Gaiam 2012 Fourth Quarter Revenue Rises 20% to $66.7 Million
Gaiam 2012 Fourth Quarter Revenue Rises 20% to $66.7 Million
- Fourth Quarter Operating Income Improves to $4.0 Million and Adjusted EBITDA
Rises to $7.6 Million -
- Full-Year 2012 Revenue Rises 22% to $202.5 Million Inclusive of 10% Internal
Growth; Generates Adjusted EBITDA of $12.8 Million and Cash Flow from
Operations Improves to $16.5 Million -
Business Wire
BOULDER, Colo. -- March 18, 2013
Gaiam, Inc. (NASDAQ: GAIA), a lifestyle media company, today reported
financial results for the fourth quarter and year ended December 31, 2012.
Conference Call: Gaiam is hosting a conference call today, March 18, 2013,
beginning at 2:30 p.m. MT (4:30 p.m. ET). The conference call dial-in numbers
are (212) 231-2902 or (415) 226-5355. Questions will be reserved for analysts
and investors.
2012 Fourth Quarter Financial Results Highlights (Pro forma as if Real Goods
Solar, Inc. deconsolidated from 2011)
* Net revenue increased $11.1 million, or 19.9%, to $66.7 million.
* Internal net revenue growth was $16.5 million or 10.0%.
* Gross profit margin improved 700 basis points to 55.3% of net revenue.
* Operating income increased $2.7 million to $4.0 million (when excluding a
2011 non-cash goodwill impairment charge of $22.5 million), despite a $2.0
million operating loss from Gaiam’s start-up digital subscription
businesses, a key part of a long-term digital delivery strategy for the
Company.
* Adjusted EBITDA improved by $4.2 million to $7.6 million.
Lynn Powers, Chief Executive Officer of Gaiam, commented, “Gaiam delivered
solid revenue, operating income and Adjusted EBITDA growth in the 2012 fourth
quarter and full year periods. The improvement in our operating results
reflects double-digit internal revenue growth in our business segment and the
benefit from our acquisition of Vivendi Entertainment, which together drove
year-over-year revenue increases of approximately 20% and 22% in the fourth
quarter and full-year periods, respectively, helping to offset the challenges
that impacted our direct to consumer segment. Gaiam’s fourth quarter revenue
growth combined with prudent fiscal management resulted in an increase in cash
flow from operations and a more than 100% rise in Adjusted EBITDA compared to
the prior-year.
“In order to optimize our direct to consumer business, we recently appointed
accomplished industry veteran, Andrew Davison, as President of Gaiam Brands
following his award-winning tenure as Chief Marketing Officer at Crocs, Inc.
We look forward to the value of his expertise and the benefit from our
recently re-launched e-commerce site to support growth in our catalog and
Internet businesses going forward.”
2012 Fourth Quarter Financial Review
The table below summarizes the Company’s 2012 fourth quarter results, 2011 pro
forma fourth quarter results (as if RSOL was deconsolidated) and 2011 fourth
quarter historical results:
Three Months Ended
December 31,
2011 2011
2012 (With RSOL (With RSOL
(in millions except per share Actual Deconsolidated) Consolidated)
data)
Net revenues $ 66.7 $ 55.6 $ 95.9
Gross profit 36.9 28.8 36.5
Operating expenses ^(1) 32.9 25.5 35.0
Operating income before 2011
non-cash goodwill impairment 4.0 1.4 1.5
charge
2011 non-cash goodwill — 22.5 22.5
impairment charge
Income (loss) from equity (0.8 ) 0.0 —
method investment in RSOL
Adjusted EBITDA ^(2) 7.6 3.4 4.1
Non-GAAP net income 2.1 1.3 1.4
attributable to Gaiam ^(2)
Net benefit from — — 2.6
deconsolidation of RSOL
Net income (loss) 1.6 (21.1 ) (18.5 )
attributable to Gaiam
Net income (loss) per share
attributable to Gaiam, Inc. 0.07 (0.93 ) (0.82 )
shareholders
____________________
Total operating expenses excluding a non-cash goodwill
(1) impairment charge of $22.5 million for the three months ended
December 31, 2011.
