Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Speed Commerce, Inc. | spdc20140204_8k.htm |
Exhibit 99.1
Speed Commerce Reports Fiscal Third Quarter 2014 Results
- Strong Growth in E-Commerce and CE&A Sales Help Drive 86% Increase in Adjusted EBITDA to $10 Million -
DALLAS, TX – February 4, 2014 – Speed Commerce, Inc. (NASDAQ: SPDC), a vertically integrated, multi-channel platform of e-commerce services and distribution solutions, reported financial results for its fiscal third quarter and nine months ended December 31, 2013.
Fiscal Q3 2014 Highlights vs. Same Year-Ago Quarter
|
● |
Net sales in the e-commerce and fulfillment services segment increased 52% to $32.6 million |
|
● |
Net sales from the distribution of consumer electronics and accessories (CE&A) increased 32% to $62.6 million |
|
● |
Adjusted gross margin increased 190 basis points to 11.4% |
|
● |
Adjusted EBITDA increased 86% to $10.0 million |
First Nine Months of Fiscal 2014 vs. Same Year-Ago Period
|
● |
Net sales in the e-commerce and fulfillment services segment increased 150% to $83.2 million |
|
● |
Net sales from the distribution of CE&A increased 33% to $111.4 million |
|
● |
Adjusted gross margin increased 100 basis points to 11.4% |
|
● |
Adjusted EBITDA increased 107% to $16.9 million |
Fiscal Q3 2014 Financial Results
Net sales in the e-commerce and fulfillment services segment increased 52% in the fiscal third quarter to $32.6 million from $21.4 million in the year-ago quarter. This increase resulted from the addition of new e-commerce clients, strong growth in year-over-year sales from ongoing clients, as well as a full quarter’s net sales from the business unit formerly known as SpeedFC.
Net sales from the distribution of CE&A increased 32% to $62.6 million, while net sales from software declined 19% to $86.7 million. This resulted in total net sales in the distribution segment from ongoing business during the fiscal third quarter, which excludes sales of home video and video game products, decreasing 4% to $149.3 million from $155.0 million in the year-ago quarter.
Consolidated net sales in the fiscal third quarter of 2014 increased 2% to $182.5 million from $178.3 million in the year-ago quarter.
Adjusted gross margin (a non-GAAP measure) in the fiscal third quarter increased 190 basis points to 11.4% compared to 9.5% in the year-ago quarter (see “Use of Non-GAAP Financial Information” below for further discussion). This increase was primarily due to the increase in net sales from the higher margin e-commerce and fulfillment services segment.
Total adjusted operating expenses (a non-GAAP measure) in the fiscal third quarter increased slightly to $13.3 million from $13.0 million in the year-ago quarter. As a percentage of net sales, adjusted operating expenses remained flat at 7.3% when compared to the year-ago quarter.
Net loss in the fiscal third quarter was $1.0 million, or $(0.02) per diluted share, compared to net income of $10,000, or $0.00 per diluted share, in the year-ago quarter.
Adjusted EBITDA (a non-GAAP measure) in the fiscal third quarter increased 86% to $10.0 million compared to $5.4 million in the year-ago quarter.
First Nine Months of Fiscal 2014 Financial Results
Net sales in the e-commerce and fulfillment services segment increased significantly in the first nine months of 2014 to $83.2 million from $33.2 million in the same period a year ago.
Net sales from the distribution of CE&A increased 33% to $111.4 million and net sales from software declined 19% to $203.4 million compared to the same period last year. Total net sales in the distribution segment from ongoing business during the first nine months of 2014, which excludes sales of home video and video game products, decreased 6% to $314.8 million from $333.7 million in the same period a year ago.
Consolidated net sales in the first nine months of 2014 increased 7% to $399.3 million from $373.7 million in the same period a year ago.
Adjusted gross margin (a non-GAAP measure) in the first nine months of 2014 increased 100 basis points to 11.4% compared to 10.4% in the same period a year ago.
Total adjusted operating expenses (a non-GAAP measure) in the first nine months of 2014 increased slightly to $35.4 million from $34.3 million in the same period last year. As a percentage of net sales, adjusted operating expenses declined 30 basis points to 8.9% from 9.2% in the same period a year ago.
Net loss in the first nine months of 2014 was $7.6 million, or $(0.13) per diluted share, compared to a net loss of $73,000, or $(0.00) per diluted share, in the same period last year.
