QKL Stores Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year December 31, 2013
Revenue decreased by $82.8 million, or 22.6%, to $282.8 million for fiscal 2013 from $365.6 million for fiscal 2012. The change in Net Sales were primarily attributable to the following: comparable stores are stores that were opened for at least one year before the beginning of the comparison period, or by January 1, 2012. Those 45 stores generated approximately $277.7 million sales in fiscal 2013, a decrease of $50.2 million, or 15.3% compared with $327.9 million sales in fiscal 2012. The company's net loss of $14.3 million in fiscal 2013 compared with net loss of $31.0 million in fiscal 2012. Excluding the impairment of goodwill, adjusted net loss for fiscal 2013 changed to $14.3 million, or $9.41 per diluted share, from adjusted net income of $4.3 million, or $3.31 per diluted share for fiscal 2012. Loss from operations was $8,871,048 against $32,588,322 a year ago. Net cash used in operating activities was $14,744,479 against net cash provided by operating activities of $3,040,123 a year ago. Purchases of property, plant and equipment was $598,043 against $9,411,202 a year ago.