(2) Non-GAAP Financial Measures can be found later in this release.
On December 31, 2011, Gaiam converted its RSOL Class B common stock to Class A
common stock, which changed the GAAP accounting treatment for its ownership
(~38%) in RSOL from a consolidated basis to an equity method
(“deconsolidated”). As a result, Gaiam’s interest in RSOL’s net results are
reflected as a single line item in Gaiam’s 2012 financial statements, whereas
for 2011, RSOL’s results of operations were included in each line of Gaiam’s
consolidated statement of operations. For comparison purposes, the financial
results below for both the fourth quarter and the full year periods ended
December 31 reflect pro-forma results for 2011 as if RSOL had been
deconsolidated as of January 1, 2011.
In the quarter ended December 31, 2012, net revenue rose 19.9% to $66.7
million, compared to net revenue of $55.6 million in the prior-year period.
Net revenue for the Company’s business segment increased $14.1 million, or
40.7%, to $48.8 million for the fourth quarter of 2012, inclusive of internal
revenue growth of 14.1% (which excludes revenue related to the acquisition of
Vivendi Entertainment at the end of the 2012 first quarter). Revenue for the
direct to consumer segment was $17.9 million in the 2012 fourth quarter,
compared to $20.9 million for the prior year quarter. The decrease in direct
to consumer sales primarily reflects the Company’s previously disclosed
strategy of optimizing media spend in its DRTV business during the Fall
political campaign period when advertising rates were significantly higher
than normal.
Gross profit for the 2012 fourth quarter increased $10.1 million to $36.9
million, or 55.3% of net revenue, compared to gross profit of $26.9 million,
or 48.3% of net revenue, in the fourth quarter of 2011. The increase in gross
margin primarily reflects the 100% margin (net fee revenue) of the Gaiam
Vivendi Entertainment business, partially offset by lower net revenues in the
higher margin direct response television marketing business.
Operating expenses were $32.9 million, or 49.3% of net revenue, in the 2012
fourth quarter period, compared to $25.5 million, or 45.8% of net revenue, in
the prior-year period, when excluding a $22.5 million non-cash goodwill
impairment charge incurred in the 2011 fourth quarter. Included in operating
expenses for the 2012 fourth quarter is $3.2 million, or 4.8% of net revenue,
of non-cash amortization expense related to the Gaiam Vivendi Entertainment
acquisition with no such similar expense in the prior-year period.
Operating income for the three months ended December 31, 2012 improved to $4.0
million, from $1.4 million in the fourth quarter of 2011, when excluding the
2011 non-cash goodwill impairment charge. Adjusted EBITDA increased to $7.6
million in the fourth quarter of 2012 from $3.4 million in the prior-year
period.
Because of RSOL’s fourth quarter loss, including its additional non-cash
valuation allowance for deferred tax assets, Gaiam’s recognition of its
portion, $1.0 million, of RSOL’s loss, partially offset by the collection of
$0.2 million of interest on Gaiam’s loan to RSOL, again reduced the GAAP
carrying values of Gaiam’s investments in RSOL to zero. Gaiam does not
anticipate recognizing any future losses from RSOL.
Excluding the non-cash equity method investment gains or losses from RSOL, net
of any related tax benefit, Gaiam reported net income for the 2012 fourth
quarter of $2.1 million, or $0.09 per share, compared to $1.3 million, or
$0.06 per share, in the prior-year period, when also excluding the 2011
non-cash goodwill impairment charge. Including the aforementioned items, Gaiam
reported net income of $1.6 million, or $0.07 per share, for the fourth
quarter of 2012. (See Non-GAAP Financial Measurements.)
2012 Full Year Financial Results Highlights
* Revenue for the twelve month period ended December 31, 2012 increased
$37.0 million, or 22.3%, to $202.5 million. Internal net revenue growth
was $16.5 million or 10.0%.