Adjusted EBITDA (a non-GAAP measure) in the first nine months of 2014 increased 107% to $16.9 million compared to $8.2 million in the same period a year ago.
Management Commentary
“In our third fiscal quarter, e-commerce and CE&A continued to deliver exceptional sales growth, with e-commerce increasing 52% for the quarter and 150% year-to-date, and CE&A increasing over 32% for both the quarter and year-to-date,” said Richard Willis, president and CEO of Speed Commerce. “While software sales were down 19% in the quarter, we continue to manage that business on a variable cost basis, so the decline only had a minimal impact on EBITDA. We were also able improve adjusted gross margin 190 basis points while keeping our operating expenses on target. Together, these factors helped drive adjusted EBITDA of $10 million for the quarter, up 86% from last year, and year-to-date adjusted EBITDA was more than double last year at $16.9 million.”
“Over the past three months,” continued Willis, “our e-commerce business has entered into contracts to implement five new websites, with blue-chip clients that include Lowes, Huawei and one of the world’s largest retailers. Between May and August, we plan to on-board seven new e-commerce clients, which is more than double our previous record for concurrent client implementations. We continue to invest in our e-commerce sales and marketing group, and I am pleased to announce the addition of Todd Cameron, our new VP of Sales and Marketing, who is now leading our growing sales and marketing team. In our CE&A distribution business, we have continued our expansion into the mobile channel by shipping product in the quarter to AT&T retail locations and will begin delivering product to T-Mobile stores this month.
“As we complete fiscal 2014, we will continue to focus on the acquisition of new e-commerce clients and our organic growth initiatives, while working diligently to streamline costs in our distribution segment. We also remain committed to our acquisition strategy and are enthusiastic about our growing pipeline of opportunities. In fiscal 2014 and beyond, we look forward to realizing the benefits of scale, integration and operating leverage in our business.”
Fiscal 2014 Outlook
Speed Commerce’s adjusted EBITDA guidance for fiscal 2014 remains on track and is expected to range between $19 and $21 million, an approximate increase of 69% to 87% from fiscal 2013. To reflect the decline in software sales, the company is lowering its revenue guidance, with sales now expected to range between $490 million to $515 million, an approximate increase of 1% to 6% from fiscal 2013.
Conference Call
Speed Commerce will host a conference call tomorrow, February 5, 2014 at 11:00 a.m. Eastern time to discuss its fiscal third quarter 2014 results. President and CEO Richard Willis and CFO Terry Tuttle will host the call, followed by a question and answer period.
Date: Wednesday, February 5, 2014
Time: 11:00 a.m. Eastern time (10:00 a.m. Central time)
Dial-in number: 1-877-941-4774
International dial-in number: 1-480-629-9760
Conference ID: 4663760
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=107553 and via the investor relations section of Speed Commerce’s website at www.speedcommerce.com.
A replay of the conference call will be available after 2:00 p.m. Eastern time on the same day through February 19, 2014.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4663760
About Speed Commerce
Speed Commerce, Inc. (NASDAQ: SPDC) provides a vertically integrated, multi-channel platform of e-commerce services and distribution solutions to retailers and manufacturers. The Company uniquely offers retail distribution programs, web site development and hosting, customer care, e-commerce fulfillment, and third party logistics services. For additional information, please visit the Company's website at www.speedcommerce.com.
Use of Non-GAAP Information
In evaluating the company’s financial performance and operating trends, management considers information concerning the company’s net sales, adjusted gross margins, adjusted operating expenses, and adjusted EBITDA, among other items, which are not calculated in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. The company’s management believes these non-GAAP measures are useful to investors because they provide supplemental information that facilitates comparisons to prior periods and for the evaluation of financial results. Management uses these non-GAAP measures to evaluate its financial results, develop budgets and manage expenditures. The method the company uses to produce non-GAAP results is not computed according to GAAP, is likely to differ from the methods used by other companies and should not be regarded as a replacement for corresponding GAAP measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is attached to this release and can also be found on the company’s website at www.speedcommerce.com.
