Styleclick, Inc. Announces First Quarter 2001 Results
LOS ANGELES, April 23 --
Styleclick, Inc. (Nasdaq: IBUY), a provider of e-commerce services and
technologies, today reported results for the first quarter ended March 31,
2001.
Sales for the first quarter 2001 were $4,019,000 compared to $4,753,000 in
the fourth quarter 2000.
Excluding an inventory write-down of approximately $2,000,000, gross
margins improved to a negative margin of ($506,000) compared to ($584,000) in
the prior quarter.
Excluding charges related to goodwill and one-time charges related to
employee termination expenses, write-off of capitalized software and write-off
of deferred advertising and promotion, operating expenses would have been
$9,084,000 and $9,234,000 in the first quarter and fourth quarters,
respectively. Operating expenses decreased to $12,514,000 from $168,998,000
in the fourth quarter.
Net loss including merger-related goodwill decreased to $14,809,000 or
$0.48 per share in the first quarter from a loss of $169,276,000 or $5.46 per
share in the prior quarter. EBITDA (earnings before interest, taxes,
depreciation and amortization), excluding goodwill and write-off of
capitalized software costs, increased by 27% to ($10,436,000) from
($8,246,000) in the prior quarter. Excluding one-time charges related to
inventory and employee termination expenses EBITDA would have decreased to
($7,952,000).
The Company ended the quarter with a cash position of approximately
$10.9 million. In addition, the Company recently announced the inception of a
$15 million, 18-month revolving credit line, being made available by
Styleclick`s majority-owner, USA Networks, Inc. Styleclick`s ability to
borrow under the credit line will be subject to approval by Styleclick`s Board
of Directors.
Conference Call Open To The Public
Executives from Styleclick will hold a conference call to discuss the
Company`s first quarter financial results today at 4:30 p.m. EDT. All members
of the public and the investment community are invited to listen to the call.
Those parties in the United States and Canada interested in listening to the
telephone conference should call toll free 1-800-662-8177 or listen on the Web
at http://www.vcall.com. Other international parties should call 1-706-645-9643.
Replays of the conference call will begin approximately two hours after its
completion and will run until 9:00 p.m. EDT on April 30, 2001. To hear the
replay, the US/Canada participants should call 800-642-1687 or for
International/Local participants, call 706-645-9291 and enter the Conference
ID number 737386#. An online replay of the conference call will be available
at http://www.vcall.com.
About Styleclick, Inc.
Styleclick, Inc. provides e-commerce technologies and services enabling
brands to sell online. The Company`s end-to-end offerings include Web design,
development and hosting, CRM-driven database capabilities, product imaging,
online sales and merchandising technologies, inventory management and
integrated back-end fulfillment and customer care. Styleclick is the
outsourcing partner of choice for a variety of entertainment, sports,
publishing, home furnishings, and style businesses. A majority-owned
subsidiary of USA Networks, Inc., Styleclick operates as part of USA
Information and Services (USAIS), which coordinates the efforts of USAi`s
businesses engaged in various forms of transactional interactivity.
Contacts:
Investor Relations
Gail Laguna
323-403-1000
glaguna@styleclick.com
or
Media
Bonnie Poindexter
323-403-1052
bpoindexter@styleclick.com
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