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iMedia Brands Reports Second Quarter Results; Beats Consensus
First Time in Three Quarters - Posts Positive Adjusted EBITDA
MINNEAPOLIS, MN – August 28, 2019 – iMedia Brands, Inc. (NASDAQ: IMBI) today announced results for the second quarter ended August 3, 2019.
Second Quarter 2019 Financial Summary
|·||Net sales of $131.5 million, a 12.8% decrease year-over-year and an improvement compared to the 16.0% year-over-year decline in the first quarter|
|·||Gross margin rate of 36.3%, a 140 basis point decrease year-over-year and an improvement compared to the 28.4% gross margin rate in the first quarter|
|·||Net loss of $10.2 million, an improvement compared to the $21.0 million net loss in the first quarter|
|·||Adjusted EBITDA of $0.2 million, an improvement compared to the adjusted EBITDA loss of $8.5 million in the first quarter|
|·||EPS of ($0.13), an improvement compared to the ($0.31) EPS in the first quarter|
Executive Commentary – Tim Peterman, CEO
“We began this turnaround journey in the first month of this quarter, and I’m proud to report we delivered as promised. Specifically, we just arrested a nine-month, $33 million year-over-year decline in adjusted EBITDA. It was a lot of smart, hard work performed by the team in a newly established entrepreneurial culture focused on execution. This is an exciting time for us – I am encouraged about our growth plan and proud of our employees and vendors.”
The following information was filed by Imedia Brands, Inc. (IMBI) on Wednesday, August 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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