Coastal Reports Record Quarter ResultsCoastal Reports Record Quarter Results
16:10 EDT Wednesday, September 14, 2005
VANCOUVER, Sept. 14 /CNW/ - Coastal Contacts Inc. (TSX.V: COA) today reported record financial results for the three month period ended July 31, 2005.
Third quarter revenue grew 183% to $19.81 million from $6.99 million in the comparable period of 2004. Year-to-date (nine months) revenue grew 140% to $46.71 million compared to $19.52 million in the comparable period of 2004. Net income for the third quarter was $1.2 million compared to a net loss of $176,540 in the comparable period of 2004. Year-to-date income was $1.88 million compared to a net loss of $815,770 for the nine month period ended July 31, 2004.
The Company recorded a 33% increase in revenue compared to revenue of $14.89 million reported in the second quarter of 2005. Net income also improved by 175% from the second quarter. Coastal's gross margin for the third quarter was 28.54% up from 27.45% in the second quarter of 2005 and up significantly from 18.91% in the comparable period of 2004.
The Company shipped 119,960 orders to new customers during the third quarter up 155% over the comparable period of 2004. The Company also shipped 92,111 orders in the third quarter to returning customers which equated to a 343% increase over the third quarter of 2004.
"The third quarter results are a strong testament to our team's ongoing commitment to improving operating efficiencies, growing new order business and cultivating repeat sales," commented Roger Hardy, Chairman and CEO of Coastal.
"Our business model continues to strengthen and gain momentum as we expand the Coastal franchise and execute on our business plan through new channels and in new geographies," added Coastal's President, Bill Wrixon.