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Innotrac Corporation Announces 2012 Fourth Quarter and Year End Results



   Innotrac Corporation Announces 2012 Fourth Quarter and Year End Results

PR Newswire

ATLANTA, March 28, 2013

ATLANTA, March 28, 2013 /PRNewswire/ -- Innotrac Corporation (NASDAQ-GM: INOC)
announced financial results today for the fourth quarter and year ended
December 31, 2012.  The Company reported a 28.6% increase in service revenues
to $30.1 million for the quarter versus $23.4 million reported in the
comparable period in 2011.  For the year ended December 31, 2012, the Company
reported a 25.4% increase in service revenues to $94.0 million from $74.9
million reported in the comparable period in 2011.  The increase in service
revenue for both the quarter and year ended December 31, 2012 was primarily
due to the addition of new client programs and a net increase in volume from
existing clients. 

Total revenues, which include service and freight revenue, increased 36.4% to
$34.9 million from $25.6 million for the three months ended December 31, 2012
and 2011 respectively and increased 27.2% to $107.7 million from $84.7 million
for the year ended December 31, 2012 and 2011 respectively.  Changes in
freight revenue have minimal impact on the Company's operating income since
they are billed as pass through expenses with a low markup over cost.

The Company reported net income of $1.5 million, or $0.11 per share, fully
diluted, for the three months ended December 31, 2012, versus net income of
$294,000, or $0.02 per share in the comparable period of 2011.  For the year
ended December 31, 2012, the Company reported net income of $3.5 million, or
$0.27 per share, fully diluted, versus a net loss of $1.5 million, or ($0.12)
per share in the comparable period of 2011. 

"We continue to be pleased with the momentum the business is showing.  As our
'best-in-breed' model continues to gain market share our sales pipeline
remains strong.  This past year we enjoyed both solid organic growth from our
existing client base along with additional volume from several new premier
brands.  Our overhead has been structured to handle higher volumes and as we
have continued to produce incremental revenue, we have been able to realize
increased profits.  We expect to add several new brands during 2013 that fit
within our current footprint which should allow us to continue to push our
business forward," said Scott Dorfman, Innotrac's CEO.

"Our balance sheet remains strong. We ended the year with a $4.0 million cash
balance and no advance on our line of credit.  We were pleased to be able to
operate during our most demanding quarter, using internal cash for the
increase in working capital required to support our strong holiday season and
continued growth," said Steve Keaveney, CFO.

Innotrac

Innotrac Corporation (NASDAQ: INOC), founded in 1984 and based near Atlanta,
Georgia, is a best-of-breed commerce provider integrating digital technology,
fulfillment and contact center solutions to support global brands.  The
Company employs sophisticated order processing and warehouse management
technology and operates eight fulfillment centers and one call center spanning
all time zones across the continental United States.  Innotrac Europe GmbH has
a network of fulfillment centers, call centers, and returns processing
facilities with operations in the UK, Germany, France, Denmark, Sweden,
Poland, Austria, Italy, Switzerland, Ireland, Spain and the Netherlands.
Connect with Innotrac at www.innotrac.com or
http://www.linkedin.com/company/innotrac.

Information contained in this press release, other than historical
information, may be considered forward-looking in nature.  Forward-looking
statements in this release include statements relating to future events and
developments, as well as management's expectations, beliefs, plans, estimates
and projections relating to the future.  Forward-looking statements are
subject to various risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those anticipated,
estimated or expected.  Among the key factors that may have a direct bearing
on Innotrac's operating results, performance or financial condition are
competition, the demand for Innotrac's services, Innotrac's ability to retain
its current clients, Innotrac's success in developing new business, Innotrac's
ability to maintain or improve gross margins in the face of increasing
revenues and pricing pressures, realization of expected revenues from new
clients, the general state of the  industries that the Company serves,
changing technologies, and numerous other factors discussed in Innotrac's 2011
Annual Report on Form 10-K and other filings on file with the Securities and
Exchange Commission.  Innotrac disclaims any intention or obligation to update
or revise any forward-looking statement whether as a result of new
information, future events or otherwise.

