Financial Reports: Gaiam, Excelligence

Gaiam Reports 1Q Loss

For the first quarter ended March 31, multititle mailer Gaiam (Nasdaq: GAIA) reported sales of $23.4 million, down 4% from $24.3 million for the first quarter of 2002. Lower sales to retailers accounted for most of the decline. The Broomfield, CO-based company, whose catalogs include SelfCare and Real Goods Trading Co., lost $352,000 for the quarter, compared with net income of $735,000 for the first quarter of last year.

Also during the first quarter of 2003, Gaiam acquired a majority interest in Leisure Systems International, a U.K.-based marketer of lifestyle products. LSI was distributing Gaiam-brand products in the U.K. since the beginning of last year.

“We are disappointed with our results, especially with the decline in revenues resulting from negative internal growth in our retailer channel,” Gaiam chairman/CEO Jirka Rysavy said in a statement. “We have expanded and restructured our sales force with an emphasis on our store-in-store presence at national retailers. However, because of continued softness in the retail environment we are in the process of reducing our operating cost structure to reflect the current revenue level.”

Excelligence Cuts Its Loss Monterey, CA-based multichannel marketer Excelligence Learning Corp. (NasdaqSC: LRNS), which mails the Discount School Supply catalog, narrowed its first-quarter loss. For the three months ended March 31, the company’s loss before interest, taxes, depreciation, and amortization was $1.6 million, compared with an EBITDA loss of $2.4 million last year. Consolidated revenue increased 12%, to $17.4 million from $15.6 million last year.

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