Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
With Whitney revenue included, sales grew year over year 59%.
The acquisition of J.C. Whitney a year ago continues to add to the top line for U.S. Auto Parts Network Inc. But the online retailer of vehicle parts also posted a net loss.
For the second quarter ended July 2, U.S. Auto Parts Network, No. 59 in the Internet Retailer Top 500 Guide, reported:
- With $24.8 million of Whitney-related revenue included, revenue rose year-over-year 58.5% to $84.3 million from $53.2 million.
- Without Whitney, sales increased 11.8% to $59.5 million from $53.2 million in the second quarter of 2010.
- Net loss was $2.6 million compared with net income of $462,000.
- Average order value was $125, up 4.2% from $120.
- Conversion rate increased year over year to 1.60% Total number of orders grew 52% to 669,000 from 440,000 in the second quarter of 2010.
“Our business faced some difficult headwinds in the quarter and while we did not achieve the top-line growth we would like or expect, we did manage to grow both sales and adjusted EBITDA for our legacy business in the quarter,” says CEO Shane Evangelist. “We also made considerable progress integrating J.C. Whitney and anticipate the technology integration being completed by the end of this quarter.”
For the first two quarters:
- Revenue rose year over year 56.3% to $171.2 million from $109.5 million. The company didn’t include a break out for Whitney for the first two quarters.
- Net loss was $2.8 million compared with net income of $2 million.
U.S. Auto Parts acquired J.C. Whitney in August 2010 in a deal valued at about $38.5 million.