Luvu Brands Reports Fiscal Year 2022 Results
Luvu Brands Reports Fiscal Year 2022 Results
Reports Record Full Year Net Sales of $26.3 million
报告显示全年净销售额达到创纪录的2630万美元
ATLANTA, GA / ACCESSWIRE / October 14, 2022 / Luvu Brands, Inc. (OTCQB:LUVU), a designer, manufacturer and marketer of a portfolio of consumer lifestyle brands, today reported financial results for its fiscal year ended June 30, 2022.
佐治亚州亚特兰大/ACCESSWIRE/2022年10月14日/Luvu Brands，Inc.(场外交易代码：LUVU)是一家设计、制造和营销一系列消费生活方式品牌的公司，该公司今天公布了截至2022年6月30日的财年财务业绩。
Full-Year Fiscal 2022 Highlights
2022财年全年亮点
Fiscal year ended June 30, 2022 as compared to the fiscal year ended June 30, 2021
截至2022年6月30日的财政年度与截至2021年6月30日的财政年度
- Net sales increased 14% to a record $26.3 million.
- Total gross profit of $6.0 million compared to $6.3 million in fiscal 2021.
- Gross profit as a percentage of net sales decreased to 23% from 27% in the prior year.
- Operating expenses were $5.1 million compared to $4.5 million in fiscal 2021.
- Net income was $0.6 million, or $0.01 per share, compared to net income of $2.6 million, or $0.03 per share, in 2021.
- Adjusted EBITDA of $1,276,000 compared to $3,173,000 in the prior fiscal year.
- 净销售额增长14%，达到创纪录的2630万美元。
- 总毛利润为600万美元，而2021财年为630万美元。
- 毛利润占净销售额的百分比从上一年的27%下降到23%。
- 运营费用为510万美元，而2021财年为450万美元。
- 净收入为60万美元，或每股0.01美元，而2021年的净收入为260万美元，或每股0.03美元。
- 调整后的EBITDA为1,276,000美元，而上一财年为3,173,000美元。
Louis Friedman, Chairman and Chief Executive Officer, commented, "Fiscal 2022 was a pivotal year for the Company. We reported record net sales, and being a vertically integrated US-based manufacturer, we have been able to successfully avoid many of the supply chain problems facing most other manufacturers."
公司董事长兼首席执行官Louis Friedman表示：“2022财年对公司来说是关键的一年。我们报告了创纪录的净销售额，作为一家垂直整合的美国制造商，我们能够成功避免大多数其他制造商面临的许多供应链问题。”
Full-Year Fiscal 2022 Results
2022财年全年业绩
Net sales increased 14% to $26.3 million, compared to $23.1 million in fiscal 2021. Sales of the Company's flagship Liberator brand increased 22% from the prior year to $12.0 million. Jaxx product sales increased 22% during the fiscal year to $8.3 million, and Avana sales decreased 21% to $2.9 million. Net sales of products purchased for resale decreased 9% during the year to $1.6 million and Other revenue increased 54% to $1.6 million.
净销售额增长14%，达到2630万美元，而2021财年为2310万美元。该公司的旗舰品牌Liberator的销售额比上一年增长了22%，达到1200万美元。本财年，Jaxx的产品销售额增长了22%，至830万美元，而Avana的销售额下降了21%，至290万美元。年内，为转售而购买的产品的净销售额下降9%，至160万美元，其他收入增加54%，至160万美元。
Total gross profit for the year was $6.0 million, down 5% from $6.3 million in fiscal 2021. Gross profit as a percentage of net sales decreased to 23% from 27% in the prior fiscal year, due primarily to production cost increases consisting of raw material and labor cost increases.
本财年毛利润总额为600万美元，较2021财年的630万美元下降了5%。毛利润占净销售额的百分比从上一财年的27%下降到23%，这主要是由于生产成本增加，包括原材料和劳动力成本的增加。
Operating expenses were $5.1 million compared to $4.5 million in fiscal 2021. The 13% increase in operating expenses from the prior year was primarily due to higher advertising and promotion expenses, and higher occupancy and personnel related costs.
