VANCOUVER, British Columbia, March 13, 2012 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal" or "the Company") (TSX:COA) (Stockholm:COA) the planet's biggest online eyewear company today announced its financial results for the first fiscal quarter ended January 31, 2012.
For the first quarter ended January 31, 2012 compared to same period of 2011:
Sales increased 15% to $46.8 million from $40.6 million. Total eyeglasses sales increased 63% to $10.3 million from $6.3 million. Total eyeglasses units shipped increased 85% to approximately 196,000 units. Total contact lens sales increased 7% to $36.6 million from $34.3 million. Adjusted EBITDA was $1.0 million compared with $0.3 million. Loss for the period was $0.2 million or $0.00 per share compared with a loss of $2.4 million or $0.04 per share. Total order volume was approximately 527,000 orders, a 16% increase. Coastal has grown its base of vision corrected customers to approximately 3.5 million compared with 2.9 million. Coastal's exclusive brands of eyewear comprised 60% of total units.
Mr.
Roger Hardy, Coastal's Founder and CEO, commented, "We are excited about the record first quarter results given this is historically our seasonally weakest period. Our focus on operations during the quarter resulted in reduced selling and marketing expenses, reduced fulfillment expenses while improving service times to customers and growing the top and bottom lines. The investments we have made in the past year have positioned Coastal to grow our business while continuing to deliver a level of customer service that cannot be matched by anyone in our industry. We were also excited to ship more glasses to the United States market this quarter than any other market we serve which we believe supports the belief that customers in the United States are receptive to the savings and convenience of our offering. We look forward to reporting continued progress in the coming quarters."Key financial metrics for the first quarter of 2012 compared with the same period in 2011:
Gross profit increased to $19.0 million and remained constant at 41% of sales. Selling and Marketing expenses declined to 22% of sales from 23%. Fulfillment expenses declined to 9% of sales from 10%. General and Administration expenses declined to 10% from 15%.Coastal reported cash and cash equivalents of $14.3 million compared with $16.9 million at the end of the previous quarter ended October 31, 2011.
Comment: ......................will anyone say that this is not impressing or scary to the B&M stores ????????????????????? |
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