| Quarterly Financial Data |
The following tables set forth our unaudited results of operations
for each of the quarters in 2014 and 2013. During 2013, we sold our
non-Gaiam-branded entertainment media distribution operations and
discontinued our DRTV operations. We now report these businesses as
discontinued operations, and, accordingly, we have reclassified
their results of operations for all periods presented to reflect
them as such. In our opinion, this unaudited financial information
includes all adjustments, consisting solely of normal recurring
accruals and adjustments, necessary for a fair presentation of the
results of operations for the quarters presented.
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Year 2014 Quarters Ended
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(in thousands, except per share data)
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March 31 |
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June 30 |
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September 30 |
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December 31 |
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Net revenue
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$ |
37,611 |
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$ |
32,451 |
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$ |
41,256 |
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$ |
55,376 |
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Gross profit
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17,020 |
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15,468 |
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18,018 |
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24,999 |
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Gain on sale of investment (a)
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438 |
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1,042 |
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— |
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— |
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(Loss) income from continuing operations
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(2,098 |
) |
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(2,216 |
) |
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(2,559 |
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1,243 |
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Income (loss) from discontinued operations
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26 |
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2 |
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(82 |
) |
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(3,273 |
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Net loss
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(2,072 |
) |
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(2,214 |
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(2,641 |
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(2,030 |
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Net loss attributable to Gaiam, Inc.
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(2,134 |
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(2,388 |
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(3,026 |
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(2,368 |
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Diluted net loss per share attributable to Gaiam, Inc.
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$ |
(0.09 |
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$ |
(0.10 |
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$ |
(0.12 |
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$ |
(0.10 |
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Weighted average shares outstanding-diluted
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24,006 |
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24,090 |
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24,340 |
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24,470 |
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Year 2013 Quarters Ended
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(in thousands, except per share data)
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March 31 |
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June 30 |
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September 30 |
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December 31 (b) |
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Net revenue
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$ |
36,679 |
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$ |
31,897 |
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$ |
36,128 |
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$ |
50,759 |
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Gross profit
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15,750 |
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13,314 |
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14,693 |
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21,551 |
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Gain on sale of investment (a)
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— |
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16,429 |
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1,975 |
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6,692 |
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(Loss) income from continuing operations
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(2,203 |
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8,112 |
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(700 |
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(25,307 |
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Income (loss) from discontinued operations
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1,981 |
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(129 |
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1,004 |
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(4,851 |
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Net (loss) income
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(222 |
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7,983 |
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304 |
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(30,158 |
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Net (loss) income attributable to Gaiam, Inc.
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(277 |
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7,848 |
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120 |
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(30,444 |
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Net (loss) income per share attributable to Gaiam, Inc. common
shareholders – diluted:
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From continuing operations
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$ |
(0.10 |
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$ |
0.36 |
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$ |
(0.03 |
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$ |
(1.08 |
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From discontinued operations
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0.09 |
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(0.01 |
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0.04 |
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(0.21 |
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Diluted net (loss) income per share attributable to Gaiam, Inc.
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$ |
(0.01 |
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$ |
0.35 |
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$ |
0.01 |
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$ |
(1.29 |
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Weighted average shares outstanding-diluted
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22,732 |
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22,741 |
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22,765 |
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23,668 |
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| (a) |
We reported gains on the sale of our
RGSE stock during 2014 and 2013, the carrying value for which had
previously been reduced to zero through the recognition of our
portion of RGSE’s net losses. |
| (b) |
We recorded a charge of $11.0 million
to exit certain businesses, to restructure certain operations, and
a net loss of $2.0 million after selling GVE and discontinuing DRTV
in the fourth quarter. We also recorded a $23.2 million valuation
allowance for our deferred tax assets in the fourth quarter of
2013. |
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