运营费用为510万美元，而2021财年为450万美元。营业费用较上年增长13%，主要是由于广告和促销费用增加，以及与入住率和人员相关的成本增加。
Other income for fiscal 2021 included a $1.1 million gain on the forgiveness of the PPP loan.
2021财年的其他收入包括免除购买力平价贷款带来的110万美元收益。
Net income for the year was $604,000, or $0.01 per share, compared to net income of $2,563,000, or $0.03 per share in fiscal 2021.
本财年的净收入为604,000美元，或每股0.01美元，而2021财年的净收入为2,563,000美元，或每股0.03美元。
Adjusted EBITDA for the year was $1,276,000, compared to $3,173,000 in the prior fiscal year.
本财年调整后的EBITDA为1,276,000美元，上一会计年度为3,173,000美元。
Cash and cash equivalents on June 30, 2022 totaled $0.9 million compared to $1.0 million at June 30, 2021.
2022年6月30日的现金和现金等价物总额为90万美元，而2021年6月30日的现金和现金等价物为100万美元。
Conference Call
电话会议
Management will host a conference call at 4:00 p.m. EST (3:00 p.m. CST; 1:00 p.m. PST) on Friday, October 14, 2021. To listen and participate in the call, please register on this weblink:
管理层将于下午4：00主持电话会议。美国东部时间(下午3：00CST；下午1：00太平洋标准时间2021年10月14日(星期五)。要收听并参与电话会议，请在此网页链接上注册：
A Q&A session will take place after the formal presentation, which shareholders and other interested parties can partake in through the aforementioned weblink or by dialing 888-506-0062 (international: 973-528-0011) using the participant access code 159916.
正式陈述后将举行问答环节，股东和其他感兴趣的各方可以通过上述网络链接或使用参与者访问代码159916拨打888-506-0062(国际：973-528-0011)参加。
Forward-Looking Statements
前瞻性陈述
Certain matters discussed in this press release may be forward-looking statements. Such forward-looking statements can be identified by the use of words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and ''proposes.'' These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022 as filed with the Securities and Exchange Commission (the "SEC") on October 12, 2022 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Luvu Brands, Inc. and are difficult to predict. Luvu Brands, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms is not part of this press release.
本新闻稿中讨论的某些事项可能是前瞻性陈述。此类前瞻性陈述可以通过使用“应该”、“”可能“”、“”打算“”、“”预期“”、“”相信“”、“”估计“”、“”计划“”、“”预测“”、“”预计“”、“”计划“”和“”建议“”等词语来识别。这些前瞻性陈述不是对未来业绩的保证，会受到风险、不确定因素和其他因素的影响，其中一些因素是我们无法控制的，难以预测，可能会导致实际结果与前瞻性陈述中表达或预测的结果大不相同。我们敦促您仔细审查和考虑我们在截至2022年6月30日的财年的Form 10-K年度报告中的任何警示声明和其他披露，这些报告于2022年10月12日提交给美国证券交易委员会(“美国证券交易委员会”)，以及我们提交给美国证券交易委员会的其他文件。所有前瞻性陈述都涉及重大风险和不确定因素，可能导致实际结果与前瞻性陈述中的结果大不相同，其中许多通常不在Luvu Brands公司的控制范围之内，很难预测。除非法律要求，Luvu Brands，Inc.不承担任何更新任何前瞻性陈述的责任。出现在我们网站和社交媒体平台上的信息不是本新闻稿的一部分。
Use of Non-GAAP Financial Measures
非公认会计准则财务计量的使用
Luvu Brands' management evaluates and makes operating decisions using various financial metrics.In addition to the Company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA and Non-GAAP Operating Margin. As used herein, Adjusted EBITDA represents net income before interest income, interest expense, income taxes, depreciation, amortization, and stock-based compensation expense, and Non-GAAP Operating Margin means Adjusted EBITDA divided by net sales. Management believes that these non-GAAP measures provide useful information about the Company's operating results. Neither Adjusted EBITDA nor Non-GAAP Operating Margin have been prepared in accordance with GAAP. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, gross profit and net income as indicators of the Company's operating performance. Further, these non-GAAP financial measures, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has attached to this press release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.
