Crumbs Bake Shop Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013
November 14, 2013 at 04:53 pm EST
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Crumbs Bake Shop Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net sales of $11,421,000 against $9,895,000 a year ago. Loss from operations was $4,052,000 against $2,076,000 a year ago. Loss before income tax benefit was $4,412,000 against $1,868,000 a year ago. Net loss attributable to stockholders was $5,693,000 or $0.49 basic and diluted per share against $1,112,000 or $0.20 basic and diluted per share a year ago. Adjusted negative EBITDA was $3,051,000 against $1,248,000 a year ago. The increase in Net Sales were primarily attributable to $3.1 million in sales from the 30 stores not in the same store sales base offset by a $1.6 million decrease in sales from the 49 stores in the same store sales base.
For the nine months, the company reported net sales of $35,851,000 against $32,253,000 a year ago. Loss from operations was $9,515,000 against $4,219,000 a year ago. Loss before income tax benefit was $10,067,000 against $3,929,000 a year ago. Net loss attributable to stockholders was $10,419,000 or $0.90 basic and diluted per share against $2,334,000 or $0.42 basic and diluted per share a year ago. Adjusted negative EBITDA was $6,561,000 against $1,883,000 a year ago.
The company provided earnings guidance for the full year of 2013. Based upon actual results through the first three quarters of 2013, along with its revised outlook for the balance of the year, the company is lowering its annual expectations of net sales to approximately $48 million from $53 million and adjusted negative EBITDA to approximately $8.8 million from $4.9 million. The company's revised sales projection reflects continued weakness at street-level stores as well as lower sales projections for mall stores as indicated above. Any additional store closures would also further impact both sales and adjusted EBITDA.
Crumbs Bake Shop, Inc. (CBS) is engaged in the business of selling a wide variety of cupcakes, cakes, cookies and other baked goods, as well as hot and cold beverages. The Company offers these products through its stores, e-commerce division, catering services and wholesale distribution business. It operates through its subsidiary, Crumbs Holdings LLC. The Company sells its products primarily through its Company-operated stores and online at www.crumbs.com. The Company offers a variety of high-quality baked goods. The Crumbs Website offers a variety of cupcakes in two sizes, its Signature Size and Taste Size. Crumbsâ cupcakes are frozen, placed in attractive, specially designed packaging and shipped in insulated containers with dry ice.
Crumbs Bake Shop Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013