August 3, 2012, 9:25 AM

E-commerce rises, but media sales fall for Geeknet in Q2

Online sales increased year over year 24.5% to $17.8 million from $14.3 million.

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It was a good second quarter for e-commerce for Geeknet Inc., but not so much for its media and software division.

For the second quarter ended June 30, Geeknet, which operates ThinkGeek.com, an electronics and gadgets site and  is No. 175 in the 2012 Internet Retailer Top 500 reported:

  • E-commerce sales increased year over year 24.5% to $17.8 million from $14.3 million.
  • Total sales increased 10% to $23.1 million from $21 million in Q2 2011.
  • Media revenue, which consists mainly of programmer software, fell year over year 8.6% to $5.3 million from $5.8 million.
  • Net income was $1.6 million compared with a net loss of $2.1 million in Q2 2011.

E-commerce accounted for 77.1% of total sales, compared with 68.1% in Q2 2011.

"It was a successful quarter as we continue to focus on delivering profitable growth, positive adjusted EBITDA and positive cash from operations for 2012", says executive chairman Ken Langone. "We continue to be confident that we have a large market opportunity ahead and will invest aggressively to drive growth while doing so responsibly to deliver profitable returns."

For the first two quarters:

  • E-commerce sales increased year over year 19.7% to $35.3 million from $29.5 million.
  • Total sales increased 13.5% to $45.3 million from $39.9 million in the first two quarters of 2011.
  • Media revenue fell year over year 4.8% to $10.0 million from $10.5 million.
  • Net loss was $512,000 compared with a net loss of $4.5 million in in the first two quarters of 2011.

E-commerce accounted for 77.9% of total sales in 2011, compared with 73.9% in in the first two quarters of 2011.

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