| Quarterly Financial Information [Text Block] |
NOTE
13 – QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
Amounts
in thousands, except per share data:
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Quarter
Ended(1)
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2012
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March
31,
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June
30,
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September
30,
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December
31,
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Net
sales
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$
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24,266
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$
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22,215
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$
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21,743
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$
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25,220
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Gross
profit
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$
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3,745
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$
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4,429
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$
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2,962
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$
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4,983
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Net
loss attributable to Bluefly, Inc.
stockholders(2)(3)(4)
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$
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(7,870
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)
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$
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(4,949
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)
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$
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(6,277
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)
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$
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(5,680
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)
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Net
loss per common share attributable to Bluefly,
Inc. stockholders
– basic and diluted
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$
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(0.28
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)
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$
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(0.17
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)
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$
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(0.22
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)
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$
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(0.20
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)
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Weighted
average common shares outstanding –
basic(5)
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28,523,237
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28,576,612
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28,576,612
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28,576,612
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Weighted
average common shares outstanding –
diluted(5)
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28,523,237
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28,576,612
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28,576,612
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28,576,612
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Quarter
Ended(1)
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2011
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March
31,
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June
30,
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September
30,
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December
31,
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Net
sales
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$
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21,693
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$
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24,037
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$
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21,194
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$
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29,358
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Gross
profit(6)
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$
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8,195
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$
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7,493
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$
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6,178
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$
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6,419
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Net
loss attributable to Bluefly, Inc.
stockholders(2)(7)
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$
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(1,278
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)
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$
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(1,032
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)
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$
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(2,494
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)
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$
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(6,180
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)
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Net
loss per common share attributable to Bluefly,
Inc. stockholders
– basic and diluted
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$
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(0.05
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)
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$
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(0.04
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)
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$
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(0.10
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)
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$
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(0.22
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)
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Weighted
average common shares outstanding –
basic(5)
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24,605,199
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24,611,736
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25,530,899
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28,284,268
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(8)
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Weighted
average common shares outstanding –
diluted(5)
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24,605,199
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24,611,736
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25,530,899
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28,284,268
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(8)
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Quarter
Ended(1)
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2010
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March
31,
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June
30,
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September
30,
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December
31,
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Net
sales
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$
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20,240
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$
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20,545
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$
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19,202
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$
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28,576
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Gross
profit
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$
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8,337
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$
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7,978
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$
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6,924
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$
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9,964
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Net
(loss) income
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$
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(1,501
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)
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$
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(724
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)
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$
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(2,077
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)
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$
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269
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Net
(loss) income per common share – basic and
diluted
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$
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(0.07
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)
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$
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(0.03
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)
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$
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(0.08
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)
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$
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0.01
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Weighted
average common shares outstanding –
basic(5)
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20,896,437
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24,597,254
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24,598,151
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24,598,811
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Weighted
average common shares outstanding –
diluted(5)
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20,896,437
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24,597,254
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24,598,151
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24,724,658
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(1)
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Quarterly
amounts may not sum to the annual amounts due to
rounding.
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(2)
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These
amounts exclude net losses attributable to the
non-controlling interest in Eyefly LLC.
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(3)
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These
amounts include operating expenses attributable to
EVT Acquisition Co., LLC.
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(4)
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These
amounts include net sales, cost of sales and
operating expenses attributable to the
Company’s controlling interest in Eyefly
LLC through October 25, 2012. This
amount for the fourth quarter of 2012 includes an
impairment loss adjustment of
$383,000.
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(5)
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For
years that the Company has incurred losses, and as
a result of losses incurred by the Company, all
potentially dilutive securities are anti-dilutive
and accordingly, basic and diluted weighted average
common shares outstanding are equal for the periods
presented.
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(6)
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This
amount, for the fourth quarter of 2011, includes
(a) $2.4 million related to an increase in
inventory reserves (of which $1.4 million relates
to inventory written off as it was deemed
unsellable) and (b) a write-off of $1.0 million
related to merchandise credits from suppliers that
the Company was not able to collect. The increase
in inventory reserves was primarily the result of a
shift in Company strategy with a view to
accelerating its inventory turns.
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(7)
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This
amount, for the fourth quarter of 2011, includes
$1.2 million of bad debt expense (which is included
as part of general and administrative expenses)
related to (a) a write off of $475,000, which the
Company was unable to collect in its entirety and
(b) an increase in its allowance for doubtful
accounts of $725,000 related to the entire
remaining balance of the trade receivable. This
allowance for doubtful accounts was necessary as
the trade receivable was unsecured and the amount
that the Company may ultimately recover is not
presently determinable.
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(8)
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Weighted
average common shares outstanding (basic and
diluted) increased to 28,284,268 as a result of the
September 2011 financing.
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