Luvu Brands的管理层使用各种财务指标进行评估并做出经营决策。除了公司的GAAP结果外，管理层还考虑调整后的EBITDA和非GAAP营业利润率的非GAAP衡量标准。这里使用的调整后EBITDA代表扣除利息收入、利息支出、所得税、折旧、摊销和基于股票的薪酬支出之前的净收益，非公认会计准则营业利润率指调整后EBITDA除以净销售额。管理层认为，这些非公认会计准则衡量标准提供了有关公司经营业绩的有用信息。经调整EBITDA或非GAAP营业利润率均未根据GAAP编制。这些非GAAP财务指标不应被视为毛利和净收入的替代品，或比毛利和净收入更有意义的指标，作为公司经营业绩的指标。此外，该公司提出的这些非GAAP财务指标可能无法与其他公司报告的类似名称的指标相比较。该公司在本新闻稿中附上了这些非GAAP财务指标与它们最直接可比的GAAP财务指标的对账。
About Luvu Brands
关于Luvu品牌
Luvu Brands, Inc. designs, manufactures and markets a portfolio of consumer lifestyle brands through the Company's websites, online mass merchants and specialty retail stores worldwide. Brands include: Liberator®, a brand category of iconic products for enhancing sexual performance; Avana®, inclined bed therapy products, assistive in relieving medical conditions associated with acid reflux, surgery recovery and chronic pain; and Jaxx®, a diverse range of casual fashion daybeds, sofas and beanbags made from polyurethane foam and repurposed polyurethane foam trim. Headquartered in Atlanta, Georgia, the Company occupies a 140,000 square foot vertically-integrated manufacturing facility and employs over 200 people. The Company's brand sites include: , , plus other global e-commerce sites. For more information about Luvu Brands, please visit .
Luvu Brands，Inc.通过该公司在世界各地的网站、在线大众商家和专业零售店设计、制造和营销一系列消费者生活方式品牌。品牌包括：解放者®，增强性表现的标志性产品品牌类别；Avana®，斜床治疗产品，辅助缓解与胃酸反流、手术恢复和慢性疼痛相关的医疗条件；以及Jaxx®，各式各样的休闲时尚沙发床，沙发和豆袋由聚氨酯泡沫和重新调整用途的聚氨酯泡沫装饰制成。该公司总部位于佐治亚州亚特兰大，占地140,000平方英尺，拥有200多名员工。该公司的品牌网站包括：、以及其他全球电子商务网站。有关Luvu Brands的更多信息，请访问。
Company Contact:
公司联系人：
Luvu Brands, Inc.
