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GSI Commerce Q4 net revenue up 23 % to $750mn
25 Feb '08
4 min read
GSI Commerce Inc announced its financial results for its fiscal 2007 year and fourth quarter ended Dec. 29, 2007.
Fiscal Year 2007 Compared to Fiscal Year 2006:
• Net revenue increased 23 percent to $750.0 million from $609.6 million.
• Income from operations decreased 49 percent to $4.9 million from $9.6 million.
• Non-GAAP income from operations (previously referred to as adjusted EBITDA) increased
36 percent to $52.3 million from $38.5 million.
• Net income decreased to $3.0 million or $0.06 per fully diluted share from $53.7 million or $1.10 per fully diluted share. Fiscal year 2006 net income included an income tax benefit of $43.7 million compared to a benefit of $0.1 million in fiscal year 2007.
Included in income from operations, non-GAAP income from operations and net income was a charge related to a legal matter. The company disclosed the potential for this charge in its pre-release announcement on Jan. 24.
A definition of the non-GAAP measure, non-GAAP income from operations, and a discussion of the importance of this financial metric to GSI's business can be found under “Non-GAAP Financial Measures” provided later in this news release.
“We are pleased with the strong growth we delivered in fiscal 2007,” said Michael G. Rubin, chairman and CEO of GSI. “The year had many highlights and included significant activity surrounding new business wins and renewals in the U.S. and Europe, the expansion of our fulfillment center network, the acquisitions of Accretive Commerce and Zendor as well as meaningful growth in our marketing services division. We are optimistic about our prospects for growth in 2008 and are excited to have completed the acquisition of e-Dialog today.”
Fiscal Year 2007 Compared to Fiscal Year 2006:
• Net revenue increased 23 percent to $750.0 million from $609.6 million.
• Income from operations decreased 49 percent to $4.9 million from $9.6 million.
• Non-GAAP income from operations (previously referred to as adjusted EBITDA) increased
36 percent to $52.3 million from $38.5 million.
• Net income decreased to $3.0 million or $0.06 per fully diluted share from $53.7 million or $1.10 per fully diluted share. Fiscal year 2006 net income included an income tax benefit of $43.7 million compared to a benefit of $0.1 million in fiscal year 2007.
Included in income from operations, non-GAAP income from operations and net income was a charge related to a legal matter. The company disclosed the potential for this charge in its pre-release announcement on Jan. 24.
A definition of the non-GAAP measure, non-GAAP income from operations, and a discussion of the importance of this financial metric to GSI's business can be found under “Non-GAAP Financial Measures” provided later in this news release.
“We are pleased with the strong growth we delivered in fiscal 2007,” said Michael G. Rubin, chairman and CEO of GSI. “The year had many highlights and included significant activity surrounding new business wins and renewals in the U.S. and Europe, the expansion of our fulfillment center network, the acquisitions of Accretive Commerce and Zendor as well as meaningful growth in our marketing services division. We are optimistic about our prospects for growth in 2008 and are excited to have completed the acquisition of e-Dialog today.”
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