ValueVision Media Reports Q4 and Fiscal 2013 Results
MINNEAPOLIS, MN--(Marketwired - Mar 5, 2014) - ValueVision
Media, Inc. (NASDAQ: VVTV), a multichannel electronic retailer
operating as ShopHQ (www.shophq.com), today announced operating
results for its fiscal 2013 fourth quarter (Q4'13) and year ended
February 1, 2014 (FY'13). ValueVision will host an investor
conference call/webcast today at 4:30 pm ET, details below.
ValueVision follows a 4-5-4 retail calendar. Last year's Q4 and
FY'12 periods included an extra week, or 14 and 53 weeks,
respectively. To facilitate more meaningful comparisons, the table
below presents pro forma results for Q4'12 and FY'12 adjusted to
reflect equivalent 13- and 52-week reporting periods.
The Company believes that the pro forma Q4'12 and FY'12 results
are a more appropriate basis for analysis and comparison to current
year results. Therefore, the Company's subsequent commentary will
reference the 2012 pro forma results presented in the below
table.
|
SUMMARY RESULTS AND KEY OPERATING METRICS --
FOURTH QUARTER ($ Millions, except average price points) |
|
|
|
Actual |
|
|
Pro Forma* |
|
|
Pro Forma |
|
|
Actual |
|
|
|
Q4 '13 |
|
|
Q4 '12 |
|
|
Change |
|
|
Q4 '12 |
|
|
|
2/1/2014 |
|
|
|
|
|
|
|
|
2/2/2013 |
|
|
|
13 Weeks |
|
|
13 Weeks |
|
|
13 Weeks |
|
|
14 Weeks |
|
Net Sales |
|
$ |
193 |
|
|
$ |
165 |
|
|
|
17 |
% |
|
$ |
177 |
|
Gross Profit |
|
$ |
62 |
|
|
$ |
55 |
|
|
|
14 |
% |
|
$ |
59 |
|
Gross Profit % |
|
|
32.1 |
% |
|
|
33.2 |
% |
|
|
-110bps |
|
|
|
33.2 |
% |
Adjusted EBITDA |
|
$ |
5 |
|
|
$ |
4 |
|
|
|
23 |
% |
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income/(Loss) |
|
$ |
0 |
|
|
$ |
(0 |
) |
|
$ |
1 |
|
|
$ |
(0 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC License Impairment |
|
|
- |
|
|
|
(11 |
) |
|
$ |
11 |
|
|
$ |
(11 |
) |
|
Debt Extinguishment |
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Activist Shareholder Response Costs |
|
|
(2 |
) |
|
|
- |
|
|
$ |
(2 |
) |
|
$ |
- |
|
Net Income/(Loss) |
|
|
(2 |
) |
|
|
(11 |
) |
|
$ |
10 |
|
|
$ |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) per Share |
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.20 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income/(Loss) per Share |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homes (Average 000s) |
|
|
86,669 |
|
|
|
83,900 |
|
|
|
3 |
% |
|
|
83,914 |
|
Net Shipped Units (000s) |
|
|
2,363 |
|
|
|
1,637 |
|
|
|
44 |
% |
|
|
1,763 |
|
Average Price Point |
|
$ |
74 |
|
|
$ |
92 |
|
|
|
-20 |
% |
|
$ |
92 |
|
Return Rate % |
|
|
21.5 |
% |
|
|
22.1 |
% |
|
|
-60bps |
|
|
|
22.1 |
% |
Internet Net Sales % |
|
|
47.0 |
% |
|
|
46.3 |
% |
|
|
+70bps |
|
|
|
46.3 |
% |
Total Customers - 12 Month Rolling |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RESULTS AND KEY OPERATING METRICS --
FISCAL YEAR ($ Millions, except average price points) |
|
|
|
|
|
Actual |
|
|
Pro Forma* |
|
|
Pro Forma |
|
|
Actual |
|
|
|
FY '13 |
|
|
FY '12 |
|
|
Change |
|
|
FY '12 |
|
|
|
2/1/2014 |
|
|
|
|
|
|
|
|
2/2/2013 |
|
|
|
52 Weeks |
|
|
52 Weeks |
|
|
52 Weeks |
|
|
53 Weeks |
|
Net Sales |
|
$ |
640 |
|
|
$ |
574 |
|
|
|
12 |
% |
|
$ |
587 |
|
Gross Profit |
|
$ |
230 |
|
|
$ |
208 |
|
|
|
10 |
% |
|
$ |
212 |
|
Gross Profit % |
|
|
35.9 |
% |
|
|
36.3 |
% |
|
|
-40bps |
|
|
|
36.2 |
% |
Adjusted EBITDA |
|
$ |
18 |
|
|
$ |
4 |
|
|
|
329 |
% |
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income/(Loss) |
|
$ |
(0 |
) |
|
$ |
(16 |
) |
|
$ |
16 |
|
|
$ |
