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Coastal Contacts (Nasdaq:COA) (TSX:COA), a global manufacturer and digital retailer of high-quality glasses and contact lenses, reported financial results for the first fiscal quarter ended January 31, 2014.
Total sales in the first quarter were $52.1 million compared to $54.9 million in the same year-ago quarter. Gross profit was $22.6 million, or 43% of sales, compared to $22.7 million, or 41% of sales, in the same period in 2013.
Non-IFRS adjusted EBITDA for the first quarter totaled a loss of $3.3 million compared to a loss of $1.8 million in the year-ago quarter.
Net loss totaled $4.2 million, or $(0.13) per basic and diluted share, compared to a net loss of $3.4 million, or $(0.12) per basic and diluted share, in the first quarter of 2013.
On February 27, 2014, Coastal entered into an Acquisition Agreement with Essilor International SA under which Essilor will acquire all of the issued and outstanding common shares of Coastal by way of a statutory plan of arrangement. Pursuant to the arrangement, each share of Coastal will be exchanged for cash consideration of $12.45. The arrangement is subject to customary closing conditions, including approval by shareholders, court approval and regulatory approval.
Coastal.com’s risks and uncertainties are discussed in detail in the Company’s Annual Information Form dated January 21, 2014, which is also available on SEDAR and EDGAR.
Adjusted EBITDA as referenced in this news release is a Non-IFRS measure and is defined as earnings (loss) before interest, taxes, depreciation and amortization, share-based compensation, and foreign exchange loss. See “Supplemental Non-IFRS Measures” herein.
Supplemental Non-IFRS Measures:
Coastal.com reports its results in accordance with IFRS, however, it presents Adjusted EBITDA in our filings because the Company believes our investors use these figures to make investment decisions about us.
Adjusted EBITDA is a non-IFRS measure that does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net earnings, cash flows and other measures of financial performance and liquidity reported in accordance with IFRS.
Adjusted EBITDA is a measure we believe is useful in assessing performance and highlighting trends on an overall basis. Adjusted EBITDA differs from the most comparable IFRS measure, net earnings, primarily because it does not include interest, income taxes, foreign exchange, depreciation and amortization, and share-based payments expense.
