Liberator Announces Second Fiscal Quarter and First Half Results
Reports Record Sales of $4.2 Million for the Second Quarter and
$7.5 Million for the Six Months
ATLANTA, GA--(Marketwired - Feb 18, 2014) - Liberator,
Inc. (OTCQB: LUVU), an innovative product development company and
brand category manufacturer in sexual wellness products, reported
financial and operating results for its second fiscal quarter and
first half fiscal 2014 (year ending June 30, 2014.)
Second Quarter and First Half Highlights:
- Adjusted EBITDA* of $418,000 for the first six months of fiscal
2014, an 8% increase from the prior year.
- Record revenue for the six months of $7.5 million, a 4%
increase from the prior year.
- Record revenue of $4.2 million for the second quarter, a 4.4%
increase from the prior year.
- Net income of $95,000 for the second quarter compared to net
income of $104,000 in the prior year.
Louis S. Friedman, the Company's President and Chief Executive
Officer said: "We are encouraged by our second quarter's growth in
sales of Liberator branded products. Because of our eco-compressed
packaging, our direct to consumer websites are now able to offer
free shipping. As a result, sales through our ecommerce channel
increased 28% during the second quarter from the prior year second
quarter and 22% during the six month period. This increase reflects
growth from a larger selection of branded and third party products
as well as a number of new internet marketing initiatives."
Revenues
Revenue for the quarter ended December 31, 2013 total $4.2
million compared to $4 million in the same quarter last year.
Revenues for the six months ended December 31, 2013 were $7.5
million compared to $7.2 million last year. Increases were
primarily due to higher sales through our direct-to-consumer
channel.
Gross Margin
In the second quarter of fiscal 2014, gross profit was $1.1
million (27% of sales), compared to $1.2 million (29% of sales) in
the prior year's quarter. For the first half of fiscal 2014, gross
profit was $2.2 million (29% of sales) compared to $2.2 million
(30% of sales) in last year's period.
Selling, General and Administrative
For the second quarter of fiscal 2014, SG&A expenses were
$0.9 million, or 23% of sales, compared to $1 million, or 25% of
sales, in the second quarter of last year. For the current six
month period, SG&A expenses were $1.9 million (25% of sales),
compared to $1.9 million (or 27% of sales) last year.
Operating Income
Income from operations was $186,532 in the second quarter of
fiscal 2014 and $190,577 in the prior year second quarter. For the
six months ended December 31, 2013, income from operations was
$267,262, relatively unchanged from $282,004 last year.
Use of Non-GAAP Measure
- *Adjusted EBITDA
Liberator management evaluates and makes operating decisions
using various financial metrics. In addition to the
Company's GAAP results, management also considers the non-GAAP
measure of Adjusted EBITDA. While Adjusted EBITDA is not a measure
of performance in accordance with GAAP, management believes that
this non-GAAP measure provides useful information about the
Company's operating results. The table below provides a
reconciliation of this non-GAAP financial measure with the most
directly comparable GAAP financial measure.
Adjusted EBITDA is defined as net income before interest,
income taxes, depreciation and amortization expenses, excluding,
when applicable, stock-based compensation expense and common stock
issued for services.
Reconciliation of
Adjusted EBITDA to Net Income
|
Computation of *EBITDA (unaudited) |
|
|
|
Three Months Ended December 31 |
|
Six Months Ended December 31, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Net
income |
|
$ |
95,112 |
|
$ |
103,707 |
|
$ |
68,170 |
|
$ |
110,184 |
Interest (net) |
|
|
91,420 |
|
|
84,069 |
|
|
199,093 |
|
|
169,019 |
Income taxes |
|
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
Depreciation & amortization |
|
|
57,121 |
|
|
45,156 |
|
|
114,970 |
|
|
88,963 |
Stock
based compensation |
|
|
11,386 |
|
|
9,035 |
|
|
35,713 |
|
|
19,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
255,039 |
|
$ |
241,967 |
|
$ |
417,946 |
|
$ |
387,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
About Liberator, Inc.
Liberator, Inc. is a vertically integrated USA-based
manufacturer, marketer and multi-channel lifestyle retailer of
Liberator® branded products sold through retail stores, mass
merchants, and internet retailers worldwide. Established with
the conviction that sensual pleasure and fulfillment are essential
to a well-lived life, Liberator Bedroom Adventure Gear® empowers
exploration, fantasy and the communication of desire for persons of
all shapes, sizes and abilities. Products include Liberator
shapes, sex furniture, positioning systems, pleasure objects, and
sensual / intimate accessories. As a by-product from the
manufacturing of Liberator shapes, the Company produces Jaxx, a
line of contemporary furniture, which it sells to many of the same
mass-market wholesale customers that purchase Liberator Bedroom
Adventure Gear. Liberator, Inc. and its operating company,
OneUp Innovations, Inc., are headquartered in a 140,000 square foot
facility in a suburb of Atlanta, Georgia and have over 130
employees.
Liberator operates www.liberator.com and other global ecommerce
sites plus a retail concept store within its
factory. Liberator can be followed on Twitter at
www.twitter.com/Liberator.
For comprehensive investor relations material, including fact
sheets, videos, and research reports on Liberator and emerging
sexual wellbeing trends visit the Company's investor relations web
site at www.invest-in-LUVU-Liberator.com.
Forward-Looking Statements
Certain matters discussed in this press release may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions; general competitive factors; acceptance of the
Company's products in the market; the Company's success in
obtaining new customers; the Company's success in product
development; the Company's ability to execute its business model
and strategic plans; the Company's success in integrating acquired
entities and assets, and all the risks and related information
described from time to time in the Company's filings with the
Securities and Exchange Commission ("SEC"), including the financial
statements and related information contained in the Company's
Annual Report on Form 10-K and interim Quarterly Reports on Form
10-Q. Examples of forward-looking statements in this release
include statements related to new products, anticipated revenue and
profitability. The Company assumes no obligation to update the
cautionary information in this release.
Company Contact: Liberator, Inc. Ronald Scott Chief Financial
Officer 770-246-6426 ron.scott@Liberator.com
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