Crumbs Bake Shop, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; to Open One Additional Location by the End of 2013; Revises Outlook for the Second Half of 2013
August 08, 2013 at 04:01 pm EDT
Share
Crumbs Bake Shop, Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, net sales were $12.350 million against $11.081 million a year ago. Loss from operations was $3.214 million against $1.259 million a year ago. Net loss attributable to stockholders was $2.752 million or $0.23 per basic share against $0.439 million or $0.08 per basic share a year ago. Adjusted LBITDA was $2.122 million against $0.485 million a year ago. Increase in sales was primarily attributable to $2.9 million in sales from the 32 stores not in the same store sales base offset by a $1.7 million decrease in sales from the 49 stores in the same store sales base.
For the six months, net sales were $24.430 million against $22.358 million a year ago. Loss from operations was $5.463 million against $2.142 million a year ago. Net loss attributable to stockholders was $4.726 million or $0.41 per basic share against $1.878 million or $0.22 per basic share a year ago. Adjusted LBITDA was $3.416 million against $0.628 million a year ago.
The company has opened 21 mall-based stores and kiosks within its current geographic footprint in 2013 and anticipates opening one additional location by the end of the year.
Based upon actual results through the first half of 2013 along with its revised outlook for the second half of 2013, the company is lowering its annual expectations to net sales of approximately $53 million from $57 million and adjusted LBITDA of approximately $4.9 million from $3.9 million.
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. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; to Open One Additional Location by the End of 2013; Revises Outlook for the Second Half of 2013