drugstore.com Announces Strong First Quarter Financial Results (2-2)
DRUGSTORE.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
April 1, April 2,
2001 2000
------------ -------------
Net sales $ 32,769 $ 22,738
Costs and expenses:
Cost of sales 27,766 22,881
Fulfillment and order processing 7,768 9,602
Marketing and sales 10,942 19,030
Technology and content 5,715 6,941
General and administrative 4,086 4,806
Restructuring charges 7,294 -
Amortization of intangible assets 9,711 7,222
Amortization of stock-based
compensation 2,877 3,343
----------- ----------
Total costs and expenses 76,159 73,825
------------ ----------
Operating loss (43,390) (51,087)
Interest income, net 1,734 1,605
----------- ----------
Net loss $ (41,656) $ (49,482)
=========== ==========
Basic and diluted net loss per share $ (0.64) $ (1.09)
=========== ==========
Weighted average shares outstanding
used to compute basic and diluted
net loss per share 65,471,019 45,229,624
=========== ==========
SUPPLEMENTAL INFORMATION: Gross Profit, Gross Margin and Pro forma
Results excluding Restructuring Charges, Amortization of Intangible
Assets and Amortization of Stock-Based Compensation
(See Note 1 below):
Three Months Ended
April 1, April 2,
2001 2000
----------- ------------
Net sales $ 32,769 $ 22,738
Cost of sales 27,766 22,881
----------- ------------
Gross profit $ 5,003 $ (143)
=========== ============
Gross margin 15.3% (0.6%)
=========== ============
Pro forma net loss excluding
restructuring charges, amortization of
intangible assets and amortization of
stock-based compensation $ (21,774) $ (38,917)
=========== ============
Pro forma basic and diluted net loss per
share excluding restructuring charges,
amortization of intangible assets and
amortization of stock-based compensation $ (0.33) $ (0.86)
============ ============
Shares used in computation of pro forma
basic and diluted net loss per share
excluding restructuring charges,
amortization of intangible assets and
amortization of stock-based compensation 65,471,019 45,229,624
============ ============
NOTE 1: Supplemental information related to the Company's gross
profit, gross margin and pro forma results excluding restructuring
charges, amortization of intangible assets and amortization of
stock-based compensation for the three months ended April 1, 2001 and
April 2, 2000, is presented for informational purposes only and is not
prepared in accordance with generally accepted accounting principles.
DRUGSTORE.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
April 1, December 31,
2001 2000
--------------------------------
(unaudited) (audited)
ASSETS
Current assets:
Cash, cash equivalents and
marketable securities $ 113,751 $ 129,888
Accounts receivable 6,008 6,003
Inventories 7,048 8,608
Prepaid marketing expenses 21,717 22,718
Other prepaid expenses and
current assets 2,622 1,686
---------------------------
Total current assets 151,146 168,903
Fixed assets, net 33,742 38,680
Intangible assets, net 211,229 221,114
Prepaid marketing expenses 18,032 23,714
Deposits and other assets 362 6,112
---------------------------
Total assets $ 414,511 $ 458,523
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,545 $ 22,600
Accrued compensation 5,337 4,953
Accrued marketing expenses 1,534 2,232
Other current liabilities 2,170 2,186
Current portion of capital
lease obligations 2,360 2,844
---------------------------
Total current liabilities 29,946 34,815
Capital lease obligations,
less current portion 1,907 2,399
Other long term liabilities 9,297 9,320
Stockholders' equity:
Common stock, $.0001 par value,
stated at amounts paid in:
Authorized shares -- 250,000,000
Issued and outstanding share
-- 66,074,272 and 65,843,250
as of April 1, 2001 and
December 31, 2000, respectively 737,969 741,170
Deferred stock-based compensation (6,079) (12,308)
Accumulated deficit (358,529) (316,873)
----------- ---------------
Total stockholders' equity 373,361 411,989
----------- -----------
Total liabilities and stockholders' $ 414,511 $ 458,523
=========== ===========
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Contact:
For drugstore.com
Jackie Himmelberg, 314/982-7776
_________________________________
drugstore.com Announces Strong First Quarter Financial (1-2): #reply-15722917
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