* Gross profit margin for 2012 improved to 57.3% of net revenue, compared to
53.8% in 2011.
* Operating income rose $7.2 million to $0.6 million for 2012, compared to
an operating loss of $6.6 million in 2011, when excluding a non-cash
goodwill impairment charge of $22.5 million.
* Adjusted EBITDA was $12.8 million for 2012, compared to break-even
Adjusted EBITDA for 2011.
* Cash flow from operations for 2012 improved by $14.9 million to $16.5
million from $1.6 million in 2011.
The table below summarizes the Company’s 2012 year-end results, 2011 pro forma
year-end results (as if RSOL was deconsolidated) and 2011 year-end historical
results:
Year Ended
December 31,
2011 2011
2012 (With RSOL (With RSOL
(in millions except per Actual Deconsolidated) Consolidated)
share data)
Net revenues $ 202.5 $ 165.5 $ 274.8
Gross profit 116.1 89.0 116.9
Operating expenses ^(1) 115.5 95.6 125.7
Operating income (loss)
before 2011 non-cash 0.6 (6.6 ) (8.8 )
goodwill impairment charge
2011 non-cash goodwill — 22.5 22.5
impairment charge
Loss from equity method 18.4 0.7 —
investment in RSOL
Adjusted EBITDA ^(2) 12.8 0.0 1.7
Non-GAAP net income (loss) 0.6 (3.9 ) (3.2 )
attributable to Gaiam ^(2)
Net benefit from — — 2.6
deconsolidation of RSOL
Net loss attributable to (12.9 ) (27.1 ) (24.9 )
Gaiam
Net loss per share
attributable to Gaiam, Inc. (0.57 ) (1.17 ) (1.08 )
shareholders
____________________
Total operating expenses excluding a non-cash goodwill
(1) impairment charge of $22.5 million for the year ended December
31, 2011.
(2) Non-GAAP Financial Measures can be found later in this release.
During 2012, Gaiam secured a new three year, $35 million asset-based credit
facility from PNC Bank, N.A., which expires in July 2015. The credit facility
currently carries an average annual interest rate of 3.53%. At December 31,
2012, the Company had outstanding borrowings against the credit facility of
$16.2 million and cash of $9.9 million on its balance sheet.
Jirka Rysavy, Chairman of Gaiam, commented, “We are pleased with our fourth
quarter results as well as the improvement in our operating cash flow and our
10% internal revenue growth for the year. The recent launch of GAIAM TV is
progressing nicely and we expect it to contribute to operating margin next
year.”
Following the completion of today’s conference call, a replay will be
available until March 25, 2013 by dialing (800) 633-8284 or (402) 977-9140,
passcode: 21649339.
About GAIAM
Gaiam, Inc. (NASDAQ: GAIA) is a leading producer and marketer of lifestyle
media and fitness accessories. With a wide distribution network that consists
of over 60,000 retail doors, 15,000 store within stores, and 6,000 media
category management locations, and a digital distribution platform, Gaiam is
dedicated to providing solutions for healthy and eco-conscious living. The
Company dominates the health and wellness category and releases non-theatrical
programming focused on family entertainment and conscious media. In addition,
Gaiam has exclusive licensing agreements with Discovery Communications and
other licensing partners. For more information about Gaiam, please visit
www.gaiam.com or call 1.800.869.3603.
This press release includes forward-looking statements relating to matters
that are not historical facts. Forward-looking statements may be identified by
the use of words such as “expect,” “intend,” “believe,” “will,” “should” or
comparable terminology or by discussions of strategy. While Gaiam believes its
assumptions and expectations underlying forward-looking statements are
reasonable, there can be no assurance that actual results will not be
materially different. Risks and uncertainties that could cause materially
different results include, among others, introduction of new products and
services, completion and integration of acquisitions, the possibility of
negative economic conditions, and other risks and uncertainties included in
Gaiam’s filings with the Securities and Exchange Commission. Gaiam assumes no
duty to update any forward-looking statements.