Safe Harbor
The statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbors provided therein. The forward-looking statements are subject to risks and uncertainties, and the actual results that the company achieves may differ materially from these forward-looking statements due to such risks and uncertainties, including, but not limited to: difficult economic conditions that adversely affect the company’s customers and vendors; the company’s revenues being derived from a small group of customers; pending or prospective litigation may subject the company to significant costs; the seasonal nature of the company’s business; the company’s ability to adapt to the changing demands of its customers or vendors; the potential for the company to incur significant costs and to experience operational and logistical difficulties in connection with its information technology systems and fulfillment infrastructure; the company’s dependence on significant clients and vendors; the company’s ability to meet significant working capital requirements; and the company’s ability to compete effectively in the highly competitive retail distribution and e-commerce services industries. In addition to these, a detailed statement of risks and uncertainties is contained in the company’s reports to the U.S. Securities and Exchange Commission (the “SEC”), including, in particular, the company’s proxy materials, the company’s Form 10-K filings, as well as its other SEC filings and public disclosures.
Investors and shareholders are urged to read this press release carefully. The company can offer no assurances that any projections, assumptions or forecasts made or discussed in this press release will be met, and investors should understand the risks of investing solely due to such projections. The forward-looking statements included in this press release are made only as of the date of this report and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Investors and shareholders may obtain free copies of the public filings through the website maintained by the SEC at www.sec.gov or at one of the SEC’s other public reference rooms in Washington, D.C., New York, New York or Chicago, Illinois. Please contact the SEC at 1-800-SEC-0330 for further information with respect to the SEC’s public reference rooms.
SPEED COMMERCE, INC.
Consolidated Condensed Balance Sheets
(In thousands)
|
(Unaudited) |
(Unaudited) |
|||||||||||
|
December 31, |
December 31, |
March 31, |
||||||||||
|
2013 |
2012 |
2013 |
||||||||||
|
Assets: |
||||||||||||
|
Current assets: |
||||||||||||
|
Cash |
$ | 53 | $ | 62 | $ | 91 | ||||||
|
Accounts receivable, net |
151,094 | 123,251 | 83,496 | |||||||||
|
Inventories |
54,761 | 39,018 | 34,197 | |||||||||
|
Deferred tax assets — current, net |
- | 1,441 | - | |||||||||
|
Other |
3,742 | 2,621 | 3,262 | |||||||||
|
Total current assets |
209,650 | 166,393 | 121,046 | |||||||||
|
Property and equipment, net |
18,450 | 11,441 | 14,085 | |||||||||
|
Goodwill and intangible assets, net |
53,527 | 55,777 | 54,213 | |||||||||
|
Deferred tax assets — non-current, net |
- | 9,028 | - | |||||||||
|
Other assets |
9,055 | 7,385 | 6,947 | |||||||||
|
Total assets |
$ | 290,682 | $ | 250,024 | $ | 196,291 | ||||||
|
Liabilities and shareholders’ equity: |
||||||||||||
|
Current liabilities: |
||||||||||||
|
Accounts payable |
$ | 167,102 | $ | 141,423 | $ | 103,953 | ||||||
|
Checks written in excess of cash balances |
8,252 | 11,363 | 3,478 | |||||||||
|
Revolving line of credit |
30,891 | 17,432 | 23,884 | |||||||||
|
Other |
9,506 | 13,502 | 7,204 | |||||||||
|
Total current liabilities |
215,751 | 183,720 | 138,519 | |||||||||
|
Long-term liabilities: |
||||||||||||
|
Other liabilities |
5,122 | 4,473 | 4,089 | |||||||||
|
Total liabilities |
220,873 | 188,193 | 142,608 | |||||||||
|
Shareholders’ equity |
69,809 | 61,831 | 53,683 | |||||||||
|
Total liabilities and shareholders’ equity |
$ | 290,682 | $ | 250,024 | $ | 196,291 | ||||||
SPEED COMMERCE, INC.