(16 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC License Impairment |
|
$ |
- |
|
|
$ |
(11 |
) |
|
$ |
11 |
|
|
$ |
(11 |
) |
|
Debt Extinguishment |
|
$ |
- |
|
|
$ |
(1 |
) |
|
$ |
1 |
|
|
$ |
(1 |
) |
|
Activist Shareholder Response Costs |
|
$ |
(2 |
) |
|
$ |
- |
|
|
$ |
(2 |
) |
|
$ |
- |
|
Net Income/(Loss) |
|
$ |
(3 |
) |
|
$ |
(28 |
) |
|
$ |
25 |
|
|
$ |
(28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) per Share |
|
$ |
(0.05 |
) |
|
$ |
(0.56 |
) |
|
$ |
0.51 |
|
|
$ |
(0.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income/(Loss) per Share |
|
$ |
(0.01 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.32 |
|
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homes (Average 000s) |
|
|
86,120 |
|
|
|
82,757 |
|
|
|
4 |
% |
|
|
82,761 |
|
Net Shipped Units (000s) |
|
|
7,152 |
|
|
|
5,494 |
|
|
|
30 |
% |
|
|
5,620 |
|
Average Price Point |
|
$ |
81 |
|
|
$ |
96 |
|
|
|
-16 |
% |
|
$ |
96 |
|
Return Rate % |
|
|
22.3 |
% |
|
|
22.1 |
% |
|
|
+20bps |
|
|
|
22.1 |
% |
Internet Net Sales % |
|
|
46.4 |
% |
|
|
45.7 |
% |
|
|
+70bps |
|
|
|
45.7 |
% |
Total Customers - 12 Month Rolling |
|
|
1,357,328 |
|
|
|
1,131,989 |
|
|
|
20 |
% |
|
|
1,147,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Q4'12 pro forma results were calculated by dividing actual Q4'12
results by 14 and by multiplying the quotients by 13. The 52-week
pro formas were calculated by adding the Q4 13-week pro formas to
the previously reported fiscal year-to-date Q3'12 results of
operations. |
|
ValueVision's Q4'13 net sales rose 17% to $193 million from $165
million in Q4'12. Sales were driven by strong performance in the
categories of Home & Consumer Electronics, Fashion &
Accessories, and Beauty, Health & Fitness. Gross Profit
increased 14% in Q4'13, and as a percent of sales, was 32.1%
compared to 33.2% in Q4'12.
Adjusted EBITDA improved to $5 million in Q4'13 versus $4
million in Q4'12. Adjusted net income for Q4'13 was $0.3 million,
or breakeven per share, compared to an adjusted net loss of $0.3
million, or ($0.01) per share, in Q4'12.
Net shipped units increased by 44% in Q4'13 to a record 2.4
million from 1.6 million in the same quarter last year, reflecting
a broader merchandise mix and a 20% decline in the average price
point to $74 from $92.
Total customers purchasing over the last 12 months rose 20% to a
record 1.4 million from 1.1 million in the prior year. The growth
in customers reflects a broader merchandise mix at lower price
points. In addition, the size of the total customer base who
purchased during the three months of Q4'13 increased 30% versus
last year's same period.
For the full year 2013, net sales grew 12% to $640 million from
$574 million in 2012. Adjusted EBITDA was $18 million for the full
year 2013 versus $4 million last year. Adjusted net loss for the
year was $0.4 million, or ($0.01) per share, compared to an
adjusted net loss of $16 million, or ($0.33) per share, in
FY'12.
ValueVision CEO, Keith Stewart, said, "Our Q4'13 performance
marked our 7th consecutive quarter of sales growth and positive
Adjusted EBITDA. Our continued diversification of product mix
resulted in strong sales growth across a much broader customer
base. We expanded our product assortment, improved our channel
positions and continued to focus on the customer experience. These
efforts drove record new customer counts in the quarter. With our
rebranding to ShopHQ complete and more customers shopping with us
than ever before, we believe we are well positioned for fiscal
2014."
