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CafePress Reports Third Quarter 2013 Results

LOUISVILLE, Ky., Nov. 6, 2013 (GLOBE NEWSWIRE) -- CafePress Inc. (Nasdaq:PRSS), The World's Customization Engine ®, today reported financial results for the three months ended September 30, 2013.

"Demand for customized products was strong across our e-commerce properties as revenue grew 16% over last year," said Chief Executive Officer Bob Marino. "Our large corporate partnerships with leading brands including Lionsgate Entertainment and Marvel Entertainment were popular with shoppers and key merchandise categories including apparel, home and electronics, along with new categories such as footwear that contributed to solid growth. From an operations perspective we feel we are well prepared for the holiday season as our plant consolidation process has gone smoothly. We believe that we will exit the year with a more efficient business and an improved cost structure."

Third Quarter 2013 Financial Highlights

  • Net revenues totaled $50.4 million, compared to $43.6 million in the third quarter of 2012.  
  • Adjusted EBITDA was $0.6 million, compared to $1.4 million in the third quarter of 2012.  
  • Gross profit margin was 39.3% of net revenues, compared to 41.4% in the third quarter of 2012.  
  • GAAP net loss was $(3.1) million (including stock-based compensation, amortization of intangible assets, and acquisition costs), compared to a loss of $(2.4) million in the third quarter of 2012.  
  • GAAP net loss per diluted share was $(0.18), compared to a loss of $(0.14) in the third quarter of 2012.  
  • Non-GAAP net loss (excluding stock-based compensation, amortization of intangible assets and acquisition costs) was $(1.0) million, compared to non-GAAP net income of $0.0 million in the third quarter of 2012.  
  • Non-GAAP net loss per diluted share was $(0.06), compared to non-GAAP net income per diluted share of $0.00 in the third quarter of 2012.  
  • At September 30, 2013, cash, cash equivalents, and short-term investments totaled $21.5 million.   

Third Quarter 2013 Operating Metrics

  • Orders totaled 1,315,414, a 58% year-over-year increase, including the consolidation of EZ Prints, Inc. into CafePress' business.
  • Average Order Size (AOS) was $38 including the consolidation of EZ Prints, a 30% decrease year-over-year, reflecting the smaller order size of the EZ Prints B2B business. AOS excluding the impact of EZ Prints was $53, a 2% decrease year-over-year.

Recent Operating Highlights

  • Released new tools to streamline customized e-commerce product creation and share products via social networks.
  • Debuted a new, responsive mobile interface for cell phones and tablets.
  • Introduced new customizable, printable products including products in the footwear, home and electronics categories.
  • Launched apparel-based fundraising platform Tfund.com enabling groups, charities and individuals to raise funds and promote their causes and programs with no upfront costs.
  • Partnered with Hasbro Inc. and MyLifeGames to enable users to create and purchase customized versions of the classic board game Monopoly®.
  • Partnered with Lionsgate Entertainment to offer unique fan designs for film properties The Hunger Games: Catching Fire on CafePress.com.
  • Partnered with Summit Entertainment to offer unique fan designs for film Ender's Game on CafePress.com.
  • Offered products from the new TV show Marvel's Agents of S.H.I.E.L.D airing on ABC.
  • Created a marketplace store for Sony Pictures Television's Emmy® Award winning drama Breaking Bad.
  • Expanded relationship with Universal Partnerships & Licensing to include fan portals for film properties Bridesmaids and Back to the Future.
  • Unveiled a campaign to support The Breast Cancer Research Foundation®.

Business Outlook

"As we enter our most significant quarter of the year, we expect solid growth in our e-commerce properties.  Our guidance reflects changes to certain partner roadmaps including program launches that are occurring later in the quarter than we expected, along with a cautious view on consumer spending during the holidays. We expect to post improved sequential EBITDA margin during the fourth quarter and to generate significant cash from operations resulting in a strong balance sheet as we exit the year," said Monica Johnson, Chief Financial Officer.

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