Consolidated Statements of Operations and Comprehensive (Loss)
(In thousands, except per share amounts)
(Unaudited)
|
Three months ended December 31, |
Nine months ended December 31, |
|||||||||||||||
|
2013 |
2012 |
2013 |
2012 |
|||||||||||||
|
Net sales |
||||||||||||||||
|
Distribution |
$ | 149,935 | $ | 156,856 | $ | 316,099 | $ | 340,476 | ||||||||
|
E-commerce and fulfillment services |
32,576 | 21,428 | 83,154 | 33,212 | ||||||||||||
|
Total net sales |
182,511 | 178,284 | 399,253 | 373,688 | ||||||||||||
|
Cost of sales |
||||||||||||||||
|
Distribution |
136,429 | 143,045 | 289,057 | 306,280 | ||||||||||||
|
E-commerce and fulfillment services |
30,256 | 18,238 | 71,747 | 28,384 | ||||||||||||
|
Total cost of sales |
166,685 | 161,283 | 360,804 | 334,664 | ||||||||||||
|
Gross profit |
||||||||||||||||
|
Distribution |
13,506 | 13,811 | 27,042 | 34,196 | ||||||||||||
|
E-commerce and fulfillment services |
2,320 | 3,190 | 11,407 | 4,828 | ||||||||||||
|
Total gross profit |
15,826 | 17,001 | 38,449 | 39,024 | ||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Selling and marketing |
4,805 | 5,312 | 12,494 | 13,805 | ||||||||||||
|
Distribution and warehousing |
4,661 | 2,394 | 10,437 | 5,907 | ||||||||||||
|
General and administrative |
3,773 | 4,544 | 13,840 | 10,653 | ||||||||||||
|
Information technology |
1,725 | 1,533 | 5,067 | 3,661 | ||||||||||||
|
Depreciation and amortization |
739 | 760 | 2,240 | 2,248 | ||||||||||||
|
Total operating expenses |
15,703 | 14,543 | 44,078 | 36,274 | ||||||||||||
|
Loss from operations |
123 | 2,458 | (5,629 | ) | 2,750 | |||||||||||
|
Other income (expense): |
||||||||||||||||
|
Interest income (expense), net |
(432 | ) | (325 | ) | (1,234 | ) | (586 | ) | ||||||||
|
Other income (expense), net |
(714 | ) | (503 | ) | (668 | ) | (602 | ) | ||||||||
|
Loss from operations, before income tax |
(1,023 | ) | 1,630 | (7,531 | ) | 1,562 | ||||||||||
|
Income tax benefit (expense) |
(41 | ) | (1,620 | ) | (106 | ) | (1,635 | ) | ||||||||
|
Net income (loss) |
$ | (1,064 | ) | $ | 10 | $ | (7,637 | ) | $ | (73 | ) | |||||
|
Basic net loss per common share |
$ | (0.02 | ) | $ | 0.00 | $ | (0.13 | ) | $ | (0.00 | ) | |||||
|
Diluted net loss per common share |
$ | (0.02 | ) | $ | 0.00 | $ | (0.13 | ) | $ | (0.00 | ) | |||||
|
Weighted average shares outstanding: |
||||||||||||||||
|
Basic |
64,928 | 44,883 | 59,332 | 39,749 | ||||||||||||
|
Diluted |
64,928 | 45,026 | 59,332 | 39,749 | ||||||||||||
|
Other comprehensive income (loss): |
||||||||||||||||
|
Net unrealized gain on foreign exchange rate translation, net of tax |
157 | 76 | 192 | 159 | ||||||||||||
|
Comprehensive income (loss) |
$ | (907 | ) | $ | 86 | $ | (7,445 | ) | $ | 86 | ||||||
SPEED COMMERCE, INC.
Supplemental Information
(In thousands)
(Unaudited)
Business Segment Information and Net Sales by Geographic Region and Sales Channel
|
Three Months Ended December 31, | ||||||||||||||||
|
2013 |
% |
2012 |
% | |||||||||||||
|
Net sales: |
||||||||||||||||
|
Distribution |
||||||||||||||||
|
Software |
$ | 86,696 | 47.5 | % | $ | 107,638 | 60.4 | % | ||||||||
|
Consumer electronics and accessories |
62,631 | 34.3 | % | 47,363 | 26.6 | % | ||||||||||
|
Video games |
608 | 0.3 | % | 1,855 | 1.0 | % | ||||||||||
| 149,935 | 82.2 | % | 156,856 | 88.0 | % | |||||||||||
|
E-commerce and fulfillment services |
32,576 | 17.8 | % | 21,428 | 12.0 | % | ||||||||||
|
Net sales as reported |
$ | 182,511 | $ | 178,284 | ||||||||||||
|
Operating income (loss) |
||||||||||||||||
|
Distribution |
$ | 438 | $ | 499 | ||||||||||||
|
E-commerce and fulfillment services |
(315 | ) | 1,959 | |||||||||||||
|
Consolidated operating income (loss) |
$ | 123 | $ | 2,458 | ||||||||||||
|
Net Sales by Geographic Region |
||||||||||||||||
|
United States |
$ | 152,730 | $ | 144,666 | ||||||||||||
|
Canada |
29,781 | 33,618 | ||||||||||||||
|
Net Sales as reported |
$ | 182,511 | $ | 178,284 | ||||||||||||
|
Net Sales by Sales Channel |
||||||||||||||||
|
Retail |
$ | 126,052 | $ | 129,943 | ||||||||||||
|
E-commerce |
56,459 | 48,341 | ||||||||||||||
|
Net Sales as reported |
$ | 182,511 | $ | 178,284 | ||||||||||||
SPEED COMMERCE, INC.
