  7,715
Total non-current assets  29,585  28,457  22,278
TOTAL ASSETS  $ 83,104  $ 82,287  $ 70,999
       
LIABILITIES AND EQUITY      
Current liabilities      
Trade and other payables  $ 40,144  $ 36,098  $ 26,348
Provisions  1,284  1,057  664
Income taxes payable  839  --   44
Finance lease obligations  101  2,646  811
Term loan  3,300  --   -- 
Credit facilities  1,715  --   -- 
Other current liabilities  3,210  2,939  1,364
Total current liabilities  50,593  42,740  29,231
Non-current liabilities      
Other long-term liabilities  270  859  425
Finance lease obligations  457  1,911  2,508
Credit facilities  --   1,500  -- 
Deferred tax liabilities  2,905  3,306  3,359
Total non-current liabilities  3,632  7,576  6,292
Total liabilities  54,225  50,316  35,523
       
Shareholders' Equity      
Share capital  42,501  40,667  39,176
Share-based payments reserve  3,395  2,934  2,610
Accumulated other comprehensive income (loss)  (137)  372  -- 
Deficit  (16,880)  (12,002)  (6,310)
Total Shareholders' Equity  28,879  31,971  35,476
TOTAL LIABILITIES AND EQUITY  $ 83,104  $ 82,287  $ 70,999
     
COASTAL CONTACTS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Expressed in Thousands of Canadian Dollars, except share and per share amounts)
     
     
   
For the years ended October 31 2012 2011
     
     
Sales  $ 196,085  $ 182,714
Cost of sales  111,558  106,279
Gross profit  84,527  76,435
     
Fulfillment  19,167  17,522
Selling and marketing  47,927  43,645
General and administration  20,926  20,505
Results from operating activities  (3,493)  (5,237)
     
Financing costs   825  127
     
Loss before income taxes  (4,318)  (5,364)
     
Income tax expense - current  927  30
Income tax recovery - deferred  (367)  (89)
Net income tax expense (recovery)  560  (59)
     
Net loss for the year  (4,878)  (5,305)
     
Other comprehensive income (loss)    
Foreign currency translation differences  (509)  372
Total comprehensive loss for the year  $ (5,387)  $ (4,933)
     
     
Basic and diluted loss per share  $ (0.17)  $ (0.19)
     
Weighted average number of common shares   
outstanding - basic and diluted  28,290,127  27,745,446

Coastal will host a conference call to review the financial results and Company operations on Wednesday, December 19, 2012 at 1:30 p.m. Pacific time.   Participating in the call will be Roger Hardy, founder and CEO, Gary Collins, President and Nick Bozikis, CFO.

To attend the call, participants may dial:
   
North American Toll Free  1-888-892-3255
Sweden  46 852 503 436
   
A replay of the call will be available for 7 days. To access the replay listeners may dial:
   
Local/International  1-800-937-6305
Passcode  477096

To view the Company presentation that will be reviewed during the call, please log into Illustrate FX.

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