CafePress Announces Settlement in Copyright Infringement Suit Brought by Tiki Shark Art Inc
Aug 21 14
CafePress Inc. announced the company has entered into an agreement to settle all claims brought against CafePress by artist Brad Parker through his company, Tiki Shark Art Inc. This settlement resolves all claims between the two companies. Under the terms of the settlement, CafePress will be required to make no financial or other payment to Tiki Shark Art Inc. Under the terms of this settlement, Tiki Shark Art Inc. will dismiss the lawsuit against CafePress with prejudice, and will be prohibited from suing CafePress for any future claims of infringement unless Tiki Shark Art Inc. first provides CafePress with written notice of any user-uploaded content on the CafePress website alleged to infringe Tiki Shark Art Inc.'s intellectual property rights, and CafePress does not promptly remove any such images from the CafePress website in response to any colorably valid claims of infringement.
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.