RedEnvelope Inc reported financial results for the second quarter ended October 1, 2006.
Net revenues for the second quarter of fiscal 2007 were $15.5 million, compared to $13.1 million recorded in the second quarter of fiscal 2006, an increase of 18.3 percent.
Net loss for the second quarter of fiscal 2007 was $(3.7) million, or $(0.39) per diluted share, compared to a net loss of $(3.5) million, or $(0.39) per diluted share in the second quarter of fiscal 2006.
Net loss for the second quarter of fiscal 2007 includes stock option expenses of $553,000 as required by SFAS No. 123, "Share-Based Payment," which was adopted on April 3, 2006.
For the six months ended October 1, 2006, net revenues increased 11.3 percent to $42.4 million from $38.1 million for the same period in fiscal 2006.
Net loss for the first six months of fiscal 2007 was $(4.6) million, or $(0.49) per diluted share, compared to a net loss of $(5.2) million, or $(0.59) per diluted share during the same period in fiscal 2006.
Net loss for the first six months of fiscal 2007 includes stock option expenses of $1.1 million, as required by SFAS No. 123.
Gross profit margin was 49.8 percent of net revenues in the second quarter of fiscal 2007, compared to 47.1 percent in the same period last fiscal year.
The gross margin strengthened year-over-year due to improved full price and sale margins, as well as improved shipping margins.
Marketing expenses in the second quarter of fiscal 2007 were 20.4 percent of net revenues, compared to 20.8 percent in the same period last year, primarily due to increased efficiencies across all channels.
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