LOUISVILLE, Ky. (July 31, 2012) —CafePress Inc. (Nasdaq:PRSS) reported its financial results for the three months ended June 30.
In the second quarter, CafePress posted 26 percent revenue growth and 36 percent adjusted EBITDA growth over last year, led by the addition of new content, products, partnerships and strong marketplace performance, the company said.
“Revenue from political gear and international channels was slightly weaker than expected during the period,” said Chief Executive Officer Bob Marino. “We are encouraged by strong e-commerce trends towards customization coupled with recent initiatives, including expansion of our licensed content relationships, growth in large shops such as those for ABC and National Geographic, new mobile and social functionality and solid performance from our most recent acquisition, Logosportswear.com.”
Q2 highlights
— Net revenues totaled $47.1 million, a 26 percent year over year increase.
— Adjusted EBITDA was $4.0 million, compared to $3.0 million in the second quarter of 2011, a 36 percent year over year increase.
— Gross profit margin was 41.5 percent of net revenues, compared to 42.2 percent in the second quarter of 2011.
— Non-GAAP net income (excluding stock based compensation, amortization of intangible assets, and acquisition costs) was $1.7 million, compared to $0.9 million in the second quarter of 2011, an 84 percent year over year increase.
— Non-GAAP net income per diluted share was $0.10, compared to $0.06 in the second quarter of 2011, a 55 percent year over year increase.
— GAAP net loss was $(0.3) million (including stock based compensation, amortization of intangible assets, and acquisition costs), compared to $(0.1) million in the second quarter of 2011.
— GAAP net loss per basic and diluted share was ($0.02), compared to ($0.01) in the second quarter of 2011.
— At June 30, cash, cash equivalents and short-term investments totaled $61.2 million.
“We are taking a cautious approach to our outlook for the second half of 2012 given the current political cycles and macro weakness in Europe, said CafePress Chief Financial Officer Monica Johnson. “We expect to end the year with a strong holiday season resulting in solid growth and profitability for the year.”
For the full year, the company expects net revenues of $208 million to $217 million, a year-over-year increase of 19 percent to 24 percent.
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