Mar 17 2010
Coastal Contacts Inc. ("Coastal") (TSX:COA) (Stockholm:COA) today announced its financial results for the three months ended January 31, 2010.
Coastal noted the following financial highlights for the first fiscal quarter 2010:
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Total order volume exceeded 347,000 orders.
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Sales increased 15% to $36 million as compared to $31 million in the first fiscal quarter of 2009. Sales increased 19% excluding the impact of foreign currency exchange rate fluctuations.
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Sales of eyeglasses grew more than 180% to $3.8 million.
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Advertising expense declined to 11% of sales from 13% of sales as compared to the first quarter of the previous year.
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Cash balances increased 19% to $13.7 million from $11.5 million during the quarter.
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Cash generated from operations was $2.6 million during the quarter.
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Sales in each of Canada and the United States grew by approximately 50% when compared to the first quarter of 2009 and excluding the impact of foreign currency exchange rate fluctuations.
Sales increased 15% to a first fiscal quarter record of $36 million compared with $31 million in the same period in 2009. Excluding the impact of foreign currency exchange rate fluctuations, sales grew 19% during the first fiscal quarter as compared with the same period in 2009. Adjusted EBITDA for the first fiscal quarter of 2010 was $1.7 million compared with $1.8 million for the same period in 2009. Net income for the first fiscal quarter of 2010 was $0.8 million or $0.01 per share.
Coastal also announced that eyeglasses sales exceeded $3.8 million for the first fiscal quarter of 2010, a 180% increase over the same period in 2009. The majority of the eyeglasses sales were derived from the North American market.
Mr. Roger Hardy, Coastal's President and CEO, commented, "We are encouraged by the record results Coastal has achieved in the first quarter. Our vision care business continues to experience significant growth. Key markets such as Canada and the United States experienced sales increases of approximately 50% when measured in their domestic currencies.
We are particularly pleased with the progress of our eyeglasses category which is gaining traction in multiple markets. We are expanding our manufacturing capacity in order to meet current and anticipated consumer demand for eyeglasses. The customer feedback we receive is overwhelmingly positive and supports our plans to invest in this rapidly growing category."
SOURCE Coastal Contacts Inc.