GSI COMMERCE INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 10, 2010

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EX-99.1 - EXHIBIT 99.1 - GSI COMMERCE INCc04622exv99w1.htm
Exhibit 99.2
The following tables present summarized information by segment for each quarter of fiscal years 2008 and 2009, as well as the first quarter of fiscal 2010:
                                 
    Three Months Ended March 29, 2008  
    E-Commerce     Marketing     Intersegment        
    Services     Services     Eliminations     Consolidated  
Net revenues
   $ 187,599     $ 12,085     $ (4,141 )   $ 195,543  
 
                                
Segment costs and expenses
     187,772       11,192       (4,141 )     194,823  
 
                        
 
                                
Segment profit (loss)
     (173 )     893       —       720  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                             1,119  
Depreciation and amortization
                             13,809  
Stock-based compensation expense
                             4,669  
 
                              
Loss from operations
                             (18,877 )
 
                                
Interest expense
                             4,370  
Interest income
                             (1,039 )
Other expense, net
                             145  
 
                              
Loss before income taxes
                           $ (22,353 )
 
                              
                                 
    Three Months Ended June 28, 2008  
    E-Commerce     Marketing     Intersegment        
    Services     Services     Eliminations     Consolidated  
Net revenues
   $ 175,936     $ 21,529     $ (4,256 )   $ 193,209  
 
                                
Segment costs and expenses
     172,908       17,827       (4,256 )     186,479  
 
                        
 
                                
Segment profit
     3,028       3,702       —       6,730  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                             952  
Depreciation and amortization
                             18,826  
Stock-based compensation expense
                             4,324  
 
                              
Loss from operations
                             (17,372 )
 
                                
Interest expense
                             4,539  
Interest income
                             (168 )
Other expense, net
                             208  
 
                              
Loss before income taxes
                           $ (21,951 )
 
                              

 

 

 

                                 
    Three Months Ended September 27, 2008  
    E-Commerce     Marketing     Intersegment        
    Services     Services     Eliminations     Consolidated  
Net revenues
   $ 168,097     $ 23,132     $ (4,435 )   $ 186,794  
 
                                
Segment costs and expenses
     165,322       20,151       (4,435 )     181,038  
 
                        
 
                                
Segment profit
     2,775       2,981       —       5,756  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                             867  
Depreciation and amortization
                             16,868  
Stock-based compensation expense
                             4,554  
 
                              
Loss from operations
                             (16,533 )
 
                                
Interest expense
                             4,909  
Interest income
                             (190 )
Other expense, net
                             480  
 
                              
Loss before income taxes
                           $ (21,732 )
 
                              
                                 
    Three Months Ended January 3, 2009  
    E-Commerce     Marketing     Intersegment        
    Services     Services     Eliminations     Consolidated  
Net revenues
   $ 368,408     $ 27,762     $ (4,790 )   $ 391,380  
 
                                
Segment costs and expenses
     307,172       20,272       (4,790 )     322,654  
 
                        
 
                                
Segment profit
     61,236       7,490       —       68,726  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                             1,698  
Depreciation and amortization
                             18,650  
Stock-based compensation expense
                             5,856  
 
                              
Income from operations
                             42,522  
 
                                
Interest expense
                             5,023  
Interest income
                             (375 )
Other expense, net
                             729  
Impairment of equity investments
                             1,665  
 
                              
Income before income taxes
                           $ 35,480  
 
                              

 

 

 

                                         
    Three Months Ended April 4, 2009  
    E-Commerce     Marketing     Consumer     Intersegment        
    Services     Services     Engagement     Eliminations     Consolidated  
Net revenues
   $ 178,510     $ 25,122     $ —     $ (7,157 )   $ 196,475  
 
                                        
Segment costs and expenses
     173,398       20,953       —       (7,157 )     187,194  
 
                              
 
                                        
Segment profit
     5,112       4,169       —       —       9,281  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                                     1,460  
Depreciation and amortization
                                     15,401  
Changes in fair value of deferred acquisition payments
                                     —  
Stock-based compensation expense
                                     6,954  
 
