CafePress Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 12 14
CafePress Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net revenues of $51,378,000 against $52,403,000 a year ago. Loss from operations was $4,460,000 against $1,744,000 a year ago. Loss before income taxes was $4,508,000 against $1,768,000 a year ago. Net loss was $3,568,000 or $0.21 per basic and diluted share against $1,716,000 or $0.10 per basic and diluted share a year ago. Adjusted LBITDA was $248,000 against adjusted ABITDA of $1,120,000 a year ago. Non-GAAP operating loss was $2,787,000 against $1,135,000 a year ago. Non-GAAP net loss was $1,826,000 or $0.11 per basic and diluted share against $739,000 or $0.04 per basic and diluted share a year ago. During the quarter the company had an operating cash outflow of $600,000, compared to an operating cash inflow of $3.4 million in the same period last year. Capital expenditures totaled $1.5 million compared to $2.6 million a year ago.
For the six months, the company reported net revenues of $99,566,000 against $104,910,000 a year ago. Loss from operations was $9,107,000 against $7,613,000 a year ago. Loss before income taxes was $9,203,000 against $7,689,000 a year ago. Net loss was $8,785,000 or $0.51 per basic and diluted share against $5,700,000 or $0.33 per basic and diluted share a year ago. Net cash used in operating activities was $13,912,000 against $8,890,000 a year ago. Purchase of property and equipment was $1,133,000 against $1,866,000 a year ago. Adjusted LBITDA was $823,000 against adjusted EBITDA of $1,191,000 a year ago. Non-GAAP operating loss was $5,907,000 against $3,209,000 a year ago. Non-GAAP net loss was $3,862,000 or $0.22 per basic and diluted share against $2,170,000 or $0.13 per basic and diluted share a year ago.
CafePress Inc. Announces Executive Changes
Aug 4 14
CafePress Inc. announced the retirement of Bob Marino, the company's Chief Executive Officer and a member of the Board of Directors. Mr. Marino will serve as a consultant to the company through the end of 2014. Fred E. Durham, III, co-founder will return in the role of CEO effective immediately. Co-founder Maheesh Jain, is also rejoining the company as Chief Marketing Officer. Durham and Jain co-founded CafePress in 1999 in Durham's garage in San Leandro, California. Under their leadership, the company was profitable within two years and grew revenue significantly. Durham served as CEO until April of 2011, when he was succeeded by Mr. Marino. Durham has served as a member of the Board of Directors since August 1999. The company also announced that Garett Jackson, current Interim Chief Financial Officer, has been named Chief Financial Officer.
CafePress Inc. and 6901, LLC Enter into Third Amendment and Modification of Lease Agreement
Jul 18 14
On July 17, 2014, CafePress Inc., Riverport Group, LLC and 6901, LLC entered into a third amendment and modification of lease, pursuant to which the Lease for the Second Expansion Space has been extended for an additional seven years, through July 31, 2021, with a total yearly lease payment which ranges from $762,970.80 to $870,561.00. Under the Third Amendment, the company has the option to terminate the Lease for the Second Expansion Space beginning on July 31, 2018, subject to a termination fee which decreases every year until the end of the Lease period and which ranges from $429,736.00 to $1,512,679.00. Under the Third Amendment, the company is required to secure the payment of the termination fee with an irrevocable letter of credit, naming the Landlord as the beneficiary.