- Net sales were $85.1 million, compared to $58.2 million for the same period in fiscal 2012. Branded sales increased 49.3% to $74.8 million and reflect the contribution of the Airborne acquisition completed on March 30, 2012, compared to $50.1 million in fiscal 2012.
- Gross profit margin was 47.1% for the fiscal 2013 first quarter. Fiscal 2013 first quarter results were negatively impacted by a $1.6 million purchase accounting adjustment related to acquired Airborne inventory. The purchase accounting adjustment lowered gross profit margin by 1.8 percentage points. Gross profit margin for the fiscal 2012 first quarter was 44.7%.
- Total operating expenses increased to $27.7 million, from $18.3 million a year ago, primarily reflecting the company’s continued emphasis on support for advertising and brand building.
- Net income for the fiscal 2013 first quarter was $6.0 million, compared to net income of $4.7 million for the same period in fiscal 2012. Earnings per diluted share were $0.20 for the fiscal 2013 first quarter, compared to $0.16 for the same period in fiscal 2012.
- Adjusted EBITDA, which is defined as income from operations before depreciation, amortization, stock-based compensation and completed acquisition, including transaction and other related costs, was $17.4 million for the fiscal 2013 first quarter, compared to $9.6 million for the same period in fiscal 2012.
|Fiscal Year 2013 Guidance||As of July 31, 2012||As of September 18, 2012|
|Net sales growth(compared to fiscal 2012)||40.0% to 43.0%||43.0% to 46.0%|
|Gross profit margin||48.0% to 50.0%||49.0% to 51.0%|
|Selling & marketing expense(% of net sales)||25.0% to 27.0%||25.0% to 27.0%|
|Other operating expenses(in millions)||$35.0 to $37.0||$36.0 to $38.0|
|Operating margin||12.5% to 14.0%||14.5% to 16.0%|