- Reports First Quarter Record Net Sales of $54.9 million, up 17%
- Contact lens sales increased 12% to $41.0 million from same period last year
- Glasses sales increased 35% to $13.9 million from same period last year
- U.S. glasses sales and units increased 95% from same period last year
- Sales totaled $54.9 million, a 17% year-over-year increase.
- Gross profit was $22.7 million or 41% of sales.
- Adjusted EBITDA was ($1.8 million) compared with $1 million during the same period in 2012.
- Cash and equivalents of $14.6 million compared with $19.2 million at October 31, 2012.
- Sales totaled $41.0 million, 12% year-over-year increase.
- Gross profit was $16.3 million or 40% of sales.
- Adjusted EBITDA for the contact lens category was 11% during the period.
- Sales totaled $13.9 million, 35% year-over-year increase.
- Gross profit was $6.4 million or 46% of sales.
- Orders totaled 601,167, an 18% increase year-over-year.
- Average order size was $91.32 compared to $92.19 in the same period in 2012.
- Over 70% of our contact lens revenues and orders were derived from repeat customers.
- Orders totaled 362,130, a 7% increase year-over-year.
- Average order size was $113.28 compared to $107.58 in the same period in 2012.
- In-house Coastal.com brand, Splash™ products comprised 5% of contact lens units during the period.
- Orders totaled 239,037, a 42% increase year-over-year.
- Average order size was $58.04 compared to $61.05 in the same period in 2012.
- Frames shipped were 277,159 compared to 195,513 in the same period in 2012.
- Private brand label frames represented 70% of frames shipped during the quarter.
- U.S. glasses sales and units increased 95% compared to the same period in 2012.
- Significant improvements in our Net Promoter Scores ("NPS") across all regions and product categories. In particular, ratings for glasses customers in the U.S. increased to 77%.
- Ranked #3 in the Internet Retailer Social 300 for our innovative use of social media.
- Successful product placement of our new Derek Cardigan™ "Grammar Collection" glasses frames in two highly ranked music videos, Alicia Keys, " Brand New Me" and Flo Rida, " I Cry".
- Signed a multi-year licensing agreement with the widely recognized actress, Alyssa Milano to develop a line of eyeglasses and sunglasses called " Touch by Alyssa".
|COASTAL CONTACTS INC.|
|CONSOLIDATED STATEMENTS OF FINANCIAL POSITION|
|January 31,||October 31,|
|Cash and cash equivalents||$ 14,628||$ 19,153|
|Trade and other receivables||8,312||6,681|
|Total current assets||52,160||53,519|
|Property, equipment and leasehold improvements||9,957||9,887|
|Total non-current assets||30,667||29,585|
|TOTAL ASSETS||$ 82,827||$ 83,104|
|LIABILITIES AND EQUITY|
|Trade and other payables||$ 45,616||$ 40,144|
|Income taxes payable||801||839|
|Finance lease obligations, current||116||101|
|Credit facilities, current||--||1,715|
|Other current liabilities||404||3,210|
|Total current liabilities||51,528||50,593|
|Other long-term liabilities||246||270|
|Finance lease obligations||529||457|
|Deferred tax liabilities||3,067||2,905|
|Total non-current liabilities||4,853||3,632|
|Share-based payments reserve||3,387||3,395|
|Accumulated other comprehensive income (loss)||637||(137)|
|Total shareholders' equity||26,446||28,879|
|TOTAL LIABILITIES AND EQUITY||$ 82,827||$ 83,104|
|COASTAL CONTACTS INC.|
|CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS|
|For the three months ended January 31||2013||2012|
|Sales||$ 54,898||$ 46,849|
|Cost of sales||32,163||27,833|
|Selling and marketing||14,671||10,114|
|General and administration||5,449||4,692|
|Results from operating activities||(2,696)||57|
|Loss before income taxes||(3,120)||(134)|
|Income tax expense - current||217||329|
|Income tax expense (recovery) - deferred||38||(267)|
|Net income tax expense||255||62|
|Net loss for the period||(3,375)||(196)|
|Other comprehensive income (loss)|
|Foreign currency translation differences||774||(746)|
|Comprehensive loss for the period||$ (2,601)||$ (942)|
|Basic and diluted loss per share||$ (0.12)||$ 0.00|
|Weighted average number of common shares outstanding - basic and diluted||28,616,460||28,133,503|