Gaiam Inc. (Nasdaq:GAIA) reported lower revenue and a loss for the first quarter 2011, as its sales declined on reduced advertising and retailer Borders’ bankruptcy reorganization.
The Boulder Colo.-based healthy lifestyle media company and owner of Spri fitness products reported first-quarter revenue of $54.8 million – down 12 percent from $62.2 million during the same quarter a year ago.
Gaiam reported a quarterly net loss of $1 million, or a loss of $0.04 per share, compared to a loss of $300,000, or a loss of $0.01 per share a year ago.
“The decrease in net revenue was primarily attributable to a $7.7 million sales decline resulting from the company's previously disclosed plans to lower direct response television advertising spend, as well as unusually low in-stock levels at the company's largest retail customer as a result of the retailer's replenishment delays and reduced sales to Borders resulting from its reorganization,” company officials said in a statement. “These were partially offset by positive comparables in the company's catalog and Internet businesses and solar segment.”
-- Compiled by David Clucas
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