Hhgregg, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Announces Impairment Charges for the Third Quarter of Fiscal 2017
January 26, 2017 at 07:00 am EST
Share
hhgregg, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company's net sales were $452.8 million compared with $593.2 million a year ago. Loss from operations was $57.2 million compared with $24.94 million a year ago. Loss before income taxes was $58.3 million compared with $25.7 million a year ago. Net loss was $58.3 million or $2.10 per basic and diluted share compared with $26.9 million or $0.97 per basic and diluted share a year ago. Net loss, as adjusted was $47.3 million or $1.70 per basic and diluted share compared with $4.3 million or $0.15 per basic and diluted share a year ago. EBITDA loss was $50.2 million compared with $16.6 million a year ago. Adjusted EBITDA loss was $39.2 million compared with adjusted EBITDA of $4.8 million a year ago.
For the nine months, the company's net sales were $1,330.9 million compared with $1,521.2 million a year ago. Loss from operations was $81.1 million compared with $42.6 million a year ago. Loss before income taxes was $83.9 million compared with $44.5 million a year ago. Net loss was $83.9 million or $3.02 per basic and diluted share compared with $45.8 million or $1.65 per basic and diluted share a year ago. Net cash used in operating activities was $0.7 million compared with $12.2 million a year ago. Purchases of property and equipment were $18.5 million compared with $10.4 million a year ago. Net loss, as adjusted was $67.2 million or $2.42 per basic and diluted share compared with $18.8 million or $0.68 per basic and diluted share a year ago. EBITDA loss was $60.0 million compared with $17.5 million a year ago. Adjusted EBITDA loss was $43.4 million compared with adjusted EBITDA of $8.2 million a year ago.
The company announced asset impairment charges of $7.9 million for the third quarter ended December 31, 2016.
hhgregg, Inc. is an online retailer that operates a retail chain of consumer electronics and home appliances in the Midwest, Northeast, and Southeast United States, which operates stores in approximately 20 states. The Company offers a range of products categories, which include mobiles, computers and office, cameras and video, electronics, pro audio, home and kitchen. Its mobile products include cellphones and accessories, and wearable technology. Its computer products include desktops, laptops, hardware, telephones, and office accessories. The Companyâs electronics products include global positioning systems (GPS) and auto, television, home theater, audio headphones, and gaming. Its pro audio products include microphones, pro headphones, studio recording, audio systems, speakers, audio components, portable audio, and musical instruments. Its home and kitchen products include kitchen utensils, luggage, and bags. It offers global and local brands across the nation through hhgregg.com.
Hhgregg, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Announces Impairment Charges for the Third Quarter of Fiscal 2017