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GSI posts preliminary operating results for fiscal year 2007
25 Jan '08
3 min read
• Adjusted EBITDA is expected to be approximately $53.0 million to $54.0 million, an increase of approximately 38 percent to 40 percent from $38.5 million in fiscal 2006, and essentially in-line with the company's most recent guidance range of $54 million to $57 million.
“We are pleased with the strong growth we delivered in fiscal 2007 across our key revenue and profitability metrics,” said Michael Rubin, chairman and CEO of GSI. “The year's many highlights included significant activity surrounding new business wins in the U.S. and Europe as well as the renewal of existing agreements, the expansion of our fulfillment center network, the acquisitions of Accretive Commerce and Zendor and meaningful growth of our marketing services division.”
The company has not completed its fiscal 2007 year-end tax provision and is therefore not in a position to estimate net income or non-GAAP net income at this time. However, included in net income will be a $5.1 million loss from the sale of marketable securities. The company's investment policy is to conservatively invest excess cash in highly rated liquid securities.
Due to the recent disruption in the credit markets, beginning in the third quarter, liquidity became unavailable on several securities in the company's third-party-managed, marketable securities portfolio.
The company liquidated its entire portfolio of marketable securities during the third and fourth quarters and incurred the $5.1 million loss, representing approximately 2 percent of the value of its marketable securities portfolio at the time the company began the liquidation.
The company's fiscal 2007 year-end cash and cash equivalent position of approximately $231 million was entirely liquid. In addition, the company is involved in discussions related to settlement of a legal matter. If this matter is settled, or if resolution becomes probable, and the amount payable can be reasonably estimated prior to the filing of the company's Form 10-K, the company would record a charge to earnings for fiscal year 2007.
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“We are pleased with the strong growth we delivered in fiscal 2007 across our key revenue and profitability metrics,” said Michael Rubin, chairman and CEO of GSI. “The year's many highlights included significant activity surrounding new business wins in the U.S. and Europe as well as the renewal of existing agreements, the expansion of our fulfillment center network, the acquisitions of Accretive Commerce and Zendor and meaningful growth of our marketing services division.”
The company has not completed its fiscal 2007 year-end tax provision and is therefore not in a position to estimate net income or non-GAAP net income at this time. However, included in net income will be a $5.1 million loss from the sale of marketable securities. The company's investment policy is to conservatively invest excess cash in highly rated liquid securities.
Due to the recent disruption in the credit markets, beginning in the third quarter, liquidity became unavailable on several securities in the company's third-party-managed, marketable securities portfolio.
The company liquidated its entire portfolio of marketable securities during the third and fourth quarters and incurred the $5.1 million loss, representing approximately 2 percent of the value of its marketable securities portfolio at the time the company began the liquidation.
The company's fiscal 2007 year-end cash and cash equivalent position of approximately $231 million was entirely liquid. In addition, the company is involved in discussions related to settlement of a legal matter. If this matter is settled, or if resolution becomes probable, and the amount payable can be reasonably estimated prior to the filing of the company's Form 10-K, the company would record a charge to earnings for fiscal year 2007.
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GSI Commerce Inc
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