Alexander A. Sannikov
Chief Financial Officer
770-246-6426
IR@LuvuBrands.com
卢武品牌公司
亚历山大·A·桑尼科夫
首席财务官
770-246-6426
邮箱：ir@LuvuBrands.com
Full-Year Fiscal 2022 Summary Financial Tables
2022财年全年财务汇总表
Condensed Consolidated Statements of Operations |
Twelve Months Ended | |||||||
| 6/30/2022 | 6/30/2021 | |||||||
| (in thousands, except share data) | ||||||||
Net Sales |
$ | 26,343 | $ | 23,105 | ||||
Cost of goods sold |
20,342 | 16,804 | ||||||
Gross profit |
6,001 | 6,301 | ||||||
Operating expenses: |
||||||||
Advertising and promotion |
574 | 502 | ||||||
Other selling and marketing |
1,189 | 1,043 | ||||||
General and administrative |
2,986 | 2,694 | ||||||
Depreciation |
306 | 220 | ||||||
Total operating expenses |
5,055 | 4,459 | ||||||
Operating income |
946 | 1,842 | ||||||
Other Income (Expense): |
||||||||
Gain on forgiveness of SBA loan |
- | 1,096 | ||||||
Total interest and other expense |
(342 | ) | (375 | ) | ||||
Total Other Income (Expense) |
(342 | ) | 721 | |||||
Income before income taxes |
604 | 2,563 | ||||||
Provision for income taxes |
- | - | ||||||
Net income |
$ | 604 | $ | 2,563 | ||||
Net income per share: |
||||||||
Basic |
$ | 0.01 | $ | 0.03 | ||||
Diluted |
$ | 0.01 | $ | 0.03 | ||||
Shares used in calculation of net income per share |
||||||||
Basic |
75,456,306 | 74,296,689 | ||||||
Diluted |
76,110,815 | 75,494,948 | ||||||
简明综合业务报表 |
截至12个月 | |||||||
| 6/30/2022 | 6/30/2021 | |||||||
| (单位：千，共享数据除外) | ||||||||
净销售额 |
$ | 26,343 | $ | 23,105 | ||||
销货成本 |
20,342 | 16,804 | ||||||
毛利 |
6,001 | 6,301 | ||||||
运营费用： |
||||||||
广告和促销 |
574 | 502 | ||||||
其他销售和营销 |
1,189 | 1,043 | ||||||
一般和行政 |
2,986 | 2,694 | ||||||
折旧 |
306 | 220 | ||||||
总运营费用 |
5,055 | 4,459 | ||||||
营业收入 |
946 | 1,842 | ||||||
其他收入(支出)： |
||||||||
从SBA贷款的宽免中获益 |
- | 1,096 | ||||||
利息和其他费用合计 |
(342 | ) | (375 | ) | ||||
其他收入(费用)合计 |
(342 | ) | 721 | |||||
所得税前收入 |
604 | 2,563 | ||||||
所得税拨备 |
- | - | ||||||
净收入 |
$ | 604 | $ | 2,563 | ||||
每股净收益： |
||||||||
基本信息 |
$ | 0.01 | $ | 0.03 | ||||
稀释 |
$ | 0.01 | $ | 0.03 | ||||
计算每股净收益时使用的股份 |
||||||||
基本信息 |
75,456,306 | 74,296,689 | ||||||
稀释 |
76,110,815 | 75,494,948 | ||||||
Condensed Consolidated Balance Sheets |
||||||||
| 6/30/2022 | 6/30/2021 | |||||||
ASSETS |
(in thousands, except share data) | |||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 859 | $ | 977 | ||||
Receivables, net |
1,107 | 1,134 | ||||||
Inventories, net |
3,817 | 3,391 | ||||||
Prepaid expenses |
165 | 145 | ||||||
Total current assets |
5,948 | 5,647 | ||||||
Equipment and leasehold improvements, net |
2,029 | 1,934 | ||||||
Finance lease assets |
47 | 27 | ||||||
Operating lease assets |
2,255 | 2,554 | ||||||
Other assets |
100 | 84 | ||||||
Total assets |
$ | 10,379 | 10,246 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 2,680 | $ | 2,669 | ||||
Current debt |
1,618 | 1,599 | ||||||