Supplemental Information
(In thousands)
(Unaudited)
Business Segment Information and Net Sales by Geographic Region and Sales Channel
|
Nine Months Ended December 31, | ||||||||||||||||
|
2013 |
% |
2012 |
% | |||||||||||||
|
Net sales: |
||||||||||||||||
|
Distribution |
||||||||||||||||
|
Software |
$ | 203,402 | 50.9 | % | $ | 249,838 | 66.9 | % | ||||||||
|
Consumer electronics and accessories |
111,432 | 27.9 | % | 83,863 | 22.4 | % | ||||||||||
|
Video games |
1,265 | 0.3 | % | 6,775 | 1.8 | % | ||||||||||
| 316,099 | 79.2 | % | 340,476 | 91.1 | % | |||||||||||
|
E-commerce and fulfillment services |
83,154 | 20.8 | % | 33,212 | 8.9 | % | ||||||||||
|
Net sales as reported |
$ | 399,253 | $ | 373,688 | ||||||||||||
|
Operating income (loss) |
||||||||||||||||
|
Distribution |
$ | (9,273 | ) | $ | 21 | |||||||||||
|
E-commerce and fulfillment services |
3,644 | 2,729 | ||||||||||||||
|
Consolidated operating income (loss) |
$ | (5,629 | ) | $ | 2,750 | |||||||||||
|
Net Sales by Geographic Region |
||||||||||||||||
|
United States |
$ | 338,606 | $ | 311,268 | ||||||||||||
|
Canada |
60,647 | 62,420 | ||||||||||||||
|
Net Sales as reported |
$ | 399,253 | $ | 373,688 | ||||||||||||
|
Net Sales by Sales Channel |
||||||||||||||||
|
Retail |
$ | 271,232 | $ | 289,665 | ||||||||||||
|
E-commerce |
128,021 | 84,023 | ||||||||||||||
|
Net Sales as reported |
$ | 399,253 | $ | 373,688 | ||||||||||||
SPEED COMMERCE, INC.
Supplemental Information
(In thousands)
(Unaudited)
Adjusted Pro Forma (Loss) Before Income Tax for the Three Months Ended December 31,
|
GAAP Information |
Adjusted Pro Forma Information |
|||||||||||||||||||||||||||||||
|
Three Months Ended December 31, |
Three Months Ended December 31, |
|||||||||||||||||||||||||||||||
|
2013 |
% of sales |
2012 |
% of sales |
2013 |
% of sales |
2012 |
% of sales |
|||||||||||||||||||||||||
|
Net sales |
$ | 182,511 | $ | 178,284 | $ | 182,511 | $ | 178,284 | ||||||||||||||||||||||||
|
Gross profit (1) |
15,826 | 8.7% | 17,001 | 9.5% | 20,829 | 11.4% | 17,001 | 9.5% | ||||||||||||||||||||||||
|
Operating expenses (2) |
15,703 | 8.6% | 14,543 | 8.2% | 13,270 | 7.3% | 13,017 | 7.3% | ||||||||||||||||||||||||
|
Income (loss) from operations |
123 | 2,458 | 7,559 | 3,984 | ||||||||||||||||||||||||||||
|
Other (expense), net |
(1,146 | ) | (828 | ) | (1,146 | ) | (828 | ) | ||||||||||||||||||||||||
|
Income (loss) before income tax |
$ | (1,023 | ) | $ | 1,630 | $ | 6,413 | $ | 3,156 | |||||||||||||||||||||||
|
Three Months Ended December 31, |
||||||||||||||||||||||||||||||||
|
2013 |
2012 |
|||||||||||||||||||||||||||||||
|
(1) Pro forma adjustments to gross profit consist of the following: |
||||||||||||||||||||||||||||||||
|
Transaction and transition costs |
$ | 5,003 | $ | - | ||||||||||||||||||||||||||||
|
Total adjustments |
$ | 5,003 | $ | - | ||||||||||||||||||||||||||||
|
(2) Pro forma adjustments to operating expenses consist of the following: |
||||||||||||||||||||||||||||||||
|
Transaction and transition costs |
$ | 2,433 | $ | 1,526 | ||||||||||||||||||||||||||||
|
Total adjustments |
$ | 2,433 | $ | 1,526 | ||||||||||||||||||||||||||||
SPEED COMMERCE, INC.