GAIAM, INC.
2012 RESULTS WITH REAL GOODS SOLAR DECONSOLIDATED
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
Net revenue $ 66,713 100.0 % $ 55,627 100.0 %
Cost of goods sold 29,797 44.7 % 28,760 51.7 %
Gross profit 36,916 55.3 % 26,867 48.3 %
Selling and operating 30,039 45.0 % 22,937 41.2 %
Corporate, general and 2,855 4.3 % 2,559 4.6 %
administration
Other general expense — — % 22,456 40.4 %
Income (loss) from operations 4,022 6.0 % (21,085 ) -37.9 %
Interest and other expense (173 ) -0.3 % (109 ) -0.2 %
Income (loss) from equity (830 ) -1.2 % 43 0.1 %
method investment
Income (loss) before income 3,019 4.5 % (21,151 ) -38.0 %
taxes
Income tax expense (benefit) 1,263 1.9 % (317 ) -0.5 %
Net income (loss) 1,756 2.6 % (20,834 ) -37.5 %
Net income attributable to the (209 ) -0.3 % (286 ) -0.5 %
noncontrolling interest
Net income (loss) attributable $ 1,547 2.3 % $ (21,120 ) -38.0 %
to Gaiam, Inc. (a)
Weighted-average shares
outstanding:
Basic 22,706 22,691
Diluted 22,706 22,691
Net income (loss) per share
attributable to Gaiam, Inc.
common shareholders (a):
Basic $ 0.07 $ (0.93 )
Diluted $ 0.07 $ (0.93 )
____________________
Excluding the earnings and losses from our equity method
investment in RSOL, net of a related tax benefit, net income
(a) attributable to Gaiam, Inc. was $2.1 million, or $0.09 per
share, during the fourth quarter of 2012 and $1.3 million, or
$0.06 per share, during the fourth quarter of 2011, when also
excluding the 2011 non-cash goodwill impairment charge.
GAIAM, INC.
2012 RESULTS WITH REAL GOODS SOLAR DECONSOLIDATED
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Year Ended Year Ended
December 31, 2012 December 31, 2011
Net revenue $ 202,475 100.0 % $ 165,516 100.0 %
Cost of goods sold 86,371 42.7 % 76,515 46.2 %
Gross profit 116,104 57.3 % 89,001 53.8 %
Selling and operating 102,867 50.8 % 86,374 52.2 %
Corporate, general and 10,980 5.4 % 9,182 5.5 %
administration
Acquisition-related costs 1,667 0.8 % — — %
Other general expense — — % 22,456 13.6 %
Income (loss) from operations 590 0.3 % (29,011 ) -17.5 %
Interest and other income (432 ) -0.2 % 94 0.0 %
(expense)
Loss from equity method (18,410 ) -9.1 % (713 ) -0.4 %
investment
Loss before income taxes (18,252 ) -9.0 % (29,630 ) -17.9 %
Income tax benefit (5,675 ) -2.8 % (2,948 ) -1.8 %
Net loss (12,577 ) -6.2 % (26,682 ) -16.1 %
Net income attributable to the (305 ) -0.2 % (454 ) -0.3 %
noncontrolling interest
Net loss attributable to $ (12,882 ) -6.4 % $ (27,136 ) -16.4 %
Gaiam, Inc. (a)
Weighted-average shares
outstanding:
Basic 22,703 23,126
Diluted 22,703 23,126
Net loss per share
attributable to Gaiam, Inc.
common shareholders (a):
Basic $ (0.57 ) $ (1.17 )
Diluted $ (0.57 ) $ (1.17 )
____________________
Excluding costs related to our acquisition of Vivendi
Entertainment in 2012 and the losses from our equity method
investment in RSOL, net of a related tax benefit, net income
(a) attributable to Gaiam, Inc. was $0.6 million, or $0.03 per
share, for the year ended December 31, 2012 and a loss of $3.9
million, or $0.17 per share, for the year ended December 31,
2011, when also excluding the 2011 non-cash goodwill impairment
charge.
