Vertical Branding represents 29-38% YOY top line growth
02 Apr '08
3 min read
Adjusted earnings before interest, tax, depreciation and amortization expenses (“Adjusted EBITDA”) for the quarter ended December 31, 2007 were a loss of approximately $1.1 million compared to earnings of $1 million for the fourth quarter of 2006. Adjusted EBITDA for fiscal 2007 was approximately $1.8 million compared to a negative $1.2 million for the year ended December 31, 2006.
The financial results for the fourth quarter of fiscal 2007 were adversely impacted by approximately $2.0 million of non-recurring costs, including almost $0.9 million of charges associated with the bankruptcy of one of the Company's warehouse and fulfillment vendors, as described in the previous quarter, as well as writedowns of assets from the AdSouth acquisition.
In addition, the Company recorded a $1.0 million valuation allowance for deferred tax assets. These and the other items added back to net income to derive Adjusted EBITDA are reconciled to net income (loss) in the table below.
During the fourth quarter and for the year ended December 31, 2007, the Company consolidated its transactional marketing and retail distribution businesses into a single segment called consumer products. This change reflects evolution of the manner in which management views and operates its consumer products business, with transactional marketing activities being used to leverage broader distribution, including traditional retail and international.
“Several factors impacted our fourth quarter results, some arising out of decisions we made in response to a changing environment and others that were unintended and/or unanticipated,” commented Nancy Duitch.
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