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Innotrac Corporation Announces 2013 Second Quarter Results



          Innotrac Corporation Announces 2013 Second Quarter Results

PR Newswire

ATLANTA, Aug. 13, 2013

ATLANTA, Aug. 13, 2013 /PRNewswire/ -- Innotrac Corporation (NASDAQ: INOC)
announced financial results today for the second quarter ended June 30, 2013. 
The Company reported a 27% increase in net service revenues to $26.0 million
for the three months ended June 30, 2013, up from $20.4 million for the same
period last year.  This increase was fueled by the continued growth of strong
blue chip clients as well as an expanded client base; driven by growth of
eCommerce purchasing.

Total revenues for the quarter increased $6.4 million (28%) to $29.3 million,
up from $22.9 million last year.  Total revenue for the six-month period ended
June 30, 2013, increased $11.5 million (24%) to $58.6 million, from last
year. 

The Company reported net income of $1.0 million, or $0.07 per share, fully
diluted, for the quarter, as compared to $0.4 million, or $0.03 per share for
the same quarter of last year.   Net income for the six-month period ended
June 30, 2013 was $2.0 million, or $0.15 per share, as compared to $0.9
million, or $0.07 per share, for the six months ended June 30, 2012.

"We have grown revenue by 27% over last year, doubled net income and earnings
per share," said Scott Dorfman, Innotrac's CEO.  "The business is continuing
to grow thanks to our flexible integration methodology and unique partnership
approach with our clients.  We take great pride in providing exceptional
service and unparalleled metrics to manage their business, as consumers enjoy
the convenience of eCommerce, and our clients continue to develop their
omnichannel strategies to optimize inventory management.  We continue to
demonstrate our strong operating leverage and an ability to scale volumes
throughout the year.  We are committed to invest in technology and the
expansion of our distribution network to offer exceptional solutions for our
clients."

"We ended the quarter with no outstanding advances on our line of credit, and
over $4 million in cash," said Steve Keaveney, CFO.  "We repaid a $1.6 million
term loan from operating cash flow, further strengthening our balance sheet. 
In addition to this, we secured a $25 million revolver with SunTrust Bank, our
new banking Partner."

About Innotrac
Innotrac Corporation, founded in 1984 and based near Atlanta, Georgia, is a
best-in-class commerce provider integrating digital technology, fulfillment,
contact center and business intelligence solutions to support global brands. 
Innotrac's fulfillment, order management and contact center solutions are
integrated with all major web platforms, and seamlessly integrate with any
required partner technologies.  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.  Please refer to the Risk
Factors discussed in Innotrac's 2012 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 and SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
ASSETS                                                  June 30,     December
                                                        2013         31, 2012
                                                        (unaudited)
Current assets:
                                                        $            $        
        Cash and cash equivalents                        4,382              
                                                                     4,005
        Accounts receivable (net of allowance for
doubtful
           accounts of $134 at                         
            June 30, 2013 and $136 at December 31,      21,084       23,216
2012)     
        Inventories,                                    820          740
net                                              
         Prepaid expenses and other                     1,493        1,107
                  Total current assets                  27,779       29,068
Property and
equipment:                                          
        Computers, machinery and equipment              45,953       42,877
        Furniture, fixtures and leasehold               10,319       10,055
improvements      
                                                        56,272       52,932
        Less accumulated depreciation and               (40,994)     (39,089)
amortization    
                                                        15,278       13,843
Other assets, net                                       1,408        1,281
                                                        $            $        
                  Total assets                           44,465           
                                                                     44,192
LIABILITIES AND SHAREHOLDERS' EQUITY              
Current liabilities:
                                                        $            $        
        Accounts payable                                 10,261           
                                                                     10,409
        Line of credit                                  -            -
        Accrued salaries                                2,532        2,854
        Equipment lease payable                         446          421
        Accrued expenses and other                      3,594        3,088
        Equipment loan                                  -            1,620
                  Total current liabilities             16,833       18,392
Noncurrent liabilities:
      Deferred compensation                             908          837
        Equipment lease payable                         389          544
         Other noncurrent liabilities                   786          963
                   Total noncurrent liabilities         2,083        2,344
Shareholders' equity:
        Preferred stock:  10,000,000 shares authorized,
$0.10 par
           value, no shares issued or                   -            -
outstanding              
         Common stock:  50,000,000 shares authorized,
$0.10 par
            value, 13,245,440 shares issued and
outstanding at June 
            30, 2013 13,155,440 shares issued and
outstanding at                                          1,325        1,316
            December 31, 2012    
        Additional paid-in capital                      66,876       66,784
         Accumulated other comprehensive                (2)          (2)
loss           
        Accumulated deficit                             (42,664)     (44,656)
                  Total Innotrac shareholders'          25,535       23,442
equity       
                  Noncontrolling                        14           14
interest                  
                 Total shareholders'                    25,549       23,456
equity                  
                  Total liabilities and shareholders'   $            $        
equity                                                   44,465           
                                                                     44,192