GAIAM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31, December 31,
2012 2011
Assets
Current assets:
Cash $ 9,858 $ 14,545
Accounts receivable, net 57,533 31,113
Inventory, less allowances 29,840 29,205
Deferred advertising costs 4,324 3,303
Receivable and deferred tax assets 9,129 6,686
Receivables from equity method investee 64 2,176
Advances 13,197 5,336
Other current assets 2,463 1,969
Total current assets 126,408 94,333
Property and equipment, net 23,998 23,664
Media library, net 13,090 14,576
Deferred tax assets 14,692 12,636
Goodwill 9,405 2,673
Other intangibles, net 5,608 569
Equity method investment — 14,300
Other assets 661 539
Total assets $ 193,862 $ 163,290
Liabilities and Equity
Current liabilities:
Line of credit $ 16,231 $ —
Accounts payable 26,738 21,069
Participations payable 28,046 7,851
Accrued liabilities 3,975 3,196
Total current liabilities 74,990 32,116
Total equity 118,872 131,174
Total liabilities and equity $ 193,862 $ 163,290
Non-GAAP Financial Measures For Adjusted EBITDA
The Company has utilized the non-GAAP information set forth below as an
additional device to aid in understanding and analyzing its financial results
for the three months and years ended December 31, 2012 and 2011, respectively.
The Company believes that these non-GAAP measures will allow for a better
evaluation of the operating performance of the business and facilitate
meaningful comparison of the results in the current period to those in the
prior period and future periods. Reference to these non-GAAP measures should
not be considered a substitute for results that are presented in a manner
consistent with GAAP.
A reconciliation of the GAAP net income (loss) to the non-GAAP earnings before
share-based compensation, acquisition-related costs, goodwill impairment
charge, interest, earnings from equity method investment, loss from
deconsolidation of subsidiary, income taxes, depreciation and amortization
(“Adjusted EBITDA”) is set forth below (unaudited, in millions):
Pro Forma
RSOL RSOL
Deconsolidated Consolidated
For the Three For the Three For the Three
Months Ended Months Ended Months Ended
December 31, December 31, 2011 December 31,
2012 2011
Net income (loss) $ 1.8 $ (20.8 ) $ (18.2 )
Exclusion of income tax 1.3 (0.3 ) (7.5 )
expense (benefit)
Exclusion of loss from — — 4.5
deconsolidation of RSOL
Exclusion of (income) loss
from equity method 0.8 (0.1 ) —
investment in RSOL
Exclusion of interest and 0.2 0.1 0.2
other expense
Exclusion of goodwill — 22.5 22.5
impairment charge
Exclusion of share-based 0.2 0.2 0.4
compensation
Exclusion of depreciation 3.3 1.8 2.2
and amortization
Non-GAAP Adjusted EBITDA $ 7.6 $ 3.4 $ 4.1
Pro Forma
RSOL RSOL
Deconsolidated Consolidated
For the Year For the Year For the Year
Ended Ended Ended
December 31, December 31, 2011 December 31,
2012 2011
Net loss $ (12.6 ) $ (26.7 ) $ (25.3 )
Exclusion of income tax (5.6 ) (3.0 ) (10.6 )
benefit
Exclusion of loss from — — 4.5
deconsolidation of RSOL
Exclusion of loss from
equity method investment 18.4 0.7 —
in RSOL
Exclusion of interest and 0.4 (0.1 ) 0.1
other expense (income)
Exclusion of goodwill — 22.5 22.5
impairment charge
Exclusion of 1.7 — 2.4
acquisition-related costs
Exclusion of share-based 1.0 1.0 1.5
compensation
Exclusion of depreciation 9.5 5.6 6.6
and amortization
Non-GAAP Adjusted EBITDA $ 12.8 $ 0.0 $ 1.7
Non-GAAP Financial Measures For Net Income (Loss) Attributable to Gaiam, Inc.
