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LuxeYard Reports Third Quarter 2012 Results
-Decrease in operating expenses with focus on profitable divisions moving forward-
By: PR Newswire
Nov. 20, 2012 08:45 AM
LOS ANGELES, Nov. 20, 2012 /PRNewswire/ -- Luxury style and living flash sale online retailer, LuxeYard, Inc., (OTCQB: LUXR)reported its results for the third quarter ended September 30, 2012, detailing a move towards greater operational efficiencies.
"LuxeYard's third quarter was pivotal for our future development," said LuxeYard, Inc. COO Jerry Wilkerson. "After evaluating the operating metrics of the company's numerous divisions, we have been able to refocus our efforts on those verticals which are both profitable and consistent with our core strengths. LuxeYard is dedicated to reducing our operational burn while increasing internal efficiencies to boost revenue, margins, and shareholder value."
Third Quarter 2012 Financial Results and Fourth Quarter 2012 Outlook
Total revenue for the third quarter was $574,381, a decrease of 19% from the prior quarter, due to the termination of our Management Service Agreements with Jaxon International, LLC and Ferris Holdings Co. Total Operating expenses were $3,247,076 million in Q3, compared to $7,622,999 in Q2, due primarily to decreased SG&A costs, which included expenses related to: payroll, advertising, and decreases in the fair market value of stock issued for services provided by various vendors. Additionally, the Company recognized $6.05 million in gains on derivatives, triggered by a decrease in the market value of its common shares, as required by GAAP. Giving effect to these items, net income was $3.59 million, equal to $(0.04) per diluted share.
The Company's third quarter 2012 was focused on improving internal efficiencies to reduce operational burn, while continuing to provide customers with access to a deep product-mix and a robust shopping experience. To this end, the Company enacted the following changes to further increase profitability:
"We are confident LuxeYard will continue to attract customer sales within a saturated landscape by offering retail consumers high-quality, customizable items at competitive prices, along with our standard flash-sale events" added LuxeYard, Inc. COO Jerry Wilkerson. "Moreover, we are also excited about expanding the company's B2B division, TradeYard, which has positioned itself as the first to market provider of on-trend container goods to regional brick-and-mortar home furnishing stores and national ecommerce providers alike."
ABOUT LUXEYARD, INC.
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SOURCE LuxeYard, Inc.
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