 

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2013 and 2012
(in thousands, except per share amounts)
                                                 Three Months Ended June 30,
                                                 2013           2012
                                                 (unaudited)    (unaudited)
Service revenues                                 $ 25,997       $ 20,449
Freight revenues                                 3,275          2,497
        Total revenues                           29,272         22,946
Cost of service revenues                         12,831         9,624
Freight expense                                  3,193          2,411
Selling, general and administrative expenses     11,209         9,508
Depreciation and amortization                    955            891
        Total operating expenses                 28,188         22,434
            Operating income                     1,084          512
Other expense (income):
    Interest expense                             77             69
    Other (income) expense                       (1)            3
Total other expense                              76             72
Income before income taxes                       1,008          440
Income taxes                                     30             -
Net income                                       978            440
Net loss attributable to noncontrolling interest -              1
Net income attributable to Innotrac              $ 978          $ 441
Earnings per share:
    Basic                                        $ 0.07         $ 0.03
    Diluted                                      $ 0.07         $ 0.03
Weighted average shares outstanding:
    Basic                                        13,245         13,010
    Diluted                                      13,263         13,010

 

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2013 and 2012
(in thousands, except per share amounts)
                                                 Six Months Ended June 30,
                                                 2013          2012
                                                 (unaudited)   (unaudited)
Service revenues                                 $ 51,465      $ 41,769
Freight revenues                                 7,126         5,347
        Total revenues                           58,591        47,116
Cost of service revenues                         25,448        19,958
Freight expense                                  6,889         5,176
Selling, general and administrative expenses     22,172        19,257
Depreciation and amortization                    1,905         1,716
        Total operating expenses                 56,414        46,107
            Operating income                     2,177         1,009
Other expense:
    Interest expense                             155           122
    Other expense                                -             2
            Total other expense                  155           124
Income before income taxes                       2,022         885
Income taxes                                     30            -
Net income                                       1,992         885
Net loss attributable to noncontrolling interest -             1
Net income attributable to Innotrac              $ 1,992       $ 886
Earnings per share:
    Basic                                        $ 0.15        $ 0.07
    Diluted                                      $ 0.15        $ 0.07
Weighted average shares outstanding:
    Basic                                        13,175        13,020
    Diluted                                      13,188        13,020

 

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2013 and 2012
(in thousands)
                                                  Six Months Ended June 30,
                                                  2013           2012
                                                  (unaudited)    (unaudited)
Cash flows from operating activities:
        Net Income                                $       1,992  $         885
        Adjustments to reconcile net income to
net cash provided by
           operating activities:
        Depreciation and amortization             1,905          1,716
        Provision for bad                         (1)            5
debts                   
        Stock compensation expense-restricted     102            68
stock        
        Changes in operating assets and
liabilities:
                Accounts receivable,              2,133          1,243
gross               
                                                  (80)           138
Inventory                           
                Prepaid expenses and other        (342)          (294)
                Long-term                         41             (68)
assets                     
                Accounts                          (1,503)        (2,499)
payable                        
                Accrued expenses, accrued         183            157
salaries and other  
                Long-term                         (178)          (105)
liabilities                                
                        Net cash provided by      4,252          1,246
operating activities 
Cash flows from investing activities:
            Capital expenditures                  (1,896)        (3,753)
            Net change in noncurrent assets and   (9)            -
liabilities     
                                Net cash used in  (1,905)        (3,753)
investing activities    
Cash flows from financing activities:
        Borrowings on equipment loan              -              1,800
        Payments on equipment loan                (1,620)        -
        Capital lease payments                    (219)          (216)
        Loan commitment fees                      (131)          (37)
                        Net cash (used in)        (1,970)        1,547
provided by financing activities  
Net increase (decrease) in cash and cash          377            (960)
equivalents     
Cash and cash equivalents, beginning of           4,005          3,283
period         
Cash and cash equivalents, end of period          $     4,382    $      2,323
Supplemental cash flow disclosures:
        Cash paid for                             $        123   $          83
interest                       
        Non-cash investing and financing
activities:
            Capital lease for warehouse and       $          89  $        862
computer equipment  
              Capital expenditures in accounts    $     1,355    $        216
payable    

SOURCE Innotrac Corporation

Website: http://www.innotrac.com
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