Crumbs Bake Shop, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2012; Nominates Michael Serruya to its Board; Revises Earnings Guidance for 2012; Plans to Open New Stores in 2013
April 11, 2013 at 10:09 pm
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Crumbs Bake Shop, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net sales of $10,776,000 compared to $10,993,000 a year ago. The fourth quarter included a negative impact of an estimated $0.7 million in lost sales related to Hurricane Sandy. Loss from operations was $6,318,000 compared to $4,243,000 a year ago. Loss before income tax benefit was $6,424,000 compared to $3,023,000 a year ago. Net loss attributable to stockholders was $5,361,000 or $0.49 per share diluted compared to $1,755,000 or $0.32 per share diluted a year ago. Adjusted LBITDA was $1,810,000 compared to $476,000 a year ago.
For the year, the company reported net sales of $43,029,000 compared to $39,882,000 a year ago. Loss from operations was $10,537,000 compared to $6,210,000 a year ago. Loss before income tax benefit was $10,353,000 compared to $2,555,000 a year ago. Net loss attributable to stockholders was $7,695,000 or $1.12 per share diluted compared to $1,487,000 or $0.27 per share diluted a year ago. Adjusted LBITDA was $3,692,000 compared to $587,000 a year ago.
For the quarter, the company reported loss on impairment of assets of $1,869,000 compared to $770,000 a year ago.
The company would agree that the board of directors will nominate Michael Serruya or a designee of Mr. Serruya for election to the board at each annual meeting of stockholder.
The company expects net sales of approximately $57 million for 2013, compared to its previously-reported estimate of $73 million, and adjusted LBITDA of $3.9 million for 2013, compared to its previously-reported estimate of $3.2 million. Any store closures would further impact both sales and adjusted LBITDA. The company's projected sales are predicated on continued weakness at street-level stores offset by positive contributions from newer mall-based stores and kiosks.
The company anticipates opening about 20 stores in 2013 within its current geographic footprint, of which 9 have opened so far.
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 Fourth Quarter and Full Year Ended December 31, 2012; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2012; Nominates Michael Serruya to its Board; Revises Earnings Guidance for 2012; Plans to Open New Stores in 2013