ValueVision EVP & CFO William McGrath, stated, "Our balance
sheet position is strong. We ended the year with $31 million in
cash and restricted cash, an increase of $3 million from the start
of fiscal year 2013. During the fourth quarter, we also expanded
the size of our total credit facility with PNC Bank from $50
million to $75 million. The additional liquidity better positions
us to support future growth as we evaluate options to increase our
warehouse distribution capacity in 2014."
Conference Call / Webcast Today, Wednesday, March 5 at 4:30 pm
ET:
WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/wdb36svn
TELEPHONE: 877-703-6104
PASSCODE: 71945286
Adjusted EBITDA and Adjusted Net Income/(Loss)
EBITDA represents net income (loss) for the respective periods
excluding depreciation and amortization expense, interest income
(expense) and income taxes. The Company defines Adjusted EBITDA as
EBITDA excluding debt extinguishment; non-operating gains (losses);
non-cash impairment charges and write-downs; activist shareholder
response costs; and non-cash share-based compensation expense. The
Company defines Adjusted Net Income/(Loss) as net income/(loss)
excluding non-cash impairment charges and write-downs; debt
extinguishment; and activist shareholder response costs. The
Company has included the term "Adjusted EBITDA" in our EBITDA
reconciliation in order to adequately assess the operating
performance of our television and Internet businesses and in order
to maintain comparability to our analyst's coverage and financial
guidance, when given. Management believes that the terms Adjusted
EBITDA and Adjusted Net Income/(Loss) allow investors to make a
more meaningful comparison between our business operating results
over different periods of time with those of other similar
companies. In addition, management uses Adjusted EBITDA as a metric
to evaluate operating performance under the Company's management
and executive incentive compensation programs. Adjusted EBITDA and
Adjusted Net Income/(Loss) should not be construed as alternatives
to operating income (loss), net income (loss) or to cash flows from
operating activities as determined in accordance with generally
accepted accounting principles and should not be construed as
measures of liquidity. Adjusted EBITDA and Adjusted Net
Income/(Loss) may not be comparable to similarly entitled measures
reported by other companies. The Company has included a
reconciliation of each of Adjusted EBITDA and Adjusted Net
Income/(Loss) to net income (loss), their most directly comparable
GAAP financial measure, in this release.
About ValueVision Media/ShopHQ (www.shophq.com/ir)
ValueVision Media, Inc. operates as ShopHQ, a multichannel
retailer that enables customers to shop and interact via TV, phone,
Internet and mobile in the merchandise categories of Home &
Consumer Electronics, Beauty, Health & Fitness, Fashion &
Accessories, and Jewelry & Watches. The ShopHQ television
network reaches over 86 million cable and satellite homes and is
also available nationwide via live streaming at www.shophq.com.
Please visit www.shophq.com/ir for more investor information.
Forward-Looking Information
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statements contained herein that are not statements of
historical fact may be deemed forward-looking statements. These
statements are based on management's current expectations and
accordingly are subject to uncertainty and changes in
circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to): consumer preferences, spending and
debt levels; the general economic and credit environment; interest
rates; seasonal variations in consumer purchasing activities; the
ability to achieve the most effective product category mixes to
maximize sales and margin objectives; competitive pressures on
sales; pricing and gross sales margins; the level of cable and
satellite distribution for our programming and the associated fees;
our ability to establish and maintain acceptable commercial terms
with third-party vendors and other third parties with whom we have
contractual relationships, and to successfully manage key vendor
relationships; our ability to manage our operating expenses
successfully and our working capital levels; our ability to remain
compliant with our long-term credit facility covenants; our ability
to successfully transition our brand name; the market demand for
television station sales; our management and information systems
infrastructure; challenges to our data and information security;
changes in governmental or regulatory requirements; litigation or
governmental proceedings affecting our operations; significant
public events that are difficult to predict, or other significant
television-covering events causing an interruption of television
coverage or that directly compete with the viewership of our
programming; and our ability to obtain and retain key executives
and employees. More detailed information about those factors is set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.
The Company is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Important Information
This release may be deemed to be solicitation material in
respect of the solicitation of proxies from shareholders in
connection with one or more meetings of the Company's shareholders.
The Company, its directors and certain of its executive officers
and employees may be deemed to be participants in the solicitation
of proxies from shareholders in connection with any such meetings
of shareholders. Information concerning these directors and
executive officers in connection with the matters to be voted on at
any such meeting that may be held will be included in the proxy
statement filed by the Company with the Securities and Exchange
Commission (the "SEC") in connection with any such meeting. In
addition, the Company files annual, quarterly and special reports,
proxy and information statements, and other information with the
SEC. Any proxy statement, any other relevant documents and any
other material filed with the SEC concerning the Company will be,
when filed, available free of charge at the SEC website at
http://www.sec.gov. SHAREHOLDERS ARE URGED TO READ CAREFULLY ANY
SUCH PROXY STATEMENT FILED BY THE COMPANY AND ANY OTHER RELEVANT
DOCUMENTS FILED WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION WITH RESPECT
TO PARTICIPANTS.
