GAAP net loss for the first quarter of 2008 was $2.7 million, or $0.03 per share, compared to a net loss of $3.8 million, or $0.04 per share, for the first quarter of 2007. The first quarter losses include $2.1 million and $2.4 million, in non-cash stock-based compensation expense for 2008 and 2007, respectively.
Outlook for Second Quarter 2008 and Revised 2008 Outlook
For the second quarter of 2008, the company is targeting net sales in the range of $118.0 million to $122.0 million, net loss in the range of $2.0 million to $3.0 million, and adjusted EBITDA in the range of $2.0 million to $3.0 million. Second quarter adjusted EBITDA guidance includes a $1.0 million in consulting services associated with profitability initiatives, which will result in improved margins throughout the remainder of 2008.
Due to a challenging economic environment, drugstore.com is revising
initial fiscal year 2008 guidance. The company is now targeting net sales
in the range of $490.0 million to $500.0 million, net income (loss) in the
range of $(3.0) million to $1.0 million, and adjusted EBITDA in the range
of $16.0 million to $20.0 million.
Financial and Operational Highlights for the First Quarter of 2008
(All comparisons are made to the first quarter of 2007)
Key Financial Highlights:
-- Gross margins for the quarter increased 150 basis points to 24.0%.
-- Total contribution margin dollars increased by over 22% for the quarter
and exceeded $20.0 million for the first time in company history.
-- Total orders grew by nearly 8% to 1.6 million, while contribution
margin dollars per order grew almost 14% to approximately $13.
|SOURCE drugstore.com, inc.|
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