EVINE Live Inc. Announces Preliminary Fiscal 2015 Fourth Quarter Results
February 08 2016 - 8:01AM
EVINE Live Inc. (NASDAQ:EVLV) today announced preliminary unaudited
results for the fourth quarter of fiscal 2015:
- Net sales expected to be between $209 and $212 million
- Gross profit as a percentage of net sales expected to be
between 31.0% and 31.6%
- Adjusted EBITDA expected to be between $4.9 and $5.4
million
- Net Income expected to be between $0.0 and $0.5 million
- EPS expected to be between $0.00 and $0.01
- Total cash, including restricted cash, at year end is
approximately $12 million with an additional $28 million of
availability on a revolving credit facility with PNC Bank
EVINE Live Fourth Quarter and Fiscal 2015 Earnings
Conference Call
EVINE Live will release its fourth quarter and fiscal 2015
results on Wednesday, March 23, 2016 at approximately 6:00 a.m. ET
before the market opens. Bob Rosenblatt, Chairman and Interim Chief
Executive Officer, and Tim Peterman, Chief Financial Officer, will
hold a conference call at 8:30 a.m. ET to review these results.
Those interested in participating in the conference call should
dial 1-877-407-9039 at least five minutes prior to the call. The
passcode is: 13630363. There will be a simultaneous audio webcast
available at the following link:
http://event.on24.com/wcc/r/1133422/6794CB6BDA99C9E566C9EC62A7001D95.
A replay of the conference call will also be hosted on the
company's website for a limited time.
About EVINE Live Inc.
EVINE Live Inc. (NASDAQ:EVLV) is a digital commerce company that
offers a compelling mix of proprietary and name brands directly to
consumers in an engaging and informative shopping experience via
television, online and mobile. EVINE Live reaches approximately 88
million cable and satellite television homes 24 hours a day with
entertaining content that engages its community of customers in a
comprehensive digital shopping experience.
|
EVINE Live Inc. |
AND SUBSIDIARIES |
Reconciliation of Estimated Adjusted EBITDA to
Estimated Net Income: |
(Unaudited) |
|
|
|
For the Three-Month
Period Ended |
|
January 30, |
|
|
2016 |
|
|
(millions) |
|
Adjusted
EBITDA |
|
|
$4.9 - $5.4 |
|
Less: |
|
|
|
|
Distribution facility
consolidation and technology upgrade costs |
|
(0.1 |
) |
Non-cash share-based
compensation |
|
|
(0.8 |
) |
EBITDA (as
defined) |
|
|
|
$4.0 - $4.5 |
|
|
|
|
|
A reconciliation of
EBITDA to net income is as follows: |
|
|
|
|
EBITDA
(as defined) |
|
|
|
$4.0 -
$4.5 |
|
Adjustments: |
|
|
|
|
Depreciation and amortization |
|
|
(3.0 |
) |
Interest income |
|
|
0.0 |
|
Interest expense |
|
|
(0.8 |
) |
Income taxes |
|
|
(0.2 |
) |
Net income |
|
|
$0.0 - $0.5 |
|
|
|
|
Adjusted EBITDA
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 non-operating gains (losses); activist shareholder
response costs; executive and management transition costs;
distribution center consolidation and technology upgrade costs;
Shareholder Rights Plan costs and non-cash share-based compensation
expense. The Company has included the term "Adjusted EBITDA” in our
EBITDA reconciliation in order to adequately assess the operating
performance of our television and online businesses and in order to
maintain comparability to our analysts’ coverage and financial
guidance, when given. Management believes that the term 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 to evaluate operating performance
under the Company's 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 generally
accepted accounting principles and should not be construed as a
measure of liquidity. Adjusted EBITDA may not be comparable to
similarly entitled measures reported by other companies. The
Company has included a reconciliation of Adjusted EBITDA to net
income (loss), the most directly comparable GAAP financial measure,
in this release.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
anticipate, believe, estimate, expect, intend, predict, hope,
should, plan, will or similar expressions. 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 and develop key
partnerships and proprietary brands; 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
and corporate name; customer acceptance of our new branding
strategy and our repositioning as a digital commerce company; the
market demand for television station sales; changes to 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; our
ability to obtain and retain key executives and employees; our
ability to attract new customers and retain existing customers;
changes in shipping costs; our ability to offer new or innovative
products and customer acceptance of the same; changes in customer
viewing habits or television programming; and the risks identified
under "Risk Factors" in our most recently filed Form 10-K and any
additional risk factors identified in our periodic reports since
the date of such Form 10-K. More detailed information about those
factors is set forth in our filings with the Securities and
Exchange Commission, including our 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.
We are under no obligation (and expressly disclaim any such
obligation) to update or alter the Company's forward-looking
statements whether as a result of new information, future events or
otherwise.
Contacts
Media:
Dawn Zaremba
EVINE Live Inc.
press@evine.com
(952) 943-6043
Investors:
Jason Iannazzo
EVINE Live Inc.
jiannazzo@evine.com
(952) 943-6126
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