Contact
Steve Keaveney
Chief Financial Officer
678-584-4020
skeaveney@innotrac.com

 

INNOTRAC CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
                              Three Months Ended        Twelve Months Ended
                              December 31,              December 31,
                              (Unaudited)               (Unaudited)
                              2012         2011         2012        2011
Service revenue               $            $   23,444   $ 94,006    $ 74,943
                              30,149
Freight revenue               4,735        2,140        13,688      9,741
     Total revenue            34,884       25,584       107,694     84,684
Cost of service revenues      16,787       12,703       47,113      36,211
Freight expense               4,511        2,085        13,150      9,642
Selling, general and
    administrative expenses   11,035       9,611        39,966      36,802
Depreciation and amortization 988          842          3,699       3,380
    Total operating expenses  33,321       25,241       103,928     86,035
Operating income (loss)       1,563        343          3,766       (1,351)
    Interest expense          80           48           292         186
    Other expense             (1)          1            (1)         3
        Total other expense   79           49           291         189
Income (loss) before income
taxes and
                              1,484        294          3,475       (1,540)
   noncontrolling interest in
net loss
   Income tax                 -            -            -           -
   Noncontrolling interest in 1            -            1           2
net loss
Net income (loss)             $            $       294  $   3,476   $  (1,538)
attributable to Innotrac       1,485
Earnings per share:
    Basic                     $            $     0.02   $     0.27  $   (0.12)
                               0.11
    Diluted                   $            $     0.02   $     0.27  $   (0.12)
                               0.11
Weighted average shares
    outstanding:
    Basic                     13,170       13,035       13,063      12,940
    Diluted                   13,170       13,035       13,063      12,940

 

 INNOTRAC CORPORATION
 Condensed Consolidated Balance Sheets
 (in thousands)
                                        December 31, 2012   December 31, 2011
 ASSETS                                 (Unaudited)
Current Assets:
  Cash                                  $            4,005  $            3,283
  Accounts receivable (net of allowance
 for doubtful accounts of  $136 at      23,216              16,977
 December 31, 2012 and $97 at December
 31, 2011)
  Inventory                             740                 743
  Prepaid expenses and other            1,107               1,066
        Total current assets            29,068              22,069
 Property and equipment, net            13,843              11,173
 Other assets, net                      1,281               1,100
         Total assets                   $          44,192   $          34,342
 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Accounts payable                      $          10,409   $            7,914
  Line of credit                        -                   -
  Equipment loan                        1,620               -
  Accrued expenses and other            6,363               4,484
        Total current liabilities       18,392              12,398
Noncurrent Liabilities:
  Other non-current liabilities         2,344               2,128
        Total noncurrent liabilities    2,344               2,128
        Total shareholders' equity      23,456              19,816
        Total liabilities and           $          44,192   $          34,342
 shareholders' equity

 

 INNOTRAC CORPORATION
 Condensed Consolidated Statements of Cash Flows
 (in thousands)
                                                Twelve Months Ended

                                                December 31,
                                                (Unaudited)
                                                2012            2011
 CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income (loss)                              $        3,475  $     (1,540)
 Adjustments to net income (loss):
  Depreciation and amortization                 3,699           3,380
  Provision for bad debts                       49              43
  Gain (loss) on disposal of fixed assets       4               (15)
  Stock compensation expense-stock options      -               2
  Stock compensation expense-restricted stock   164             39
  Changes in operating assets and liabilities:
       Accounts receivable, gross               (6,288)         (1,741)
       Inventory                                3               2,883
       Prepaid assets and other                 (7)             116
       Other long-term assets                   (68)            10
       Accounts payable, accrued expenses and   4,015           2,040
       other
       Other long-term liabilities              (178)           532
  Net cash provided by operating activities     4,868           5,749
 CASH FLOWS FROM INVESTING ACTIVITIES:
 Capital expenditures                           (5,292)         (2,389)
 Proceeds from disposition of assets            1               26
 Net change in noncurrent assets and            (9)             (10)
 liabilities
  Net cash used in investing activities         (5,300)         (2,373)
 CASH FLOWS FROM FINANCING ACTIVITIES:
 Borrowings on equipment loan                   1,800           -
 Payments on equipment loan                     (180)           -
 Capital lease payments                         (429)           (314)
 Contribution from non-controlling interest     -               17
 Loan commitment fees                           (37)            (34)
  Net cash provided by (used in) financing      1,154           (331)
  activities
 Net (decrease) increase  in cash               722             3,045
 Cash, beginning of period                      3,283           238
 Cash, end of period                            $       4,005   $       3,283

SOURCE Innotrac Corporation

Website: http://www.innotrac.com
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