Crumbs Bake Shop, Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Revises Earnings Guidance for the Fourth Quarter and Provides Earning Guidance for the Full Year of 2012, Reiterates Earnings Guidance for 2013
November 13, 2012 at 04:00 pm EST
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Crumbs Bake Shop, Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported net sales of $9,895,000 compared to $8,876,000 a year ago. Loss from operations was $2,076,000 compared to $1,543,000 a year ago. Loss before income tax benefit expense was $2,141,000 compared to $1,549,000 a year ago. Net loss attributable to stockholders was $1,275,000 or $0.23 per share diluted compared to $913,000 or $0.17 per share diluted a year ago. Adjusted EBITDA was $1,248,000 compared to $717,000 a year ago.
For the nine months, the company reported net sales of $32,253,000 compared to $28,889,000 a year ago. Loss from operations was $4,205,000 compared to $1,968,000 a year ago. Loss before income tax benefit expense was $4,311,000 compared to $1,987,000 a year ago. Net loss attributable to stockholders was $2,562,000 or $0.47 per share diluted compared to $1,170,000 or $0.21 per share diluted a year ago. Adjusted EBITDA was $1,883,000 compared to $110,000 a year ago.
The company projected total revenues of approximately $46.5 million and adjusted LBITDA of approximately $1.9 million for 2012.
For the fourth quarter, the company now anticipates total revenues to be approximately $2.0 million less than previously estimated, bringing total revenues closer to $44.5 million for 2012. This revision reflects the known and lingering effects of Hurricane Sandy, some delayed store openings and current business trends.
For 2013, the company reiterated its expectations total revenues of approximately $73.0 million and adjusted EBITDA of approximately $3.2 million.
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 Third Quarter and Nine Months Ended September 30, 2012; Revises Earnings Guidance for the Fourth Quarter and Provides Earning Guidance for the Full Year of 2012, Reiterates Earnings Guidance for 2013