Other accrued liabilities |
545 | 694 | ||||||
Operating lease liability |
331 | 250 | ||||||
Total current liabilities |
5,174 | 5,212 | ||||||
Noncurrent liabilities: |
||||||||
Long-term debt |
1,183 | 1,288 | ||||||
Long-term operating lease liability |
2,068 | 2,423 | ||||||
Total noncurrent liabilities |
3,251 | 3,711 | ||||||
Total liabilities |
8,425 | 8,923 | ||||||
Stockholders' equity: |
||||||||
Common stock |
760 | 750 | ||||||
Additional paid-in capital |
6,183 | 6,166 | ||||||
Accumulated deficit |
(4,989 | ) | (5,593 | ) | ||||
Total stocholders' equity |
1,954 | 1,323 | ||||||
Total liabilities and stockholders' equity |
$ | 10,379 | $ | 10,246 | ||||
简明综合资产负债表 |
||||||||
| 6/30/2022 | 6/30/2021 | |||||||
资产 |
(单位：千，共享数据除外) | |||||||
流动资产： |
||||||||
现金和现金等价物 |
$ | 859 | $ | 977 | ||||
应收账款净额 |
1,107 | 1,134 | ||||||
库存，净额 |
3,817 | 3,391 | ||||||
预付费用 |
165 | 145 | ||||||
流动资产总额 |
5,948 | 5,647 | ||||||
设备和租赁改进，净值 |
2,029 | 1,934 | ||||||
融资租赁资产 |
47 | 27 | ||||||
经营性租赁资产 |
2,255 | 2,554 | ||||||
其他资产 |
100 | 84 | ||||||
总资产 |
$ | 10,379 | 10,246 | |||||
负债和股东权益 |
||||||||
流动负债： |
||||||||
应付帐款 |
$ | 2,680 | $ | 2,669 | ||||
流动债务 |
1,618 | 1,599 | ||||||
其他应计负债 |
545 | 694 | ||||||
经营租赁负债 |
331 | 250 | ||||||
流动负债总额 |
5,174 | 5,212 | ||||||
非流动负债： |
||||||||
长期债务 |
1,183 | 1,288 | ||||||
长期经营租赁负债 |
2,068 | 2,423 | ||||||
非流动负债总额 |
3,251 | 3,711 | ||||||
总负债 |
8,425 | 8,923 | ||||||
股东权益： |
||||||||
普通股 |
760 | 750 | ||||||
额外实收资本 |
6,183 | 6,166 | ||||||
累计赤字 |
(4,989 | ) | (5,593 | ) | ||||
总储蓄者权益 |
1,954 | 1,323 | ||||||
总负债和股东权益 |
$ | 10,379 | $ | 10,246 | ||||
Condensed Consolidated Statement of Cash Flow |
||||||||
| Twelve Months Ended | ||||||||
| 6/30/2022 | 6/30/2021 | |||||||
| (in thousands, except share data) | ||||||||
OPERATING ACTIVITIES: |
||||||||
Net income |
$ | 604 | $ | 2,563 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Forgiveness of SBA Loan |
- | (1,096 | ) | |||||
Depreciation and amortization |
306 | 220 | ||||||
Stock based compensation expense |
24 | 15 | ||||||
Provision for bad debt |
22 | 1 | ||||||
Provision for inventory reserve |
3 | 32 | ||||||
Amortization of operating lease asset |
298 | 295 | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
5 | - | ||||||
Inventories |
(430 | ) | (1,438 | ) | ||||
Prepaid expenses and other assets |
(34 | ) | (158 | ) | ||||
Accounts payable |
12 | 234 | ||||||
Accrued expenses and interest |
17 | 40 | ||||||
Accrued payroll and related |
(166 | ) | 40 | |||||
Operating lease liability |
(274 | ) | (209 | ) | ||||
Net cash provided by operating activities |
387 | 540 | ||||||
INVESTING ACTIVITIES: |
||||||||
Investment in equipment and leasehold improvements |
(52 | ) | (210 | ) | ||||
Net cash used in investing activities |
(52 | ) | (210 | ) | ||||
FINANCING ACTIVITIES: |
||||||||
Proceeds from unsecured notes payable |
200 | 200 | ||||||