(tables follow)
|
VALUEVISION MEDIA, INC. |
AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In thousands except share and per share data) |
|
|
|
|
February 1, |
|
February 2, |
|
|
|
2014 |
|
2013 |
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,177 |
|
$ |
26,477 |
|
|
Restricted cash and investments |
|
|
2,100 |
|
|
2,100 |
|
|
Accounts receivable, net |
|
|
107,386 |
|
|
98,360 |
|
|
Inventories |
|
|
51,162 |
|
|
37,155 |
|
|
Prepaid expenses and other |
|
|
6,032 |
|
|
6,620 |
|
|
|
Total
current assets |
|
|
195,857 |
|
|
170,712 |
|
Property and equipment, net |
|
|
24,952 |
|
|
24,665 |
|
FCC broadcasting license |
|
|
12,000 |
|
|
12,000 |
|
NBC trademark license agreement, net |
|
|
- |
|
|
3,997 |
|
Other assets |
|
|
896 |
|
|
725 |
|
|
|
$ |
233,705 |
|
$ |
212,099 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
77,296 |
|
$ |
65,719 |
|
|
Accrued liabilities |
|
|
38,535 |
|
|
30,596 |
|
|
Deferred revenue |
|
|
85 |
|
|
85 |
|
|
|
Total
current liabilities |
|
|
115,916 |
|
|
96,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital lease liability |
|
|
88 |
|
|
- |
|
Deferred revenue |
|
|
335 |
|
|
420 |
|
Deferred tax liability |
|
|
1,158 |
|
|
- |
|
Long term credit facility |
|
|
38,000 |
|
|
38,000 |
|
|
|
Total
liabilities |
|
|
155,497 |
|
|
134,820 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 100,000,000 shares
authorized; 49,844,253 and 49,139,361 shares issued and
outstanding |
|
|
498 |
|
|
491 |
|
|
Warrants to purchase 6,000,000 shares of common
stock |
|
|
533 |
|
|
533 |
|
|
Additional paid-in capital |
|
|
410,681 |
|
|
407,244 |
|
|
Accumulated deficit |
|
|
(333,504 |
) |
|
(330,989 |
) |
|
|
Total
shareholders' equity |
|
|
78,208 |
|
|
77,279 |
|
|
|
$ |
233,705 |
|
$ |
212,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALUEVISION MEDIA, INC. |
|
AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In thousands, except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Month Periods Ended |
|
|
For the Twelve Month Periods Ended |
|
|
|
February 1, |
|
|
February 2, |
|
|
February 1, |
|
|
February 2, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
Net sales |
|
$ |
193,253 |
|
|
$ |
177,500 |
|
|
$ |
640,489 |
|
|
$ |
586,820 |
|
Cost of sales |
|
|
131,154 |
|
|
|
118,630 |
|
|
|
410,465 |
|
|
|
374,448 |
|
|
|
|
Gross profit |
|
|
62,099 |
|
|
|
58,870 |
|
|
|
230,024 |
|
|
|
212,372 |
|
|
|
|
Margin % |
|
|
32.1 |
% |
|
|
33.2 |
% |
|
|
35.9 |
% |
|
|
36.2 |
% |
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution and selling |
|
|
52,218 |
|
|
|
50,729 |
|
|
|
191,695 |
|
|
|
193,037 |
|
|
General and administrative |
|
|
7,777 |
|
|
|
4,851 |
|
|
|
25,932 |
|
|
|
18,297 |
|
|
Depreciation and amortization |
|
|
2,978 |
|
|
|
3,198 |
|
|
|
12,320 |
|
|
|
13,224 |
|
|
FCC license impairment |
|
|
- |
|
|
|
11,111 |
|
|
|
- |
|
|
|
11,111 |
|
|
|
Total operating expense |
|
|
62,973 |
|
|
|
69,889 |
|
|
|
229,947 |
|
|
|
235,669 |
|
Operating income (loss) |
|
|
(874 |
) |
|
|
(11,019 |
) |
|
|
77 |
|
|
|
(23,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1 |
|
|
|
- |
|
|
|
18 |
|
|
|
11 |
|
|
Interest expense |
|
|
(356 |
) |
|
|
(399 |
) |
|
|
(1,437 |
) |
|
|
(3,970 |
) |
|
Gain on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
100 |
|
Loss on debt extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(500 |
) |
|
|
Total other expense |
|
|
(355 |
) |
|
|
(399 |
) |
|
|
(1,419 |
) |
|
|
(4,359 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(1,229 |
) |
|
|
(11,418 |
) |
|
|
(1,342 |
) |
|
|
(27,656 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
(293 |
) |
|
|
- |
|
|
|
(1,173 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,522 |
) |
|
$ |
(11,418 |
) |
|
$ |
(2,515 |
) |
