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iMedia Brands Reports Fourth Quarter and Full Year 2020 Results, Provides 2021 Guidance
Q4 2020 – Returned to Revenue Growth and Achieved 20% Gross Profit Growth
Full Year 2020 – Positive Operating Cash Flow and Free Cash Flow
MINNEAPOLIS, MN – March 23, 2021 – iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI) today announced results for the fourth quarter and full year ended January 30, 2021.
Fourth Quarter and Full Year 2020 Summary & Recent Highlights
|·||Q4 net sales were $124.8 million, an increase of 1% compared to same prior-year period, which was the first time since 20151 that the Company achieved Q4 revenue growth.|
|·||Full year 2020 cash flow from operations improved to $6.2 million compared to $(6.2) million cash used for operations for the same prior-year period. Full year 2020 free cash flow improved to $1.3 million compared to $(13.3) million for the same prior-year period.|
|·||Q4 gross margin was 35.6%, a 560-basis point improvement over the same prior-year period. Full year 2020 gross margin was 36.8%, a 420-basis point improvement over the same prior-year period.|
|·||Q4 gross profit was $44.4 million, a 20% increase compared to the same prior-year period.|
|·||Q4 new customers grew by 12% compared to the same prior-year period, reversing a six-year negative growth rate trend.|
|·||Q4 net loss improved to $2.7 million or $(0.21) per share, compared to the same prior-year period net loss of $18.4 million or $(2.30) per share. Full year 2020 net loss improved to $13.2 million or $(1.23) per share, compared to a net loss of $56.3 million or $(7.54) per share for the same prior-year period.|
|·||Q4 adjusted EBITDA was $8.4 million, which is a $17.5 million improvement from the same prior-year period. Full year 2020 adjusted EBITDA was $23.9 million, compared to an $18.4 million adjusted EBITDA loss for the same prior-year period.|
|·||On February 5, 2021, the Company contributed approximately $3.5 million in inventory to acquire a controlling interest in an online marketplace called TheCloseOut.com. The site offers consumers exclusive and name-brand products at deep discounts.|
|·||On February 22, 2021, the Company successfully closed on its common stock equity raise of $21.2 million, net of discounts, commissions and other offering costs.|
|·||On March 1, 2021, the Company entered into a licensing partnership with ReStore Capital, a Hilco Global company, where iMedia will operate and grow the Christopher & Banks business throughout all sales channels, including digital, television, catalog, and brick and mortar retail.|
“Q4 was another strong quarter for us,” said Tim Peterman, CEO of iMedia Brands, “which we believe creates an even stronger foundation for profitable revenue growth in 2021.”
1 The Company reported Q4 revenue growth in 2017, but it was on a 53-week fiscal year.
The following information was filed by Imedia Brands, Inc. (IMBI) on Tuesday, March 23, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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