Repayment of unsecured notes payable |
(200 | ) | (489 | ) | ||||
Proceeds from secured notes payable |
- | 200 | ||||||
Net cash provided by (repaid to) line of credit |
(13 | ) | 78 | |||||
Repayment of credit card advance |
- | (56 | ) | |||||
Repayments of secured notes payable |
(152 | ) | (239 | ) | ||||
Repayment of unsecured line of credit |
(12 | ) | (11 | ) | ||||
Proceeds from exercise of stock options |
3 | 9 | ||||||
Payments on equipment notes |
(268 | ) | (189 | ) | ||||
Principal payments on leases payable |
(11 | ) | (8 | ) | ||||
Net cash provided by financing activities |
(453 | ) | (505 | ) | ||||
Net increase (decrease) in cash and cash equivalents |
(118 | ) | (175 | ) | ||||
Cash and cash equivalents at beginning of period |
977 | 1,152 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 859 | $ | 977 | ||||
简明合并现金流量表 |
||||||||
| 截至12个月 | ||||||||
| 6/30/2022 | 6/30/2021 | |||||||
| (单位：千，共享数据除外) | ||||||||
经营活动： |
||||||||
净收入 |
$ | 604 | $ | 2,563 | ||||
将净收入与经营活动提供的现金净额进行调整： |
||||||||
小企业管理局贷款的宽免 |
- | (1,096 | ) | |||||
折旧及摊销 |
306 | 220 | ||||||
基于股票的薪酬费用 |
24 | 15 | ||||||
坏账准备 |
22 | 1 | ||||||
存货准备金准备 |
3 | 32 | ||||||
经营租赁资产摊销 |
298 | 295 | ||||||
经营性资产和负债变动情况： |
||||||||
应收账款 |
5 | - | ||||||
盘存 |
(430 | ) | (1,438 | ) | ||||
预付费用和其他资产 |
(34 | ) | (158 | ) | ||||
应付帐款 |
12 | 234 | ||||||
应计费用和利息 |
17 | 40 | ||||||
应计工资总额及相关 |
(166 | ) | 40 | |||||
经营租赁负债 |
(274 | ) | (209 | ) | ||||
经营活动提供的净现金 |
387 | 540 | ||||||
投资活动： |
||||||||
对设备和租赁改进的投资 |
(52 | ) | (210 | ) | ||||
用于投资活动的现金净额 |
(52 | ) | (210 | ) | ||||
融资活动： |
||||||||
无担保应付票据的收益 |
200 | 200 | ||||||
偿还无担保应付票据 |
(200 | ) | (489 | ) | ||||
应付有担保票据的收益 |
- | 200 | ||||||
由信贷额度提供(偿还)的现金净额 |
(13 | ) | 78 | |||||
信用卡预付还款 |
- | (56 | ) | |||||
应付有担保票据的偿还 |
(152 | ) | (239 | ) | ||||
偿还无担保信贷额度 |
(12 | ) | (11 | ) | ||||
行使股票期权所得收益 |
3 | 9 | ||||||
关于设备票据的付款 |
(268 | ) | (189 | ) | ||||
应付租约本金 |
(11 | ) | (8 | ) | ||||
融资活动提供的现金净额 |
(453 | ) | (505 | ) | ||||
现金及现金等价物净增(减) |
(118 | ) | (175 | ) | ||||
期初现金及现金等价物 |
977 | 1,152 | ||||||
期末现金及现金等价物 |
$ | 859 | $ | 977 | ||||
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
补充财务信息
非公认会计准则财务计量的对账
(Dollars in thousands) |
Twelve Months Ended | |||||||
| 6/30/2022 | 6/30/2021 | |||||||
Net income - GAAP |
$ | 604 | $ | 2,563 | ||||
Plus interest expense |
342 | 375 | ||||||
Plus depreciation and amortization expense |
306 | 220 | ||||||
Plus stock-based compensation expense |
24 | 15 | ||||||
Adjusted EBITDA - non-GAAP |
$ | 1,276 | $ | 3,173 | ||||
Non-GAAP operating margin |
4.8 | % | 13.7 | % | ||||
(千美元) |
截至12个月 | |||||||
| 6/30/2022 | 6/30/2021 | |||||||
净收入-GAAP |
$ | 604 | $ | 2,563 | ||||
外加利息支出 |
342 | 375 | ||||||
加上折旧和摊销费用 |
306 | 220 | ||||||
加上基于股票的薪酬费用 |
24 | 15 | ||||||
调整后的EBITDA-非GAAP |
$ | 1,276 | $ | 3,173 | ||||
非GAAP营业利润率 |
4.8 | % | 13.7 | % | ||||
SOURCE: Luvu Brands, Inc.
资料来源：卢武品牌公司