Navarre Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Announces Goodwill and Intangible Impairment for the Third Quarter Ended December 31, 2011; Reaffirms Earnings Guidance for the Fiscal Year 2012
January 30, 2012 at 04:38 pm
Share
Navarre Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the third quarter, the company reported net sales increased by 4% to $153,497,000 compared to net sales from continuing operations of $147,325,000 during the third quarter of the prior year. Loss from operations was $14,157,000 compared to income from operations of $2,074,000 a year ago. Loss from continuing operations before income tax was $14,620,000 compared to income from continuing operations before income tax of $1,460,000 a year ago. Net loss from continuing operations was $29,077,000 or $0.79 per basic and diluted share compared to net income from continuing operations of $1,067,000 or $0.03 per basic and diluted share a year ago. Net loss was $29,077,000 or $0.79 per basic and diluted share compared to net income of $2,916,000 or $0.08 per basic and diluted share a year ago. Adjusted pro forma EBITDA increased by 21% to $4,056,000 compared to $3,351,000 a year ago. Adjusted pro forma income from operations was $2,894,000 compared to $2,074,000 a year ago. Adjusted pro forma income from continuing operations before income tax increased by 67% to $2,431,000 compared to $1,460,000 a year ago.
For the full year, the company reported net sales of $364,081,000 compared to $366,593,000 a year ago. Loss from operations was $16,337,000 compared to income from operations of $6,387,000 a year ago. Loss from continuing operations before income tax was $17,711,000 compared to income from continuing operations before income tax of $4,491,000 a year ago. Net loss from continuing operations was $30,953,000 or $0.84 per basic and diluted share compared to net income from continuing operations of $2,727,000 or $0.07 per diluted share a year ago. Net loss was $30,953,000 or $0.84 per basic and diluted share compared to net income of $7,151,000 or $0.19 per diluted share a year ago. Net cash used in operating activities was $9,309,000 compared to $3,735,000 a year ago. Adjusted pro forma EBITDA was $6,055,000 compared to $10,014,000 a year ago. Adjusted pro forma income from operations was $2,571,000 compared to $6,387,000 a year ago. Adjusted pro forma income from continuing operations before income tax was $1,196,000 compared to $4,491,000 a year ago.
The company reported goodwill and intangible impairment of $5,996,000 for the third quarter ended December 31, 2011.
In light of the strength of the company's sales of consumer electronics and accessory products, guidance for fiscal year 2012 has been updated as follows: anticipated net sales have increased to be between $460.0 million and $480.0 million; and adjusted pro forma EBITDA is expected to be between $7.0 and $9.0 million.
Speed Commerce, Inc. is a single-source provider of omnichannel customer experience solutions and technology for ecommerce retailers and manufacturers. The Company specializes in ecommerce order fulfillment and contact center operations, assisting ecommerce retailers. Its cloud-based fulfillment platform for order and inventory management features integration with ecommerce platforms, and automatic order importing from online marketplaces, including Amazon, Magento, and Shopify. The Company offers a range of solutions, such as e-commerce customer service, fulfillment and warehousing, and client services. Its e-commerce customer services include inbound and outbound telephone support services, order processing, upselling, and cross-selling, email inquiries, outbound marketing campaigns, database scrubbing, and market research. Its fulfillment and warehousing solutions include receiving, picking and packing, shipping, inventory management, returns management, and cross-docking.
Navarre Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Announces Goodwill and Intangible Impairment for the Third Quarter Ended December 31, 2011; Reaffirms Earnings Guidance for the Fiscal Year 2012