Supplemental Information
(In thousands)
(Unaudited)
Adjusted Pro Forma (Loss) Before Income Tax for the Nine Months Ended December 31,
|
GAAP Information |
Adjusted Pro Forma Information |
|||||||||||||||||||||||||||||||
|
Nine Months Ended December 31, |
Nine Months Ended December 31, |
|||||||||||||||||||||||||||||||
|
2013 |
% of sales |
2012 |
% of sales |
2013 |
% of sales |
2012 |
% of sales |
|||||||||||||||||||||||||
|
Net sales |
$ | 399,253 | $ | 373,688 | $ | 399,253 | $ | 373,688 | ||||||||||||||||||||||||
|
Gross profit (1) |
38,449 | 9.6% | 39,024 | 10.4% | 45,338 | 11.4% | 39,024 | 10.4% | ||||||||||||||||||||||||
|
Operating expenses (2) |
44,078 | 11.0% | 36,274 | 9.7% | 35,480 | 8.9% | 34,348 | 9.2% | ||||||||||||||||||||||||
|
Income (loss) from operations |
(5,629 | ) | 2,750 | 9,858 | 4,676 | |||||||||||||||||||||||||||
|
Other (expense), net |
(1,902 | ) | (1,188 | ) | (1,902 | ) | (1,188 | ) | ||||||||||||||||||||||||
|
Income (loss) before income tax |
$ | (7,531 | ) | $ | 1,562 | $ | 7,956 | $ | 3,488 | |||||||||||||||||||||||
|
Nine Months Ended December 31, |
||||||||||||||||||||||||||||||||
|
2013 |
2012 |
|||||||||||||||||||||||||||||||
|
(1) Pro forma adjustments to gross profit consist of the following: |
||||||||||||||||||||||||||||||||
|
Transaction and transition costs |
$ | 6,889 | $ | - | ||||||||||||||||||||||||||||
|
Total adjustments |
$ | 6,889 | $ | - | ||||||||||||||||||||||||||||
|
(2) Pro forma adjustments to operating expenses consist of the following: |
||||||||||||||||||||||||||||||||
|
Transaction and transition costs |
$ | 8,598 | $ | 1,926 | ||||||||||||||||||||||||||||
|
Total adjustments |
$ | 8,598 | $ | 1,926 | ||||||||||||||||||||||||||||
SPEED COMMERCE, INC.
Supplemental Information
(In thousands)
(Unaudited)
Reconciliation of Net Loss to Adjusted EBITDA
|
Three Months |
||||||||
|
December 31, |
||||||||
|
2013 |
2012 |
|||||||
|
Net loss, as reported |
$ | (1,064 | ) | $ | 10 | |||
|
Interest expense, net |
432 | 325 | ||||||
|
Income tax expense (benefit) |
41 | 1,620 | ||||||
|
Depreciation and amortization |
2,101 | 1,257 | ||||||
|
Foreign translation loss (gain) |
714 | 388 | ||||||
|
Share-based compensation |
345 | 245 | ||||||
|
Transaction and transition costs |
7,436 | 1,526 | ||||||
|
Adjusted EBITDA |
$ | 10,005 | $ | 5,371 | ||||
|
Nine Months |
||||||||
|
December 31, |
||||||||
|
2013 |
2012 |
|||||||
|
Net loss, as reported |
$ | (7,637 | ) | $ | (73 | ) | ||
|
Interest expense, net |
1,234 | 586 | ||||||
|
Income tax expense (benefit) |
106 | 1,635 | ||||||
|
Depreciation and amortization |
6,132 | 2,884 | ||||||
|
Foreign translation loss (gain) |
676 | 493 | ||||||
|
Share-based compensation |
859 | 705 | ||||||
|
Transaction and transition costs |
15,487 | 1,926 | ||||||
|
Adjusted EBITDA |
$ | 16,857 | $ | 8,156 | ||||
Investor Relations
Liolios Group, Inc.
Cody Slach
1-949-574-3860
SPDC@liolios.com