                                      
Loss from operations
                                     (14,534 )
 
                                        
Interest expense
                                     4,796  
Interest income
                                     (151 )
Other expense, net
                                     229  
 
                                      
Loss before income taxes
                                   $ (19,408 )
 
                                      
                                         
    Three Months Ended July 4, 2009  
    E-Commerce     Marketing     Consumer     Intersegment        
    Services     Services     Engagement     Eliminations     Consolidated  
Net revenues
   $ 163,770     $ 28,486     $ —     $ (5,075 )   $ 187,181  
 
                                        
Segment costs and expenses
     160,843       22,154       —       (5,075 )     177,922  
 
                              
 
                                        
Segment profit
     2,927       6,332       —       —       9,259  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                                     165  
Depreciation and amortization
                                     15,279  
Changes in fair value of deferred acquisition payments
                                     —  
Stock-based compensation expense
                                     6,092  
 
                                      
Loss from operations
                                     (12,277 )
 
                                        
Interest expense
                                     4,759  
Interest income
                                     (54 )
Other expense, net
                                     (394 )
 
                                      
Loss before income taxes
                                   $ (16,588 )
 
                                      

 

 

 

                                         
    Three Months Ended October 3, 2009  
    E-Commerce     Marketing     Consumer     Intersegment        
    Services     Services     Engagement     Eliminations     Consolidated  
Net revenues
   $ 166,641     $ 31,038     $ —     $ (7,368 )   $ 190,311  
 
                                        
Segment costs and expenses
     161,003       24,535       —       (7,368 )     178,170  
 
                              
 
                                        
Segment profit
     5,638       6,503       —       —       12,141  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                                     723  
Depreciation and amortization
                                     15,655  
Changes in fair value of deferred acquisition payments
                                     —  
Stock-based compensation expense
                                     5,676  
 
                                      
Loss from operations
                                     (9,913 )
 
                                        
Interest expense
                                     4,897  
Interest income
                                     (99 )
Other expense, net
                                     (32 )
 
                                      
Loss before income taxes
                                   $ (14,679 )
 
                                      
                                         
    Three Months Ended January 2, 2010  
    E-Commerce     Marketing     Consumer     Intersegment        
    Services     Services     Engagement     Eliminations     Consolidated  
Net revenues
   $ 370,654     $ 42,934     $ 26,347     $ (9,687 )   $ 430,248  
 
                                        
Segment costs and expenses
     309,926       29,338       24,971       (9,687 )     354,548  
 
                              
 
                                        
Segment profit
     60,728       13,596       1,376       —       75,700  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                                     4,659  
Depreciation and amortization
                                     17,060  
Changes in fair value of deferred acquisition payments
                                     951  
Stock-based compensation expense
                                     6,040  
 
                                      
Income from operations
                                     46,990  
 
                                        
Interest expense
                                     4,978  
Interest income
                                     (174 )
Other expense, net
                                     195  
 
                                      
Income before income taxes
                                   $ 41,991  
 
                                      

 

 

 

                                         
    Three Months Ended April 3, 2010  
    E-Commerce     Marketing     Consumer     Intersegment        
    Services     Services     Engagement     Eliminations     Consolidated  
Net revenues
   $ 201,372     $ 38,371     $ 44,454     $ (11,605 )   $ 272,592  
 
                                        
Segment costs and expenses
     192,164       29,040       45,612       (11,605 )     255,211  
 
                              
 
                                        
Segment profit (loss)
     9,208       9,331       (1,158 )     —       17,381  
Acquisition related integration, transaction, due diligence expenses, non-cash inventory valuation adjustments, and the cash portion of deferred acquisition payments recorded as compensation expense
                                     2,547  
Depreciation and amortization
                                     18,761  
Changes in fair value of deferred acquisition payments
                                     2,074  
Stock-based compensation expense
                                     6,931  
 
                                      
Loss from operations
                                     (12,932 )
 
                                        
Interest expense
                                     5,208  
Interest income
                                     (234 )
Other expense, net
                                     474  
 
                                      
Loss before income taxes
                                   $ (18,380 )
 
                                      

 

 

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