Neebo, Inc. Reports Q4 and Year-End Financial Results; Adjusted EBITDA Increased $18.2 Million and Debt Repayments Totaled $53.9 Million for Fiscal Year
LINCOLN, Neb., Jun 12, 2013 (BUSINESS WIRE) -- Neebo, Inc. (the "Company"; NEEB+) today announced financial results for the fiscal fourth quarter and year ended March 31, 2013. Neebo, Inc. is a holding company and the beneficial owner of Nebraska Book Company, Inc., an industry leader in solutions for the college store marketplace.
Fiscal 2013 Financial Highlights (year ended March 31, 2013)
-- Adjusted EBITDA** of $41.9 million for the year ended March 31, 2013, an increase of $18.2 million, or 76.7%, compared to prior year
-- Consolidated gross margin of 41.8% for the year ended March 31, 2013, up 5.0% compared to prior year
-- $53.9 million of voluntary payments toward debt during fiscal 2013, with $27.6 million made during fiscal 2013 fourth quarter
-- Significantly increased rental penetration in all channels, representing 29.8% of overall textbook sales in the College Stores division
"We have greatly improved our financial position this fiscal year by voluntarily paying down a significant amount of debt," said Steve Clemente, President and Chief Executive Officer of Neebo, Inc. "The team was laser focused on successfully increasing cash flow, improving gross margin, increasing textbook rental penetration, pursuing more on-campus stores and divesting unprofitable stores. We have proven that we can deliver solid financial results, and we're ready to capitalize on our momentum with new strategies that will drive future growth and equity value."
During the fiscal fourth quarter, the Company made an additional voluntary payment toward debt and completed sales of assets, including the sale of Connect2One to the National Association of College Stores (NACS). The improved free cash flow allows the Company to continue its growth strategy and execute initiatives that effectively serve college students and guests.
"We are pleased with the financial strength of our Company and the progress we have made," said Alexi Wellman, Chief Financial Officer of Neebo, Inc. "With both positive operating results and strong cash management we are in a strong position to execute our new strategies around stores, rentals, merchandising, ecommerce, and digital."
