Gaiam, Inc. (NASDAQ: GAIA), a lifestyle media company, today reported financial results for the second quarter ended June 30, 2013.
Conference Call: Gaiam is hosting a conference call today, August 7, 2013, beginning at 2:30 p.m. MT (4:30 p.m. ET). The conference call dial-in numbers are (212) 231-2901 or (415) 226-5355. Questions will be reserved for analysts and investors.
2013 Second Quarter Financial Results Summary
- Net revenue, excluding the Company’s direct response television marketing business (“DRTV”), increased $4.0 million, or 10.8%, for the quarter and $16.9 million, or 23.2%, for the first half of 2013.
- Business segment net revenue grew $0.8 million or 2.6%.
- Direct to consumer segment net revenue excluding DRTV increased by $3.3 million or 37.8%.
- Net revenue including DRTV was $44.5 million for the quarter.
- Operating expenses declined $2.5 million, or 8.2%, to 61.8% of net revenue.
- Net income increased $9.9 million to $7.9 million, or $0.35 per diluted share, inclusive of a gain on the sale of Real Goods Solar, Inc. (“Real Goods Solar” or “RSOL”) common stock.
- Working capital ratio improved on a quarterly sequential basis to 2.1 times from 1.7 times at March 31, 2013.
- The Company ended the quarter with a cash balance of $17.5 million.
Lynn Powers, Chief Executive Officer of Gaiam, commented, “Our recent results highlight our continued progress in positioning Gaiam as a leader in fitness and entertainment media. With our ongoing market share growth, Gaiam is now the largest and second largest seller of fitness and non-theatrical entertainment media, respectively. Part of our success is reflected in our business segment’s sales performance as total revenue is up $12.3 million, or 22.6%, year to date. Another example of our strong market position is our recently secured distribution rights for Scripps Networks’ high-profile, lifestyle-oriented content.