Celebrate Express net sales up 25%, fiscal 2005 ended May 31
26 Jul '05
8 min read
For the year just ended, net income was $2.5 million, or $0.35 per diluted share, compared with net income of $9.5 million or $1.85 per diluted share for fiscal 2004. Net income for fiscal years 2005 and 2004 are not directly comparable as a result of the accounting for income taxes. Net income for fiscal 2005 included income tax expense of $1.5 million.
Net income for fiscal 2004 included an income tax benefit of $9.0 million due to the reversal of the valuation allowance against the deferred tax asset in May 2004. Weighted average diluted shares outstanding were 7.0 million for fiscal 2005, compared with 5.1 million for fiscal 2004.
During fiscal 2005, the Company attracted approximately 415,000 new customers, while revenue from repeat customers represented approximately 51 percent of corporate revenue.
In addition, net sales per order increased 4.2 percent from the previous year due primarily to expanded merchandising efforts. The company increased its selling and marketing expenses by 30.8 percent in fiscal 2005 from fiscal 2004, including increased on-line and catalog marketing efforts, which contributed to the growth in net sales.
Mike Jewell, chief executive officer of Celebrate Express, stated, "They are excited about the progress that they have made this year including their 33 percent year- over-year increase in sales and their 200 percent increase in operating profits.
The customers have responded positively as they continue to expand their proprietary and exclusive product offerings, as well as provide the most complete solutions for their celebration needs."
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