The Company has utilized the non-GAAP information set forth below as an
additional device to aid in understanding and analyzing its financial results
for the three months and years ended December 31, 2012 and 2011, respectively.
The Company believes that these non-GAAP measures will allow for a better
evaluation of the operating performance of the business and facilitate
meaningful comparison of the results in the current period to those in prior
periods and future periods. Reference to these non-GAAP measures should not be
considered a substitute for results that are presented in a manner consistent
with GAAP.
A reconciliation of GAAP net income (loss) attributable to Gaiam, Inc. to the
non-GAAP net income (loss) attributable to Gaiam, Inc. is set forth below as
indicated (unaudited, in millions):
Pro Forma Pro Forma
RSOL RSOL RSOL RSOL
Deconsolidated Consolidated Deconsolidated Consolidated
For the For the For the For the For the For the
Three Three Months Three Months Year Year Year
Months
Ended Ended Ended Ended Ended Ended
December December 31, December 31, December December 31, December 31,
31, 31,
2012 2011 2011 2012 2011 2011
Net income (loss)
attributable to $ 1.6 $ (21.1 ) $ (18.5 ) $ (12.9 ) $ (27.1 ) $ (24.9 )
Gaiam, Inc.
Exclusion of
acquisition-related — — — 1.1 — 1.8
costs (a)
Exclusion of
goodwill impairment — 22.5 22.5 — 22.5 22.5
charge
Exclusion of
(income) loss from
equity method 0.5 (0.1 ) — 12.4 0.7 —
investment in RSOL
(b)
Exclusion of loss
from — — (2.6 ) — — (2.6 )
deconsolidation of
RSOL (c)
Non-GAAP net income
(loss) attributable $ 2.1 $ 1.3 $ 1.4 $ 0.6 $ (3.9 ) $ (3.2 )
to Gaiam, Inc.
A reconciliation of GAAP net income (loss) per share to the non-GAAP net
income (loss) per share attributable to Gaiam, Inc. is set forth below as
indicated (unaudited, shares in millions):
Pro Forma Pro Forma
RSOL RSOL RSOL RSOL
Deconsolidated Consolidated Deconsolidated Consolidated
For the For the For the For the For the For the
Three Three Months Three Months Year Year Year
Months
Ended Ended Ended Ended Ended Ended
December December 31, December 31, December December 31, December 31,
31, 31,
2012 2011 2011 2012 2011 2011
Net income (loss)
per share
attributable to $ 0.07 $ (0.93 ) $ (0.82 ) $ (0.57 ) $ (1.17 ) $ (1.08 )
Gaiam, Inc. common
shareholders—diluted
Exclusion of
acquisition-related — — — 0.05 — 0.08
costs per share (a)
Exclusion of
goodwill impairment — 0.99 0.99 — 0.97 0.97
charge per share
Exclusion of
(income) loss from
equity method 0.02 (0.00 ) — 0.55 0.03 —
investment in RSOL
per share (b)
Exclusion of loss
from deconsolidation — — (0.11 ) — — (0.11 )
of RSOL per share
(c)
Non-GAAP net income
(loss) per share
attributable to $ 0.09 $ 0.06 $ 0.06 $ 0.03 $ (0.17 ) $ (0.14 )
Gaiam, Inc. common
shareholders—diluted
Weighted average
shares used in net
income (loss) per 22.7 22.7 22.7 22.7 23.1 23.1
share
calculations—diluted
____________________
Net of taxes of $0.6 million, or $0.03 per share, and at an
effective tax rate of approximately 35.5% for the year ended
(a) December 31, 2012. Net of taxes of $0.6 million, or $0.02 per
share, and at Real Goods Solar’s effective tax rate of
approximately 40.1% after permanent differences of $1.0 million
for the year ended December 31, 2011.
