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Crumbs Bake Shop, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: CRMB

Staff expenses were $4.1 million compared to $3.3 million in the second quarter of 2012 and increased 265 basis points to 32.9% as a percentage of net sales.

Occupancy expenses were $3.3 million compared to $2.4 million in the second quarter of last year and increased 480 basis points to 26.7% as a percentage of net sales.

General and administrative expenses were $1.0 million compared to $0.8 million in the second quarter of 2012 and increased 90 basis points to 8.5% as a percentage of net sales.

Adjusted EBITDA was $(2.1) million compared to $(.05) million in the second quarter of last year. See financial tables for a reconciliation of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP measure, to GAAP results.

Net loss attributable to the stockholders was $(2.7) million, or $(0.23) per basic and diluted share, compared to a net loss of $(0.4) million, or $(0.08) per basic and diluted share, last year. The weighted average number of common shares outstanding was 11.7 million in the second quarter of 2013 and 5.5 million in the second quarter of 2012.

Store Portfolio

In the first half of the year we have opened a total of 18 mall-based stores, including 10 in line stores and 8 kiosks. During the second quarter of 2013, Crumbs opened 7 mall-based stores and 3 kiosks in, or adjacent to, current trading areas.

The Company has also expressed its intention to close certain street-level stores in California, Connecticut, Illinois, Metropolitan New York City, and Washington D.C that management believes will be unable to reach acceptable levels of financial performance. Although none of those stores were closed during the second quarter, Crumbs has reached agreements and expects to close at least five stores in Connecticut, California, Illinois and Metropolitan New York City by the end of the year.

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