Neebo, Inc. reported consolidated earnings results for the first quarter ended June 30, 2013. On a consolidated basis, the company's revenues were $60 million for the first fiscal quarter compared to $64.2 million for the comparable quarter, which is a decrease of $4.2 million or 6.5%. The decrease in Revenue was driven primarily by a $2.3 million decline in College Stores revenue as a result of the decrease in brick-and-mortar units due to enrollment decline and lower third-party website sales in off-campus stores.

Net loss for the fiscal quarter ended June 30, 2013, was $18.8 million compared to a net income of $256.3 million for the comparable quarter. Adjusted EBITDA for the first fiscal quarter ended June 30, 2013, was a loss of $6.2 million compared to a loss of $3.7 million for the comparable quarter. Same-store sales for the fiscal quarter decreased $3.7 million or 9.7% from the comparable quarter.

Cash flows used in operating activities for the fiscal quarter ended June 30 were $23.2 million lower than prior year. This improvement is primarily related to an increase in AP as a result of improved vendor terms.