AnythingIT, Inc. (OTCBB:ANYI), a leading information technology
electronics recycler and e-waste handler serving both government
and commercial markets today announced its third quarter of fiscal
2013 results including net sales of $1.5 million and gross profit
of $0.7 million, increases of 21% and 27%, respectively, over the
third quarter of fiscal 2012.
Third Quarter of Fiscal 2013 Financial
Highlights:
- Third quarter of fiscal 2013 net sales improved 70% to
approximately $1.5 million as compared to $0.9 million in the prior
quarter. Net sales decreased 31% for fiscal year to date 2013 to
$3.3 million compared to $4.8 million for fiscal year to date
2012.
- Gross profit for the third quarter of fiscal 2013 was
approximately $0.7 million or 51% of net sales compared to
approximately $0.6 million or 49% of net sales for the third
quarter of fiscal 2012.
- EBITDA for the third quarter of fiscal 2013 was approximately
zero as compared to approximately $(0.1) million for the comparable
period in fiscal 2012 and improved by $0.2 million compared to
approximately $(0.2) million in the prior quarter.
David Bernstein, our Chief Executive Officer stated, "The
company has just completed a system wide software implementation
that now allows for an automated and repeatable solution for us to
grow our business while ensuring that we remain at the highest
levels of compliance with regulatory standards. Additionally we
have just completed our first step of growth which was executed at
the end of the quarter with the opening of a new operating facility
in Tampa. We look forward to the many opportunities to continue to
grow our business through the expansion of relationships with both
existing and new customers."
Three month financial results for the period ended March
31, 2013 (In Thousands):
The company is driven by technology refreshes, upgrades, and
disposals by both commercial and government partners and clients.
Sales in the third quarter of fiscal 2013 increased 21% to $1,464
as compared to the third quarter of fiscal 2012.
The gross profit margin depends on various factors, including
product mix, pricing strategies, market conditions, and other
factors, any of which could result in changes in gross margins from
period to period. Gross profit increased 27% to $745 in the third
quarter of fiscal 2013 as compared to the third quarter of fiscal
2012. As a percentage of sales, gross profit was 51% in the third
quarter of fiscal 2013 as compared to 49% in the third quarter of
fiscal 2012.
The company reported a net loss of ($86), or ($0.00) per share,
for the three months ended March 31, 2013, compared to a net loss
of $(481), or $(0.01) per share, for the corresponding period last
year.
Nine month financial results for the period ended March
31, 2013 (In Thousands):
Sales for the first nine months of fiscal 2013 decreased 31% to
$3,333 as compared to sales through the first nine months of fiscal
2012. The decrease in our sales for the first nine months of fiscal
2013 reflects the impact on operations during the first and second
quarter from the ERP implementation. These system challenges were
resolved at the end of the second quarter of fiscal 2013, which
supported our increase in net sales during that period.
Gross profit decreased 21% to $1,560 for the first nine months
of fiscal 2013 as compared to the comparable period of fiscal
2012. As a percentage of sales, gross profit was 47% for the
first nine months of fiscal 2013 as compared to 41% for the
comparable period of fiscal 2012.
The Company reported a net loss of $(942), or $(0.03) per share,
for the nine months ended March 31, 2013, compared to a net loss of
$(694), or $(0.02) per share, for the corresponding period last
year.
Balance Sheet as of March 31, 2013 (In
Thousands):
Cash and cash equivalents were $327 at March 31, 2013. At
March 31, 2013, working capital was $256 compared to $891 at June
30, 2012. The decrease in working capital was the result of
operating challenges during the first and second quarters of fiscal
2013 from our ERP implementation.
About AnythingIT
AnythingIT is a leading asset management vendor and e-waste
handler serving OEM's, Equipment Resellers, government and
enterprise clients. Services provided by the company include:
data scrubbing, shredding, inventory management, repair and
remarketing of equipment and recycling of parts and
materials. AnythingIT has been operating since 1992 and is a
GSA Schedule Holder who has achieved R2 and ISO 14001
certification. You can find more information at the Company's
website at www.anythingit.com.
Comparable companies include: Waste Management, Inc., Republic
Services, Inc., Avnet, Inc., Arrow Electronics, Inc. and Sims Metal
Management Limited.
Cautionary Note Regarding Forward Looking
Statements
This press release contains certain forward-looking statements
that are based upon current expectations and involve certain risks
and uncertainties. Words or expressions such as "anticipate,"
"plan," "will," "intend," "believe" or "expect'" or variations of
such words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
not guarantees of future performance. 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 AnythingIT and are difficult to predict. AnythingIT
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Additional key risks are described in the filings
made by AnythingIT with the U.S. Securities and Exchange
Commission, including the Form 10-K for the year ended June 30,
2012.