|
$ |
(27,676 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share---assuming dilution |
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.57 |
) |
Weighted average number ofcommon shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
49,781,629 |
|
|
|
49,076,122 |
|
|
|
49,504,892 |
|
|
|
48,874,842 |
|
|
|
|
Diluted |
|
|
49,781,629 |
|
|
|
49,076,122 |
|
|
|
49,504,892 |
|
|
|
48,874,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALUEVISION MEDIA, INC. |
AND SUBSIDIARIES |
|
Reconciliation of Adjusted EBITDA to Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Month Periods Ended |
|
|
For the Twelve Month Periods Ended |
|
|
|
February 1, |
|
|
February 2, |
|
|
February 1, |
|
|
February 2, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (000's) |
|
$ |
4,842 |
|
|
$ |
4,194 |
|
|
$ |
18,012 |
|
|
$ |
4,494 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activist shareholder response costs |
|
|
(1,789 |
) |
|
|
- |
|
|
|
(2,133 |
) |
|
|
- |
|
|
FCC
license impairment |
|
|
- |
|
|
|
(11,111 |
) |
|
|
- |
|
|
|
(11,111 |
) |
|
Debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(500 |
) |
|
Gain
on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
100 |
|
|
Non-cash share-based compensation |
|
|
(849 |
) |
|
|
(854 |
) |
|
|
(3,217 |
) |
|
|
(3,257 |
) |
EBITDA (as defined) (a) |
|
|
2,204 |
|
|
|
(7,771 |
) |
|
|
12,662 |
|
|
|
(10,274 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of EBITDA to net loss is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (as defined) (a) |
|
|
2,204 |
|
|
|
(7,771 |
) |
|
|
12,662 |
|
|
|
(10,274 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(3,078 |
) |
|
|
(3,248 |
) |
|
|
(12,585 |
) |
|
|
(13,423 |
) |
|
Interest income |
|
|
1 |
|
|
|
- |
|
|
|
18 |
|
|
|
11 |
|
|
Interest expense |
|
|
(356 |
) |
|
|
(399 |
) |
|
|
(1,437 |
) |
|
|
(3,970 |
) |
|
Income taxes |
|
|
(293 |
) |
|
|
- |
|
|
|
(1,173 |
) |
|
|
(20 |
) |
Net loss |
|
$ |
(1,522 |
) |
|
$ |
(11,418 |
) |
|
$ |
(2,515 |
) |
|
$ |
(27,676 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) EBITDA as defined for this statistical
presentation represents net income (loss) for the respective
periods excluding depreciation and amortization expense, interest
income (expense) and income taxes. The Company defines Adjusted
EBITDA as EBITDA excluding debt extinguishment, non-operating gains
(losses); non-cash impairment charges and writedowns, activist
shareholder response costs and non-cash share-based compensation
expense. |
|
Management has included the term Adjusted
EBITDA in its EBITDA reconciliation in order to adequately assess
the operating performance of the Company's television and internet
businesses and in order to maintain comparability to its analyst's
coverage and financial guidance, when given. Management believes
that Adjusted EBITDA allows investors to make a more meaningful
comparison between our business operating results over different
periods of time with those of other similar companies. In addition,
management uses Adjusted EBITDA as a metric measure to evaluate
operating performance under its management and executive incentive
compensation programs. Adjusted EBITDA should not be construed as
an alternative to operating income (loss), net income (loss) or to
cash flows from operating activities as determined in accordance
with GAAP and should not be construed as a measure of liquidity.
Adjusted EBITDA may not be comparable to similarly entitled
measures reported by other companies. |
|
|
Contacts Media: Dawn Zaremba ShopHQ dzaremba@shophq.com
(952) 943-6043 O
Investors: David Collins, Eric Lentini Catalyst Global LLC
vvtv@catalyst-ir.com (212) 924-9800 O
(917) 734-0339 M
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