Net of related deferred tax asset adjustments of $0.3 million,
or $0.02 per share, and $6.0 million, or $0.27 per share, for
(b) the three months and year ended December 31, 2012, respectively.
Income taxes were computed at an effective tax rate of
approximately 35.5%.
(c) Net of taxes of $7.1 million, or $0.31 per share, and at an
effective tax rate of approximately 35.5%
GAIAM, INC.
2011 RESULTS WITH REAL GOODS SOLAR CONSOLIDATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
Net revenue $ 66,713 100.0 % $ 95,919 100.0 %
Cost of goods sold 29,797 44.7 % 59,434 62.0 %
Gross profit 36,916 55.3 % 36,485 38.0 %
Selling and operating 30,039 45.0 % 30,799 32.1 %
Corporate, general and 2,855 4.3 % 4,148 4.3 %
administration
Acquisition-related costs — — % — — %
Other general expense — — % 22,456 23.4 %
Income (loss) from operations 4,022 6.0 % (20,918 ) -21.8 %
Interest and other expense (173 ) -0.3 % (182 ) -0.2 %
Loss from equity method (830 ) -1.2 % — — %
investment
Loss from deconsolidation of — — % (4,550 ) -4.7 %
subsidiary
Income (loss) before income 3,019 4.5 % (25,650 ) -26.7 %
taxes
Income tax expense (benefit) 1,263 1.9 % (7,488 ) -7.8 %
Net income (loss) 1,756 2.6 % (18,162 ) -18.9 %
Net income attributable to the (209 ) -0.3 % (340 ) -0.4 %
noncontrolling interest
Net income (loss) attributable $ 1,547 2.3 % $ (18,502 ) -19.3 %
to Gaiam, Inc.
Weighted-average shares
outstanding:
Basic 22,706 22,691
Diluted 22,706 22,691
Net income (loss) per share
attributable to Gaiam, Inc.
common shareholders:
Basic $ 0.07 $ (0.82 )
Diluted $ 0.07 $ (0.82 )
GAIAM, INC.
2011 RESULTS WITH REAL GOODS SOLAR CONSOLIDATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Year Ended Year Ended
December 31, 2012 December 31, 2011
Net revenue $ 202,475 100.0 % $ 274,773 100.0 %
Cost of goods sold 86,371 42.7 % 157,912 57.5 %
Gross profit 116,104 57.3 % 116,861 42.5 %
Selling and operating 102,867 50.8 % 110,008 40.0 %
Corporate, general and 10,980 5.4 % 13,291 4.8 %
administration
Acquisition-related costs 1,667 0.8 % 2,393 0.9 %
Other general expense — — % 22,456 8.2 %
Income (loss) from operations 590 0.3 % (31,287 ) -11.4 %
Interest and other expense (432 ) -0.2 % (90 ) 0.0 %
Loss from equity method (18,410 ) -9.1 % — — %
investment
Loss from deconsolidation of — — % (4,550 ) -1.7 %
subsidiary
Loss before income taxes (18,252 ) -9.0 % (35,927 ) -13.1 %
Income tax benefit (5,675 ) -2.8 % (10,657 ) -3.9 %
Net loss (12,577 ) -6.2 % (25,270 ) -9.2 %
Net (income) loss attributable (305 ) -0.2 % 398 0.1 %
to the noncontrolling interest
Net loss attributable to $ (12,882 ) -6.4 % $ (24,872 ) -9.1 %
Gaiam, Inc.
Weighted-average shares
outstanding:
Basic 22,703 23,126
Diluted 22,703 23,126
Net loss per share
attributable to Gaiam, Inc.
common shareholders:
Basic $ (0.57 ) $ (1.08 )
Diluted $ (0.57 ) $ (1.08 )
Contact:
Gaiam, Inc.
Steve Thomas, 303-222-3782
Chief Financial Officer
steve.thomas@gaiam.com
or
JCIR
Joseph N. Jaffoni, Norberto Aja, Richard Land
212-835-8500 or gaia@jcir.com
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