ANYTHINGIT,
INC. |
Condensed Balance
Sheets |
|
|
|
|
|
|
|
March 31, 2013
(unaudited) |
June 30,
2012 |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 327,383 |
$ 1,009,580 |
Restricted cash |
90,496 |
30,387 |
Accounts receivable, net of
allowance for doubtful accounts |
633,819 |
674,606 |
Inventories |
64,203 |
141,087 |
Deferred financing costs |
-- |
27,986 |
Prepaid expenses and other
current assets |
75,049 |
43,617 |
Total current assets |
1,190,950 |
1,927,263 |
|
|
|
Property and equipment, net |
259,144 |
189,361 |
Security deposits |
14,451 |
10,403 |
Total assets |
$ 1,464,545 |
$ 2,127,027 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT) |
Current liabilities |
|
|
Accounts payable |
$ 446,568 |
$ 706,881 |
Accrued expenses |
156,643 |
148,952 |
Customer deposits |
164,376 |
19,020 |
Current portion of capital
lease payable |
17,393 |
18,640 |
Current portion of deferred
rent |
1,725 |
-- |
Deferred revenues |
111,383 |
103,114 |
Current portion of notes
payable |
37,225 |
40,031 |
Total current liabilities |
935,313 |
1,036,638 |
|
|
|
Long term debt: |
|
|
Note payable bank |
26,802 |
28,644 |
Capital lease payable |
44,546 |
-- |
Deferred rent |
14,728 |
-- |
Convertible notes payable net
of debt discount |
500,000 |
451,706 |
Total long-term debt |
586,076 |
480,350 |
|
|
|
Total Liabilities |
1,521,389 |
1,516,988 |
|
|
|
|
|
|
Shareholders' Equity/(Deficit) |
|
|
Preferred stock - $.01 par
value, 5,000,000 shares authorized; none outstanding |
-- |
-- |
Common stock - $.01 par value,
200,000,000 shares authorized; 36,510,238 and 36,190,238 shares
issued and outstanding, respectively |
365,102 |
361,902 |
Additional paid-in capital |
8,072,424 |
7,800,900 |
Accumulated deficit |
(8,494,370) |
(7,552,763) |
Total shareholders'
equity/(deficit) |
(56,844) |
610,039 |
Total liabilities and
shareholders' equity/(deficit) |
$ 1,464,545 |
$ 2,127,027 |
|
ANYTHINGIT,
INC. |
Condensed Statements of
Operations |
For the Three Months
and Nine Months Ended March 31, 2013 and 2012 |
(Unaudited) |
|
|
|
|
|
|
Three months
ended March 31, |
Nine months ended
March 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 1,464,097 |
$ 1,207,719 |
$ 3,333,001 |
$ 4,818,415 |
Cost of sales |
719,311 |
621,931 |
1,773,033 |
2,847,702 |
Gross profit |
744,786 |
585,788 |
1,559,968 |
1,970,713 |
|
|
|
|
|
Operating Expenses |
|
|
|
|
Selling, general and
administration |
803,153 |
1,012,280 |
2,374,296 |
2,513,941 |
|
|
|
|
|
Operating income (loss) |
(58,367) |
(426,492) |
(814,328) |
(543,228) |
|
|
|
|
|
Other income (expense) : |
|
|
|
|
Interest expense, net of
interest income |
(25,565) |
(50,503) |
(125,216) |
(146,795) |
|
|
|
|
|
Income (loss) before income taxes |
(83,932) |
(476,995) |
(939,544) |
(690,023) |
|
|
|
|
|
Provision for income taxes |
(2,063) |
(3,526) |
(2,063) |
(3,576) |
|
|
|
|
|
Net Income (loss) |
$ (85,995) |
$ (480,521) |
$ (941,607) |
$ (693,599) |
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
Basic: |
$ (0.00) |
$ (0.01) |
$ (0.03) |
$ (0.02) |
Diluted: |
$ (0.00) |
$ (0.01) |
$ (0.03) |
$ (0.02) |
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
Basic: |
36,479,571 |
36,049,048 |
36,295,347 |
35,237,323 |
Diluted: |
36,479,571 |
36,049,048 |
36,295,347 |
35,237,323 |
Reconciliation of Net Loss to EBITDA
In addition to disclosing financial results in accordance with
United States generally accepted accounting principles (GAAP), the
company's earnings release contains the non-GAAP financial measure
"EBITDA".
EBITDA is not a measure of performance defined in accordance
with GAAP. However, management believes that EBITDA is useful to
investors in evaluating the company's performance because EBITDA is
a commonly used financial analysis tool for measuring and comparing
companies in the company's industry in areas of operating
performance.
Management believes that the disclosure of EBITDA offers an
additional view of the company's operations that, when coupled with
the GAAP results and the reconciliation to GAAP net loss, provides
a more complete understanding of the company's results of
operations and the factors and trends affecting the company's
business.
EBITDA should not be considered as an alternative to net income
as an indicator of the company's performance or as an alternative
to net cash provided by operating activities as a measure of
liquidity. The primary material limitations associated with the use
of EBITDA as compared to GAAP net loss is:
- it may not be compared to similarly titled measures used by
other companies in the company's industry, and
- it excludes financial information that some may consider
important in evaluating the company's performance.
The company compensates for these limitations by providing a
reconciliation of EBITDA to GAAP net loss, to enable investors to
perform their own analysis of the company's operating results, in
Thousands.
|
Three Months Ended March
31, |
|
Nine Months Ended March
31, |
|
2013 |
2012 |
|
2013 |
2012 |
|
|
|
|
|
|
Net Loss |
$ (86) |
$ (481) |
|
$ (942) |
$ (694) |
Interest, net |
26 |
51 |
|
125 |
147 |
Taxes |
2 |
3 |
|
2 |
4 |
Depreciation/Amortization |
18 |
15 |
|
54 |
49 |
Stock Based Compensation |
51 |
264 |
|
212 |
523 |
Total EBITDA |
$ 11 |
$ (148) |
|
$ (549) |
$ 29 |
CONTACT: AnythingIT, Inc.
Gail Babitt, Chief Financial Officer
201-475-7300 extension 379
gailb@anythingit.com
or
Investor Relations
Investor Awareness, Inc.
Tony Schor
847.945.2222
Tony@investorawareness.com
WeedHire (CE) (USOTC:WDHR)
Historical Stock Chart
From Jun 2024 to Jul 2024
WeedHire (CE) (USOTC:WDHR)
Historical Stock Chart
From Jul 2023 to Jul 2024