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Fiscal 2013 Second Quarter Compared to Fiscal 2012 Second Quarter:
•Net loss applicable to common shareholders was $10.0 million or $(0.26) per diluted share, compared to a net loss of $3.5 million or $(0.09) per diluted share
•Adjusted EBITDA from continuing operations was a loss of $7.5 million compared to a loss of $2.3 million. A reconciliation of GAAP results to Adjusted EBITDA, a non-GAAP measurement, is provided in the accompanying table
•Net sales decreased 25.3% to $24.3 million from $32.5 million
•Comparable store sales decreased 15.7%
•Total store sales decreased 19.0% to $15.5 million
•Direct sales decreased 32.5% to $8.1 million
•Other revenue, consisting primarily of shipping revenue, commissions earned on direct sell-through programs and breakage on gift cards, decreased 49.5% to $0.7 million
•Gross margin, as a percentage of net sales, was 24.1% as compared to 31.2%
•Selling, general and administrative expenses increased by $0.5 million to $13.7 million, or 56.4% of sales, from $13.2 million, or 40.7% of sales
Fiscal Six Months Ended January 26, 2013 Compared to Fiscal Six Months Ended January 28, 2012:
•Net loss applicable to common shareholders was $15.2 million, or $(0.39) per diluted share, compared to a net loss of $5.9 million, or $(0.15) per diluted share
•Adjusted EBITDA was a loss of $11.4 million compared to a loss of $3.3 million. A reconciliation of GAAP results to Adjusted EBITDA from continuing operations, a non-GAAP measurement, is provided in the accompanying table
•Net sales decreased 23.2% to $46.7 million from $60.9 million
•Comparable store sales decreased by 16.3%
•Total store sales decreased 19.9% to $30.6 million
•Direct sales decreased 27.2% to $14.6 million
•Other revenue, consisting of shipping revenue, commissions earned on direct sell-through programs and breakage on gift cards, decreased 41.4% to $1.5 million
•Gross margin decreased to 25.5% as compared to 32.4%
•Selling, general and administrative expenses decreased by $0.9 million to $23.8 million or 50.9% of sales, from $24.7 million, or 40.5% of sales
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