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.