Posts an operating income of $9.4m, compared to $16.5m in same period last year
GSI Commerce has reported revenue of $190.3m in the third quarter of 2009, up compared to $186.8m in the same period last year. Non-GAAP net revenues increased to $113.7m from $102.3m.
The company posted an operating income of $9.9m, down compared to $16.5m in the same period a year ago. Non-GAAP income from operations was $12.1m, compared to $5.8m and trailing 12 month non-GAAP income from operations was $99.4m compared to $61.2m.
For the third quarter ended October 3, 2009, the company has posted a net loss of $9.4m or $0.18 per share, compared to a net loss $14.2m or $0.30 per share in the third quarter of 2008.
Michael Rubin, chairman, president and CEO of GSI Commerce, said: “Our momentum continued in the third quarter, as we delivered impressive financial results that exceeded our expectations. Our pace of new business wins remains strong with four new e-commerce services deals signed for North America and one for international since our second quarter earnings release.
“Our international channel continues to develop, as we have signed five new agreements in 2009 with international e-commerce services components, including new clients and the expansion of global services to existing clients. We are also excited to be adding a new pillar to our growth strategy and a new service to our retail and consumer brand clients, by entering the emerging private sale space today with our agreement to acquire Retail Convergence and its Rue La La division.”
The company expects a modest increase in net revenues compared to fiscal year 2008, and income from operations is expected to be $3m-$7m. Non-GAAP income from operations is expected to increase by 15% to 20% compared to last year that leads to a minimum of $94m to $98m. It also expects year 2009 capital expenditure to be no more than $50m.